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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. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
exchange process
Regulatory (Administrative) Law
market segmentation
job rotation
2. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
retained earnings
Organizational Structure
sales promotion approach
return on sales
3. A large number of identical products are assembled using a continuous - efficient procedure
levels of brand loyalty
Mass Production
break-even analysis
brand
4. Process of scanning the business environment for threats and opportunities
grand strategies
assume that all workers are content with their work
Environmental Analysis
Flat Organizational Structure
5. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
inventory turnover ratio
Benefits
product life cycle
marketing research
6. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
news conference
Management Information System (MIS)
Recession
negative reinforcement
7. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
Private enterprise
responsibility
advertising
news conference
8. Acquiring funds through borrowing
negative reinforcement
debt financing
Long-range or strategic planning
accounting equation
9. A leadership style where the manager is directive and controlling
Tactical Management
sales promotion approach
ratio analysis
relationship marketing
10. Large-scale production and distribution of a product
brand
communication mix
distribution channels
commercialization
11. Power of a good or services to satisfy a human need
Convenience Good/Convenience Service
Management Information System (MIS)
Ethical Behavior
utility
12. Money paid to acquire something of permanent value in a business
Officers
possession utility
capital investments
calendar year
13. Charging a high price for a new product during the introductory stage and lowering the price later
skim pricing
General (Active) Partner
product mix
mission statement
14. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Capitalism
Real GDP
contract
Goal
15. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
trade promotions
Human Resource Management (HRM)
market segmentation
Limited Liability
16. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
Closely Held (or Private) Corporation
cost of goods sold equation
Leadership
General Partnership
17. Form - time - place - possession
inside board members
types of utility
steps in the strategic marketing planning process
premiums
18. Form of a corporation spanning national boundaries
word of mouth
Price Fixing
Multinational (or Transnational) Corporation
horizontal analysis
19. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
Inflation
contingency plans
Gross National Product (GNP)
product advertising
20. Advertising designed to encourage customers to try new products or to switch brands
public relations approach
Depression
Hostile Work Environment
persuasive advertising
21. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
Accountability
types of financial ratios
Purpose of Strategic Planning
Tactical Management
22. Physical products purchased by consumers for personal use
Perfect competition
Strategy
Consumer Goods
generic products
23. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
Insider Trading
accounts receivable turnover ratio
push strategy
downsizing
24. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
revenues
return on investment
profitability ratios
pull strategy
25. Individuals or households that buy goods and services for personal use
Leadership Style
retained earnings
Audit
consumer market
26. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
database marketing
Leading
Affirmative Action
limitations of marketing research
27. Ethical or unethical behaviors by employees in the context of their jobs
Business Ethics
Small Business Administration (SBA)
brand managers
product advertising
28. Stems from personal trust and respect members have for the leader
social media approach
Identity Influence
product
decision-making role
29. Creating a flatter organization structure normally cutting out middle management
Service Business
dynamic pricing
Exchange Rate
downsizing
30. Positive reinforcement - negative reinforcement - punishment
Recession
organization behavior modification
common pricing strategies
Decision Making
31. The level of joblessness among people actively seeking work in an economic system
penetration pricing
Unemployment
brand mark
cause-related marketing
32. Intermediary who sells products to other businesses for resale to final consumers
Acquisition
break-even point
Wholesaler
Services
33. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
social commerce
Business Plan
product mix
Divestiture
34. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
maturity stage
quick ratio
Labor Relations
risks of product-line extensions
35. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
long-term liabilities
decline stage
Crisis Management
Theory Z
36. Difference of revenues - costs - and profit from the planned amounts.
Variance
psychographics
statement of cash flows
Human Resource Management (HRM)
37. Activities producing tangible products such as radios - newspapers - buses and textbooks
Import
Exchange Rate
grand strategies
Goods Operations (Goods Production)
38. Market or industry in which there is only one producer that can therefore set the prices on all of its products
Depression
product mix
Decision Making
Monopoly
39. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accrual basis
Organizational Chart
Patent
Convenience Good/Convenience Service
40. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
private brands
geodemographics
financial control
market
41. The movement of an economy from one condition to another and back again
Business Cycle
Inflation
transaction
Extractor
42. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
return on investment
contract
profitability ratios
stealth marketing
43. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
utility
Outsourcing
S Corporation
premiums
44. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
Socialism
Policy
3 Economic Role
rebates
45. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
capital budgeting
Limited Liability Corporation (LLC)
Depression
Prime Rate
46. Ratios that measure a firm's reliance on debt financing of its operations
Planning
geodemographics
debt ratios
Supply Chain (Value Chain)
47. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
Quid Pro Quo Harassment
marketing concept
cognitive dissonance
Affirmative Action
48. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
marketing strategy
sales promotion approach
Benefits
auction pricing
49. Illegal practice of using special knowledge about a firm for profit or gain
Insider Trading
Goal
Sexual Harassment
Organizational Chart
50. Break-even point = fixed costs/ (selling price - variable costs per unit)
Intellectual Property
database marketing
Natural monopoly
break-even point equation