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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. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
debt-to-total-assets ratio
Outcome-based ethics
Recovery
accounts payable
2. A period during which aggregate output - as measured by GDP - declines
Recession
loss-leader pricing
Strategy
North American Free Trade Agreement (NAFTA)
3. The quantity of a good that an average worker can produce in an hour
Labor Productivity
selling expenses
Services
activity ratios
4. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
categories of customer communication
Organizational Structure
product life cycle
Whistle Blower
5. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
trade promotions
marketable securities
accounts receivable turnover ratio
place utility
6. Economic system that allows individuals to pursue their own interests without undue governmental restriction
methods of finance for an expanding business
Private enterprise
Theory Z
Standard of Living
7. 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
vertical analysis
target markets
Divestiture
customer loyalty
8. The four key elements of marketing strategy: product - price - distribution - and promotion
national brands
Marketer
capital investments
marketing mix
9. 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
stealth marketing
Convenience Good/Convenience Service
strategic marketing planning
factors that influence pricing decisions
10. Marketing efforts to attract people and organizations to a particular geographical area
capital budgeting
line organization
place marketing
auction pricing
11. Payments other than wages or salaries - other benefits
coupons
fringe benefit
Processing
Out-sourcing
12. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Planning
Purchasing Power Party
Strategic Management
common pricing strategies
13. Process of scanning the business environment for threats and opportunities
Environmental Analysis
owner's equity equation
types of financial ratios
Chain of Command
14. The company founder is no longer solely responsible for all decision making during the ____.
Private enterprise
Limited Partnership
Monopoly
growth through direction state
15. 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
Accountability
Quality Control
responsibilities of a financial manager
Identity Influence
16. Inexpensive good or service purchased and consumed rapidly and regularly
Convenience Good/Convenience Service
unity of command
market segmentation
S Corporation
17. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
media
place utility
geographics
Corporate Bond
18. Alternative plans to be implemented if uncontrollable event occur
Purchasing Power Party
Monopolistic Competition
North American Free Trade Agreement (NAFTA)
contingency plans
19. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Long-range or strategic planning
functional strategies
marketing
Chain of Command
20. All costs of operation that are not included under cost of goods sold
introductory stage
operating expenses
geographics
penetration pricing
21. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
cost of goods sold
Whistle Blower
Middle Manager
net income
22. Brands that have been given legal protection so that their owners have exclusive rights to their use
positioning
trademarks
brand managers
theory y
23. Process of dealing with employees who are represented by a union
Strategy
Labor Relations
brand extension
depreciation
24. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Prime Rate
Imperfect Competition
Marketer
marketing concept
25. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
forecasting
Business (or Competitive) Strategy
penetration pricing
Prosperity
26. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
First-Line Manager
Ethics
a continuous-flow operating system
Monopoly
27. Statement of a firm's financial position on a particular date; also known as a statement of financial position
balance sheet
Tactical Management
telemarketing
common pricing strategies
28. Introducing a new product at a low price in hopes of building sales volume quickly
Organizing
direct marketing
Sexual Harassment
penetration pricing
29. Strategy whereby a firm sells one or more of its business units
opportunity cost
Work Specialization
limitations of marketing research
Divestiture
30. Complete list of all products that a company offers for sale
product mix
Marketing
Corporate Governance
marketable securities
31. Difference of revenues - costs - and profit from the planned amounts.
Variance
schematic of marketing process
brand loyalty
activity ratios
32. Agreement to produce and market another company's product in exchange for a royalty or fee
license
Work Specialization
contingency plans
Oligopoly
33. Transferring work to another country
demographics
financial plan
Out-sourcing
Corporate Bond
34. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
search advertising
empowerment
Sarbanes-Oxley Act of 2002 (Sarbox)
advertising
35. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
Officers
coupons
Purpose of Strategic Planning
financial management
36. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
geographic segmentation
methods of finance for an expanding business
Recovery
Multinational (or Transnational) Corporation
37. Ratio between net income after taxes and net sales; also known as profit margin
debt ratios
Quality Control
return on sales
accrual basis
38. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
Decision-Making Skills
brand equity
Patent
fixed assets
39. The way you live as measure by the kinds and quality of goods and services you can afford
Quality
line organization
Standard of Living
Organizational Structure
40. Mechanism for exchange between buyers and sellers of a particular good or service
accrual basis
Market
North American Free Trade Agreement (NAFTA)
fixed assets
41. Organization for economic - social - and security cooperation among European nations
Multinational (or Transnational) Corporation
North American Free Trade Agreement (NAFTA)
stealth marketing
European Union (EU)
42. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
institutional advertising
laissez-faire Leadership style
Standard of living
push strategy
43. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Recession
time utility
advertising approach
return on equity ratio
44. Expensive - rarely purchased good or service
Substitute Product
Policy
Specialty Good/Specialty Service
Long-Term Goal
45. 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
forecasting
reminder advertising
debt ratios
Gross National Product (GNP)
46. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Specialty Good/Specialty Service
form utility
assets
Information Technology (IT)
47. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
Three reasons nations trade
accounting equation
Whistle Blower
positioning
48. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Leadership
theory y
Copyright
Reward Influence
49. People are internally motivated
assets
organization behavior modification
theory y
Extension
50. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
capital budgeting
Limited Liability
Workplace Diversity
European Union (EU)