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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 process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
auction
Small Business Administration (SBA)
strategic marketing planning
gross profit
2. People are internally motivated
activity ratios
theory y
customer loyalty
Purchasing Power Party
3. Marketers focus on stimulating demand for the new product
introductory stage
management by objectives (MBO)
depreciation
public relations
4. Advertising sent directly to potential customers - usually through the mail
calendar year
merger
market share
direct mail
5. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Limited Partner
factors that influence pricing decisions
Human Resource Management (HRM)
Limited Liability Corporation (LLC)
6. Characteristic of centralized companies with multiple layers of management
job rotation
Tall Organizational Structure
theory y
Processing
7. Mix of people in organizations in terms of essential/demographic status
Business Ethics
search advertising
Competition
Workplace Diversity
8. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
downsizing
depreciation
word of mouth
net income
9. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
horizontal analysis
cost of goods sold
Real GDP
Unethical Behavior
10. The action of ensuring that operations produce products that meet specific quality standards
Quality Control
advertising
World Trade Organization (WTO)
SWOT analysis
11. The state of being certain that adverse effects will not be caused by some agent under defined conditions
break-even point
Safety
Unemployment
marketing research
12. Rewarded for good performance; something the employee likes is praised
Retrenchment
bundling
forecasting
positive reinforcement
13. Organization's methods for dealing with emergencies
stages in the life cycle of a product
Crisis Management
objectives
permission-based marketing
14. A sustained increase in the general level of prices
Outcome-based ethics
net income
Inflation
time utility
15. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
retained earnings
stages of product development
product mix
news conference
16. Charging a high price for a new product during the introductory stage and lowering the price later
Maslow's hierarchy of needs
skim pricing
accounts payable
Franchise
17. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity
grand strategies
Common Law
North American Free Trade Agreement (NAFTA)
debt-to-equity ratio
18. A short - specific written statement of the reason a business exists and what it wants to achieve.
Policy
mission statement
public relations approach
variable costs
19. Acquiring funds by selling shares of a company's stock
equity financing
balance sheet
need
Management Information System (MIS)
20. 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)
accounts receivable turnover ratio
benchmarking
market segmentation
21. Behavior exhibited by consumers as they consider - select - and purchase goods and services
cause-related marketing
Controlling
customer buying behavior
how companies learn about customer
22. Product made or grown abroad but sold domestically
Autocratic Leadership style
return on equity ratio
Functional Strategy
Import
23. Marketing efforts to attract people and organizations to a particular geographical area
Unlimited Liability
place marketing
institutional advertising
S Corporation
24. Ratios that measure the effectiveness of the firm's use of its resources
activity ratios
institutional advertising
behavioral segmentation
direct mail
25. Costs created in the process of generating revenues
Contingent Worker
Wheeler-Lea Act of 1938
Real GDP
expenses
26. Exchange of value between parties
transaction
consumer promotion
ratio analysis
Environmental Analysis
27. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
owner's equity
Limited Liability
Outsourcing
marketing concept
28. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Management
advertising
cash basis
Custom Manufacturing
29. Selling or supporting the sales process over the telephone
Unlimited Liability
Unemployment
telemarketing
inside board members
30. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
Mixed Management
opportunity cost
Unlimited Liability
institutional advertising
31. Power of a good or services to satisfy a human need
Consumer Goods
trade promotions
form utility
utility
32. Reporting relationships within a company
Marketer
Industrial Goods
financial plan
Chain of Command
33. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
risks of product-line extensions
Nepotism
maturity stage
debt-to-equity ratio
34. Managers and workers cooperating as a team
Democratic Leadership Style
introductory stage
Monopolistic competition
brand managers
35. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
sales promotion
Safety
geodemographics
gross profit
36. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
inside board members
downsizing
dynamic pricing
private brands
37. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
financial control
Closely Held (or Private) Corporation
Organizational Stakeholders
Authority
38. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
cost based pricing
Work Specialization
mission statement
Stockholder (or Shareholder)
39. Planned economic system in which the government owns and operates only selected major sources of production
Three reasons nations trade
Merger
Socialism
Operations (Production) Management
40. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
categories of customer communication
Delegation
price
accounts receivable
41. Difference of revenues - costs - and profit from the planned amounts.
Three reasons nations trade
Information Technology (IT)
Variance
positioning
42. Portion of a brand that can be expressed orally - including letters - words - or numbers
brand names
3 Economic Role
organization behavior modification
social media approach
43. The union of two corporations to form a new corporation
Merger
Nepotism
reminder advertising
strategic marketing planning
44. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Organizing
marketing concept
Import
Retrenchment
45. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
S Corporation
Deregulation
psychographics
objectives
46. Mechanism for exchange between buyers and sellers of a particular good or service
functional strategies
Swot Analysis
Market
Accountability
47. The ability to get others to accoplish tasks because of the position the leader holds
online display advertising
objectives
Position Influence
utility
48. Cost of goods sold = beginning inventory + net purchases - ending inventory
Human Resource Management (HRM)
cost of goods sold equation
Accountability
Delegation
49. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment
direct marketing approach
Philosophy
Substitute Product
Limited Partner
50. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
risks of product-line extensions
North American Free Trade Agreement (NAFTA)
Manufacturer
accounts payable