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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.
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. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
sales promotion
product life cycle
World Trade Organization (WTO)
why companies learn about customers so they can stay in touch with their current needs and wants
2. Building a specific and unique product to meet the needs of one consumer
Policy
database marketing
Custom Manufacturing
Supply
3. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Labor Relations
word of mouth
Swot Analysis
Franchise
4. Break-even point = fixed costs/ (selling price - variable costs per unit)
Substitute Product
break-even point equation
integrated marketing communications
discount pricing
5. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
gross profit
Statutory Law
stages of product development
integrated marketing communications
6. A leadership style where the manager is directive and controlling
Tactical Management
budget
social commerce
wants
7. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
Limited Liability
Capitalism
Affirmative Action
assume that all workers are content with their work
8. Being accountable or being able to justify an action
Information Technology (IT)
Identity Influence
responsibility
behavioral segmentation
9. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
auction pricing
Restructuring
decision-making role
Leadership Style
10. Provides protection for the product - makes products easier to display - and attracts attention
function of packaging
Unemployment
push strategy
liabilities
11. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
Marketing
geodemographics
SWOT analysis
Publicly Held (or Public) Corporation
12. Advertising sent directly to potential customers - usually through the mail
direct mail
demographics
financial plan
Copyright
13. Categorization of customers according to their geographical location
capital investments
limitations of marketing research
fixed assets
geographic segmentation
14. Process for evaluating proposed investments in select projects that provide the best long-term financial return
place marketing
capital budgeting
middle management
break-even point
15. Lots of leeway to workers to meet goals
co-branding
direct marketing
laissez-faire Leadership style
selling expenses
16. The degree to which customers continue to purchase a specific brand
Service Operations (Service Production)
brand loyalty
Business Cycle
assets
17. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets
psychographics
Board of Directors
Mixed Management
current assets
18. Transferring work to another country
balance sheet
Real GDP
Out-sourcing
Natural monopoly
19. 12 month accounting period that begins on January 1 and ends on December 31
Matrix Structures
calendar year
Industrial Goods
test marketing
20. People are lazy
decline stage
national brands
theory x
place utility
21. Something that the employee dislikes is taken away
Gross National Product (GNP)
negative reinforcement
factors that influence pricing decisions
advertising approach
22. Advertising designed to encourage customers to try new products or to switch brands
Sexual Harassment
forecasting
persuasive advertising
Privatization
23. A business that is involvec with moving goods from producers to consumers
types of utility
customer buying behavior
Marketer
institutional advertising
24. Form - time - place - possession
SWOT analysis
trademarks
Flat Organizational Structure
types of utility
25. Authority granted to committees or teams involved in a firm's daily operations
balance sheet
Committee and Team Authority
Swot Analysis
personal selling
26. Corporation whose stock is held by only a few people and is not available for sale to the general public
Organization Chart
Public Goods
Closely Held (or Private) Corporation
why companies learn about customers so they can stay in touch with their current needs and wants
27. Activities producing intangible and tangible products - such as entertainment - transportation - and education
Chain of Command
Service Operations (Service Production)
quick ratio
brand names
28. Marketers focus on stimulating demand for the new product
Supply
Planning
revenues
introductory stage
29. This level of management includes department heads and district sales managers.
Quality
Socialism
trade promotions
middle management
30. Managers who develop and implement a complete strategy and marketing program for specific products or brands
growth through direction state
Patent
pull strategy
brand managers
31. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
limitations of marketing research
co-branding
Management
Limited Partner
32. Law created by consistitution(s) or by federal - state - or local legislative acts
Ethics
working capital
responsibility
Statutory Law
33. Illegal practice of using special knowledge about a firm for profit or gain
Tall Organizational Structure
Insider Trading
liabilities
accounts receivable
34. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
Recovery
why companies learn about customers so they can stay in touch with their current needs and wants
positioning
form utility
35. Form of a corporation spanning national boundaries
objectives
assume that all workers are content with their work
decision-making role
Multinational (or Transnational) Corporation
36. Organization in which most decision-making authority is held by upper-level management
strategic marketing planning
Centralized Organization
gross profit
operating expenses
37. The process of comparing an organization's products or services and processes with those of another companies
benchmarking
Wholesaler
growth through direction state
pull strategy
38. Economy in which individuals control production and allocation decisions through supply and demand
activity ratios
Authority
Market economy
Real GDP
39. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Monopoly
Outsourcing
Policy
psychographics
40. Obligations that must be next within a year
Affirmative Action
responsibilities of a financial manager
current liabilities
social commerce
41. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
job rotation
marketing strategy
specialty advertising
return on sales
42. Advertising intended to remind existing customers of a product's availability and benefits
communication mix
reminder advertising
Organizational Structure
national brands
43. 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
debt financing
Goods Operations (Goods Production)
Affirmative Action
Corporate Governance
44. Physical products purchased by companies to produce other products
Goal
selling expenses
Industrial Goods
Leading
45. The movement of an economy from one condition to another and back again
Business Cycle
online display advertising
Committee and Team Authority
Marketing
46. Beliefs about what is right or wrong and good or bad in actions that affect others
Out-sourcing
Ethics
current ratio
empowerment
47. Selling method in which the price is set by customers bidding against each other
psychographics
auction
expenses
Authority
48. Product - price - distribution - customer communication
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49. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accrual basis
price
Democratic Leadership Style
levels of brand loyalty
50. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Business (or Competitive) Strategy
Standard of Living
accounts receivable turnover ratio
debt financing
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