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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. Law created by consistitution(s) or by federal - state - or local legislative acts
widgets
Statutory Law
it produces the greatest amount of good for the greatest number
Procedure
2. Body of decisions handed down by courts ruling on individual cases
brand names
elements of a company's marketing mix
marketing research
Common Law
3. Product that is dissimilar from those of competitors but than can fulfill the same need
Substitute Product
function of packaging
Quality
Crisis Management
4. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
Flat Organizational Structure
assets
personal sales approach
specialty advertising
5. Assets = liabilities + owner's equity
accounting equation
productivity - the success of the managers - and the morale of the other employees
management by objectives (MBO)
Decision Making
6. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
Work Specialization
Bankruptcy
downsizing
specialty advertising
7. Bar codes on product packages that provide information read by optical scanners
news conference
Universal Product Codes
decision-making role
Services
8. Selling or supporting the sales process over the telephone
geodemographics
Closely Held (or Private) Corporation
telemarketing
horizontal analysis
9. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
Business Ethics
functional strategies
Policy
reminder advertising
10. The price of your nation's currency is in terms of another nation's currency
stealth marketing
personal sales approach
Strategic Management
Exchange Rate
11. Amounts that are currently due to a company
customer loyalty
accounts receivable
Purchasing Power Party
Maslow's hierarchy of needs
12. A document - generally issued by a state government - giving permission to start a corporation
co-branding
Certificate of Incorporation
3 Economic Role
S Corporation
13. A firm's portion of the total sales in a market
Intellectual Property
Management
market share
need
14. A short - specific written statement of the reason a business exists and what it wants to achieve.
mission statement
Capitalism
job rotation
reminder advertising
15. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Franchise
Leadership Style
Privatization
Outcome-based ethics
16. Media: news release; audience: broad - intensity: passive - active; purpose: inform
return on sales
public relations approach
Business Cycle
Perfect competition
17. Products characterized by a plain label - with no advertising and no brand name
Gross Domestic Product (GDP)
persuasive advertising
Business Ethics
generic products
18. 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
equity financing
fiscal year
wants
liquidity ratios
19. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
Workplace Diversity
geodemographics
contract
commercialization
20. Somethings needed by a community and provided by its government
Gross Domestic Product (GDP)
Globalization
Public Goods
fiscal year
21. Strategy whereby a firm sells one or more of its business units
corporate strategies
management by objectives (MBO)
Divestiture
Workplace Diversity
22. Location
social commerce
geographics
Organization Chart
Industrial Goods
23. All the operating expenses associated with marketing goods or services
coupons
selling expenses
Human Resource Management (HRM)
management by objectives (MBO)
24. Agreement to produce and market another company's product in exchange for a royalty or fee
Privatization
license
Quid Pro Quo Harassment
Maslow's hierarchy of needs
25. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
Safety
Services
Contingent Worker
marketing
26. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
Venture Capital Company
cash basis
Recession
benchmarking
27. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
Nepotism
close the books
pull strategy
a continuous-flow operating system
28. Charging a high price for a new product during the introductory stage and lowering the price later
skim pricing
Swot Analysis
Hostile Work Environment
trade allowance
29. A sustained increase in the general level of prices
Monopolistic competition
Marketer
form utility
Inflation
30. Product made or grown abroad but sold domestically
Quality Control
debt-to-total-assets ratio
Import
Business Plan
31. The amount of money charged for a product or service
price
skim pricing
personal selling
Strategic Management
32. 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
Leadership Style
debt-to-equity ratio
levels of brand loyalty
geographic segmentation
33. Building a specific and unique product to meet the needs of one consumer
Custom Manufacturing
schematic of marketing process
Management Information System (MIS)
Quality
34. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
online display advertising
schematic of marketing process
Chain of Command
Identity Influence
35. A business that is involvec with moving goods from producers to consumers
Publicly Held (or Public) Corporation
Gross Domestic Product (GDP)
Marketer
media
36. Market or industry characterized by numerous small firms producing an identical product
Perfect competition
place marketing
bundling
market
37. Formal agreement to set prices. Sometimes illegal - but is typically secretive
balance sheet
elements of a company's marketing mix
Collusion
Depression
38. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
double-entry bookkeeping
positioning
contingency plans
product line
39. 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)
Statutory Law
Inflation
owner's equity
40. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Nepotism
Planning
Limited Liability Corporation (LLC)
Organizing
41. Personal communication between a seller and one or more potential buyers
maturity stage
brand managers
personal selling
test marketing
42. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
Recovery
operating expenses
function of packaging
debt financing
43. Process of scanning the business environment for threats and opportunities
Environmental Analysis
exchange process
Matrix Structures
Chief Executive Officer (CEO)
44. Cost of producing or acquiring a company's products for sale during a given period
product mix
financial plan
family branding
cost of goods sold
45. Making a product available at a convenient time
time utility
fixed assets
quick ratio
Short-range or operational planning
46. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta
consumer promotion
why companies learn about customers so they can stay in touch with their current needs and wants
how companies learn about customer
schematic of marketing process
47. The way you live as measure by the kinds and quality of goods and services you can afford
Authority
Standard of Living
dynamic pricing
Mass Production
48. Something produced by the intellect or mind that has commercial value
expenses
Operations (Production) Management
Natural monopoly
Intellectual Property
49. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
Philosophy
responsibility
vertical analysis
Purpose of Strategic Planning
50. Choosing one alternative from among several options
marketing mix
Outsourcing
Decision Making
geodemographics