SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Unemployment
Extractor
contract
delegate the task
2. Results from the leader's ability to give or withhold rewards
Reward Influence
Recession
Variance
Outsourcing
3. Changing jobs or tasks from time to time
Physical Distribution
job rotation
function of labels
point-of-purchase display
4. Charging a high price for a new product during the introductory stage and lowering the price later
skim pricing
promotional strategy
Maslow's hierarchy of needs
Variance
5. Strategy whereby a firm sells one or more of its business units
Divestiture
word of mouth
activity ratios
accounting equation
6. Assets = liabilities + owner's equity
market share
direct marketing
accounting equation
variable costs
7. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Depression
middle management
Telemarketing
brand
8. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
permission marketing
Chain of Command
auction
current assets
9. Goal set for an extended time - typically 5 years or more in the future
Long-Term Goal
certain disabilities and illnesses
Strategic Alliance
Privatization
10. The level of joblessness among people actively seeking work in an economic system
Unemployment
it produces the greatest amount of good for the greatest number
debt financing
personal sales approach
11. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
profitability ratios
dynamic pricing
types of utility
Standard of Living
12. The value that a company has built up in a brand
Long-Term Goal
brand equity
Price Fixing
reminder advertising
13. The way a manager teats and directs employees
brand managers
Leadership Style
Corporate Governance
Recovery
14. Method of calculating the minimum volume of sales needed at a given price to cover all costs
break-even analysis
news release
contract
limitations of marketing research
15. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
private brands
Recovery
Matrix Structures
Short-Term Goal
16. Provides protection for the product - makes products easier to display - and attracts attention
Statutory Law
Patent
function of packaging
Short-range or operational planning
17. Advertising sent directly to potential customers - usually through the mail
working capital
advertising
Import
direct mail
18. Certificates that offer discounts on particular items and are redeemed at the time of purchase
coupons
fiscal year
Substitute Product
Goals
19. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
Tactical Management
marketing
growth strategies
Contingent Worker
20. Body of decisions handed down by courts ruling on individual cases
Common Law
3 Economic Role
Standard of living
Planning
21. Markets focus on increasing the product's market share
5 C's
public relations
growth stage
Management
22. Occurs when widespread price increases occur throughout an economic system
Inflation
fiscal year
customer buying behavior
Prime Rate
23. 12 month accounting period that begins on January 1 and ends on December 31
calendar year
loss-leader pricing
Retrenchment
cost of goods sold
24. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
accounts receivable
gross profit
dynamic pricing
elements of a company's marketing mix
25. Process for evaluating proposed investments in select projects that provide the best long-term financial return
Nepotism
Leading
capital budgeting
cash basis
26. When a task is too time consuming for a manager to handle alone - he or she may ____.
Philosophy
delegate the task
Purpose of Strategic Planning
Demand
27. Complete list of all products that a company offers for sale
product mix
Labor Union
Matrix Structures
Goods Operations (Goods Production)
28. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
Small Business Administration (SBA)
Business Ethics
Contingent Worker
accounts receivable turnover ratio
29. Process by which the world is becoming a single interdependent system
Labor Relations
Globalization
Decision Making
contingency plans
30. The quantity of a good that an average worker can produce in an hour
trade allowance
Collusion
current ratio
Labor Productivity
31. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
marketing strategy
Controlling
Management
Corporate Governance
32. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
types of financial ratios
pull strategy
target markets
liquidity ratios
33. Beliefs about what is right or wrong and good or bad in actions that affect others
Supply
Ethics
coupons
contract
34. Act of obtaining a desired object or services from another party by offering something of value in return
responsibilities of a financial manager
Planning
exchange process
product advertising
35. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Services
positive reinforcement
break-even point
Extractor
36. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
brand
Decentralized Organization
Chain of Command
Workplace Diversity
37. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Inflation
growth through direction state
Limited Liability Corporation (LLC)
reminder advertising
38. The way you live as measure by the kinds and quality of goods and services you can afford
Acquisition
Standard of Living
stages of product development
Mission Statement
39. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
geodemographics
opportunity cost
levels of brand loyalty
social media approach
40. Strategy in which two or more organizations collaborate on a project for mutual gain
Delegation
Strategic Alliance
Exchange Rate
credit
41. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Organizing
Purchasing Power Party
product mix
Goal
42. Direct communication other than personal sales contacts designed to effect a measurable response
relationship marketing
direct marketing
brand loyalty
Sole Proprietership
43. Offering a temporary reduction in price
discount pricing
Closely Held (or Private) Corporation
S Corporation
inventory turnover ratio
44. Somethings needed by a community and provided by its government
liquidity ratios
Decentralized Organization
Public Goods
Tall Organizational Structure
45. Organization for economic - social - and security cooperation among European nations
strategic marketing planning
Inflation
European Union (EU)
Public Goods
46. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
European Union (EU)
product life cycle
retained earnings
break-even analysis
47. The creation and sharing of product-related information among customers and potential customers
Venture Capital Company
social commerce
Ethics
Affirmative Action
48. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Venture Capital Company
Collusion
advertising approach
form utility
49. Characteristic of centralized companies with multiple layers of management
Theory Z
Maslow's hierarchy of needs
Tall Organizational Structure
Sarbanes-Oxley Act of 2002 (Sarbox)
50. A business that grows products or takes raw material from nature
Strategic Management
Extractor
break-even point
Intellectual Property