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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. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
factors that influence pricing decisions
Tactical Management
communication mix
auction
2. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
why companies learn about customers so they can stay in touch with their current needs and wants
Affirmative Action
news release
Depression
3. Categorization of customers according to their relationship with products or response to product characteristics
Laws
Price Fixing
pull strategy
behavioral segmentation
4. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
brand loyalty
point-of-purchase display
promotion
operating expenses
5. Assets = liabilities + owner's equity
operating expenses
financial plan
accounting equation
sales promotion
6. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Restructuring
Safety
Human Resource Management (HRM)
geodemographics
7. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
introductory stage
Human Resource Management (HRM)
debt-to-total-assets ratio
authority
8. Informal work groups can affect ____.
European Union (EU)
working capital
rebates
productivity - the success of the managers - and the morale of the other employees
9. Intermediary who sells products directly to consumers
statement of cash flows
current liabilities
brand mark
Retailer
10. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
growth through direction state
coupons
product life cycle
cash basis
11. Expensive - rarely purchased good or service
Perfect competition
Affirmative Action
Specialty Good/Specialty Service
price elasticity
12. When organizations change raw materials into finished goods
Stockholder (or Shareholder)
common pricing strategies
form utility
factors that influence pricing decisions
13. Managers and workers cooperating as a team
customer service
Democratic Leadership Style
Organizational Stakeholders
Gross Domestic Product (GDP)
14. Money paid to acquire something of permanent value in a business
utility
capital investments
debit
close the books
15. Characteristic of decentralized companies with relatively few layers of management
sales promotion
Business Plan
debt ratios
Flat Organizational Structure
16. Choosing one alternative from among several options
Business (or Competitive) Strategy
Decision Making
responsibilities of a financial manager
advertising
17. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
growth through direction state
Retailer
media
Retrenchment
18. Charging a high price for a new product during the introductory stage and lowering the price later
skim pricing
utility
Franchise
loss-leader pricing
19. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Real GDP
financial plan
trade allowance
Leading
20. Customer value added by making a product available at a convenient time
time utility
accounts payable
Capitalism
Regulatory (Administrative) Law
21. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
break-even point
customer service
debit
database marketing
22. Managers who develop and implement a complete strategy and marketing program for specific products or brands
function of labels
brand managers
categories of customer communication
Stockholder (or Shareholder)
23. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
customer buying behavior
mission statement
Work Specialization
Certificate of Incorporation
24. All the operating expenses associated with marketing goods or services
relationship marketing
Privatization
Democratic Leadership Style
selling expenses
25. Law made by the authority of administrative agencies
Purpose of Strategic Planning
Regulatory (Administrative) Law
function of packaging
license
26. Occurs when two companies form one corporation
Common Law
Strategy
merger
long-term liabilities
27. Advertising sent directly to potential customers - usually through the mail
direct mail
expenses
Position Influence
market segmentation
28. Obligations that must be next within a year
specialty advertising
Business Plan
fixed costs
current liabilities
29. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
revenues
it produces the greatest amount of good for the greatest number
return on investment
Regulatory (Administrative) Law
30. Planned economic system in which the government owns and operates only selected major sources of production
Telemarketing
Socialism
Philosophy
social media approach
31. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
Globalization
Decision-Making Skills
push strategy
Divestiture
32. Acquiring funds by selling shares of a company's stock
break-even point equation
balance sheet
equity financing
direct mail
33. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
Sarbanes-Oxley Act of 2002 (Sarbox)
management by objectives (MBO)
Inflation
media
34. Being accountable or being able to justify an action
European Union (EU)
management by objectives (MBO)
Copyright
responsibility
35. A group of customer who need or want a particular product and have the money to buy it
search advertising
market
personal sales approach
discount pricing
36. Market or industry characterized by numerous small firms producing an identical product
Organizational Chart
Collusion
Perfect competition
growth through direction state
37. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
types of utility
Whistle Blower
revenues
long-term liabilities
38. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
depreciation
integrated marketing communications
Capitalism
Strategic Management
39. Activities needed to move a product efficiently from manufacturer to consumer
expenses
Standard of living
need
Physical Distribution
40. Creating a flatter organization structure normally cutting out middle management
customer buying behavior
Inflation
time utility
downsizing
41. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
authority
brand names
growth strategies
financial control
42. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
Information Technology (IT)
fixed assets
Organizing
point-of-purchase display
43. All costs of operation that are not included under cost of goods sold
Wholesaler
depreciation
operating expenses
current assets
44. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
place utility
social media
corporate strategies
co-branding
45. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
Quality Control
SWOT analysis
Perfect competition
Specialty Good/Specialty Service
46. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
integrated marketing communications
activity ratios
financial control
5 C's
47. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
trade allowance
Statutory Law
Philosophy
Planning
48. Law created by consistitution(s) or by federal - state - or local legislative acts
activity ratios
SWOT analysis
Statutory Law
product line
49. Independent and well informed buyers and sellers of the exact same product (farmers markets)
Pure Competition
budget
function of labels
Ethical Behavior
50. 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
Hostile Work Environment
financial management
co-branding
factors that influence pricing decisions