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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. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
Multinational (or Transnational) Corporation
Matrix Structures
Public Goods
Crisis Management
2. Electronic media that invite participation by the general public
social media
how companies learn about customer
debit
Gross National Product (GNP)
3. Form - time - place - possession
gross profit
General (Active) Partner
types of utility
Collusion
4. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Recession
downsizing
Expert Influence
Purchasing Power Party
5. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
factors that influence pricing decisions
Management
Retrenchment
Top Manager
6. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Copyright
debit
Accountability
Information Technology (IT)
7. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
direct mail
First-Line Manager
coupons
8. 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
5 C's
push strategy
database marketing
debt-to-equity ratio
9. Postsales reductions in price - must be applied for by the purchaser
rebates
activity ratios
Philosophy
permission marketing
10. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product
5 C's
Consumer Goods
Corporation
cost based pricing
11. The act of transferring net revenue and expense account balances to retained earnings for the period
elements of a company's marketing mix
Work Specialization
productivity - the success of the managers - and the morale of the other employees
close the books
12. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
product advertising
price
Middle Manager
debit
13. Process for evaluating proposed investments in select projects that provide the best long-term financial return
capital budgeting
geodemographics
Tall Organizational Structure
Human Resource Management (HRM)
14. Expensive - rarely purchased good or service
personal selling
Specialty Good/Specialty Service
Mass Production
Retailer
15. Partnership between two or more companies to closely link their brand names together for a single product
growth through direction state
debt financing
co-branding
geographics
16. The ability to get others to accoplish tasks because of the position the leader holds
Quality Control
Position Influence
laissez-faire Leadership style
Chain of Command
17. Business owned and usually operated by one person who is responsible for all its debts
Officers
word of mouth
Sole Proprietership
public relations
18. Inexpensive good or service purchased and consumed rapidly and regularly
Convenience Good/Convenience Service
Mixed Management
Extension
financial management
19. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
fringe benefit
common pricing strategies
responsibilities of a financial manager
Human Resource Management (HRM)
20. Brands owned by the manufacturers and distributed nationally
national brands
Audit
Processing
customer buying behavior
21. Categorization of customers according to their geographical location
price
geographic segmentation
break-even point equation
Substitute Product
22. Strategy in which two or more organizations collaborate on a project for mutual gain
Strategic Alliance
customer loyalty
target markets
current liabilities
23. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
expenses
inside board members
integrated marketing communications
Short-Term Goal
24. Corporation whose stock is widely held and available for sale to the general public
Matrix Structures
theory y
management by objectives (MBO)
Publicly Held (or Public) Corporation
25. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
Authority
Nepotism
public relations
26. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accrual basis
Recession
family branding
Quid Pro Quo Harassment
27. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
responsibility
operating expenses
Public Goods
brand
28. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
Business Cycle
Bankruptcy
categories of customer communication
Industrial Goods
29. Portion of a brand that cannot be expressed verbally
Organizational Stakeholders
Recession
brand mark
liquidity ratios
30. Intermediary who sells products to other businesses for resale to final consumers
Wholesaler
Wheeler-Lea Act of 1938
Leading
brand names
31. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
consumer market
Socialism
Safety
32. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it
cognitive dissonance
Policy
Strategic Alliance
Multinational (or Transnational) Corporation
33. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
marketing concept
Insider Trading
personal selling
Labor Productivity
34. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Accountability
Standard of Living
Prime Rate
integrated marketing communications
35. Categorization of customers according to their relationship with products or response to product characteristics
distribution channels
Intellectual Property
persuasive advertising
behavioral segmentation
36. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
growth strategies
Business Plan
budget
promotional strategy
37. Industry in which one company can most efficiently supply all needed goods or services
Organizational Stakeholders
Natural monopoly
cost of goods sold
mission statement
38. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
Mission Statement
functional strategies
growth stage
Telemarketing
39. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions
Autocratic Leadership style
profitability ratios
Monopoly
Labor Union
40. Process of dealing with employees who are represented by a union
Labor Relations
Standard of Living
methods of finance for an expanding business
Goals
41. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
Gross National Product (GNP)
levels of brand loyalty
Goal
Corporate Governance
42. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
market
maturity stage
elements of a company's marketing mix
advertising approach
43. Introductory stage - growth stage - maturity stage - decline stage
capital budgeting
Joint Venture
accounting equation
stages in the life cycle of a product
44. The willingness and ability of producers to offer a good or service for sale
Gross National Product (GNP)
Supply
Joint Venture
Span of Control
45. Occurs when widespread price increases occur throughout an economic system
Demand
Outcome-based ethics
Inflation
Extractor
46. A detailed series of related steps or tasks written to implement a policy is called a ____.
Corporate Strategy
Procedure
Quality Control
Restructuring
47. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
push strategy
Limited Liability Corporation (LLC)
opportunity cost
Benefits
48. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Recovery
Theory Z
discount pricing
Chain of Command
49. Systems for moving goods and services from producers to customers; also known as marketing channels
distribution channels
Acquisition
general expenses
liquidity ratios
50. Top management team of a corporation
grand strategies
telemarketing
communication mix
Officers