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Test your basic knowledge |
Business Fundamentals
Start Test
Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. People are lazy
penetration pricing
Top Manager
cost of goods sold
theory x
2. Effective acquisition and use of money
return on investment
financial management
empowerment
Maslow's hierarchy of needs
3. Money paid to acquire something of permanent value in a business
General (Active) Partner
capital investments
Purpose of Strategic Planning
contract
4. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment
word of mouth
psychographics
Limited Partner
Extension
5. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Specialty Good/Specialty Service
commercialization
Decentralized Organization
Strategy
6. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
strategic marketing planning
long-term liabilities
capital investments
Mixed Management
7. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
job rotation
Wheeler-Lea Act of 1938
social media approach
Wholesaler
8. Current assets minus current liabilities
form utility
news conference
working capital
Manufacturer
9. Sales volume at a given price that will cover all of a company's costs
brand loyalty
Limited Partnership
break-even point
Sole Proprietership
10. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
Management Information System (MIS)
Chain of Command
Goal
how companies learn about customer
11. Statement of a firm's financial position on a particular date; also known as a statement of financial position
auction pricing
Tactical Management
skim pricing
balance sheet
12. Customer value created when someone takes ownership of a product
Corporate Strategy
general expenses
possession utility
accrual basis
13. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
Quality Control
Privatization
Hostile Work Environment
Mission Statement
14. Rewarded for good performance; something the employee likes is praised
Short-Term Goal
positive reinforcement
Business Plan
Joint Venture
15. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
World Trade Organization (WTO)
bundling
Decision-Making Skills
General (Active) Partner
16. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Capitalism
Gross Domestic Product (GDP)
Swot Analysis
marketing research
17. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity
Globalization
Real GDP
Services
debt-to-equity ratio
18. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
price
communication mix
Corporation
fixed costs
19. Demographics - psychographics - and geographics
marketing concept
news conference
primary factors of market segmentation
Exchange Rate
20. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
accounts payable
growth stage
Purpose of Strategic Planning
limitations of marketing research
21. Market or industry characterized by numerous small firms producing an identical product
Perfect competition
permission marketing
types of utility
First-Line Manager
22. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit
Depression
relationship marketing
trade allowance
inside board members
23. Elimination of rules that restrict business activity
Deregulation
database marketing
geographic segmentation
rebates
24. The union of two corporations to form a new corporation
Goals
personal sales approach
theory x
Merger
25. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
Real GDP
debit
break-even point
Capitalism
26. The company founder is no longer solely responsible for all decision making during the ____.
Standard of living
growth through direction state
Collusion
Pure Competition
27. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Strategic Alliance
capital investments
sales promotion
Business Plan
28. A business that grows products or takes raw material from nature
operating expenses
Gross Domestic Product (GDP)
5 C's
Extractor
29. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
direct marketing approach
brand
Position Influence
quick ratio
30. Law made by the authority of administrative agencies
Human Resource Management (HRM)
Regulatory (Administrative) Law
transaction
promotional strategy
31. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
integrated marketing communications
Top Manager
Perfect competition
Extractor
32. Transferring work to another country
categories of customer communication
Centralized Organization
calendar year
Out-sourcing
33. The purchase of one company by another
Acquisition
Variance
capital budgeting
growth through direction state
34. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Retailer
empowerment
contract
form utility
35. Advertising intended to remind existing customers of a product's availability and benefits
trade promotions
Common Law
theory y
reminder advertising
36. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
earnings per share
auction pricing
debt financing
brand names
37. The movement of an economy from one condition to another and back again
North American Free Trade Agreement (NAFTA)
break-even point
market segmentation
Business Cycle
38. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
Private enterprise
categories of customer communication
break-even analysis
quick ratio
39. Process for evaluating proposed investments in select projects that provide the best long-term financial return
geodemographics
capital budgeting
brand mark
news conference
40. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
Operations (Production) Management
Retailer
types of financial ratios
Recession
41. Location
revenues
geographics
Nepotism
vertical analysis
42. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
social commerce
Information Technology (IT)
financial management
pull strategy
43. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
Sarbanes-Oxley Act of 2002 (Sarbox)
Organization Chart
Short-range or operational planning
Unemployment
44. Portion of a brand that cannot be expressed verbally
Planning
brand mark
Industrial Goods
Acquisition
45. Marketing efforts to attract people and organizations to a particular geographical area
cognitive dissonance
place marketing
Recession
skim pricing
46. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Work Specialization
primary factors of market segmentation
horizontal analysis
Functional Strategy
47. Provides protection for the product - makes products easier to display - and attracts attention
Outcome-based ethics
public relations
function of packaging
marketing mix
48. Intermediary who sells products to other businesses for resale to final consumers
General (Active) Partner
break-even point
Wholesaler
variable costs
49. Process of scanning the business environment for threats and opportunities
statement of cash flows
Sexual Harassment
Environmental Analysis
skim pricing
50. Creating a flatter organization structure normally cutting out middle management
premiums
Prosperity
downsizing
Standard of Living