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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. Top management team of a corporation
current liabilities
laissez-faire Leadership style
debit
Officers
2. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
form utility
trade allowance
institutional advertising
direct marketing approach
3. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Corporation
financial management
Recovery
Organizational Chart
4. Economy in which individuals control production and allocation decisions through supply and demand
Inflation
possession utility
Outsourcing
Market economy
5. 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
Matrix Structures
cognitive dissonance
Market
generic products
6. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
growth strategies
how companies learn about customer
direct mail
auction pricing
7. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
Retrenchment
North American Free Trade Agreement (NAFTA)
how companies learn about customer
advertising
8. Unwelcome sexual advances in the workplace
certain disabilities and illnesses
authority
Sexual Harassment
general expenses
9. Business costs that remain constant regardless of the number of units produced
fixed costs
budget
variable costs
commercialization
10. This level of management includes department heads and district sales managers.
middle management
S Corporation
Oligopoly
Nepotism
11. The creation and sharing of product-related information among customers and potential customers
Competition
social commerce
Supply Chain (Value Chain)
debit
12. Body of decisions handed down by courts ruling on individual cases
Common Law
Prime Rate
Span of Control
form utility
13. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
pull strategy
brand names
inside board members
Officers
14. All costs of operation that are not included under cost of goods sold
First-Line Manager
social media
operating expenses
bundling
15. An increase in liabilities
debit
assets equation
institutional advertising
Monopoly
16. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
types of financial ratios
common pricing strategies
brand
Collusion
17. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
Maslow's hierarchy of needs
Environmental Analysis
promotional strategy
Processing
18. Portion of a brand that can be expressed orally - including letters - words - or numbers
brand names
common pricing strategies
price based pricing
marketing concept
19. Identification and marketing of a social issues - cause - or idea to selected target markets
Universal Product Codes
market share
cause-related marketing
retained earnings
20. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
market share
personal selling
Ethical Behavior
benchmarking
21. Sales promotion aimed at final consumers
job rotation
Swot Analysis
vertical analysis
consumer promotion
22. Activities producing intangible and tangible products - such as entertainment - transportation - and education
Authority
Procedure
Strategic Alliance
Service Operations (Service Production)
23. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Safety
family branding
common pricing strategies
accounts receivable
24. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
why companies learn about customers so they can stay in touch with their current needs and wants
fringe benefit
Monopolistic competition
grand strategies
25. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
capital budgeting
news conference
current assets
Corporate Bond
26. Brands that have been given legal protection so that their owners have exclusive rights to their use
Real GDP
trademarks
Organizational Chart
Democratic Leadership Style
27. Break-even point = fixed costs/ (selling price - variable costs per unit)
World Trade Organization (WTO)
break-even point equation
Purchasing Power Party
Multinational (or Transnational) Corporation
28. Rewarded for good performance; something the employee likes is praised
revenues
ways to expand a product line
positive reinforcement
Philosophy
29. 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
Swot Analysis
bundling
positioning
30. A document - generally issued by a state government - giving permission to start a corporation
Marketing
Certificate of Incorporation
time utility
skim pricing
31. Complete list of all products that a company offers for sale
grand strategies
product mix
time utility
Strategy
32. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Management
why companies learn about customers so they can stay in touch with their current needs and wants
Chain of Command
Philosophy
33. A business that grows products or takes raw material from nature
Extractor
advertising
revenues
Workplace Diversity
34. 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
merger
Inflation
fringe benefit
Gross National Product (GNP)
35. Good or service used as the basis of commerce
horizontal analysis
cost of goods sold equation
marketing research
product
36. Characteristic of centralized companies with multiple layers of management
Tall Organizational Structure
forecasting
Management Information System (MIS)
levels of brand loyalty
37. Behavior exhibited by consumers as they consider - select - and purchase goods and services
primary factors of market segmentation
Recession
customer buying behavior
grand strategies
38. Customer value created by converting raw materials and other inputs into finished goods and services
cause-related marketing
Statutory Law
form utility
variable costs
39. Current assets minus current liabilities
ways to expand a product line
working capital
news conference
Divestiture
40. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
General Partnership
fixed assets
target markets
growth stage
41. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accounting equation
Public Goods
accrual basis
Business Cycle
42. 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
laissez-faire Leadership style
cost based pricing
Unemployment
operating expenses
43. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
break-even point
Corporate Governance
promotion
assume that all workers are content with their work
44. Positive reinforcement - negative reinforcement - punishment
organization behavior modification
psychographics
Long-range or strategic planning
product
45. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
Monopolistic Competition
current assets
auction pricing
social media approach
46. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
premiums
debt financing
Retrenchment
promotion
47. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
activity ratios
certain disabilities and illnesses
online display advertising
responsibility
48. Internal descriptors such as attitudes - interests - values - behaviors - and habits
General (Active) Partner
Middle Manager
relationship marketing
psychographics
49. Categorization of customers according to their geographical location
geographic segmentation
Certificate of Incorporation
trademarks
Quality
50. A leadership style where managers are less directive and involved employees in decision making
Strategic Management
accounts payable
product
organization behavior modification