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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. Money paid to acquire something of permanent value in a business
commercialization
Functional Strategy
Mixed Management
capital investments
2. Reporting relationships within a company
Market economy
Human Resource Management (HRM)
Chain of Command
decline stage
3. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Purpose of Strategic Planning
cause-related marketing
Swot Analysis
social media
4. In bookkeeping - an increase in assets
credit
Procedure
grand strategies
Consumer Goods
5. Bar codes on product packages that provide information read by optical scanners
assume that all workers are content with their work
debt ratios
Universal Product Codes
objectives
6. Electronic media that invite participation by the general public
geographic segmentation
Telemarketing
social media
utility
7. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
liabilities
Quality
why companies learn about customers so they can stay in touch with their current needs and wants
loss-leader
8. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Quality
Multinational (or Transnational) Corporation
Telemarketing
financial management
9. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
Operations (Production) Management
Inflation
Public Goods
Theory Z
10. Something that the employee dislikes is taken away
Hostile Work Environment
ways to expand a product line
negative reinforcement
communication mix
11. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
Chief Executive Officer (CEO)
grand strategies
European Union (EU)
negative reinforcement
12. Marketers focus on stimulating demand for the new product
price based pricing
trade promotions
Venture Capital Company
introductory stage
13. Larger visual and multimedia ads that appear on websites
online display advertising
Supply
behavioral segmentation
Maslow's hierarchy of needs
14. Specification of the jobs to be done within an organization and the ways in which they relate to one another
Limited Liability Corporation (LLC)
Organizational Structure
skim pricing
search advertising
15. An action is morally correct - when - among the people it affects...
market segmentation
online display advertising
SWOT analysis
it produces the greatest amount of good for the greatest number
16. Product development stage in which a product is sold on a limited basis - a trial introduction
Bankruptcy
auction pricing
test marketing
risks of product-line extensions
17. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
Matrix Structures
growth through direction state
Management Information System (MIS)
assume that all workers are content with their work
18. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
Service Business
Leadership
marketing
Mission Statement
19. Customer value created when someone takes ownership of a product
communication mix
possession utility
Price Fixing
product life cycle
20. Measures income earned on owners' investment - formula: Net income/total owners' equity
theory y
return on equity ratio
penetration pricing
Gross Domestic Product (GDP)
21. The collection and analysis of information for making marketing decisions
Industrial Goods
marketing research
brand
advertising
22. 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.
Span of Control
vertical analysis
revenues
Business Cycle
23. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
Three reasons nations trade
theory y
North American Free Trade Agreement (NAFTA)
Strategic Management
24. Assets = liabilities + owner's equity
accounting equation
fixed assets
specialty advertising
marketing research
25. Business costs that remain constant regardless of the number of units produced
risks of product-line extensions
sales promotion
Management Information System (MIS)
fixed costs
26. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
target markets
Leadership
Exchange Rate
Ethical Behavior
27. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
unity of command
organizational market
Public Goods
Patent
28. The quantity of a good that an average worker can produce in an hour
elements of a company's marketing mix
test marketing
public relations approach
Labor Productivity
29. Codified rules of behavior enforced by society
Gross Domestic Product (GDP)
Laws
Top Manager
Policy
30. Effective acquisition and use of money
Supply Chain (Value Chain)
Limited Liability Corporation (LLC)
market segmentation
financial management
31. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
Ethical Behavior
demographics
public relations approach
growth through direction state
32. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
introductory stage
categories of customer communication
Operations (Production) Management
Corporate Strategy
33. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
World Trade Organization (WTO)
communication mix
advertising
authority
34. One seller of a product - denies people competition and is against the law (They can typically raise prices)
growth through direction state
price elasticity
Monopoly
forecasting
35. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
product life cycle
financial management
Divestiture
integrated marketing communications
36. Specific customer groups or segments to whom a company wants to sell a particular product
ratio analysis
target markets
Long-Term Goal
Business Plan
37. 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.
price
job rotation
sales promotion approach
Restructuring
38. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
certain disabilities and illnesses
accounting equation
marketing strategy
long-term liabilities
39. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Competition
Specialty Good/Specialty Service
Real GDP
Globalization
40. Process of scanning the business environment for threats and opportunities
types of financial ratios
Middle Manager
maturity stage
Environmental Analysis
41. Positive reinforcement - negative reinforcement - punishment
Collusion
organization behavior modification
Decentralized Organization
Chain of Command
42. Form - time - place - possession
Standard of Living
Philosophy
direct mail
types of utility
43. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Recession
financial plan
Gross Domestic Product (GDP)
Monopolistic competition
44. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
Sarbanes-Oxley Act of 2002 (Sarbox)
Audit
Top Manager
point-of-purchase display
45. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Certificate of Incorporation
Leadership Style
Strategic Alliance
Imperfect Competition
46. Managers who develop and implement a complete strategy and marketing program for specific products or brands
brand managers
bundling
financial plan
capital budgeting
47. The willingness and ability of buyers to purchase a good or service
Patent
dynamic pricing
return on sales
Demand
48. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Procedure
Maslow's hierarchy of needs
Limited Liability Corporation (LLC)
Unlimited Liability
49. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
Small Business Administration (SBA)
market segmentation
Collusion
auction pricing
50. Legal principal holding owners responsible for paying off all debts of a business
Recession
Insider Trading
Unlimited Liability
introductory stage