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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. Nonsales communication that businesses have with their various audiences
public relations
decline stage
Position Influence
methods of finance for an expanding business
2. A short - specific written statement of the reason a business exists and what it wants to achieve.
net income
mission statement
Herzberg's two-factor theory
owner's equity equation
3. A detailed series of related steps or tasks written to implement a policy is called a ____.
Procedure
brand names
Market
trademarks
4. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
cost of goods sold equation
Real GDP
Recovery
fixed assets
5. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Chain of Command
time utility
permission marketing
Organizational Stakeholders
6. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)
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7. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
Tactical Management
Prosperity
loss-leader pricing
opportunity cost
8. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accrual basis
Perfect competition
Organizational Stakeholders
push strategy
9. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
management by objectives (MBO)
return on sales
brand
Accountability
10. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Restructuring
debt-to-total-assets ratio
promotional strategy
Manufacturer
11. Products characterized by a plain label - with no advertising and no brand name
introductory stage
maturity stage
generic products
equity financing
12. Physical products purchased by consumers for personal use
Consumer Goods
Corporation
customer service
discount pricing
13. Something that the employee dislikes is taken away
Real GDP
brand loyalty
negative reinforcement
working capital
14. This law guards against false advertising.
opportunity cost
Marketing
Wheeler-Lea Act of 1938
family branding
15. Group of small investors who invest money in companies with rapid growth potential
management by objectives (MBO)
Venture Capital Company
Exchange Rate
Public Goods
16. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
Oligopoly
Long-range or strategic planning
widgets
Reward Influence
17. Illegal practice of using special knowledge about a firm for profit or gain
Middle Manager
revenues
Insider Trading
Deregulation
18. Managers who develop and implement a complete strategy and marketing program for specific products or brands
brand managers
Middle Manager
accounts payable
Human Resource Management (HRM)
19. Continually adjusting prices to reflect changes in supply and demand
Variance
dynamic pricing
utility
European Union (EU)
20. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
gross profit
debt-to-equity ratio
product life cycle
Leadership
21. Statement of a firm's financial position on a particular date; also known as a statement of financial position
place marketing
Collusion
balance sheet
Sole Proprietership
22. Law made by the authority of administrative agencies
Regulatory (Administrative) Law
Inflation
widgets
market segmentation
23. Characteristic of decentralized companies with relatively few layers of management
selling expenses
Flat Organizational Structure
consumer promotion
growth through direction state
24. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
Goal
brand names
Environmental Analysis
pull strategy
25. Large-scale production and distribution of a product
activity ratios
geographic segmentation
commercialization
close the books
26. 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
cost based pricing
Export
return on investment
push strategy
27. Assets = liabilities + owner's equity
Monopolistic Competition
job rotation
trade promotions
accounting equation
28. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
S Corporation
Chain of Command
private brands
delegate the task
29. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Gross Domestic Product (GDP)
direct mail
Crisis Management
cause-related marketing
30. Transferring work to another country
Out-sourcing
marketing research
Safety
cause-related marketing
31. Motivator and hygiene factors need to be met to prevent dissatisfaction
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32. 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
responsibilities of a financial manager
variable costs
Insider Trading
Nepotism
33. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
point-of-purchase display
close the books
assume that all workers are content with their work
statement of cash flows
34. Direct communication other than personal sales contacts designed to effect a measurable response
accounts payable
direct marketing
Publicly Held (or Public) Corporation
Custom Manufacturing
35. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Quality
product
profitability ratios
Telemarketing
36. The ability to carry out a task
product mix
Labor Productivity
Business Ethics
authority
37. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Wheeler-Lea Act of 1938
Organizing
Copyright
license
38. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
current ratio
Price Fixing
Strategic Alliance
Gross National Product (GNP)
39. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
long-term liabilities
Corporate Strategy
Officers
categories of customer communication
40. Break-even point = fixed costs/ (selling price - variable costs per unit)
Top Manager
accrual basis
break-even point equation
trade promotions
41. Acquiring funds through borrowing
debt financing
Oligopoly
Three reasons nations trade
revenues
42. Mechanism for exchange between buyers and sellers of a particular good or service
Monopolistic Competition
fiscal year
Business Plan
Market
43. Top management team of a corporation
general expenses
grand strategies
Officers
Nepotism
44. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
objectives
Depression
European Union (EU)
Nepotism
45. Partner who actively manages a firm and who has unlimited liability for its debts
function of labels
categories of customer communication
General (Active) Partner
Democratic Leadership Style
46. Goal set for the very near future
Purchasing Power Party
Whistle Blower
market share
Short-Term Goal
47. Characteristic of centralized companies with multiple layers of management
Capitalism
Tall Organizational Structure
Leading
news conference
48. A business that is involvec with moving goods from producers to consumers
reminder advertising
Marketer
capital investments
fringe benefit
49. Specific customer groups or segments to whom a company wants to sell a particular product
target markets
current liabilities
Convenience Good/Convenience Service
Custom Manufacturing
50. 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
credit
Management Information System (MIS)
Acquisition
Gross National Product (GNP)