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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 a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
earnings per share
theory x
General (Active) Partner
quick ratio
2. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
negative reinforcement
theory y
geodemographics
communication mix
3. 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
responsibilities of a financial manager
organizational market
marketing
debit
4. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
accrual basis
laissez-faire Leadership style
database marketing
Laws
5. Objective that a business hopes and plans to achieve
demographics
social commerce
Goal
Nepotism
6. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
Quid Pro Quo Harassment
Oligopoly
break-even point equation
methods of finance for an expanding business
7. Marketers focus on stimulating demand for the new product
long-term liabilities
S Corporation
introductory stage
growth through direction state
8. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
Theory Z
General Partnership
advertising approach
brand
9. Promotional campaigns that send information only to those people who've specifically asked to receive it
Private enterprise
accrual basis
permission marketing
close the books
10. Making decisions without consulting anyone
dynamic pricing
permission marketing
Autocratic Leadership style
Exchange Rate
11. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Oligopoly
product life cycle
behavioral segmentation
Authority
12. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
negative reinforcement
factors that influence pricing decisions
current ratio
Substitute Product
13. Management process of guiding and motivating employees to meet an organization's objectives
Extractor
Leading
geodemographics
contract
14. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
pull strategy
marketable securities
levels of brand loyalty
World Trade Organization (WTO)
15. Changing jobs or tasks from time to time
Management
discount pricing
Whistle Blower
job rotation
16. Customer value created by converting raw materials and other inputs into finished goods and services
product line
levels of brand loyalty
cost of goods sold
form utility
17. A prolonged and deep recession
Purchasing Power Party
Depression
Privatization
place marketing
18. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
Restructuring
Nepotism
marketing
Exchange Rate
19. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
psychographics
brand mark
inside board members
Out-sourcing
20. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
Policy
debt financing
horizontal analysis
elements of a company's marketing mix
21. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.
negative reinforcement
Span of Control
marketing concept
Competition
22. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
Officers
institutional advertising
Bankruptcy
auction pricing
23. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
cost based pricing
Purchasing Power Party
introductory stage
risks of product-line extensions
24. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
sales promotion
Oligopoly
Public Goods
marketing research
25. A leadership style where managers are less directive and involved employees in decision making
Private enterprise
maturity stage
Organizational Structure
Strategic Management
26. Top manager who is responsible for the overall performance of a corporation
widgets
loss-leader
Chief Executive Officer (CEO)
Divestiture
27. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
Reward Influence
management by objectives (MBO)
Joint Venture
return on sales
28. Activities producing tangible products such as radios - newspapers - buses and textbooks
Goods Operations (Goods Production)
equity financing
General Partnership
Theory Z
29. 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
Restructuring
Monopolistic Competition
Long-range or strategic planning
market share
30. Managers who develop and implement a complete strategy and marketing program for specific products or brands
social commerce
Statutory Law
Imperfect Competition
brand managers
31. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
Unemployment
Organizational Chart
fixed assets
Limited Liability
32. Goal set for an extended time - typically 5 years or more in the future
distribution channels
rebates
Long-Term Goal
management by objectives (MBO)
33. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Strategy
Business Plan
Goal
downsizing
34. A business that grows products or takes raw material from nature
Extractor
objectives
theory x
Labor Productivity
35. Takes the extractor's products or raw materials and changs the into a form that consumers can use
time utility
Manufacturer
consumer market
Imperfect Competition
36. Where products are conveniently placed for customers
place utility
demographics
Extractor
corporate strategies
37. Free or bargain-priced items offered to encourage customers to buy a product
Substitute Product
Controlling
premiums
Supply
38. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
discount pricing
Delegation
Capitalism
Policy
39. The company founder is no longer solely responsible for all decision making during the ____.
growth through direction state
debt ratios
Board of Directors
depreciation
40. Independent and well informed buyers and sellers of the exact same product (farmers markets)
specialty advertising
geodemographics
Divestiture
Pure Competition
41. Ratio between net income after taxes and net sales; also known as profit margin
return on sales
stages in the life cycle of a product
price based pricing
Reward Influence
42. Product made or grown domestically but sold abroad
license
corporate strategies
Export
Goals
43. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community
3 Economic Role
brand names
Common Law
direct marketing
44. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Leadership
Mass Production
geographic segmentation
certain disabilities and illnesses
45. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
Import
Labor Union
net income
Wheeler-Lea Act of 1938
46. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Depression
direct marketing approach
trade promotions
Philosophy
47. 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
North American Free Trade Agreement (NAFTA)
double-entry bookkeeping
brand loyalty
48. A business that is involvec with moving goods from producers to consumers
Marketer
Reward Influence
Outsourcing
productivity - the success of the managers - and the morale of the other employees
49. Payments other than wages or salaries - other benefits
corporate strategies
Socialism
Small Business Administration (SBA)
fringe benefit
50. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
Controlling
Philosophy
owner's equity equation
marketing strategy