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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.
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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. 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
Long-Term Goal
discount pricing
promotion
Policy
2. Location
Swot Analysis
Supply Chain (Value Chain)
geographics
credit
3. Type of partnership consisting of limited partners and a general (or active) partner
fixed costs
strategic marketing planning
Limited Partnership
Operations (Production) Management
4. Economic system that allows individuals to pursue their own interests without undue governmental restriction
geographic segmentation
Private enterprise
Sole Proprietership
Gross National Product (GNP)
5. Codified rules of behavior enforced by society
Laws
Pure Competition
family branding
equity financing
6. A business firm that does things for you instead of making or makerting products
Service Business
depreciation
Purchasing Power Party
working capital
7. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
Recession
Labor Union
Monopoly
marketing research
8. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
depreciation
time utility
Quid Pro Quo Harassment
cash basis
9. Applying a successful brand name to a new product category
Service Business
Unemployment
brand extension
Democratic Leadership Style
10. A detailed series of related steps or tasks written to implement a policy is called a ____.
break-even point equation
Procedure
cash basis
operating expenses
11. Categorization of customers according to their geographical location
Middle Manager
geographic segmentation
General Partnership
Marketing
12. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
communication mix
quick ratio
promotion
positive reinforcement
13. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Patent
trademarks
Copyright
accounting equation
14. Takes the extractor's products or raw materials and changs the into a form that consumers can use
theory y
Planning
Manufacturer
selling expenses
15. Claims against a firm's assets by creditors - such as banks and suppliers
Recession
liabilities
time utility
Board of Directors
16. An extra amount of time granted to a party to make a payment
Extension
Outsourcing
auction pricing
psychographics
17. Arises when group members recognize that the leader has special expertise in the area
Expert Influence
place utility
primary factors of market segmentation
Public Goods
18. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Information Technology (IT)
Functional Strategy
theory y
Price Fixing
19. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
positioning
Nepotism
reminder advertising
accrual basis
20. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Corporate Governance
general expenses
Sole Proprietership
marketing research
21. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Oligopoly
price
Operations (Production) Management
product advertising
22. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
transaction
Monopolistic competition
statement of cash flows
Privatization
23. 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.
Functional Strategy
mission statement
Span of Control
Labor Productivity
24. Loss of brand identity and the cannibalization of sales of other products in the product line
earnings per share
risks of product-line extensions
Organizational Structure
Herzberg's two-factor theory
25. Advertising sent directly to potential customers - usually through the mail
maturity stage
direct mail
primary factors of market segmentation
fixed assets
26. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
budget
General (Active) Partner
debt ratios
Physical Distribution
27. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
geographics
inventory turnover ratio
Standard of living
laissez-faire Leadership style
28. Changes the form of material so they can be consumed or used to manufacture other products
target markets
cash basis
Processing
Deregulation
29. Rewarded for good performance; something the employee likes is praised
target markets
break-even point
positive reinforcement
job rotation
30. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
Publicly Held (or Public) Corporation
Statutory Law
promotional strategy
steps in the strategic marketing planning process
31. The company founder is no longer solely responsible for all decision making during the ____.
marketing strategy
Merger
Labor Relations
growth through direction state
32. Goal set for an extended time - typically 5 years or more in the future
activity ratios
Depression
Long-Term Goal
earnings per share
33. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization
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34. Customer value added by making a product available in a convenient location
place utility
utility
organizational market
stealth marketing
35. People are lazy
demographics
Marketing
theory x
owner's equity equation
36. Sales promotion aimed at final consumers
marketing
maturity stage
Top Manager
consumer promotion
37. The combined use of tactical and strategic management
customer buying behavior
behavioral segmentation
Mixed Management
Specialty Good/Specialty Service
38. Complete list of all products that a company offers for sale
Management
product mix
Globalization
Limited Liability Corporation (LLC)
39. Advertising intended to remind existing customers of a product's availability and benefits
Theory Z
Unlimited Liability
reminder advertising
place utility
40. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
Whistle Blower
personal selling
Copyright
merger
41. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Labor Union
downsizing
Leadership
psychographics
42. Charging a high price for a new product during the introductory stage and lowering the price later
downsizing
form utility
skim pricing
owner's equity
43. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
Whistle Blower
types of utility
discount pricing
Depression
44. Group of small investors who invest money in companies with rapid growth potential
price elasticity
accounts receivable turnover ratio
Venture Capital Company
Decentralized Organization
45. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met
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46. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
debt-to-total-assets ratio
geographic segmentation
Limited Partnership
common pricing strategies
47. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
strategic marketing planning
Small Business Administration (SBA)
product advertising
direct mail
48. The price of your nation's currency is in terms of another nation's currency
customer service
Oligopoly
Exchange Rate
wants
49. Occurs when widespread price increases occur throughout an economic system
wants
close the books
Inflation
credit
50. Organization for economic - social - and security cooperation among European nations
European Union (EU)
point-of-purchase display
psychographics
return on investment
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