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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. Managers who develop and implement a complete strategy and marketing program for specific products or brands
Organizational Stakeholders
brand managers
Extension
Insider Trading
2. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
grand strategies
rebates
geographic segmentation
3 Economic Role
3. Continually adjusting prices to reflect changes in supply and demand
dynamic pricing
Organizational Structure
geodemographics
specialty advertising
4. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
quick ratio
Private enterprise
Short-range or operational planning
Controlling
5. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
word of mouth
Decentralized Organization
Identity Influence
function of packaging
6. Intermediary who sells products directly to consumers
Retailer
debt ratios
Unethical Behavior
product line
7. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer
Quality Control
Supply Chain (Value Chain)
relationship marketing
grand strategies
8. All the operating expenses associated with marketing goods or services
selling expenses
return on investment
Imperfect Competition
responsibility
9. Alternative plans to be implemented if uncontrollable event occur
database marketing
Organizing
word of mouth
contingency plans
10. Mix of people in organizations in terms of essential/demographic status
Consumer Goods
Workplace Diversity
current ratio
credit
11. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
pull strategy
Reward Influence
assets equation
promotion
12. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
Capitalism
ratio analysis
advertising approach
debt-to-total-assets ratio
13. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
operating expenses
World Trade Organization (WTO)
Crisis Management
cause-related marketing
14. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
private brands
decision-making role
Price Fixing
opportunity cost
15. Portion of a brand that can be expressed orally - including letters - words - or numbers
Certificate of Incorporation
relationship marketing
brand names
Strategic Alliance
16. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Sarbanes-Oxley Act of 2002 (Sarbox)
database marketing
Strategy
Benefits
17. Loss of brand identity and the cannibalization of sales of other products in the product line
strategic marketing planning
risks of product-line extensions
accrual basis
Nepotism
18. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Service Operations (Service Production)
close the books
European Union (EU)
Management
19. People are lazy
theory x
possession utility
fringe benefit
debt financing
20. External statistical descriptors such as age - income - gender - and profession
Ethical Behavior
Regulatory (Administrative) Law
brand mark
demographics
21. Creating a flatter organization structure normally cutting out middle management
statement of cash flows
benchmarking
downsizing
Sole Proprietership
22. Ratio between net income after taxes and net sales; also known as profit margin
SWOT analysis
Democratic Leadership Style
return on sales
point-of-purchase display
23. Group of small investors who invest money in companies with rapid growth potential
Bankruptcy
Limited Liability Corporation (LLC)
skim pricing
Venture Capital Company
24. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
debt-to-total-assets ratio
cash basis
Quid Pro Quo Harassment
Standard of Living
25. Strategy whereby a firm sells one or more of its business units
license
Divestiture
marketable securities
credit
26. Large-scale production and distribution of a product
commercialization
Organizational Stakeholders
Unethical Behavior
Ethics
27. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
product advertising
co-branding
brand
Consumer Goods
28. 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
common pricing strategies
Marketing
Crisis Management
World Trade Organization (WTO)
29. Transferring work to another country
World Trade Organization (WTO)
Exchange Rate
Outcome-based ethics
Out-sourcing
30. The act of transferring net revenue and expense account balances to retained earnings for the period
Corporate Strategy
close the books
Strategic Alliance
Export
31. Market or industry characterized by numerous small firms producing an identical product
Service Operations (Service Production)
inventory turnover ratio
Perfect competition
organizational market
32. 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
premiums
discount pricing
factors that influence pricing decisions
direct mail
33. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
capital budgeting
grand strategies
debt financing
market segmentation
34. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
Goals
it produces the greatest amount of good for the greatest number
integrated marketing communications
Operations (Production) Management
35. Business owned and usually operated by one person who is responsible for all its debts
debt-to-equity ratio
Democratic Leadership Style
Service Operations (Service Production)
Sole Proprietership
36. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
contingency plans
customer buying behavior
Short-Term Goal
activity ratios
37. Activities producing tangible products such as radios - newspapers - buses and textbooks
Goods Operations (Goods Production)
earnings per share
Operations (Production) Management
Delegation
38. Behavior exhibited by consumers as they consider - select - and purchase goods and services
product mix
customer buying behavior
break-even point equation
organization behavior modification
39. Stocks - bonds - and other investments that can be turned into cash quickly
Processing
Unethical Behavior
Purchasing Power Party
marketable securities
40. Power to make the decisions necessary to complete a task
brand loyalty
current assets
direct mail
Authority
41. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
General (Active) Partner
brand names
gross profit
benchmarking
42. Top manager who is responsible for the overall performance of a corporation
Capitalism
Chief Executive Officer (CEO)
Benefits
Organizational Stakeholders
43. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Restructuring
North American Free Trade Agreement (NAFTA)
persuasive advertising
contingency plans
44. Physical products purchased by companies to produce other products
family branding
Industrial Goods
fixed assets
current liabilities
45. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
social commerce
objectives
Telemarketing
Natural monopoly
46. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Business Ethics
Patent
Oligopoly
productivity - the success of the managers - and the morale of the other employees
47. Occurs when two companies form one corporation
Delegation
merger
Organizing
Industrial Goods
48. The value that a company has built up in a brand
brand equity
sales promotion approach
promotional strategy
widgets
49. Mechanism for exchange between buyers and sellers of a particular good or service
Certificate of Incorporation
widgets
customer buying behavior
Market
50. Products characterized by a plain label - with no advertising and no brand name
methods of finance for an expanding business
consumer promotion
generic products
Globalization