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Test your basic knowledge |
Business Fundamentals
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Skills in defining problems and selecting the best courses of action
Three reasons nations trade
Decision-Making Skills
Mass Production
brand managers
2. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
Leadership Style
certain disabilities and illnesses
Expert Influence
Identity Influence
3. Complete list of all products that a company offers for sale
Sole Proprietership
product mix
license
psychographics
4. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Audit
Labor Relations
auction pricing
Manufacturer
5. Introducing a new product at a low price in hopes of building sales volume quickly
factors that influence pricing decisions
advertising
time utility
penetration pricing
6. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.
Decision Making
net income
Span of Control
theory y
7. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
Matrix Structures
return on sales
Sexual Harassment
Affirmative Action
8. The way you live as measure by the kinds and quality of goods and services you can afford
Deregulation
Small Business Administration (SBA)
Standard of Living
Expert Influence
9. Owner of shares of stock in a corporation
Flat Organizational Structure
Stockholder (or Shareholder)
Depression
market share
10. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Sole Proprietership
Safety
product
direct marketing approach
11. Something that the employee dislikes is taken away
skim pricing
direct marketing approach
negative reinforcement
Expert Influence
12. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
factors that influence pricing decisions
Quid Pro Quo Harassment
stages in the life cycle of a product
Publicly Held (or Public) Corporation
13. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
behavioral segmentation
Capitalism
empowerment
Oligopoly
14. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
Operations (Production) Management
authority
fixed assets
Custom Manufacturing
15. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Services
product life cycle
Prime Rate
grand strategies
16. The action of ensuring that operations produce products that meet specific quality standards
assets equation
Quality Control
Limited Partner
organization behavior modification
17. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Monopoly
discount pricing
Bankruptcy
Leadership
18. Economy in which individuals control production and allocation decisions through supply and demand
news conference
Purpose of Strategic Planning
Procedure
Market economy
19. Expensive - rarely purchased good or service
Specialty Good/Specialty Service
trade allowance
Quality
brand mark
20. Customer value added by making a product available in a convenient location
place utility
consumer promotion
Maslow's hierarchy of needs
time utility
21. 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
World Trade Organization (WTO)
downsizing
word of mouth
22. People are lazy
expenses
limitations of marketing research
Human Resource Management (HRM)
theory x
23. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
contract
Services
Unemployment
Universal Product Codes
24. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
sales promotion
family branding
organizational market
Outcome-based ethics
25. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
permission-based marketing
cost of goods sold
brand extension
product life cycle
26. Selling method in which the price is set by customers bidding against each other
revenues
delegate the task
auction
it produces the greatest amount of good for the greatest number
27. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
rebates
close the books
Swot Analysis
marketing concept
28. A period during which aggregate output - as measured by GDP - declines
Recession
Bankruptcy
direct mail
Publicly Held (or Public) Corporation
29. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
target markets
Span of Control
private brands
3 Economic Role
30. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
5 C's
customer service
dynamic pricing
Real GDP
31. Process by which the world is becoming a single interdependent system
Out-sourcing
Globalization
Intellectual Property
price elasticity
32. Current assets minus current liabilities
Ethical Behavior
Centralized Organization
budget
working capital
33. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
Restructuring
Limited Liability
Sexual Harassment
cause-related marketing
34. Top manager who is responsible for the overall performance of a corporation
organizational market
Chief Executive Officer (CEO)
debt-to-total-assets ratio
place utility
35. This law guards against false advertising.
Service Operations (Service Production)
Wheeler-Lea Act of 1938
unity of command
Processing
36. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Contingent Worker
Business Plan
function of packaging
Organizational Stakeholders
37. Market or industry characterized by numerous small firms producing an identical product
cognitive dissonance
productivity - the success of the managers - and the morale of the other employees
psychographics
Perfect competition
38. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
cost of goods sold equation
Safety
marketing
Management Information System (MIS)
39. Corporation whose stock is held by only a few people and is not available for sale to the general public
Committee and Team Authority
First-Line Manager
Closely Held (or Private) Corporation
growth through direction state
40. Study of statistical characteristics of a population
Crisis Management
demographics
brand mark
negative reinforcement
41. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Flat Organizational Structure
Organizational Chart
accounting equation
Service Business
42. Elimination of rules that restrict business activity
news conference
Import
Deregulation
fiscal year
43. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
Benefits
budget
Depression
Herzberg's two-factor theory
44. Power of a good or services to satisfy a human need
utility
categories of customer communication
Corporate Governance
Export
45. 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
geodemographics
debt ratios
accounts receivable turnover ratio
psychographics
46. Power to make the decisions necessary to complete a task
Authority
Purchasing Power Party
customer loyalty
decision-making role
47. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Leading
Export
Real GDP
marketing
48. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
family branding
types of utility
current assets
functional strategies
49. Product - price - distribution - customer communication
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50. Marketing efforts to attract people and organizations to a particular geographical area
marketing research
Mass Production
place marketing
product mix
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