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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 activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large
risks of product-line extensions
Marketing
market segmentation
Chain of Command
2. Assets = liabilities + owner's equity
activity ratios
assets equation
forecasting
online display advertising
3. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
Sexual Harassment
growth stage
personal selling
4. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
statement of cash flows
market segmentation
permission-based marketing
Decision Making
5. A business that grows products or takes raw material from nature
selling expenses
Extractor
Recession
target markets
6. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
premiums
Multinational (or Transnational) Corporation
methods of finance for an expanding business
price elasticity
7. Brands that have been given legal protection so that their owners have exclusive rights to their use
trademarks
owner's equity equation
Industrial Goods
Committee and Team Authority
8. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
Gross Domestic Product (GDP)
private brands
permission-based marketing
Short-range or operational planning
9. Costs created in the process of generating revenues
geodemographics
expenses
brand mark
geographic segmentation
10. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
cost of goods sold equation
demographics
market segmentation
Price Fixing
11. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
Import
Policy
Three reasons nations trade
Globalization
12. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
working capital
accounts receivable turnover ratio
Out-sourcing
Limited Liability Corporation (LLC)
13. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
debt ratios
market segmentation
geographics
Patent
14. Form - time - place - possession
types of utility
Private enterprise
trade allowance
news release
15. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
organization behavior modification
profitability ratios
grand strategies
assume that all workers are content with their work
16. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
why companies learn about customers so they can stay in touch with their current needs and wants
revenues
Herzberg's two-factor theory
Ethics
17. Partner who actively manages a firm and who has unlimited liability for its debts
General (Active) Partner
Strategy
auction pricing
Sole Proprietership
18. The creation and sharing of product-related information among customers and potential customers
social commerce
direct mail
brand managers
Mass Production
19. Planned economic system in which the government owns and operates only selected major sources of production
wants
Socialism
penetration pricing
return on equity ratio
20. Physical products purchased by consumers for personal use
Multinational (or Transnational) Corporation
demographics
Business Cycle
Consumer Goods
21. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Market economy
Variance
penetration pricing
Purchasing Power Party
22. The way you live as measure by the kinds and quality of goods and services you can afford
variable costs
search advertising
Standard of Living
Operations (Production) Management
23. A sustained increase in the general level of prices
Privatization
Inflation
laissez-faire Leadership style
Decision Making
24. A large number of identical products are assembled using a continuous - efficient procedure
Export
Mass Production
organization behavior modification
levels of brand loyalty
25. Individuals or households that buy goods and services for personal use
consumer market
commercialization
customer buying behavior
SWOT analysis
26. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
Sarbanes-Oxley Act of 2002 (Sarbox)
brand names
management by objectives (MBO)
Unemployment
27. Internal descriptors such as attitudes - interests - values - behaviors - and habits
psychographics
assets equation
direct mail
private brands
28. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
Physical Distribution
Theory Z
Service Operations (Service Production)
brand
29. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
liquidity ratios
a continuous-flow operating system
inventory turnover ratio
Recession
30. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
form utility
Labor Productivity
Maslow's hierarchy of needs
long-term liabilities
31. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
Universal Product Codes
general expenses
Inflation
Insider Trading
32. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
Decentralized Organization
product life cycle
Swot Analysis
double-entry bookkeeping
33. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
public relations approach
downsizing
S Corporation
Recovery
34. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
Inflation
brand managers
how companies learn about customer
Autocratic Leadership style
35. Compensation other than wages and salaries
stages in the life cycle of a product
Benefits
geodemographics
transaction
36. Business costs that increase with the number of units produced
Contingent Worker
integrated marketing communications
variable costs
reminder advertising
37. Lots of leeway to workers to meet goals
laissez-faire Leadership style
social media approach
consumer market
Industrial Goods
38. Informal communication between customers and potential customers
calendar year
contingency plans
word of mouth
generic products
39. Management process of guiding and motivating employees to meet an organization's objectives
Leading
demographics
advertising
Wholesaler
40. The four key elements of marketing strategy: product - price - distribution - and promotion
generic products
close the books
Wheeler-Lea Act of 1938
marketing mix
41. Customer value added by making a product available at a convenient time
Leadership
time utility
Labor Relations
Collusion
42. Organization in which most decision-making authority is held by upper-level management
market
Limited Partner
Centralized Organization
cost based pricing
43. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
price based pricing
Functional Strategy
psychographics
profitability ratios
44. The quantity of a good that an average worker can produce in an hour
time utility
Custom Manufacturing
it produces the greatest amount of good for the greatest number
Labor Productivity
45. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
Mission Statement
personal sales approach
quick ratio
responsibilities of a financial manager
46. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
Private enterprise
auction pricing
product line
behavioral segmentation
47. Building a specific and unique product to meet the needs of one consumer
functional strategies
benchmarking
Ethics
Custom Manufacturing
48. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
distribution channels
social commerce
Work Specialization
permission marketing
49. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
objectives
Organization Chart
Capitalism
Purpose of Strategic Planning
50. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Audit
Sexual Harassment
delegate the task
budget