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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. The degree to which customers continue to purchase a specific brand
brand loyalty
generic products
S Corporation
social media approach
2. All the operating expenses associated with marketing goods or services
distribution channels
search advertising
selling expenses
Import
3. Law made by the authority of administrative agencies
selling expenses
Regulatory (Administrative) Law
Privatization
Whistle Blower
4. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
Workplace Diversity
Monopolistic Competition
geodemographics
steps in the strategic marketing planning process
5. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
break-even point equation
Top Manager
Prosperity
persuasive advertising
6. Management process of determining what an organization needs to do and how best to get it done
national brands
vertical analysis
Planning
Convenience Good/Convenience Service
7. Informal work groups can affect ____.
General Partnership
brand names
productivity - the success of the managers - and the morale of the other employees
Benefits
8. Method of calculating the minimum volume of sales needed at a given price to cover all costs
break-even analysis
Leadership Style
social media
possession utility
9. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
word of mouth
close the books
Herzberg's two-factor theory
10. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
trade promotions
management by objectives (MBO)
theory y
Policy
11. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Globalization
Committee and Team Authority
Controlling
integrated marketing communications
12. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
marketing
trade allowance
grand strategies
merger
13. When organizations change raw materials into finished goods
personal sales approach
form utility
Chain of Command
Monopoly
14. Use a brand name on a variety of related products
Management
demographics
news conference
family branding
15. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
Herzberg's two-factor theory
accounts payable
auction pricing
debt-to-total-assets ratio
16. Ratio between net income after taxes and total owners' equity; also known as return on equity
Recovery
return on investment
marketing research
Capitalism
17. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
Divestiture
private brands
organizational market
Outcome-based ethics
18. Products characterized by a plain label - with no advertising and no brand name
need
generic products
gross profit
Audit
19. Compensation other than wages and salaries
Unethical Behavior
loss-leader pricing
Benefits
debit
20. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Organizing
categories of customer communication
Supply Chain (Value Chain)
Delegation
21. Ratios that measure a firm's reliance on debt financing of its operations
permission marketing
assets equation
debt ratios
personal selling
22. Customer value created when someone takes ownership of a product
possession utility
Board of Directors
job rotation
Flat Organizational Structure
23. The willingness and ability of buyers to purchase a good or service
product life cycle
Chain of Command
Mass Production
Demand
24. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
net income
time utility
Officers
retained earnings
25. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
news release
methods of finance for an expanding business
test marketing
fixed assets
26. Communications channels - such as newspapers - radio - and television
media
fiscal year
Manufacturer
Mixed Management
27. Process of dealing with employees who are represented by a union
product mix
objectives
net income
Labor Relations
28. Strategic alliance in which the collaboration involves joint ownership of the new venture
Joint Venture
Corporation
Workplace Diversity
Service Operations (Service Production)
29. Business costs that increase with the number of units produced
generic products
variable costs
Organizing
functional strategies
30. Vying among businesses for the same resources or customers
Committee and Team Authority
psychographics
Competition
capital budgeting
31. A firm's portion of the total sales in a market
Business Ethics
market share
wants
Quality
32. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
social media approach
Human Resource Management (HRM)
Gross Domestic Product (GDP)
public relations approach
33. Effective acquisition and use of money
Convenience Good/Convenience Service
Organizational Structure
financial management
accounts receivable turnover ratio
34. The way a manager teats and directs employees
Leadership Style
calendar year
Wheeler-Lea Act of 1938
social commerce
35. Complete list of all products that a company offers for sale
Prosperity
inventory turnover ratio
Restructuring
product mix
36. Formal agreement to set prices. Sometimes illegal - but is typically secretive
direct mail
institutional advertising
Ethics
Collusion
37. The value that a company has built up in a brand
authority
auction
forecasting
brand equity
38. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
database marketing
Ethical Behavior
Strategy
possession utility
39. Assets - liabilities = owner's equity
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40. A period during which aggregate output - as measured by GDP - declines
steps in the strategic marketing planning process
Authority
Real GDP
Recession
41. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
stages of product development
Business Plan
demographics
growth strategies
42. Partner who actively manages a firm and who has unlimited liability for its debts
General (Active) Partner
theory y
break-even analysis
Tall Organizational Structure
43. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification
growth strategies
types of financial ratios
consumer market
Universal Product Codes
44. Act of obtaining a desired object or services from another party by offering something of value in return
debt financing
benchmarking
skim pricing
exchange process
45. Beliefs about what is right or wrong and good or bad in actions that affect others
why companies learn about customers so they can stay in touch with their current needs and wants
Ethics
forecasting
Natural monopoly
46. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
coupons
Purpose of Strategic Planning
brand mark
benchmarking
47. The action of ensuring that operations produce products that meet specific quality standards
debt-to-equity ratio
Quality Control
line organization
Swot Analysis
48. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
Unethical Behavior
introductory stage
brand managers
Matrix Structures
49. Money paid to acquire something of permanent value in a business
Flat Organizational Structure
test marketing
capital investments
Benefits
50. Court-granted permission for a company to not pay some or all debts
working capital
expenses
exchange process
Bankruptcy