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Test your basic knowledge |
Business Fundamentals
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
permission marketing
marketing strategy
vertical analysis
financial control
2. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
Franchise
search advertising
skim pricing
market segmentation
3. Ratios that measure the effectiveness of the firm's use of its resources
Whistle Blower
management by objectives (MBO)
activity ratios
Organizational Stakeholders
4. 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
variable costs
cognitive dissonance
trade promotions
Wheeler-Lea Act of 1938
5. Corporation whose stock is widely held and available for sale to the general public
Publicly Held (or Public) Corporation
fixed costs
vertical analysis
Monopoly
6. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
profitability ratios
Publicly Held (or Public) Corporation
Common Law
methods of finance for an expanding business
7. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
North American Free Trade Agreement (NAFTA)
it produces the greatest amount of good for the greatest number
assets equation
Business Plan
8. A leadership style where managers are less directive and involved employees in decision making
relationship marketing
Capitalism
selling expenses
Strategic Management
9. 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.
Policy
Outcome-based ethics
Decentralized Organization
geodemographics
10. Manager responsible for a firm's overall performance and effectiveness
Top Manager
Policy
Outsourcing
marketing strategy
11. Categorization of customers according to their geographical location
geographic segmentation
Management
Venture Capital Company
communication mix
12. Strategy in which two or more organizations collaborate on a project for mutual gain
fixed costs
credit
Strategic Alliance
rebates
13. Corporation whose stock is held by only a few people and is not available for sale to the general public
Capitalism
Closely Held (or Private) Corporation
debt-to-equity ratio
Acquisition
14. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
social media approach
Corporate Strategy
Telemarketing
personal sales approach
15. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
opportunity cost
break-even analysis
variable costs
Oligopoly
16. Discount offered by producers to wholesalers and retailers
Identity Influence
trade allowance
retained earnings
financial management
17. Cost of goods sold = beginning inventory + net purchases - ending inventory
Perfect competition
variable costs
Audit
cost of goods sold equation
18. Loss of brand identity and the cannibalization of sales of other products in the product line
risks of product-line extensions
General (Active) Partner
place marketing
demographics
19. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
revenues
debt-to-equity ratio
line organization
personal selling
20. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
function of labels
Limited Liability
relationship marketing
fringe benefit
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.
common pricing strategies
direct marketing
5 C's
Span of Control
22. A detailed series of related steps or tasks written to implement a policy is called a ____.
Procedure
demographics
exchange process
quality control circles
23. Type of partnership consisting of limited partners and a general (or active) partner
working capital
Gross National Product (GNP)
Limited Partnership
Sole Proprietership
24. 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
permission-based marketing
Mission Statement
push strategy
Publicly Held (or Public) Corporation
25. The way you live as measure by the kinds and quality of goods and services you can afford
brand extension
Standard of Living
Whistle Blower
Policy
26. Court-granted permission for a company to not pay some or all debts
empowerment
Bankruptcy
Leadership Style
loss-leader
27. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Functional Strategy
Supply
General (Active) Partner
Variance
28. 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
Corporation
how companies learn about customer
return on investment
loss-leader pricing
29. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
Mixed Management
Custom Manufacturing
Human Resource Management (HRM)
Recovery
30. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
exchange process
Marketer
return on equity ratio
Nepotism
31. The value that a company has built up in a brand
Perfect competition
customer buying behavior
brand equity
revenues
32. Brands owned by the manufacturers and distributed nationally
national brands
organizational market
auction pricing
Business Ethics
33. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
brand mark
Information Technology (IT)
direct mail
social commerce
34. Current assets minus current liabilities
sales promotion
working capital
advertising
advertising approach
35. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Officers
Benefits
Swot Analysis
grand strategies
36. 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
a continuous-flow operating system
psychographics
Joint Venture
Affirmative Action
37. The action of ensuring that operations produce products that meet specific quality standards
Franchise
institutional advertising
Quality Control
test marketing
38. Market or industry in which there is only one producer that can therefore set the prices on all of its products
Monopoly
time utility
grand strategies
Inflation
39. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Private enterprise
Safety
accounts receivable
Chain of Command
40. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
debt-to-total-assets ratio
time utility
cost of goods sold equation
Franchise
41. Partner who actively manages a firm and who has unlimited liability for its debts
Imperfect Competition
General (Active) Partner
promotion
Processing
42. Making a product available at a convenient time
reminder advertising
time utility
Custom Manufacturing
ways to expand a product line
43. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
statement of cash flows
organization behavior modification
product advertising
social media approach
44. Goal set for the very near future
Limited Liability
Short-Term Goal
fixed assets
Capitalism
45. The willingness and ability of producers to offer a good or service for sale
Custom Manufacturing
expenses
Out-sourcing
Supply
46. The collection and analysis of information for making marketing decisions
marketing research
trademarks
Goods Operations (Goods Production)
debit
47. Market or industry characterized by numerous small firms producing an identical product
Certificate of Incorporation
Retailer
Perfect competition
schematic of marketing process
48. Changes the form of material so they can be consumed or used to manufacture other products
Processing
Ethics
line organization
growth strategies
49. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
a continuous-flow operating system
elements of a company's marketing mix
auction pricing
Outsourcing
50. Occurs when widespread price increases occur throughout an economic system
Contingent Worker
return on sales
Oligopoly
Inflation
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