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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. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Outsourcing
Service Business
Flat Organizational Structure
product life cycle
2. Market or industry in which there is only one producer that can therefore set the prices on all of its products
need
Monopoly
downsizing
selling expenses
3. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
why companies learn about customers so they can stay in touch with their current needs and wants
news release
statement of cash flows
Private enterprise
4. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
ratio analysis
Corporate Strategy
online display advertising
Tactical Management
5. 12 month accounting period that begins on January 1 and ends on December 31
Work Specialization
Corporation
Standard of living
calendar year
6. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Long-range or strategic planning
Organizational Stakeholders
break-even point equation
Franchise
7. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
limitations of marketing research
need
persuasive advertising
Organizational Stakeholders
8. In a ____ authority originates at the top and moves downward in a line.
Quality
Recession
wants
line organization
9. Advertising sent directly to potential customers - usually through the mail
stages in the life cycle of a product
direct mail
Ethics
ways to expand a product line
10. Marketers focus on stimulating demand for the new product
assets
direct marketing
marketing research
introductory stage
11. Power of a good or services to satisfy a human need
utility
risks of product-line extensions
Stockholder (or Shareholder)
Standard of Living
12. The combined use of tactical and strategic management
middle management
product line
Services
Mixed Management
13. This law guards against false advertising.
Oligopoly
loss-leader pricing
Labor Union
Wheeler-Lea Act of 1938
14. Selling or supporting the sales process over the telephone
Limited Partner
media
telemarketing
Public Goods
15. Process of scanning the business environment for threats and opportunities
Environmental Analysis
cost of goods sold equation
financial plan
Policy
16. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
product life cycle
balance sheet
empowerment
brand managers
17. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
elements of a company's marketing mix
Ethics
advertising approach
Imperfect Competition
18. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
primary factors of market segmentation
Strategic Management
expenses
horizontal analysis
19. Systems for moving goods and services from producers to customers; also known as marketing channels
Management Information System (MIS)
Organizational Structure
distribution channels
forecasting
20. Pricing selling one product at a loss as a way to entice customers to consider other products
public relations
loss-leader
maturity stage
form utility
21. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
news release
Theory Z
Capitalism
horizontal analysis
22. A group of customer who need or want a particular product and have the money to buy it
product
market
contract
communication mix
23. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
statement of cash flows
Private enterprise
Hostile Work Environment
Quid Pro Quo Harassment
24. 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
stages of product development
sales promotion approach
Labor Union
Long-Term Goal
25. 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
Management
Imperfect Competition
Limited Partner
26. Economic system that allows individuals to pursue their own interests without undue governmental restriction
Philosophy
Competition
Private enterprise
demographics
27. 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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28. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met
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29. Beliefs about what is right or wrong and good or bad in actions that affect others
debt financing
Ethics
levels of brand loyalty
social media approach
30. A business that grows products or takes raw material from nature
financial plan
bundling
Extractor
general expenses
31. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
dynamic pricing
Theory Z
common pricing strategies
merger
32. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
premiums
growth strategies
stages of product development
fixed costs
33. 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
empowerment
debt-to-equity ratio
Chain of Command
Gross Domestic Product (GDP)
34. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
retained earnings
Unethical Behavior
expenses
Pure Competition
35. Method of calculating the minimum volume of sales needed at a given price to cover all costs
break-even analysis
operating expenses
brand equity
license
36. Product that is dissimilar from those of competitors but than can fulfill the same need
penetration pricing
Management
Substitute Product
schematic of marketing process
37. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
Real GDP
Prosperity
market
vertical analysis
38. Manager responsible for supervising the work of employees
demographics
corporate strategies
First-Line Manager
5 C's
39. Top manager who is responsible for the overall performance of a corporation
revenues
Position Influence
loss-leader pricing
Chief Executive Officer (CEO)
40. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Business (or Competitive) Strategy
types of financial ratios
cost of goods sold equation
Corporate Governance
41. Positive reinforcement - negative reinforcement - punishment
pull strategy
Patent
organization behavior modification
World Trade Organization (WTO)
42. Manager responsible for implementing the strategies and working toward the goals set by top managers
Sexual Harassment
geographic segmentation
General (Active) Partner
Middle Manager
43. The creation and sharing of product-related information among customers and potential customers
promotion
schematic of marketing process
social commerce
wants
44. Customer value created by converting raw materials and other inputs into finished goods and services
form utility
Long-range or strategic planning
merger
strategic marketing planning
45. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Patent
revenues
online display advertising
Chief Executive Officer (CEO)
46. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
positive reinforcement
Restructuring
Extractor
consumer promotion
47. People are lazy
Marketer
point-of-purchase display
Strategy
theory x
48. 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
Business Cycle
Herzberg's two-factor theory
merger
cognitive dissonance
49. 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
Processing
profitability ratios
Corporate Governance
Gross National Product (GNP)
50. Any 12 consecutive months used as an accounting period
corporate strategies
fiscal year
Top Manager
brand extension