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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 value that a company has built up in a brand
accounts receivable
promotion
retained earnings
brand equity
2. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
Short-range or operational planning
positive reinforcement
Sole Proprietership
specialty advertising
3. Characteristic of centralized companies with multiple layers of management
Tall Organizational Structure
product mix
Convenience Good/Convenience Service
introductory stage
4. Product that is dissimilar from those of competitors but than can fulfill the same need
push strategy
common pricing strategies
Common Law
Substitute Product
5. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
rebates
Monopolistic Competition
Purchasing Power Party
Multinational (or Transnational) Corporation
6. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
Merger
Service Business
corporate strategies
financial control
7. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
Statutory Law
word of mouth
activity ratios
Short-range or operational planning
8. Complete list of all products that a company offers for sale
Import
Statutory Law
commercialization
product mix
9. 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
promotional strategy
Gross National Product (GNP)
Monopolistic Competition
depreciation
10. Organization for economic - social - and security cooperation among European nations
Short-range or operational planning
ways to expand a product line
European Union (EU)
Chief Executive Officer (CEO)
11. Building a specific and unique product to meet the needs of one consumer
quick ratio
psychographics
pull strategy
Custom Manufacturing
12. Being accountable or being able to justify an action
earnings per share
Multinational (or Transnational) Corporation
Workplace Diversity
responsibility
13. Costs created in the process of generating revenues
World Trade Organization (WTO)
Monopolistic competition
dynamic pricing
expenses
14. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
productivity - the success of the managers - and the morale of the other employees
quality control circles
factors that influence pricing decisions
retained earnings
15. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Chain of Command
organization behavior modification
accrual basis
it produces the greatest amount of good for the greatest number
16. The creation and sharing of product-related information among customers and potential customers
Corporate Bond
debt-to-equity ratio
pull strategy
social commerce
17. Stocks - bonds - and other investments that can be turned into cash quickly
social media
Tactical Management
steps in the strategic marketing planning process
marketable securities
18. Goal set for an extended time - typically 5 years or more in the future
Long-Term Goal
Controlling
introductory stage
responsibilities of a financial manager
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.
customer service
Outcome-based ethics
Deregulation
capital investments
20. Brand awareness - brand preference - brand insistence
levels of brand loyalty
Deregulation
Position Influence
steps in the strategic marketing planning process
21. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Organizational Chart
test marketing
sales promotion
dynamic pricing
22. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
growth through direction state
Business (or Competitive) Strategy
decline stage
Exchange Rate
23. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
integrated marketing communications
theory y
break-even analysis
Organizing
24. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
assets equation
advertising
Theory Z
expenses
25. profitability - liquidity - activities - and leverage/debt
types of financial ratios
auction pricing
Intellectual Property
customer buying behavior
26. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
double-entry bookkeeping
Long-range or strategic planning
loss-leader pricing
auction pricing
27. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Labor Productivity
widgets
liquidity ratios
Audit
28. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
organization behavior modification
Position Influence
Business Plan
financial control
29. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
accounting equation
word of mouth
pull strategy
direct marketing approach
30. Behavior exhibited by consumers as they consider - select - and purchase goods and services
customer buying behavior
Statutory Law
Recession
debt financing
31. Law created by consistitution(s) or by federal - state - or local legislative acts
stages of product development
accounting equation
general expenses
Statutory Law
32. A leadership style where the manager is directive and controlling
S Corporation
form utility
Tactical Management
contingency plans
33. Small software programs that provide part of the functionality of a website
quality control circles
widgets
Management Information System (MIS)
inside board members
34. Identification and marketing of a social issues - cause - or idea to selected target markets
price based pricing
cause-related marketing
marketing concept
social commerce
35. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
social commerce
Inflation
common pricing strategies
marketing strategy
36. Codified rules of behavior enforced by society
benchmarking
maturity stage
Laws
brand names
37. 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
Divestiture
limitations of marketing research
general expenses
vertical analysis
38. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
personal selling
Price Fixing
Business Plan
fringe benefit
39. A period during which aggregate output - as measured by GDP - declines
forecasting
Small Business Administration (SBA)
Recession
promotion
40. Delegating more power to employees
negative reinforcement
brand equity
empowerment
middle management
41. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
Safety
Gross National Product (GNP)
functional strategies
Standard of living
42. One seller of a product - denies people competition and is against the law (They can typically raise prices)
Monopoly
behavioral segmentation
Delegation
trade allowance
43. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
steps in the strategic marketing planning process
marketing concept
return on investment
Ethical Behavior
44. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
Recession
possession utility
Democratic Leadership Style
Functional Strategy
45. The way you live as measure by the kinds and quality of goods and services you can afford
depreciation
Benefits
need
Standard of Living
46. Formal agreement to set prices. Sometimes illegal - but is typically secretive
Quality Control
contract
current assets
Collusion
47. Claims against a firm's assets by creditors - such as banks and suppliers
price based pricing
liabilities
a continuous-flow operating system
Universal Product Codes
48. Good or service used as the basis of commerce
productivity - the success of the managers - and the morale of the other employees
Globalization
accounts receivable turnover ratio
product
49. Small groups in the same work area that have scheduled meetings about problems and how to fix them
quality control circles
Monopoly
cost based pricing
Deregulation
50. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Consumer Goods
Organizational Stakeholders
return on investment
Whistle Blower