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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. Unwelcome sexual advances in the workplace
Nepotism
Market
Sexual Harassment
consumer promotion
2. Authority granted to committees or teams involved in a firm's daily operations
Organizational Stakeholders
Committee and Team Authority
Work Specialization
Mixed Management
3. Communications channels - such as newspapers - radio - and television
media
Identity Influence
break-even point equation
Policy
4. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
market segmentation
private brands
co-branding
line organization
5. Offering a temporary reduction in price
discount pricing
Copyright
Leadership
financial management
6. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
middle management
Corporate Bond
inside board members
online display advertising
7. Industry in which one company can most efficiently supply all needed goods or services
Natural monopoly
Leading
Perfect competition
Corporate Governance
8. Individuals or households that buy goods and services for personal use
Chain of Command
consumer market
national brands
Certificate of Incorporation
9. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Market economy
Oligopoly
Real GDP
Certificate of Incorporation
10. Activities needed to move a product efficiently from manufacturer to consumer
Physical Distribution
Benefits
media
possession utility
11. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
wants
a continuous-flow operating system
Out-sourcing
expenses
12. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Standard of living
Supply
skim pricing
close the books
13. A detailed series of related steps or tasks written to implement a policy is called a ____.
Procedure
Corporate Governance
Safety
pull strategy
14. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
Standard of living
Tall Organizational Structure
market segmentation
liquidity ratios
15. When organizations change raw materials into finished goods
form utility
Theory Z
Price Fixing
Ethics
16. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
Long-Term Goal
profitability ratios
sales promotion approach
utility
17. Provides protection for the product - makes products easier to display - and attracts attention
Service Operations (Service Production)
Whistle Blower
geodemographics
function of packaging
18. The quantity of a good that an average worker can produce in an hour
Labor Productivity
consumer promotion
close the books
fixed assets
19. Manager responsible for a firm's overall performance and effectiveness
SWOT analysis
Management
Top Manager
current ratio
20. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
stages of product development
fixed assets
Prime Rate
Regulatory (Administrative) Law
21. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Organizational Stakeholders
Service Operations (Service Production)
trade promotions
advertising approach
22. Expensive - rarely purchased good or service
stealth marketing
Specialty Good/Specialty Service
types of utility
growth stage
23. Process of converting government enterprises into privately owned companies
Convenience Good/Convenience Service
Privatization
corporate strategies
marketable securities
24. This law guards against false advertising.
Deregulation
Wheeler-Lea Act of 1938
Information Technology (IT)
generic products
25. Complete list of all products that a company offers for sale
financial control
coupons
Chief Executive Officer (CEO)
product mix
26. Strategy whereby a firm sells one or more of its business units
middle management
revenues
Divestiture
customer service
27. Objective that a business hopes and plans to achieve
Goal
Strategic Alliance
advertising approach
Short-range or operational planning
28. Skills in defining problems and selecting the best courses of action
Decision-Making Skills
middle management
Organization Chart
Short-Term Goal
29. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)
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30. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
steps in the strategic marketing planning process
debt-to-equity ratio
financial control
Gross National Product (GNP)
31. People are lazy
delegate the task
theory x
public relations approach
Natural monopoly
32. Independent and well informed buyers and sellers of the exact same product (farmers markets)
Pure Competition
Corporate Bond
authority
Centralized Organization
33. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
time utility
premiums
permission-based marketing
advertising
34. ____ 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
risks of product-line extensions
family branding
Goals
SWOT analysis
35. Amounts that are currently due to a company
accounts receivable
how companies learn about customer
statement of cash flows
product
36. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
transaction
Expert Influence
Multinational (or Transnational) Corporation
brand
37. Any 12 consecutive months used as an accounting period
fiscal year
general expenses
unity of command
Extension
38. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
Venture Capital Company
distribution channels
current liabilities
double-entry bookkeeping
39. Marketers focus on stimulating demand for the new product
trademarks
introductory stage
auction
promotion
40. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Top Manager
personal selling
Accountability
Telemarketing
41. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Gross Domestic Product (GDP)
Market economy
accrual basis
debt financing
42. Claims against a firm's assets by creditors - such as banks and suppliers
Prosperity
brand managers
expenses
liabilities
43. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
marketing research
return on equity ratio
Flat Organizational Structure
Organizing
44. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
Nepotism
time utility
database marketing
objectives
45. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
Centralized Organization
Prosperity
place utility
utility
46. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
time utility
function of labels
Monopolistic competition
Identity Influence
47. Motivator and hygiene factors need to be met to prevent dissatisfaction
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48. Partnership between two or more companies to closely link their brand names together for a single product
Socialism
stealth marketing
Information Technology (IT)
co-branding
49. Current assets minus current liabilities
product line
debt financing
Copyright
working capital
50. All costs of operation that are not included under cost of goods sold
introductory stage
Publicly Held (or Public) Corporation
operating expenses
debit