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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. Law made by the authority of administrative agencies
Regulatory (Administrative) Law
sales promotion approach
inside board members
auction
2. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
news release
steps in the strategic marketing planning process
co-branding
balance sheet
3. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
Prosperity
Statutory Law
skim pricing
Market economy
4. Amounts that are currently due to a company
accounts receivable
Organization Chart
Corporate Bond
Manufacturer
5. Manager responsible for implementing the strategies and working toward the goals set by top managers
relationship marketing
Middle Manager
Quality Control
Philosophy
6. 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)
Information Technology (IT)
capital budgeting
Monopolistic Competition
7. Changes the form of material so they can be consumed or used to manufacture other products
consumer promotion
exchange process
Goals
Processing
8. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
Pure Competition
contingency plans
Theory Z
opportunity cost
9. An action is morally correct - when - among the people it affects...
sales promotion approach
financial plan
it produces the greatest amount of good for the greatest number
Closely Held (or Private) Corporation
10. Customer value created when someone takes ownership of a product
distribution channels
unity of command
possession utility
General Partnership
11. Economy in which individuals control production and allocation decisions through supply and demand
Variance
coupons
Market economy
Management Information System (MIS)
12. Sales volume at a given price that will cover all of a company's costs
return on equity ratio
social media
break-even point
brand mark
13. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
grand strategies
Inflation
geographics
personal sales approach
14. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
geodemographics
marketable securities
Organizational Stakeholders
Unemployment
15. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
revenues
Identity Influence
Unlimited Liability
3 Economic Role
16. Transferring work to another country
brand equity
factors that influence pricing decisions
Out-sourcing
Contingent Worker
17. Manager responsible for supervising the work of employees
First-Line Manager
why companies learn about customers so they can stay in touch with their current needs and wants
Market
Out-sourcing
18. Results from the leader's ability to give or withhold rewards
a continuous-flow operating system
common pricing strategies
Reward Influence
price based pricing
19. 12 month accounting period that begins on January 1 and ends on December 31
time utility
Business Cycle
Recession
calendar year
20. Making decisions without consulting anyone
Autocratic Leadership style
reminder advertising
Demand
consumer market
21. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
product mix
Hostile Work Environment
Depression
grand strategies
22. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
decision-making role
Marketing
Flat Organizational Structure
budget
23. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
capital investments
functional strategies
coupons
Sexual Harassment
24. Economic system that allows individuals to pursue their own interests without undue governmental restriction
social media approach
cash basis
Affirmative Action
Private enterprise
25. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
a continuous-flow operating system
institutional advertising
personal selling
General Partnership
26. Unwelcome sexual advances in the workplace
working capital
vertical analysis
cognitive dissonance
Sexual Harassment
27. Positive reinforcement - negative reinforcement - punishment
financial management
middle management
Organizing
organization behavior modification
28. The process of comparing an organization's products or services and processes with those of another companies
psychographics
Price Fixing
accounts receivable turnover ratio
benchmarking
29. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
product life cycle
co-branding
operating expenses
organizational market
30. Advertising designed to encourage customers to try new products or to switch brands
persuasive advertising
place utility
social commerce
Business Ethics
31. Promotional campaigns that send information only to those people who've specifically asked to receive it
permission marketing
family branding
Standard of living
Unlimited Liability
32. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
wants
Swot Analysis
Marketer
North American Free Trade Agreement (NAFTA)
33. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
Intellectual Property
a continuous-flow operating system
behavioral segmentation
demographics
34. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
psychographics
time utility
permission marketing
cost of goods sold equation
35. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
growth strategies
Insider Trading
horizontal analysis
price
36. 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
Operations (Production) Management
double-entry bookkeeping
Limited Partner
Affirmative Action
37. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
debt-to-equity ratio
positioning
SWOT analysis
accounting equation
38. Business costs that remain constant regardless of the number of units produced
fixed costs
fringe benefit
Maslow's hierarchy of needs
Business Plan
39. Diagram depicting a company's structure and showing employees where they fit into its operations
Organization Chart
Affirmative Action
Unemployment
Gross National Product (GNP)
40. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
Export
Outsourcing
Policy
auction pricing
41. Partnership between two or more companies to closely link their brand names together for a single product
common pricing strategies
Unemployment
co-branding
break-even point equation
42. The four key elements of marketing strategy: product - price - distribution - and promotion
marketing mix
ways to expand a product line
Quality
function of labels
43. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
risks of product-line extensions
marketing
revenues
Management
44. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
management by objectives (MBO)
Limited Liability Corporation (LLC)
brand loyalty
customer service
45. Direct communication other than personal sales contacts designed to effect a measurable response
Franchise
bundling
transaction
direct marketing
46. 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
Corporate Bond
Corporation
Business Cycle
job rotation
47. People are lazy
form utility
theory x
Franchise
Mission Statement
48. Specific customer groups or segments to whom a company wants to sell a particular product
target markets
Sexual Harassment
direct marketing
Out-sourcing
49. A business that is involvec with moving goods from producers to consumers
debt financing
Deregulation
test marketing
Marketer
50. Skills in defining problems and selecting the best courses of action
productivity - the success of the managers - and the morale of the other employees
Procedure
Decision-Making Skills
risks of product-line extensions