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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. Market or industry characterized by numerous small firms producing an identical product
responsibilities of a financial manager
close the books
Perfect competition
Insider Trading
2. Managers and workers cooperating as a team
job rotation
quick ratio
Democratic Leadership Style
revenues
3. 12 month accounting period that begins on January 1 and ends on December 31
calendar year
Purchasing Power Party
Extractor
Globalization
4. Marketers focus on stimulating demand for the new product
introductory stage
productivity - the success of the managers - and the morale of the other employees
Divestiture
personal sales approach
5. The combined use of tactical and strategic management
Processing
social media approach
Business Ethics
Mixed Management
6. Manager responsible for supervising the work of employees
Recession
earnings per share
widgets
First-Line Manager
7. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
need
Capitalism
Marketing
laissez-faire Leadership style
8. Ratio between net income after taxes and net sales; also known as profit margin
reminder advertising
market
retained earnings
return on sales
9. Partner who actively manages a firm and who has unlimited liability for its debts
penetration pricing
accounting equation
brand extension
General (Active) Partner
10. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Mass Production
risks of product-line extensions
Business (or Competitive) Strategy
quick ratio
11. Organization for economic - social - and security cooperation among European nations
Human Resource Management (HRM)
why companies learn about customers so they can stay in touch with their current needs and wants
Oligopoly
European Union (EU)
12. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
financial plan
Common Law
Leadership
Imperfect Competition
13. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
contingency plans
Three reasons nations trade
budget
form utility
14. Economy in which individuals control production and allocation decisions through supply and demand
auction pricing
retained earnings
cognitive dissonance
Market economy
15. Goal set for the very near future
Limited Partner
Short-Term Goal
Decision Making
Long-range or strategic planning
16. Ratios that measure the effectiveness of the firm's use of its resources
how companies learn about customer
activity ratios
Leading
balance sheet
17. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
Top Manager
personal sales approach
Market economy
financial control
18. Objective that a business hopes and plans to achieve
budget
selling expenses
Goal
Insider Trading
19. Systems for moving goods and services from producers to customers; also known as marketing channels
Mixed Management
distribution channels
Unlimited Liability
Merger
20. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
General (Active) Partner
Price Fixing
organizational market
brand
21. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Real GDP
marketing concept
Bankruptcy
Demand
22. Acquiring funds by selling shares of a company's stock
equity financing
theory x
debt financing
Flat Organizational Structure
23. 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
function of labels
marketing
loss-leader pricing
Maslow's hierarchy of needs
24. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Price Fixing
Purchasing Power Party
accounts receivable
Limited Partner
25. Strategy whereby a firm sells one or more of its business units
reminder advertising
Divestiture
Industrial Goods
growth strategies
26. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
Operations (Production) Management
specialty advertising
Corporate Bond
geodemographics
27. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
long-term liabilities
methods of finance for an expanding business
Wholesaler
debit
28. Compensation other than wages and salaries
Service Operations (Service Production)
Benefits
Prime Rate
selling expenses
29. Any 12 consecutive months used as an accounting period
organizational market
bundling
fiscal year
Safety
30. A business that is involvec with moving goods from producers to consumers
brand equity
Mixed Management
Marketer
Centralized Organization
31. Media: news release; audience: broad - intensity: passive - active; purpose: inform
public relations approach
place utility
gross profit
growth through direction state
32. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
marketing strategy
Specialty Good/Specialty Service
Policy
debt financing
33. Advertising intended to remind existing customers of a product's availability and benefits
pull strategy
Oligopoly
gross profit
reminder advertising
34. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
fixed assets
Identity Influence
earnings per share
inside board members
35. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
consumer promotion
Corporation
Short-Term Goal
budget
36. Changes the form of material so they can be consumed or used to manufacture other products
Business Ethics
telemarketing
budget
Processing
37. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Copyright
owner's equity equation
rebates
equity financing
38. A firm's portion of the total sales in a market
market share
horizontal analysis
World Trade Organization (WTO)
Deregulation
39. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Audit
assume that all workers are content with their work
net income
Socialism
40. Obligations that must be next within a year
opportunity cost
advertising approach
accounting equation
current liabilities
41. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
Divestiture
Mixed Management
advertising
Export
42. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Telemarketing
Organizing
organization behavior modification
Imperfect Competition
43. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
customer service
communication mix
Information Technology (IT)
news release
44. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
S Corporation
time utility
retained earnings
cash basis
45. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
line organization
long-term liabilities
fixed assets
skim pricing
46. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
wants
assets equation
Supply Chain (Value Chain)
Exchange Rate
47. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
Business Plan
Marketing
personal sales approach
maturity stage
48. Individuals or households that buy goods and services for personal use
Recession
consumer market
Public Goods
North American Free Trade Agreement (NAFTA)
49. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Philosophy
Socialism
Corporate Governance
Span of Control
50. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items
ways to expand a product line
reminder advertising
Organization Chart
brand mark