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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. Body of decisions handed down by courts ruling on individual cases
Theory Z
Top Manager
Strategy
Common Law
2. The creation and sharing of product-related information among customers and potential customers
capital budgeting
Ethics
license
social commerce
3. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
Chain of Command
opportunity cost
Goals
common pricing strategies
4. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
Hostile Work Environment
earnings per share
limitations of marketing research
Business Cycle
5. Making decisions without consulting anyone
Business Plan
Acquisition
opportunity cost
Autocratic Leadership style
6. 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
push strategy
marketing strategy
Marketer
7. Measures income earned on owners' investment - formula: Net income/total owners' equity
return on equity ratio
calendar year
place utility
market share
8. Corporation whose stock is widely held and available for sale to the general public
Private enterprise
direct marketing approach
geodemographics
Publicly Held (or Public) Corporation
9. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
product life cycle
objectives
Long-range or strategic planning
factors that influence pricing decisions
10. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
pull strategy
Limited Liability Corporation (LLC)
Organizational Structure
Extension
11. Corporation whose stock is held by only a few people and is not available for sale to the general public
place utility
Closely Held (or Private) Corporation
Decision Making
downsizing
12. Power to make the decisions necessary to complete a task
Purchasing Power Party
geographics
Private enterprise
Authority
13. A measure of the sensitivity of demand to changes in price
price elasticity
mission statement
Planning
activity ratios
14. Customer value created by converting raw materials and other inputs into finished goods and services
limitations of marketing research
positive reinforcement
Theory Z
form utility
15. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
reminder advertising
Business Plan
Wholesaler
Work Specialization
16. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
downsizing
variable costs
brand equity
Prosperity
17. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
psychographics
place utility
primary factors of market segmentation
geographic segmentation
18. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions
schematic of marketing process
Procedure
Labor Union
debit
19. A business that grows products or takes raw material from nature
opportunity cost
growth strategies
Extractor
theory y
20. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
product advertising
marketing research
Matrix Structures
telemarketing
21. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
Position Influence
functional strategies
revenues
marketing
22. Building a specific and unique product to meet the needs of one consumer
Short-Term Goal
Custom Manufacturing
Deregulation
commercialization
23. Using relative information to predict how many jobs will be needed
forecasting
Market economy
Authority
horizontal analysis
24. Form of a corporation spanning national boundaries
Whistle Blower
steps in the strategic marketing planning process
Multinational (or Transnational) Corporation
Work Specialization
25. 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
Wholesaler
delegate the task
Decentralized Organization
permission-based marketing
26. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
objectives
Demand
personal selling
point-of-purchase display
27. Informal work groups can affect ____.
productivity - the success of the managers - and the morale of the other employees
Nepotism
Corporate Strategy
Wholesaler
28. Process of scanning the business environment for threats and opportunities
Demand
assets equation
Environmental Analysis
positive reinforcement
29. An extra amount of time granted to a party to make a payment
current ratio
merger
Marketing
Extension
30. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Goal
Corporate Governance
Marketing
common pricing strategies
31. Strategic alliance in which the collaboration involves joint ownership of the new venture
direct mail
dynamic pricing
Democratic Leadership Style
Joint Venture
32. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
need
stages of product development
introductory stage
permission-based marketing
33. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
Prime Rate
product advertising
productivity - the success of the managers - and the morale of the other employees
Philosophy
34. Payments other than wages or salaries - other benefits
Gross National Product (GNP)
fringe benefit
Mixed Management
Ethical Behavior
35. All the operating expenses associated with marketing goods or services
Philosophy
selling expenses
Organization Chart
national brands
36. Claims against a firm's assets by creditors - such as banks and suppliers
3 Economic Role
Ethics
sales promotion approach
liabilities
37. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
authority
cost of goods sold equation
function of labels
Competition
38. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Patent
Inflation
stealth marketing
Standard of living
39. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
assets
merger
dynamic pricing
assets equation
40. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Long-range or strategic planning
Human Resource Management (HRM)
Retailer
introductory stage
41. Pricing selling one product at a loss as a way to entice customers to consider other products
loss-leader
organizational market
variable costs
grand strategies
42. Small groups in the same work area that have scheduled meetings about problems and how to fix them
quality control circles
Purpose of Strategic Planning
Statutory Law
trade promotions
43. Compensation other than wages and salaries
inside board members
Benefits
net income
management by objectives (MBO)
44. The creation and sharing of product-related information among customers and potential customers
social commerce
depreciation
middle management
Inflation
45. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
Management Information System (MIS)
Market
assets equation
Globalization
46. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Contingent Worker
Divestiture
Universal Product Codes
Swot Analysis
47. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
geographic segmentation
marketing strategy
specialty advertising
inside board members
48. Advertising sent directly to potential customers - usually through the mail
customer service
Tall Organizational Structure
direct mail
news conference
49. Activities producing intangible and tangible products - such as entertainment - transportation - and education
Service Operations (Service Production)
Labor Relations
Strategic Management
Demand
50. Organization for economic - social - and security cooperation among European nations
European Union (EU)
market segmentation
Extension
trade allowance