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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. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
product advertising
Divestiture
news conference
productivity - the success of the managers - and the morale of the other employees
2. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
function of packaging
categories of customer communication
opportunity cost
relationship marketing
3. Introducing a new product at a low price in hopes of building sales volume quickly
benchmarking
penetration pricing
productivity - the success of the managers - and the morale of the other employees
product line
4. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Controlling
Venture Capital Company
Short-Term Goal
Human Resource Management (HRM)
5. Costs created in the process of generating revenues
Unlimited Liability
expenses
bundling
Strategy
6. Advertising designed to encourage customers to try new products or to switch brands
Oligopoly
Limited Liability
persuasive advertising
Policy
7. A measure of the sensitivity of demand to changes in price
brand mark
price elasticity
Market economy
owner's equity
8. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
online display advertising
calendar year
permission-based marketing
point-of-purchase display
9. Marketing efforts to attract people and organizations to a particular geographical area
accounting equation
growth strategies
place marketing
Corporation
10. Business costs that increase with the number of units produced
assets
auction
variable costs
Common Law
11. Being accountable or being able to justify an action
Processing
Inflation
Marketing
responsibility
12. 12 month accounting period that begins on January 1 and ends on December 31
Price Fixing
form utility
calendar year
elements of a company's marketing mix
13. The creation and sharing of product-related information among customers and potential customers
Benefits
financial control
social commerce
advertising
14. Use a brand name on a variety of related products
Export
Recession
family branding
Quality
15. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large
activity ratios
Position Influence
working capital
Marketing
16. Something produced by the intellect or mind that has commercial value
Competition
Intellectual Property
Perfect competition
Herzberg's two-factor theory
17. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
opportunity cost
Swot Analysis
Inflation
merger
18. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
Supply
profitability ratios
activity ratios
permission-based marketing
19. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
accrual basis
schematic of marketing process
Gross Domestic Product (GDP)
Merger
20. Brands that have been given legal protection so that their owners have exclusive rights to their use
customer service
Quid Pro Quo Harassment
Management Information System (MIS)
trademarks
21. Power to make the decisions necessary to complete a task
Business (or Competitive) Strategy
Authority
expenses
Standard of Living
22. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Safety
widgets
how companies learn about customer
Flat Organizational Structure
23. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
marketing research
Swot Analysis
General Partnership
brand names
24. Ratio between net income after taxes and total owners' equity; also known as return on equity
Processing
return on investment
Gross National Product (GNP)
General (Active) Partner
25. Sales promotion aimed at final consumers
accounts payable
consumer promotion
assets
Functional Strategy
26. Inexpensive good or service purchased and consumed rapidly and regularly
need
Matrix Structures
media
Convenience Good/Convenience Service
27. Selling or supporting the sales process over the telephone
cost based pricing
forecasting
direct marketing
telemarketing
28. 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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29. Free or bargain-priced items offered to encourage customers to buy a product
Span of Control
Depression
cognitive dissonance
premiums
30. Building a specific and unique product to meet the needs of one consumer
Controlling
First-Line Manager
Custom Manufacturing
Purchasing Power Party
31. Offering a temporary reduction in price
news conference
discount pricing
Organizational Structure
Business Ethics
32. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
Mission Statement
stages in the life cycle of a product
Short-Term Goal
Outcome-based ethics
33. Amounts that are currently due to a company
coupons
return on sales
Limited Liability Corporation (LLC)
accounts receivable
34. An increase in liabilities
Accountability
word of mouth
debit
brand loyalty
35. Stems from personal trust and respect members have for the leader
equity financing
public relations approach
Real GDP
Identity Influence
36. Payments other than wages or salaries - other benefits
Custom Manufacturing
possession utility
Retailer
fringe benefit
37. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
break-even point
Capitalism
S Corporation
SWOT analysis
38. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
certain disabilities and illnesses
authority
Affirmative Action
rebates
39. A short - specific written statement of the reason a business exists and what it wants to achieve.
Consumer Goods
mission statement
penetration pricing
market share
40. Larger visual and multimedia ads that appear on websites
advertising
loss-leader
permission marketing
online display advertising
41. Agreement to produce and market another company's product in exchange for a royalty or fee
Wheeler-Lea Act of 1938
Goals
license
downsizing
42. Diagram depicting a company's structure and showing employees where they fit into its operations
certain disabilities and illnesses
stages in the life cycle of a product
Affirmative Action
Organization Chart
43. Intermediary who sells products directly to consumers
general expenses
Retailer
Safety
decision-making role
44. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Labor Productivity
Copyright
contract
pull strategy
45. A sustained increase in the general level of prices
Inflation
Monopoly
function of labels
trademarks
46. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Franchise
Sole Proprietership
European Union (EU)
Whistle Blower
47. Product that is dissimilar from those of competitors but than can fulfill the same need
quality control circles
Substitute Product
Service Operations (Service Production)
Labor Union
48. Illegal practice of using special knowledge about a firm for profit or gain
Regulatory (Administrative) Law
Insider Trading
depreciation
Globalization
49. Systems for moving goods and services from producers to customers; also known as marketing channels
distribution channels
public relations approach
Organizing
debt financing
50. Confusion results if a person reports to two people at once - according to ____.
Labor Productivity
Corporate Governance
unity of command
Venture Capital Company