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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. Bar codes on product packages that provide information read by optical scanners
accounts payable
consumer market
relationship marketing
Universal Product Codes
2. Ratio between net income after taxes and total owners' equity; also known as return on equity
return on investment
Standard of Living
how companies learn about customer
Nepotism
3. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
Goals
Depression
earnings per share
capital investments
4. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
S Corporation
productivity - the success of the managers - and the morale of the other employees
public relations
function of labels
5. Any 12 consecutive months used as an accounting period
mission statement
Divestiture
fiscal year
geographics
6. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
database marketing
return on investment
price based pricing
forecasting
7. Categorization of customers according to their geographical location
middle management
Public Goods
Export
geographic segmentation
8. Individuals or households that buy goods and services for personal use
break-even analysis
Service Business
consumer market
North American Free Trade Agreement (NAFTA)
9. The amount of money charged for a product or service
Export
Decentralized Organization
price
Leadership Style
10. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Multinational (or Transnational) Corporation
credit
product mix
Services
11. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
Whistle Blower
delegate the task
Intellectual Property
Policy
12. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
budget
Wholesaler
depreciation
Recession
13. Strategic alliance in which the collaboration involves joint ownership of the new venture
Expert Influence
Joint Venture
objectives
Market economy
14. Acquiring funds by selling shares of a company's stock
Patent
commercialization
equity financing
empowerment
15. Communications channels - such as newspapers - radio - and television
accounts receivable turnover ratio
marketing research
media
Goods Operations (Goods Production)
16. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
Merger
liquidity ratios
liabilities
family branding
17. Strategy whereby a firm sells one or more of its business units
Labor Relations
financial control
Divestiture
generic products
18. Offering a temporary reduction in price
ratio analysis
discount pricing
debt-to-equity ratio
Affirmative Action
19. A detailed series of related steps or tasks written to implement a policy is called a ____.
Procedure
debt-to-equity ratio
Depression
auction
20. Customer value added by making a product available at a convenient time
marketable securities
time utility
consumer promotion
personal sales approach
21. Introducing a new product at a low price in hopes of building sales volume quickly
Price Fixing
search advertising
penetration pricing
financial control
22. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
marketing
Price Fixing
transaction
function of packaging
23. The creation and sharing of product-related information among customers and potential customers
equity financing
growth strategies
social commerce
Stockholder (or Shareholder)
24. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
fiscal year
Theory Z
positioning
Strategic Management
25. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it
ways to expand a product line
Specialty Good/Specialty Service
Delegation
cognitive dissonance
26. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
private brands
management by objectives (MBO)
Audit
World Trade Organization (WTO)
27. The union of two corporations to form a new corporation
Merger
Convenience Good/Convenience Service
Labor Union
cause-related marketing
28. A series of related products offered by a firm
product line
Mixed Management
database marketing
Operations (Production) Management
29. Activities needed to move a product efficiently from manufacturer to consumer
positioning
direct marketing approach
product
Physical Distribution
30. Specification of the jobs to be done within an organization and the ways in which they relate to one another
Organizational Structure
decline stage
Extractor
fixed costs
31. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
accrual basis
return on sales
equity financing
push strategy
32. A short - specific written statement of the reason a business exists and what it wants to achieve.
Chain of Command
mission statement
Strategic Alliance
promotion
33. Top management team of a corporation
Inflation
long-term liabilities
Restructuring
Officers
34. Organization in which most decision-making authority is held by upper-level management
Centralized Organization
line organization
Planning
vertical analysis
35. The way you live as measure by the kinds and quality of goods and services you can afford
Decision-Making Skills
widgets
activity ratios
Standard of Living
36. Obligations that must be next within a year
Goals
Workplace Diversity
current liabilities
Marketer
37. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
widgets
organizational market
point-of-purchase display
Insider Trading
38. The creation and sharing of product-related information among customers and potential customers
Long-Term Goal
geodemographics
double-entry bookkeeping
social commerce
39. Product made or grown domestically but sold abroad
permission marketing
debit
Depression
Export
40. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
skim pricing
Ethical Behavior
Gross Domestic Product (GDP)
Organizing
41. This level of management includes department heads and district sales managers.
form utility
Exchange Rate
middle management
Goods Operations (Goods Production)
42. Corporation whose stock is widely held and available for sale to the general public
brand extension
fiscal year
strategic marketing planning
Publicly Held (or Public) Corporation
43. A firm's portion of the total sales in a market
Corporate Bond
market share
earnings per share
Quality Control
44. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
types of financial ratios
public relations
3 Economic Role
communication mix
45. Using relative information to predict how many jobs will be needed
corporate strategies
forecasting
public relations approach
maturity stage
46. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
Delegation
persuasive advertising
debt-to-total-assets ratio
Management
47. 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
Divestiture
assume that all workers are content with their work
inventory turnover ratio
auction
48. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
Mixed Management
European Union (EU)
family branding
social media approach
49. 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.
permission-based marketing
behavioral segmentation
Restructuring
Middle Manager
50. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
Import
return on sales
assets
strategic marketing planning