SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
Search
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. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
Audit
Laws
Tactical Management
decision-making role
2. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
steps in the strategic marketing planning process
Procedure
Prosperity
Mission Statement
3. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
Manufacturer
Procedure
decline stage
Inflation
4. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Import
financial management
Prime Rate
Monopoly
5. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
private brands
social commerce
Ethics
database marketing
6. Expensive - rarely purchased good or service
steps in the strategic marketing planning process
why companies learn about customers so they can stay in touch with their current needs and wants
Specialty Good/Specialty Service
function of labels
7. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
Corporation
decline stage
debt financing
Closely Held (or Private) Corporation
8. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
Service Operations (Service Production)
Acquisition
Laws
promotion
9. Method of calculating the minimum volume of sales needed at a given price to cover all costs
theory x
European Union (EU)
break-even analysis
Officers
10. All the operating expenses associated with marketing goods or services
Inflation
selling expenses
Monopolistic Competition
Goal
11. Claims against a firm's assets by creditors - such as banks and suppliers
introductory stage
liabilities
price elasticity
Limited Partnership
12. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
Perfect competition
Span of Control
geodemographics
Board of Directors
13. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
Centralized Organization
World Trade Organization (WTO)
how companies learn about customer
current ratio
14. Selling or supporting the sales process over the telephone
Labor Union
fringe benefit
telemarketing
Supply
15. Management process of guiding and motivating employees to meet an organization's objectives
Management
Telemarketing
Leading
price
16. The act of transferring net revenue and expense account balances to retained earnings for the period
steps in the strategic marketing planning process
merger
close the books
equity financing
17. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
quick ratio
Divestiture
market share
advertising approach
18. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
time utility
common pricing strategies
responsibilities of a financial manager
gross profit
19. Customer value added by making a product available in a convenient location
place utility
marketing mix
Goods Operations (Goods Production)
it produces the greatest amount of good for the greatest number
20. Introducing a new product at a low price in hopes of building sales volume quickly
Joint Venture
liabilities
penetration pricing
geographic segmentation
21. Media: news release; audience: broad - intensity: passive - active; purpose: inform
social commerce
Quality Control
permission marketing
public relations approach
22. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
marketing research
direct marketing
activity ratios
marketing strategy
23. Objective that a business hopes and plans to achieve
form utility
liquidity ratios
Goal
why companies learn about customers so they can stay in touch with their current needs and wants
24. Building a specific and unique product to meet the needs of one consumer
Laws
Matrix Structures
Custom Manufacturing
Competition
25. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
laissez-faire Leadership style
theory y
a continuous-flow operating system
Divestiture
26. 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
geodemographics
Business Ethics
market share
Purpose of Strategic Planning
27. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Workplace Diversity
Imperfect Competition
wants
Procedure
28. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Price Fixing
Strategy
Unemployment
cost based pricing
29. Skills in defining problems and selecting the best courses of action
price elasticity
Decision-Making Skills
Limited Liability
Outcome-based ethics
30. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
pull strategy
Certificate of Incorporation
Natural monopoly
assets equation
31. Type of partnership consisting of limited partners and a general (or active) partner
Venture Capital Company
positioning
Limited Partnership
Prime Rate
32. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
Telemarketing
liquidity ratios
psychographics
Short-range or operational planning
33. Specification of the jobs to be done within an organization and the ways in which they relate to one another
Organizational Structure
social commerce
Limited Partner
quality control circles
34. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
Marketer
Whistle Blower
quick ratio
Strategic Management
35. Occurs when widespread price increases occur throughout an economic system
current liabilities
Labor Union
Acquisition
Inflation
36. Results from the leader's ability to give or withhold rewards
Reward Influence
Operations (Production) Management
strategic marketing planning
demographics
37. Certificates that offer discounts on particular items and are redeemed at the time of purchase
Physical Distribution
coupons
variable costs
communication mix
38. Measures income earned on owners' investment - formula: Net income/total owners' equity
Audit
telemarketing
return on equity ratio
balance sheet
39. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Purchasing Power Party
current assets
objectives
Stockholder (or Shareholder)
40. Strategic alliance in which the collaboration involves joint ownership of the new venture
European Union (EU)
Joint Venture
telemarketing
grand strategies
41. Product made or grown domestically but sold abroad
Depression
consumer market
Marketer
Export
42. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
consumer promotion
Monopolistic Competition
demographics
statement of cash flows
43. Portion of a brand that can be expressed orally - including letters - words - or numbers
Gross National Product (GNP)
Mixed Management
brand names
Maslow's hierarchy of needs
44. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
Position Influence
cost based pricing
objectives
Long-Term Goal
45. Characteristic of decentralized companies with relatively few layers of management
Flat Organizational Structure
debt-to-total-assets ratio
time utility
Small Business Administration (SBA)
46. Behavior exhibited by consumers as they consider - select - and purchase goods and services
customer buying behavior
common pricing strategies
cost based pricing
Supply
47. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique
trademarks
stealth marketing
price
national brands
48. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
contract
Capitalism
product life cycle
Organizing
49. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items
Long-Term Goal
Quality Control
ways to expand a product line
break-even analysis
50. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
search advertising
advertising
integrated marketing communications
factors that influence pricing decisions