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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. Provides protection for the product - makes products easier to display - and attracts attention
function of packaging
Unethical Behavior
delegate the task
Long-range or strategic planning
2. Study of statistical characteristics of a population
theory x
Mixed Management
demographics
Long-Term Goal
3. Mix of people in organizations in terms of essential/demographic status
Workplace Diversity
owner's equity
penetration pricing
a continuous-flow operating system
4. The creation and sharing of product-related information among customers and potential customers
dynamic pricing
marketing strategy
social commerce
Management Information System (MIS)
5. Cost of producing or acquiring a company's products for sale during a given period
brand equity
Labor Relations
Management Information System (MIS)
cost of goods sold
6. Use a brand name on a variety of related products
Quality
growth stage
family branding
World Trade Organization (WTO)
7. A business that is involvec with moving goods from producers to consumers
European Union (EU)
Marketer
Nepotism
cognitive dissonance
8. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
push strategy
private brands
break-even analysis
Recession
9. Authority granted to committees or teams involved in a firm's daily operations
psychographics
behavioral segmentation
Committee and Team Authority
widgets
10. Ethical or unethical behaviors by employees in the context of their jobs
Capitalism
Business Ethics
organizational market
brand names
11. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
fixed assets
accounts payable
time utility
rebates
12. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
Physical Distribution
Market economy
Depression
point-of-purchase display
13. Systems for moving goods and services from producers to customers; also known as marketing channels
distribution channels
wants
promotional strategy
Closely Held (or Private) Corporation
14. Manager responsible for supervising the work of employees
First-Line Manager
capital budgeting
media
contract
15. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Three reasons nations trade
brand equity
Telemarketing
national brands
16. Assets = liabilities + owner's equity
assets equation
Wheeler-Lea Act of 1938
Supply
Reward Influence
17. Brand awareness - brand preference - brand insistence
Gross National Product (GNP)
levels of brand loyalty
Service Operations (Service Production)
communication mix
18. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
Limited Partner
break-even point equation
integrated marketing communications
assets equation
19. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
Retrenchment
Decision-Making Skills
function of labels
debt-to-total-assets ratio
20. Portion of a brand that cannot be expressed verbally
Swot Analysis
retained earnings
dynamic pricing
brand mark
21. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Long-Term Goal
theory y
contract
mission statement
22. Informal communication between customers and potential customers
market
word of mouth
middle management
net income
23. Any 12 consecutive months used as an accounting period
delegate the task
fiscal year
target markets
Marketing
24. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
product life cycle
Insider Trading
possession utility
wants
25. Large-scale production and distribution of a product
Long-range or strategic planning
Strategic Management
commercialization
telemarketing
26. Costs created in the process of generating revenues
Accountability
Board of Directors
Delegation
expenses
27. 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)
sales promotion
ratio analysis
Recession
28. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
Custom Manufacturing
Short-Term Goal
auction pricing
decline stage
29. Managers and workers cooperating as a team
Bankruptcy
Democratic Leadership Style
Inflation
Business Ethics
30. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
Quality Control
Services
owner's equity
horizontal analysis
31. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
merger
delegate the task
Business (or Competitive) Strategy
Certificate of Incorporation
32. A firm's portion of the total sales in a market
Committee and Team Authority
market share
decline stage
Unemployment
33. A forecast of financial requirements and the financing sources to be used
brand equity
Strategy
Closely Held (or Private) Corporation
financial plan
34. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
market
Restructuring
horizontal analysis
inventory turnover ratio
35. The process of comparing an organization's products or services and processes with those of another companies
Information Technology (IT)
Outsourcing
Autocratic Leadership style
benchmarking
36. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
negative reinforcement
point-of-purchase display
Contingent Worker
debt-to-total-assets ratio
37. Inexpensive good or service purchased and consumed rapidly and regularly
Convenience Good/Convenience Service
Custom Manufacturing
database marketing
time utility
38. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
Imperfect Competition
Divestiture
productivity - the success of the managers - and the morale of the other employees
sales promotion approach
39. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Decision-Making Skills
advertising approach
stages in the life cycle of a product
Small Business Administration (SBA)
40. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
Depression
Organization Chart
earnings per share
methods of finance for an expanding business
41. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer
wants
Contingent Worker
North American Free Trade Agreement (NAFTA)
Supply Chain (Value Chain)
42. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
Capitalism
Management Information System (MIS)
authority
skim pricing
43. Selling one product at a loss as a way to entice customers to consider other products
loss-leader pricing
credit
Natural monopoly
World Trade Organization (WTO)
44. Occurs when widespread price increases occur throughout an economic system
wants
Maslow's hierarchy of needs
Inflation
online display advertising
45. Introducing a new product at a low price in hopes of building sales volume quickly
opportunity cost
credit
fixed costs
penetration pricing
46. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
Chain of Command
activity ratios
gross profit
Board of Directors
47. 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
function of packaging
Depression
S Corporation
vertical analysis
48. The state of being certain that adverse effects will not be caused by some agent under defined conditions
benchmarking
Safety
Socialism
Monopoly
49. The way a manager teats and directs employees
organization behavior modification
integrated marketing communications
Custom Manufacturing
Leadership Style
50. Difference of revenues - costs - and profit from the planned amounts.
gross profit
Variance
World Trade Organization (WTO)
Nepotism