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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. Form of nonstore retailing in which the telephone is used to sell directly to consumers
price
horizontal analysis
Telemarketing
public relations
2. Cost of producing or acquiring a company's products for sale during a given period
personal selling
brand loyalty
Philosophy
cost of goods sold
3. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
Operations (Production) Management
direct marketing approach
brand loyalty
media
4. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community
Corporate Bond
introductory stage
3 Economic Role
form utility
5. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Work Specialization
Decentralized Organization
search advertising
delegate the task
6. Process through which a manager allocates work to subordinates
auction
Delegation
opportunity cost
advertising approach
7. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Information Technology (IT)
Laws
permission marketing
database marketing
8. Strategic alliance in which the collaboration involves joint ownership of the new venture
Joint Venture
net income
Accountability
Top Manager
9. Transferring work to another country
horizontal analysis
Out-sourcing
methods of finance for an expanding business
direct marketing approach
10. Type of partnership consisting of limited partners and a general (or active) partner
market segmentation
relationship marketing
General Partnership
Limited Partnership
11. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Swot Analysis
contract
Universal Product Codes
Business Cycle
12. 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
wants
factors that influence pricing decisions
Operations (Production) Management
Centralized Organization
13. Marketers focus on stimulating demand for the new product
geodemographics
stealth marketing
Swot Analysis
introductory stage
14. Direct communication other than personal sales contacts designed to effect a measurable response
steps in the strategic marketing planning process
direct marketing
World Trade Organization (WTO)
Corporate Governance
15. 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
Export
psychographics
product line
debt-to-equity ratio
16. Ratios that measure a firm's reliance on debt financing of its operations
debt ratios
capital budgeting
Extractor
Sexual Harassment
17. Process of scanning the business environment for threats and opportunities
pull strategy
negative reinforcement
Sarbanes-Oxley Act of 2002 (Sarbox)
Environmental Analysis
18. Owner of shares of stock in a corporation
national brands
Stockholder (or Shareholder)
positioning
depreciation
19. Customer value added by making a product available in a convenient location
place utility
price elasticity
sales promotion
demographics
20. Power of a good or services to satisfy a human need
cause-related marketing
Publicly Held (or Public) Corporation
Philosophy
utility
21. Categorization of customers according to their geographical location
Patent
point-of-purchase display
fixed costs
geographic segmentation
22. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Unemployment
marketing mix
Philosophy
accounting equation
23. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
Mass Production
reminder advertising
statement of cash flows
Gross National Product (GNP)
24. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Business (or Competitive) Strategy
Human Resource Management (HRM)
Monopoly
brand equity
25. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
double-entry bookkeeping
personal selling
Ethical Behavior
psychographics
26. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
Physical Distribution
decline stage
Recession
database marketing
27. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
variable costs
Oligopoly
sales promotion approach
database marketing
28. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Corporate Strategy
Environmental Analysis
Human Resource Management (HRM)
Limited Liability Corporation (LLC)
29. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Franchise
Mission Statement
Retrenchment
market segmentation
30. The price of your nation's currency is in terms of another nation's currency
objectives
Exchange Rate
Depression
Laws
31. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
time utility
Copyright
Industrial Goods
5 C's
32. Statement of a firm's financial position on a particular date; also known as a statement of financial position
Retrenchment
accounts receivable
Management
balance sheet
33. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
debt-to-total-assets ratio
Autocratic Leadership style
price
Business Plan
34. Corporation whose stock is held by only a few people and is not available for sale to the general public
persuasive advertising
bundling
Closely Held (or Private) Corporation
forecasting
35. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
horizontal analysis
family branding
organizational market
Labor Productivity
36. Results from the leader's ability to give or withhold rewards
Consumer Goods
widgets
productivity - the success of the managers - and the morale of the other employees
Reward Influence
37. Good or service used as the basis of commerce
depreciation
Depression
product mix
product
38. Specification of the jobs to be done within an organization and the ways in which they relate to one another
Organizational Structure
Maslow's hierarchy of needs
Sarbanes-Oxley Act of 2002 (Sarbox)
merger
39. Exchange of value between parties
transaction
horizontal analysis
World Trade Organization (WTO)
Workplace Diversity
40. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Market
Outsourcing
social media approach
Standard of Living
41. Nonsales communication that businesses have with their various audiences
public relations
Short-range or operational planning
Demand
push strategy
42. People are lazy
Labor Relations
budget
North American Free Trade Agreement (NAFTA)
theory x
43. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization
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44. Electronic media that invite participation by the general public
marketable securities
social media
brand equity
Autocratic Leadership style
45. Strategy in which two or more organizations collaborate on a project for mutual gain
skim pricing
cost based pricing
Strategic Alliance
factors that influence pricing decisions
46. Product that is dissimilar from those of competitors but than can fulfill the same need
Sole Proprietership
Consumer Goods
Substitute Product
Deregulation
47. Complete list of all products that a company offers for sale
product mix
social media
fiscal year
price based pricing
48. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
price elasticity
permission-based marketing
market share
product life cycle
49. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
theory y
assets
fiscal year
S Corporation
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
Gross National Product (GNP)
current assets
Limited Liability
media