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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. Free or bargain-priced items offered to encourage customers to buy a product
credit
schematic of marketing process
premiums
form utility
2. Acquiring funds through borrowing
contract
Business Ethics
inside board members
debt financing
3. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
benchmarking
Prosperity
Theory Z
customer service
4. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Prime Rate
return on sales
Physical Distribution
Public Goods
5. 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
Ethical Behavior
loss-leader pricing
assets
6. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
advertising
cost of goods sold equation
promotion
Corporate Governance
7. 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
ways to expand a product line
Officers
organization behavior modification
function of labels
8. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
inventory turnover ratio
consumer promotion
debt ratios
psychographics
9. Organization for economic - social - and security cooperation among European nations
European Union (EU)
stealth marketing
positioning
schematic of marketing process
10. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
General Partnership
categories of customer communication
statement of cash flows
Socialism
11. A period during which aggregate output - as measured by GDP - declines
operating expenses
forecasting
opportunity cost
Recession
12. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
productivity - the success of the managers - and the morale of the other employees
need
accounts payable
types of financial ratios
13. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
market
inventory turnover ratio
earnings per share
North American Free Trade Agreement (NAFTA)
14. Being accountable or being able to justify an action
Operations (Production) Management
liabilities
Swot Analysis
responsibility
15. Management process of determining what an organization needs to do and how best to get it done
Labor Relations
it produces the greatest amount of good for the greatest number
financial plan
Planning
16. When organizations change raw materials into finished goods
Socialism
Sexual Harassment
social commerce
form utility
17. Unwelcome sexual advances in the workplace
Sexual Harassment
permission marketing
job rotation
Goods Operations (Goods Production)
18. Planned economic system in which the government owns and operates only selected major sources of production
debt financing
Socialism
Organizational Stakeholders
contract
19. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
Corporate Bond
telemarketing
Outcome-based ethics
Strategic Management
20. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Corporate Governance
Human Resource Management (HRM)
Span of Control
variable costs
21. The creation and sharing of product-related information among customers and potential customers
point-of-purchase display
social commerce
permission-based marketing
debt financing
22. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
word of mouth
long-term liabilities
communication mix
direct marketing approach
23. Process of dealing with employees who are represented by a union
Divestiture
Labor Relations
Business Cycle
trade allowance
24. Process by which the world is becoming a single interdependent system
Globalization
pull strategy
calendar year
expenses
25. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
Pure Competition
Limited Partner
decision-making role
Inflation
26. Pricing selling one product at a loss as a way to entice customers to consider other products
merger
stages of product development
loss-leader
benchmarking
27. Applying a successful brand name to a new product category
brand mark
Autocratic Leadership style
brand extension
market segmentation
28. Assets = liabilities + owner's equity
assets equation
long-term liabilities
marketing
price elasticity
29. A business firm that does things for you instead of making or makerting products
Service Business
stages of product development
Delegation
personal sales approach
30. Promotional campaigns that send information only to those people who've specifically asked to receive it
budget
consumer promotion
permission marketing
Workplace Diversity
31. Strategy whereby a firm sells one or more of its business units
types of utility
debit
Divestiture
loss-leader
32. The union of two corporations to form a new corporation
Merger
Herzberg's two-factor theory
strategic marketing planning
return on sales
33. A measure of the sensitivity of demand to changes in price
psychographics
fixed costs
Monopolistic competition
price elasticity
34. Small groups in the same work area that have scheduled meetings about problems and how to fix them
quality control circles
Mass Production
public relations
promotion
35. Brands that have been given legal protection so that their owners have exclusive rights to their use
distribution channels
Unethical Behavior
risks of product-line extensions
trademarks
36. 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
cognitive dissonance
national brands
social media
social commerce
37. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Wheeler-Lea Act of 1938
Oligopoly
General Partnership
Franchise
38. Skills in defining problems and selecting the best courses of action
possession utility
Centralized Organization
accounts receivable turnover ratio
Decision-Making Skills
39. 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
license
function of labels
theory x
Closely Held (or Private) Corporation
40. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
forecasting
Organizing
double-entry bookkeeping
test marketing
41. Intermediary who sells products directly to consumers
cash basis
Supply
Retailer
Flat Organizational Structure
42. Use a brand name on a variety of related products
generic products
family branding
advertising
Swot Analysis
43. Top management team of a corporation
Labor Relations
Officers
penetration pricing
organizational market
44. Stocks - bonds - and other investments that can be turned into cash quickly
Monopolistic competition
skim pricing
Restructuring
marketable securities
45. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
marketing
Tall Organizational Structure
steps in the strategic marketing planning process
trademarks
46. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
direct marketing approach
price based pricing
Environmental Analysis
private brands
47. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
Maslow's hierarchy of needs
Purpose of Strategic Planning
theory y
financial control
48. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
loss-leader
accrual basis
Purpose of Strategic Planning
Purchasing Power Party
49. Advertising sent directly to potential customers - usually through the mail
Flat Organizational Structure
downsizing
Out-sourcing
direct mail
50. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
Leadership
Venture Capital Company
exchange process
Ethical Behavior
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