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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. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Quality
demographics
activity ratios
negative reinforcement
2. Arises when group members recognize that the leader has special expertise in the area
Expert Influence
Patent
authority
Processing
3. When a task is too time consuming for a manager to handle alone - he or she may ____.
debt financing
Substitute Product
Philosophy
delegate the task
4. The value that a company has built up in a brand
positioning
primary factors of market segmentation
a continuous-flow operating system
brand equity
5. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit
relationship marketing
Outcome-based ethics
Monopolistic competition
time utility
6. The collection and analysis of information for making marketing decisions
owner's equity
direct mail
license
marketing research
7. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
inside board members
return on equity ratio
wants
primary factors of market segmentation
8. Free or bargain-priced items offered to encourage customers to buy a product
time utility
premiums
brand managers
Monopoly
9. Current assets minus current liabilities
Gross National Product (GNP)
Recession
Mixed Management
working capital
10. Economic system that allows individuals to pursue their own interests without undue governmental restriction
ratio analysis
Private enterprise
marketing research
certain disabilities and illnesses
11. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
social commerce
media
assets equation
opportunity cost
12. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
assets equation
Long-range or strategic planning
Authority
Leadership
13. Form - time - place - possession
types of utility
Officers
Purpose of Strategic Planning
balance sheet
14. 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
Unethical Behavior
Policy
target markets
how companies learn about customer
15. Advertising intended to remind existing customers of a product's availability and benefits
Span of Control
reminder advertising
behavioral segmentation
Hostile Work Environment
16. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
loss-leader
Ethics
promotional strategy
sales promotion approach
17. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
organizational market
Custom Manufacturing
Business Ethics
Real GDP
18. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification
growth strategies
Strategic Alliance
brand loyalty
unity of command
19. Results from the leader's ability to give or withhold rewards
inventory turnover ratio
Organizational Structure
fringe benefit
Reward Influence
20. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
Statutory Law
steps in the strategic marketing planning process
theory y
public relations approach
21. Product made or grown domestically but sold abroad
delegate the task
brand extension
Export
exchange process
22. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
telemarketing
financial plan
national brands
Human Resource Management (HRM)
23. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
trade promotions
place marketing
return on investment
break-even point equation
24. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
Span of Control
Centralized Organization
why companies learn about customers so they can stay in touch with their current needs and wants
Middle Manager
25. Activities producing tangible products such as radios - newspapers - buses and textbooks
Goods Operations (Goods Production)
corporate strategies
3 Economic Role
Inflation
26. Changing jobs or tasks from time to time
budget
categories of customer communication
job rotation
Board of Directors
27. Personal communication between a seller and one or more potential buyers
financial control
Export
personal selling
form utility
28. Promotional campaigns that send information only to those people who've specifically asked to receive it
permission marketing
current ratio
widgets
Labor Productivity
29. Provides protection for the product - makes products easier to display - and attracts attention
operating expenses
Extractor
Reward Influence
function of packaging
30. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
Unlimited Liability
stealth marketing
direct marketing approach
Goods Operations (Goods Production)
31. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
brand managers
Management Information System (MIS)
Audit
Service Operations (Service Production)
32. Product that is dissimilar from those of competitors but than can fulfill the same need
Substitute Product
Hostile Work Environment
growth strategies
common pricing strategies
33. Cost of producing or acquiring a company's products for sale during a given period
cost of goods sold
theory y
SWOT analysis
debt-to-equity ratio
34. Beliefs about what is right or wrong and good or bad in actions that affect others
Industrial Goods
Ethics
General (Active) Partner
working capital
35. Corporation whose stock is held by only a few people and is not available for sale to the general public
Closely Held (or Private) Corporation
Tall Organizational Structure
Leadership
national brands
36. Larger visual and multimedia ads that appear on websites
online display advertising
Copyright
budget
quick ratio
37. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
Strategic Alliance
debt-to-total-assets ratio
growth strategies
types of financial ratios
38. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
debt-to-total-assets ratio
positioning
Quid Pro Quo Harassment
push strategy
39. Amounts that are currently due to a company
product
direct marketing
Extractor
accounts receivable
40. 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
online display advertising
Monopolistic Competition
Intellectual Property
function of labels
41. Economy in which individuals control production and allocation decisions through supply and demand
growth strategies
Safety
Natural monopoly
Market economy
42. The process of comparing an organization's products or services and processes with those of another companies
widgets
benchmarking
quick ratio
price
43. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Bankruptcy
Prime Rate
Work Specialization
Joint Venture
44. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
General Partnership
institutional advertising
Regulatory (Administrative) Law
Marketer
45. Law made by the authority of administrative agencies
Regulatory (Administrative) Law
function of labels
balance sheet
credit
46. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
price based pricing
social media approach
Patent
theory y
47. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
stages of product development
Chain of Command
budget
Management
48. Somethings needed by a community and provided by its government
Sexual Harassment
psychographics
Public Goods
methods of finance for an expanding business
49. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
marketing concept
Consumer Goods
debt financing
theory y
50. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
authority
customer buying behavior
Retrenchment
Globalization