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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. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
theory x
earnings per share
Mission Statement
product life cycle
2. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
Three reasons nations trade
Management
institutional advertising
Mixed Management
3. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
Standard of Living
communication mix
personal selling
auction pricing
4. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
vertical analysis
corporate strategies
Contingent Worker
Purpose of Strategic Planning
5. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
variable costs
need
institutional advertising
Business Ethics
6. Activities producing intangible and tangible products - such as entertainment - transportation - and education
need
social media approach
Service Operations (Service Production)
Recession
7. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Monopoly
time utility
Management
consumer promotion
8. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
Inflation
news conference
current liabilities
assets
9. A leadership style where managers are less directive and involved employees in decision making
Ethics
Strategic Management
marketing research
Supply
10. 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)
stealth marketing
debt-to-equity ratio
Variance
11. Transferring work to another country
Out-sourcing
Information Technology (IT)
selling expenses
quality control circles
12. Ratio between net income after taxes and net sales; also known as profit margin
return on sales
Collusion
promotion
break-even point
13. Continually adjusting prices to reflect changes in supply and demand
a continuous-flow operating system
North American Free Trade Agreement (NAFTA)
merger
dynamic pricing
14. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
certain disabilities and illnesses
grand strategies
Prime Rate
activity ratios
15. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Planning
Standard of living
Chain of Command
test marketing
16. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
Processing
wants
marketing research
Controlling
17. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
promotional strategy
Ethics
Quality
place marketing
18. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
database marketing
promotional strategy
social media
transaction
19. A business that grows products or takes raw material from nature
Extractor
Capitalism
Convenience Good/Convenience Service
Quality
20. Offering several products for a single price that is presumably lower than the total of the products' individual prices
bundling
cost based pricing
assume that all workers are content with their work
Decision Making
21. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
Affirmative Action
Position Influence
specialty advertising
Unethical Behavior
22. Act of obtaining a desired object or services from another party by offering something of value in return
Workplace Diversity
Export
exchange process
Labor Relations
23. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
Privatization
form utility
Service Business
database marketing
24. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Patent
brand loyalty
Organizational Chart
Private enterprise
25. The value that a company has built up in a brand
capital investments
exchange process
brand equity
market share
26. The union of two corporations to form a new corporation
Merger
direct marketing approach
possession utility
Monopolistic Competition
27. profitability - liquidity - activities - and leverage/debt
forecasting
positioning
types of financial ratios
fixed assets
28. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
General Partnership
Decision-Making Skills
demographics
Officers
29. Physical products purchased by companies to produce other products
Industrial Goods
Swot Analysis
Ethics
Herzberg's two-factor theory
30. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
Wholesaler
productivity - the success of the managers - and the morale of the other employees
Monopolistic Competition
demographics
31. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
merger
Globalization
Depression
Imperfect Competition
32. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
Limited Partner
Flat Organizational Structure
net income
Management
33. All the operating expenses associated with marketing goods or services
Custom Manufacturing
Sarbanes-Oxley Act of 2002 (Sarbox)
selling expenses
common pricing strategies
34. Advertising designed to encourage customers to try new products or to switch brands
persuasive advertising
variable costs
Out-sourcing
Organizing
35. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
distribution channels
quality control circles
theory y
grand strategies
36. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity
debt-to-equity ratio
institutional advertising
Limited Partnership
exchange process
37. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
decline stage
Custom Manufacturing
Officers
Wheeler-Lea Act of 1938
38. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer
Democratic Leadership Style
Supply Chain (Value Chain)
Monopoly
Supply
39. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
product mix
Purchasing Power Party
categories of customer communication
introductory stage
40. Manager responsible for supervising the work of employees
Inflation
auction pricing
First-Line Manager
gross profit
41. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
Planning
Monopolistic Competition
debt-to-total-assets ratio
media
42. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
Service Business
news conference
public relations approach
communication mix
43. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
functional strategies
search advertising
Import
double-entry bookkeeping
44. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
sales promotion approach
Delegation
Long-range or strategic planning
online display advertising
45. Location
geographics
Three reasons nations trade
market segmentation
line organization
46. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
Information Technology (IT)
psychographics
marketing strategy
institutional advertising
47. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Specialty Good/Specialty Service
Decision Making
Oligopoly
utility
48. Organization for economic - social - and security cooperation among European nations
steps in the strategic marketing planning process
Regulatory (Administrative) Law
European Union (EU)
specialty advertising
49. Personal communication between a seller and one or more potential buyers
Certificate of Incorporation
break-even point equation
vertical analysis
personal selling
50. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
Purchasing Power Party
horizontal analysis
empowerment
Intellectual Property