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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. Process through which a manager allocates work to subordinates
Delegation
Marketer
Tall Organizational Structure
Centralized Organization
2. Measures income earned on owners' investment - formula: Net income/total owners' equity
price elasticity
license
return on equity ratio
Corporate Strategy
3. 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
Small Business Administration (SBA)
close the books
positioning
current assets
4. Systems for moving goods and services from producers to customers; also known as marketing channels
steps in the strategic marketing planning process
Mixed Management
trademarks
distribution channels
5. The price of your nation's currency is in terms of another nation's currency
categories of customer communication
Exchange Rate
Information Technology (IT)
it produces the greatest amount of good for the greatest number
6. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
accounts receivable
merger
Outcome-based ethics
Management
7. Individuals or households that buy goods and services for personal use
Specialty Good/Specialty Service
Industrial Goods
exchange process
consumer market
8. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
Limited Partner
Marketer
Capitalism
promotion
9. Ratios that measure the effectiveness of the firm's use of its resources
activity ratios
Organizing
S Corporation
double-entry bookkeeping
10. Choosing one alternative from among several options
depreciation
rebates
product mix
Decision Making
11. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
Sexual Harassment
target markets
common pricing strategies
capital budgeting
12. Selling or supporting the sales process over the telephone
family branding
Collusion
quality control circles
telemarketing
13. Selling method in which the price is set by customers bidding against each other
Wholesaler
auction
Universal Product Codes
Audit
14. Process of converting government enterprises into privately owned companies
Privatization
communication mix
middle management
geodemographics
15. People are internally motivated
First-Line Manager
retained earnings
operating expenses
theory y
16. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
customer service
Depression
Middle Manager
coupons
17. Continually adjusting prices to reflect changes in supply and demand
advertising approach
dynamic pricing
Monopoly
Marketing
18. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
Business Ethics
cost of goods sold
a continuous-flow operating system
social commerce
19. Process for evaluating proposed investments in select projects that provide the best long-term financial return
levels of brand loyalty
capital budgeting
place marketing
Strategic Management
20. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
relationship marketing
positioning
assume that all workers are content with their work
Prime Rate
21. A firm's portion of the total sales in a market
Middle Manager
Monopolistic competition
market share
wants
22. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
Labor Productivity
institutional advertising
Monopolistic Competition
Sarbanes-Oxley Act of 2002 (Sarbox)
23. Exchange of value between parties
Publicly Held (or Public) Corporation
Delegation
transaction
Mixed Management
24. The four key elements of marketing strategy: product - price - distribution - and promotion
cause-related marketing
Pure Competition
marketing mix
online display advertising
25. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Limited Partnership
fringe benefit
demographics
Monopolistic competition
26. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
place utility
how companies learn about customer
World Trade Organization (WTO)
Unlimited Liability
27. Unwelcome sexual advances in the workplace
Limited Partnership
expenses
Mixed Management
Sexual Harassment
28. Physical products purchased by companies to produce other products
database marketing
Industrial Goods
brand mark
Strategic Alliance
29. Expensive - rarely purchased good or service
Goods Operations (Goods Production)
Specialty Good/Specialty Service
vertical analysis
functional strategies
30. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
Labor Productivity
Monopoly
vertical analysis
Consumer Goods
31. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
stages in the life cycle of a product
Affirmative Action
sales promotion approach
current liabilities
32. One seller of a product - denies people competition and is against the law (They can typically raise prices)
Herzberg's two-factor theory
direct marketing approach
Monopoly
Exchange Rate
33. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
online display advertising
cost of goods sold equation
private brands
Natural monopoly
34. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
Substitute Product
Divestiture
product life cycle
co-branding
35. Manager responsible for supervising the work of employees
Supply Chain (Value Chain)
First-Line Manager
Intellectual Property
Strategic Management
36. Mechanism for exchange between buyers and sellers of a particular good or service
positive reinforcement
Philosophy
possession utility
Market
37. Categorization of customers according to their geographical location
loss-leader
stages of product development
Substitute Product
geographic segmentation
38. Costs created in the process of generating revenues
how companies learn about customer
Service Operations (Service Production)
online display advertising
expenses
39. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Extension
Limited Liability Corporation (LLC)
database marketing
World Trade Organization (WTO)
40. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
Swot Analysis
Monopoly
SWOT analysis
certain disabilities and illnesses
41. Management process of guiding and motivating employees to meet an organization's objectives
Organization Chart
Middle Manager
Leading
3 Economic Role
42. Mix of people in organizations in terms of essential/demographic status
Workplace Diversity
why companies learn about customers so they can stay in touch with their current needs and wants
cash basis
Extension
43. Process of dealing with employees who are represented by a union
Price Fixing
Certificate of Incorporation
Labor Relations
credit
44. Market or industry characterized by numerous small firms producing an identical product
time utility
Divestiture
market segmentation
Perfect competition
45. Media: news release; audience: broad - intensity: passive - active; purpose: inform
public relations approach
statement of cash flows
Custom Manufacturing
benchmarking
46. The company founder is no longer solely responsible for all decision making during the ____.
growth through direction state
reminder advertising
Three reasons nations trade
Democratic Leadership Style
47. A period during which aggregate output - as measured by GDP - declines
variable costs
marketing research
database marketing
Recession
48. Markets focus on increasing the product's market share
transaction
Mixed Management
growth stage
Regulatory (Administrative) Law
49. Product made or grown domestically but sold abroad
Export
product life cycle
Demand
marketing
50. Pricing selling one product at a loss as a way to entice customers to consider other products
Theory Z
loss-leader
growth through direction state
Ethical Behavior