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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. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
customer loyalty
Ethical Behavior
long-term liabilities
operating expenses
2. Customer value created by converting raw materials and other inputs into finished goods and services
inside board members
market segmentation
form utility
Controlling
3. Vying among businesses for the same resources or customers
Unethical Behavior
brand
Competition
trade allowance
4. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
premiums
auction pricing
Corporate Strategy
Processing
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
Common Law
Extension
Prosperity
accounts receivable turnover ratio
6. Difference of revenues - costs - and profit from the planned amounts.
Variance
current ratio
permission-based marketing
Autocratic Leadership style
7. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Multinational (or Transnational) Corporation
Prime Rate
product mix
empowerment
8. Applying a successful brand name to a new product category
brand extension
current ratio
Labor Relations
Competition
9. Ratios that measure a firm's reliance on debt financing of its operations
Limited Partnership
product advertising
debt ratios
Purchasing Power Party
10. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
Oligopoly
Sarbanes-Oxley Act of 2002 (Sarbox)
liabilities
marketing research
11. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
long-term liabilities
trade allowance
functional strategies
Monopoly
12. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
Short-Term Goal
Monopolistic Competition
financial control
price based pricing
13. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Leadership
Short-Term Goal
family branding
Real GDP
14. A large number of identical products are assembled using a continuous - efficient procedure
Mass Production
debit
discount pricing
Manufacturer
15. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Strategy
Acquisition
Organizational Stakeholders
family branding
16. Positive reinforcement - negative reinforcement - punishment
product mix
Safety
Autocratic Leadership style
organization behavior modification
17. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets
Physical Distribution
Purchasing Power Party
3 Economic Role
Board of Directors
18. Postsales reductions in price - must be applied for by the purchaser
Industrial Goods
rebates
Chief Executive Officer (CEO)
price based pricing
19. A leadership style where the manager is directive and controlling
Custom Manufacturing
brand mark
Tactical Management
revenues
20. Being accountable or being able to justify an action
responsibility
Market
Strategic Management
Restructuring
21. Business costs that remain constant regardless of the number of units produced
Work Specialization
fixed costs
decision-making role
accounting equation
22. Something that the employee dislikes is taken away
customer service
negative reinforcement
geodemographics
financial management
23. Ratio between net income after taxes and net sales; also known as profit margin
Ethical Behavior
fixed costs
return on sales
owner's equity
24. Product development stage in which a product is sold on a limited basis - a trial introduction
test marketing
Exchange Rate
Convenience Good/Convenience Service
Franchise
25. Brands owned by the manufacturers and distributed nationally
national brands
public relations
double-entry bookkeeping
horizontal analysis
26. Effective acquisition and use of money
widgets
financial management
Quality Control
persuasive advertising
27. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
persuasive advertising
Corporate Bond
social media
ways to expand a product line
28. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Monopoly
objectives
Swot Analysis
Copyright
29. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
price
exchange process
brand
Organizational Chart
30. 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
responsibility
opportunity cost
debt-to-equity ratio
how companies learn about customer
31. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
Mission Statement
Contingent Worker
common pricing strategies
primary factors of market segmentation
32. Introducing a new product at a low price in hopes of building sales volume quickly
profitability ratios
penetration pricing
co-branding
customer loyalty
33. 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
Sexual Harassment
news conference
double-entry bookkeeping
permission-based marketing
34. Where products are conveniently placed for customers
place utility
demographics
cost of goods sold
persuasive advertising
35. Organization's methods for dealing with emergencies
Publicly Held (or Public) Corporation
Crisis Management
Regulatory (Administrative) Law
accounts receivable turnover ratio
36. Good or service used as the basis of commerce
product
growth through direction state
Limited Liability Corporation (LLC)
5 C's
37. A firm's portion of the total sales in a market
market share
Industrial Goods
Ethical Behavior
General (Active) Partner
38. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
Custom Manufacturing
management by objectives (MBO)
promotion
Quality
39. Free or bargain-priced items offered to encourage customers to buy a product
Functional Strategy
Unethical Behavior
news conference
premiums
40. Corporation whose stock is widely held and available for sale to the general public
Quid Pro Quo Harassment
Publicly Held (or Public) Corporation
Position Influence
auction pricing
41. Law made by the authority of administrative agencies
Leadership
Regulatory (Administrative) Law
financial management
Functional Strategy
42. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
advertising
Committee and Team Authority
middle management
Real GDP
43. Industry in which one company can most efficiently supply all needed goods or services
Pure Competition
Imperfect Competition
Statutory Law
Natural monopoly
44. The way you live as measure by the kinds and quality of goods and services you can afford
Accountability
cognitive dissonance
Standard of Living
assume that all workers are content with their work
45. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
Corporate Strategy
license
financial control
authority
46. 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
statement of cash flows
public relations approach
break-even analysis
cognitive dissonance
47. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
Real GDP
Corporation
Private enterprise
Business Ethics
48. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
Depression
customer buying behavior
Unethical Behavior
objectives
49. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
methods of finance for an expanding business
corporate strategies
balance sheet
SWOT analysis
50. Diagram depicting a company's structure and showing employees where they fit into its operations
Organization Chart
break-even point equation
World Trade Organization (WTO)
Purchasing Power Party