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Business Fundamentals
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Management process of determining what an organization needs to do and how best to get it done
Globalization
Planning
break-even point
Expert Influence
2. Building a specific and unique product to meet the needs of one consumer
Custom Manufacturing
Chain of Command
reminder advertising
opportunity cost
3. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
Unethical Behavior
Quality
Work Specialization
form utility
4. Acquiring funds through borrowing
debt financing
Gross Domestic Product (GDP)
consumer market
delegate the task
5. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accrual basis
steps in the strategic marketing planning process
Long-range or strategic planning
price elasticity
6. Charging a high price for a new product during the introductory stage and lowering the price later
Socialism
depreciation
Collusion
skim pricing
7. The ability to carry out a task
activity ratios
authority
Recovery
3 Economic Role
8. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
Work Specialization
corporate strategies
Policy
theory y
9. Product development stage in which a product is sold on a limited basis - a trial introduction
auction
market segmentation
test marketing
Competition
10. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
Committee and Team Authority
Authority
marketing concept
Globalization
11. When organizations change raw materials into finished goods
Benefits
Top Manager
form utility
Joint Venture
12. Formal agreement to set prices. Sometimes illegal - but is typically secretive
Laws
retained earnings
push strategy
Collusion
13. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
close the books
responsibilities of a financial manager
Corporation
social commerce
14. Strategy in which two or more organizations collaborate on a project for mutual gain
rebates
return on equity ratio
Service Operations (Service Production)
Strategic Alliance
15. Unwelcome sexual advances in the workplace
growth stage
responsibilities of a financial manager
Sexual Harassment
responsibility
16. Takes the extractor's products or raw materials and changs the into a form that consumers can use
maturity stage
Manufacturer
delegate the task
demographics
17. Method of calculating the minimum volume of sales needed at a given price to cover all costs
Monopolistic Competition
break-even analysis
it produces the greatest amount of good for the greatest number
Export
18. Inexpensive good or service purchased and consumed rapidly and regularly
Convenience Good/Convenience Service
relationship marketing
empowerment
Reward Influence
19. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
Organizing
social media approach
quick ratio
Middle Manager
20. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
Common Law
demographics
Chain of Command
Mission Statement
21. 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
factors that influence pricing decisions
penetration pricing
brand equity
Specialty Good/Specialty Service
22. Costs created in the process of generating revenues
expenses
Socialism
Corporate Strategy
brand names
23. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
Recession
fringe benefit
market segmentation
Mass Production
24. Process of dealing with employees who are represented by a union
debt-to-equity ratio
communication mix
Labor Relations
inside board members
25. 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
Prime Rate
Goal
Limited Partner
Standard of living
26. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Organizing
Workplace Diversity
Benefits
Imperfect Competition
27. A business that grows products or takes raw material from nature
penetration pricing
push strategy
depreciation
Extractor
28. Any 12 consecutive months used as an accounting period
Leading
Business Cycle
Labor Union
fiscal year
29. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
close the books
Strategy
strategic marketing planning
market
30. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
commercialization
debit
need
customer buying behavior
31. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Whistle Blower
Private enterprise
Universal Product Codes
Restructuring
32. Rewarded for good performance; something the employee likes is praised
positive reinforcement
Flat Organizational Structure
it produces the greatest amount of good for the greatest number
growth stage
33. Diagram depicting a company's structure and showing employees where they fit into its operations
database marketing
stealth marketing
Privatization
Organization Chart
34. All costs of operation that are not included under cost of goods sold
operating expenses
Nepotism
owner's equity
schematic of marketing process
35. Customer value added by making a product available at a convenient time
time utility
Mission Statement
Nepotism
permission-based marketing
36. The willingness and ability of buyers to purchase a good or service
how companies learn about customer
Demand
delegate the task
Imperfect Competition
37. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Demand
steps in the strategic marketing planning process
function of packaging
contract
38. Compensation other than wages and salaries
Leadership Style
Benefits
psychographics
assets
39. The purchase of one company by another
Price Fixing
time utility
grand strategies
Acquisition
40. Marketing efforts to attract people and organizations to a particular geographical area
break-even point
Laws
Multinational (or Transnational) Corporation
place marketing
41. Communications channels - such as newspapers - radio - and television
customer service
media
Regulatory (Administrative) Law
Copyright
42. Internal descriptors such as attitudes - interests - values - behaviors - and habits
online display advertising
psychographics
Telemarketing
quick ratio
43. Beliefs about what is right or wrong and good or bad in actions that affect others
Matrix Structures
Ethics
form utility
accounts receivable
44. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Patent
Business (or Competitive) Strategy
Depression
Private enterprise
45. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
delegate the task
Quality
certain disabilities and illnesses
Hostile Work Environment
46. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
Recovery
job rotation
Mission Statement
social media approach
47. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.
Span of Control
organization behavior modification
Top Manager
Out-sourcing
48. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
advertising approach
penetration pricing
negative reinforcement
Restructuring
49. Ratios that measure the effectiveness of the firm's use of its resources
Labor Productivity
specialty advertising
activity ratios
Retailer
50. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
European Union (EU)
Corporate Strategy
responsibility
activity ratios
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