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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. Amounts that are currently due to a company
accounts receivable
it produces the greatest amount of good for the greatest number
forecasting
Mixed Management
2. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
ways to expand a product line
Management
Natural monopoly
3. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
Goal
inventory turnover ratio
capital budgeting
positioning
4. The collection and analysis of information for making marketing decisions
penetration pricing
marketing research
Benefits
Corporate Strategy
5. Provides protection for the product - makes products easier to display - and attracts attention
Middle Manager
negative reinforcement
Committee and Team Authority
function of packaging
6. Ethical or unethical behaviors by employees in the context of their jobs
advertising
Purchasing Power Party
penetration pricing
Business Ethics
7. Customer value created by converting raw materials and other inputs into finished goods and services
Centralized Organization
form utility
capital budgeting
5 C's
8. Alternative plans to be implemented if uncontrollable event occur
Out-sourcing
contingency plans
Middle Manager
Limited Liability Corporation (LLC)
9. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
selling expenses
objectives
Private enterprise
Chain of Command
10. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
Imperfect Competition
Market economy
demographics
General Partnership
11. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
long-term liabilities
Authority
Operations (Production) Management
exchange process
12. Law created by consistitution(s) or by federal - state - or local legislative acts
Small Business Administration (SBA)
Tactical Management
Pure Competition
Statutory Law
13. Specific customer groups or segments to whom a company wants to sell a particular product
forecasting
Perfect competition
Monopoly
target markets
14. In a ____ authority originates at the top and moves downward in a line.
line organization
Depression
direct marketing
break-even analysis
15. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
Unemployment
geodemographics
introductory stage
negative reinforcement
16. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
marketing research
how companies learn about customer
Recession
Patent
17. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
time utility
Management Information System (MIS)
Business Ethics
Small Business Administration (SBA)
18. Pricing selling one product at a loss as a way to entice customers to consider other products
line organization
Retailer
loss-leader
accounts receivable
19. All costs of operation that are not included under cost of goods sold
operating expenses
quality control circles
net income
certain disabilities and illnesses
20. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accrual basis
sales promotion
North American Free Trade Agreement (NAFTA)
Decentralized Organization
21. Categorization of customers according to their geographical location
geographic segmentation
Short-range or operational planning
Variance
Out-sourcing
22. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
profitability ratios
corporate strategies
Information Technology (IT)
risks of product-line extensions
23. 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
contingency plans
Identity Influence
debt-to-equity ratio
Corporation
24. Introducing a new product at a low price in hopes of building sales volume quickly
Limited Partner
integrated marketing communications
Quality Control
penetration pricing
25. Small software programs that provide part of the functionality of a website
Natural monopoly
Supply Chain (Value Chain)
Management
widgets
26. Categorization of customers according to their relationship with products or response to product characteristics
behavioral segmentation
product line
advertising approach
Variance
27. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
net income
private brands
place utility
Restructuring
28. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Philosophy
point-of-purchase display
social commerce
stages in the life cycle of a product
29. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
institutional advertising
brand extension
promotional strategy
strategic marketing planning
30. Market or industry in which there is only one producer that can therefore set the prices on all of its products
Monopoly
vertical analysis
Unemployment
accounts receivable turnover ratio
31. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
exchange process
Affirmative Action
Autocratic Leadership style
Crisis Management
32. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
depreciation
Quality
revenues
growth strategies
33. Obligations that must be next within a year
personal sales approach
current liabilities
geographic segmentation
general expenses
34. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
activity ratios
loss-leader pricing
Goal
Policy
35. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
First-Line Manager
Business (or Competitive) Strategy
Universal Product Codes
social media approach
36. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Accountability
certain disabilities and illnesses
expenses
Organizational Stakeholders
37. A period during which aggregate output - as measured by GDP - declines
Recession
Private enterprise
marketing concept
co-branding
38. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
premiums
earnings per share
Quality
growth stage
39. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
Labor Productivity
permission-based marketing
Standard of living
Restructuring
40. An increase in liabilities
debit
Mixed Management
Theory Z
geographic segmentation
41. Organization in which most decision-making authority is held by upper-level management
Sole Proprietership
positioning
Centralized Organization
growth strategies
42. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Supply Chain (Value Chain)
exchange process
Quid Pro Quo Harassment
corporate strategies
43. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
Organizing
SWOT analysis
methods of finance for an expanding business
Affirmative Action
44. Cost of goods sold = beginning inventory + net purchases - ending inventory
Leadership Style
Merger
cost of goods sold equation
debt ratios
45. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
advertising
Inflation
auction pricing
positioning
46. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
North American Free Trade Agreement (NAFTA)
budget
bundling
Monopolistic competition
47. Online ads that are linked to search engine results or website content
trademarks
earnings per share
cost based pricing
search advertising
48. A sustained increase in the general level of prices
Supply Chain (Value Chain)
Inflation
Labor Relations
schematic of marketing process
49. Personal communication between a seller and one or more potential buyers
Strategy
personal selling
unity of command
it produces the greatest amount of good for the greatest number
50. Expensive - rarely purchased good or service
personal sales approach
Specialty Good/Specialty Service
retained earnings
utility