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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. Diagram depicting a company's structure and showing employees where they fit into its operations
transaction
Organization Chart
Democratic Leadership Style
permission marketing
2. Somethings needed by a community and provided by its government
Procedure
online display advertising
Public Goods
Private enterprise
3. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
Leading
authority
Theory Z
Management
4. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
marketing strategy
social media approach
accounts payable
Organizing
5. A business firm that does things for you instead of making or makerting products
promotional strategy
Sexual Harassment
Service Business
telemarketing
6. Continually adjusting prices to reflect changes in supply and demand
form utility
Human Resource Management (HRM)
marketing concept
dynamic pricing
7. Break-even point = fixed costs/ (selling price - variable costs per unit)
contingency plans
break-even point equation
European Union (EU)
limitations of marketing research
8. Arises when group members recognize that the leader has special expertise in the area
inside board members
Standard of living
Expert Influence
Industrial Goods
9. Product development stage in which a product is sold on a limited basis - a trial introduction
geographics
test marketing
loss-leader pricing
inside board members
10. Rewarded for good performance; something the employee likes is praised
price based pricing
Pure Competition
positive reinforcement
customer service
11. Mechanism for exchange between buyers and sellers of a particular good or service
reminder advertising
grand strategies
Market
Organizational Chart
12. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
brand loyalty
elements of a company's marketing mix
permission-based marketing
Gross Domestic Product (GDP)
13. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth
Export
activity ratios
variable costs
Hostile Work Environment
14. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
Business Plan
Autocratic Leadership style
Perfect competition
factors that influence pricing decisions
15. Confusion results if a person reports to two people at once - according to ____.
Business Plan
Import
unity of command
Depression
16. Free or bargain-priced items offered to encourage customers to buy a product
fixed assets
direct marketing approach
premiums
distribution channels
17. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
product mix
S Corporation
downsizing
sales promotion
18. Legal principal holding owners responsible for paying off all debts of a business
Unlimited Liability
Maslow's hierarchy of needs
North American Free Trade Agreement (NAFTA)
Certificate of Incorporation
19. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
skim pricing
Matrix Structures
national brands
cost of goods sold
20. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
family branding
contingency plans
customer loyalty
Competition
21. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Standard of Living
Imperfect Competition
Private enterprise
advertising approach
22. Economy in which individuals control production and allocation decisions through supply and demand
Market economy
Manufacturer
transaction
cost based pricing
23. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Gross Domestic Product (GDP)
price elasticity
Purchasing Power Party
Monopoly
24. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Organizational Chart
customer buying behavior
cost of goods sold equation
ratio analysis
25. Charging a high price for a new product during the introductory stage and lowering the price later
opportunity cost
skim pricing
quality control circles
Contingent Worker
26. Study of statistical characteristics of a population
inventory turnover ratio
assets
demographics
laissez-faire Leadership style
27. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
product mix
working capital
accounts payable
return on investment
28. A sustained increase in the general level of prices
Inflation
generic products
Standard of living
why companies learn about customers so they can stay in touch with their current needs and wants
29. Ratios that measure a firm's reliance on debt financing of its operations
General (Active) Partner
integrated marketing communications
debt ratios
empowerment
30. Applying a successful brand name to a new product category
auction pricing
laissez-faire Leadership style
brand extension
Decentralized Organization
31. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
Position Influence
methods of finance for an expanding business
Nepotism
why companies learn about customers so they can stay in touch with their current needs and wants
32. Expensive - rarely purchased good or service
Organizational Stakeholders
function of labels
Specialty Good/Specialty Service
time utility
33. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
penetration pricing
profitability ratios
permission-based marketing
credit
34. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
current liabilities
ratio analysis
Ethical Behavior
license
35. The value that a company has built up in a brand
quality control circles
brand equity
Leadership Style
skim pricing
36. Cash and items that can be turned into cash within one year
double-entry bookkeeping
Middle Manager
current assets
stealth marketing
37. The amount of money charged for a product or service
price
merger
promotional strategy
fixed assets
38. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies
Public Goods
news release
loss-leader
Small Business Administration (SBA)
39. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis
return on equity ratio
current assets
commercialization
Goals
40. Identification and marketing of a social issues - cause - or idea to selected target markets
Organizational Stakeholders
Organizational Chart
Common Law
cause-related marketing
41. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
Service Operations (Service Production)
liquidity ratios
methods of finance for an expanding business
Pure Competition
42. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris
permission-based marketing
responsibilities of a financial manager
Inflation
Strategy
43. Ratio between net income after taxes and total owners' equity; also known as return on equity
Goal
Planning
Convenience Good/Convenience Service
return on investment
44. Provides protection for the product - makes products easier to display - and attracts attention
stages of product development
Unlimited Liability
Procedure
function of packaging
45. Brands owned by the manufacturers and distributed nationally
Standard of living
Management Information System (MIS)
form utility
national brands
46. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
function of labels
Business (or Competitive) Strategy
database marketing
Decision-Making Skills
47. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
accounts receivable turnover ratio
Patent
market segmentation
Environmental Analysis
48. Nonsales communication that businesses have with their various audiences
public relations
cost based pricing
permission-based marketing
geographic segmentation
49. A forecast of financial requirements and the financing sources to be used
Purchasing Power Party
Wholesaler
financial plan
direct mail
50. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
Convenience Good/Convenience Service
grand strategies
Corporate Strategy
Services