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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. Study of statistical characteristics of a population
demographics
Standard of living
Management Information System (MIS)
Outcome-based ethics
2. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Public Goods
Tall Organizational Structure
Labor Relations
Safety
3. The quantity of a good that an average worker can produce in an hour
Prosperity
pull strategy
Labor Productivity
stealth marketing
4. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
online display advertising
Committee and Team Authority
World Trade Organization (WTO)
middle management
5. The way a manager teats and directs employees
Standard of Living
Decision Making
Leadership Style
Limited Liability
6. Owner of shares of stock in a corporation
Three reasons nations trade
dynamic pricing
Human Resource Management (HRM)
Stockholder (or Shareholder)
7. Law made by the authority of administrative agencies
Certificate of Incorporation
Flat Organizational Structure
Regulatory (Administrative) Law
categories of customer communication
8. Amounts that are currently due to a company
Authority
Processing
brand managers
accounts receivable
9. Managers and workers cooperating as a team
Democratic Leadership Style
strategic marketing planning
Goods Operations (Goods Production)
price elasticity
10. Making a product available at a convenient time
Organization Chart
Acquisition
time utility
communication mix
11. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
Insider Trading
General Partnership
Decision-Making Skills
Private enterprise
12. Law created by consistitution(s) or by federal - state - or local legislative acts
Statutory Law
function of labels
advertising approach
utility
13. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
Services
schematic of marketing process
point-of-purchase display
double-entry bookkeeping
14. Costs created in the process of generating revenues
return on equity ratio
growth stage
contract
expenses
15. Rewarded for good performance; something the employee likes is praised
positive reinforcement
Crisis Management
fixed costs
commercialization
16. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
Corporate Strategy
commercialization
functional strategies
Inflation
17. Agreement to produce and market another company's product in exchange for a royalty or fee
license
Outcome-based ethics
elements of a company's marketing mix
Affirmative Action
18. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
possession utility
grand strategies
owner's equity equation
customer loyalty
19. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
Long-Term Goal
5 C's
Short-range or operational planning
Joint Venture
20. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
Demand
Three reasons nations trade
Socialism
balance sheet
21. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
double-entry bookkeeping
Collusion
Limited Liability Corporation (LLC)
gross profit
22. Product - price - distribution - customer communication
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23. Pricing selling one product at a loss as a way to entice customers to consider other products
Corporate Strategy
loss-leader
ways to expand a product line
maturity stage
24. Changes the form of material so they can be consumed or used to manufacture other products
Export
stages of product development
accrual basis
Processing
25. 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
product mix
forecasting
brand equity
Marketing
26. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
financial control
psychographics
a continuous-flow operating system
Tall Organizational Structure
27. Occurs when two companies form one corporation
Quid Pro Quo Harassment
merger
liabilities
management by objectives (MBO)
28. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
product advertising
marketing concept
capital budgeting
news conference
29. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
sales promotion
methods of finance for an expanding business
co-branding
Purpose of Strategic Planning
30. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
Contingent Worker
General Partnership
brand loyalty
horizontal analysis
31. Charging a high price for a new product during the introductory stage and lowering the price later
net income
budget
Inflation
skim pricing
32. Product development stage in which a product is sold on a limited basis - a trial introduction
organization behavior modification
test marketing
budget
brand managers
33. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
customer loyalty
horizontal analysis
balance sheet
marketable securities
34. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
direct marketing approach
assume that all workers are content with their work
personal selling
sales promotion
35. Positive reinforcement - negative reinforcement - punishment
debit
organization behavior modification
Telemarketing
Divestiture
36. Continually adjusting prices to reflect changes in supply and demand
it produces the greatest amount of good for the greatest number
dynamic pricing
ratio analysis
Strategic Management
37. Advertising intended to remind existing customers of a product's availability and benefits
private brands
stages in the life cycle of a product
Decision Making
reminder advertising
38. Informal work groups can affect ____.
theory x
productivity - the success of the managers - and the morale of the other employees
form utility
Authority
39. Difference of revenues - costs - and profit from the planned amounts.
Variance
Chain of Command
categories of customer communication
rebates
40. Introducing a new product at a low price in hopes of building sales volume quickly
steps in the strategic marketing planning process
penetration pricing
Leadership Style
product
41. The willingness and ability of buyers to purchase a good or service
Demand
Strategy
SWOT analysis
Retailer
42. Certificates that offer discounts on particular items and are redeemed at the time of purchase
auction
gross profit
types of financial ratios
coupons
43. Confusion results if a person reports to two people at once - according to ____.
Limited Partner
product mix
balance sheet
unity of command
44. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Natural monopoly
Information Technology (IT)
break-even analysis
institutional advertising
45. Management process of guiding and motivating employees to meet an organization's objectives
quick ratio
Span of Control
Leading
Statutory Law
46. 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.
cost based pricing
Restructuring
mission statement
Oligopoly
47. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
how companies learn about customer
Outsourcing
Limited Liability Corporation (LLC)
Inflation
48. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
Ethical Behavior
positive reinforcement
risks of product-line extensions
debt ratios
49. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product
Quality Control
Recession
cost based pricing
Service Operations (Service Production)
50. All costs of operation that are not included under cost of goods sold
accounts payable
Strategic Management
bundling
operating expenses