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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. The four key elements of marketing strategy: product - price - distribution - and promotion
cost of goods sold equation
marketing mix
time utility
Convenience Good/Convenience Service
2. Managers and workers cooperating as a team
Exchange Rate
Democratic Leadership Style
opportunity cost
Management Information System (MIS)
3. Brands owned by the manufacturers and distributed nationally
retained earnings
Deregulation
national brands
Competition
4. Offering a temporary reduction in price
demographics
accounts receivable turnover ratio
Strategy
discount pricing
5. Organization in which most decision-making authority is held by upper-level management
Centralized Organization
penetration pricing
Organization Chart
Small Business Administration (SBA)
6. Lots of leeway to workers to meet goals
Service Operations (Service Production)
Top Manager
laissez-faire Leadership style
limitations of marketing research
7. Court-granted permission for a company to not pay some or all debts
Short-range or operational planning
decision-making role
inside board members
Bankruptcy
8. Business costs that increase with the number of units produced
variable costs
public relations
marketing concept
rebates
9. Economy in which individuals control production and allocation decisions through supply and demand
Decision Making
liabilities
Market economy
line organization
10. Cost of goods sold = beginning inventory + net purchases - ending inventory
Tall Organizational Structure
accounts payable
Leadership Style
cost of goods sold equation
11. Body of decisions handed down by courts ruling on individual cases
Common Law
communication mix
penetration pricing
discount pricing
12. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
Limited Liability
marketing research
Prosperity
bundling
13. Current assets minus current liabilities
co-branding
working capital
Expert Influence
utility
14. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
a continuous-flow operating system
market
Labor Relations
Ethical Behavior
15. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
Processing
place marketing
corporate strategies
Retrenchment
16. Occurs when widespread price increases occur throughout an economic system
Inflation
penetration pricing
current liabilities
social commerce
17. Process of dealing with employees who are represented by a union
Labor Relations
auction pricing
Purpose of Strategic Planning
Certificate of Incorporation
18. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies
Merger
decision-making role
fiscal year
Small Business Administration (SBA)
19. 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
Affirmative Action
demographics
market share
Export
20. The ability to get others to accoplish tasks because of the position the leader holds
Perfect competition
Divestiture
SWOT analysis
Position Influence
21. In bookkeeping - an increase in assets
Benefits
family branding
marketing mix
credit
22. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
social media approach
statement of cash flows
Monopoly
return on equity ratio
23. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
quick ratio
S Corporation
institutional advertising
Short-Term Goal
24. Unwelcome sexual advances in the workplace
Workplace Diversity
Sexual Harassment
form utility
Monopoly
25. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Strategy
Whistle Blower
Marketer
database marketing
26. Top management team of a corporation
marketing mix
product advertising
Officers
unity of command
27. Positive reinforcement - negative reinforcement - punishment
organization behavior modification
trademarks
time utility
personal sales approach
28. Planned economic system in which the government owns and operates only selected major sources of production
Hostile Work Environment
institutional advertising
Socialism
sales promotion approach
29. Customer value added by making a product available at a convenient time
Price Fixing
time utility
brand equity
functional strategies
30. The purchase of one company by another
Acquisition
Corporate Bond
brand equity
price
31. Behavior exhibited by consumers as they consider - select - and purchase goods and services
news conference
general expenses
customer buying behavior
financial management
32. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
Limited Liability
decision-making role
Insider Trading
line organization
33. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
institutional advertising
Competition
media
Stockholder (or Shareholder)
34. Promotional campaigns that send information only to those people who've specifically asked to receive it
Industrial Goods
permission marketing
skim pricing
exchange process
35. Alternative plans to be implemented if uncontrollable event occur
Import
Strategic Alliance
contingency plans
debt-to-total-assets ratio
36. Goal set for an extended time - typically 5 years or more in the future
current liabilities
co-branding
Recession
Long-Term Goal
37. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Business (or Competitive) Strategy
Chain of Command
Insider Trading
Private enterprise
38. Portion of a brand that cannot be expressed verbally
Policy
net income
brand mark
Chain of Command
39. One seller of a product - denies people competition and is against the law (They can typically raise prices)
Crisis Management
Monopoly
place utility
price elasticity
40. Somethings needed by a community and provided by its government
Public Goods
trade promotions
Purpose of Strategic Planning
Delegation
41. A series of related products offered by a firm
form utility
Supply Chain (Value Chain)
product line
premiums
42. Occurs when two companies form one corporation
merger
Three reasons nations trade
fixed costs
Public Goods
43. 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
Maslow's hierarchy of needs
Depression
factors that influence pricing decisions
function of packaging
44. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
reminder advertising
Corporate Strategy
quality control circles
forecasting
45. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis
Goals
word of mouth
Top Manager
Oligopoly
46. Corporation whose stock is held by only a few people and is not available for sale to the general public
equity financing
place utility
Closely Held (or Private) Corporation
Tactical Management
47. Management process of guiding and motivating employees to meet an organization's objectives
Service Operations (Service Production)
cognitive dissonance
Leading
Accountability
48. Process through which a manager allocates work to subordinates
Safety
debt-to-equity ratio
institutional advertising
Delegation
49. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
form utility
a continuous-flow operating system
Matrix Structures
Real GDP
50. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Standard of living
commercialization
Sexual Harassment
social commerce