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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. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
Policy
direct marketing approach
Purchasing Power Party
North American Free Trade Agreement (NAFTA)
2. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
cost of goods sold equation
Audit
private brands
Multinational (or Transnational) Corporation
3. Larger visual and multimedia ads that appear on websites
online display advertising
Insider Trading
revenues
price elasticity
4. Reporting relationships within a company
merger
break-even point equation
general expenses
Chain of Command
5. Informal communication between customers and potential customers
word of mouth
positive reinforcement
Functional Strategy
break-even point
6. Power of a good or services to satisfy a human need
Board of Directors
utility
brand mark
word of mouth
7. Cost of producing or acquiring a company's products for sale during a given period
cost of goods sold
job rotation
marketable securities
Middle Manager
8. Good or service used as the basis of commerce
Mass Production
product
brand mark
Gross Domestic Product (GDP)
9. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Organizing
cost based pricing
Copyright
Corporation
10. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
organizational market
bundling
widgets
Recovery
11. Compensation other than wages and salaries
organizational market
Benefits
price elasticity
brand names
12. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
news release
how companies learn about customer
Convenience Good/Convenience Service
direct mail
13. The company founder is no longer solely responsible for all decision making during the ____.
Restructuring
Labor Productivity
premiums
growth through direction state
14. Goal set for an extended time - typically 5 years or more in the future
elements of a company's marketing mix
owner's equity
Long-Term Goal
Officers
15. The ability to carry out a task
market segmentation
geodemographics
SWOT analysis
authority
16. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
management by objectives (MBO)
current ratio
Monopolistic competition
Management
17. A large number of identical products are assembled using a continuous - efficient procedure
Labor Productivity
Herzberg's two-factor theory
Mass Production
Exchange Rate
18. Applying a successful brand name to a new product category
brand extension
Labor Productivity
exchange process
Multinational (or Transnational) Corporation
19. Activities producing tangible products such as radios - newspapers - buses and textbooks
First-Line Manager
market segmentation
news release
Goods Operations (Goods Production)
20. A period during which aggregate output - as measured by GDP - declines
Socialism
market segmentation
Recession
Officers
21. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Position Influence
Patent
Real GDP
stealth marketing
22. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
Operations (Production) Management
product advertising
Short-range or operational planning
wants
23. Selling one product at a loss as a way to entice customers to consider other products
activity ratios
line organization
Certificate of Incorporation
loss-leader pricing
24. Product - price - distribution - customer communication
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25. Inexpensive good or service purchased and consumed rapidly and regularly
break-even point
Physical Distribution
stages in the life cycle of a product
Convenience Good/Convenience Service
26. Brand awareness - brand preference - brand insistence
Leadership
levels of brand loyalty
stages in the life cycle of a product
Depression
27. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
Business (or Competitive) Strategy
statement of cash flows
Benefits
Wheeler-Lea Act of 1938
28. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Chain of Command
unity of command
Strategic Alliance
Environmental Analysis
29. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
Controlling
schematic of marketing process
net income
brand
30. Behavior exhibited by consumers as they consider - select - and purchase goods and services
Monopoly
target markets
customer buying behavior
trade allowance
31. Acquiring funds through borrowing
debt financing
Capitalism
Monopoly
ratio analysis
32. 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
Organizational Structure
Limited Partnership
Ethical Behavior
Supply Chain (Value Chain)
33. Court-granted permission for a company to not pay some or all debts
Bankruptcy
Copyright
pull strategy
Human Resource Management (HRM)
34. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
personal sales approach
Standard of Living
Export
accounts receivable turnover ratio
35. Portion of a brand that can be expressed orally - including letters - words - or numbers
skim pricing
sales promotion
brand names
Flat Organizational Structure
36. Manager responsible for supervising the work of employees
Nepotism
First-Line Manager
sales promotion
loss-leader
37. Acquiring funds by selling shares of a company's stock
behavioral segmentation
Ethical Behavior
equity financing
marketing concept
38. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
S Corporation
Operations (Production) Management
Stockholder (or Shareholder)
co-branding
39. In bookkeeping - an increase in assets
sales promotion approach
middle management
cause-related marketing
credit
40. Offering a temporary reduction in price
risks of product-line extensions
Information Technology (IT)
Top Manager
discount pricing
41. An increase in liabilities
market
vertical analysis
debit
demographics
42. Where products are conveniently placed for customers
place utility
Chain of Command
Swot Analysis
skim pricing
43. 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
contract
Labor Union
function of labels
function of packaging
44. Process for evaluating proposed investments in select projects that provide the best long-term financial return
capital budgeting
sales promotion approach
stages in the life cycle of a product
categories of customer communication
45. Small software programs that provide part of the functionality of a website
Short-range or operational planning
certain disabilities and illnesses
Natural monopoly
widgets
46. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
certain disabilities and illnesses
General (Active) Partner
Physical Distribution
market segmentation
47. Portion of a brand that cannot be expressed verbally
Capitalism
Delegation
brand mark
Services
48. Building a specific and unique product to meet the needs of one consumer
Custom Manufacturing
demographics
brand extension
Certificate of Incorporation
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
Patent
institutional advertising
Strategy
Gross National Product (GNP)
50. Elimination of rules that restrict business activity
Affirmative Action
Short-range or operational planning
General (Active) Partner
Deregulation