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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. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
North American Free Trade Agreement (NAFTA)
push strategy
debt-to-equity ratio
marketing research
2. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris
Autocratic Leadership style
Contingent Worker
Standard of living
responsibilities of a financial manager
3. A series of related products offered by a firm
Labor Relations
corporate strategies
product line
Statutory Law
4. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
target markets
negative reinforcement
discount pricing
financial control
5. Obligation employees have to their manager for the successful completion of an assigned task
Labor Relations
Accountability
brand mark
5 C's
6. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
owner's equity equation
benchmarking
promotional strategy
Substitute Product
7. Corporation whose stock is held by only a few people and is not available for sale to the general public
gross profit
demographics
Closely Held (or Private) Corporation
vertical analysis
8. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
Price Fixing
news conference
penetration pricing
price
9. Vying among businesses for the same resources or customers
opportunity cost
Competition
Planning
Matrix Structures
10. Choosing one alternative from among several options
time utility
Sarbanes-Oxley Act of 2002 (Sarbox)
Decision Making
Crisis Management
11. Nonsales communication that businesses have with their various audiences
Market
Authority
public relations
brand names
12. Markets focus on increasing the product's market share
growth stage
Ethical Behavior
target markets
place utility
13. A leadership style where managers are less directive and involved employees in decision making
Globalization
target markets
Strategic Management
trademarks
14. Characteristic of centralized companies with multiple layers of management
Tall Organizational Structure
Joint Venture
objectives
fixed assets
15. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
Outcome-based ethics
institutional advertising
delegate the task
how companies learn about customer
16. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
loss-leader pricing
net income
Corporate Governance
Recovery
17. Industry in which one company can most efficiently supply all needed goods or services
Natural monopoly
stages of product development
product mix
Supply Chain (Value Chain)
18. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
brand equity
marketing research
integrated marketing communications
vertical analysis
19. The level of joblessness among people actively seeking work in an economic system
brand names
Labor Relations
Safety
Unemployment
20. When a task is too time consuming for a manager to handle alone - he or she may ____.
Tall Organizational Structure
how companies learn about customer
Officers
delegate the task
21. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
Specialty Good/Specialty Service
functional strategies
S Corporation
double-entry bookkeeping
22. 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
permission-based marketing
permission marketing
Intellectual Property
23. Top management team of a corporation
Organization Chart
Marketer
Officers
opportunity cost
24. The collection and analysis of information for making marketing decisions
Standard of living
methods of finance for an expanding business
authority
marketing research
25. A prolonged and deep recession
Statutory Law
Whistle Blower
Specialty Good/Specialty Service
Depression
26. Senior company managers who serve on the company's board of directors are known as ____.
Capitalism
inside board members
online display advertising
cognitive dissonance
27. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Reward Influence
organization behavior modification
it produces the greatest amount of good for the greatest number
Swot Analysis
28. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
form utility
consumer market
Information Technology (IT)
Philosophy
29. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
risks of product-line extensions
Out-sourcing
Tactical Management
product advertising
30. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
Work Specialization
Maslow's hierarchy of needs
working capital
General Partnership
31. Assets - liabilities = owner's equity
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32. Positive reinforcement - negative reinforcement - punishment
Officers
organization behavior modification
opportunity cost
Stockholder (or Shareholder)
33. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Competition
Copyright
form utility
Sole Proprietership
34. A forecast of financial requirements and the financing sources to be used
brand mark
possession utility
financial plan
brand equity
35. Complete list of all products that a company offers for sale
product mix
push strategy
quick ratio
Leading
36. People are lazy
line organization
theory x
Theory Z
brand extension
37. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
mission statement
Purchasing Power Party
Corporate Governance
horizontal analysis
38. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Public Goods
laissez-faire Leadership style
theory y
Safety
39. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
Short-range or operational planning
function of labels
financial management
limitations of marketing research
40. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
social commerce
opportunity cost
inventory turnover ratio
North American Free Trade Agreement (NAFTA)
41. 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
product advertising
Purchasing Power Party
liquidity ratios
activity ratios
42. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
Privatization
general expenses
opportunity cost
Competition
43. Formal agreement to set prices. Sometimes illegal - but is typically secretive
dynamic pricing
debt ratios
Goal
Collusion
44. Law made by the authority of administrative agencies
Regulatory (Administrative) Law
Copyright
function of packaging
media
45. Planned economic system in which the government owns and operates only selected major sources of production
Leading
Globalization
Unlimited Liability
Socialism
46. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
private brands
Audit
Capitalism
Market
47. Physical products purchased by consumers for personal use
direct marketing
Out-sourcing
trade allowance
Consumer Goods
48. Amounts that are currently due to a company
accounts receivable
Labor Union
social media
test marketing
49. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
net income
news release
Long-range or strategic planning
brand equity
50. Difference of revenues - costs - and profit from the planned amounts.
Specialty Good/Specialty Service
Variance
Organizing
growth through direction state