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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 marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
responsibilities of a financial manager
Autocratic Leadership style
decline stage
Depression
2. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Services
Common Law
Telemarketing
Standard of living
3. An action is morally correct - when - among the people it affects...
it produces the greatest amount of good for the greatest number
working capital
Monopoly
media
4. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
Purpose of Strategic Planning
Top Manager
premiums
Intellectual Property
5. The amount of money charged for a product or service
Monopoly
price
geographic segmentation
Autocratic Leadership style
6. Unwelcome sexual advances in the workplace
laissez-faire Leadership style
Sexual Harassment
Regulatory (Administrative) Law
World Trade Organization (WTO)
7. Study of statistical characteristics of a population
demographics
Universal Product Codes
bundling
Mixed Management
8. A forecast of financial requirements and the financing sources to be used
operating expenses
Management
brand equity
financial plan
9. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
demographics
Corporate Strategy
Pure Competition
Identity Influence
10. Lots of leeway to workers to meet goals
laissez-faire Leadership style
how companies learn about customer
debit
Position Influence
11. Customer value created when someone takes ownership of a product
Universal Product Codes
reminder advertising
possession utility
brand loyalty
12. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
Marketing
Retailer
Contingent Worker
equity financing
13. Ratio between net income after taxes and total owners' equity; also known as return on equity
Board of Directors
positioning
a continuous-flow operating system
return on investment
14. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
psychographics
types of utility
price based pricing
Autocratic Leadership style
15. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
Processing
Patent
limitations of marketing research
positioning
16. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
place utility
marketing concept
integrated marketing communications
Export
17. Law created by consistitution(s) or by federal - state - or local legislative acts
Stockholder (or Shareholder)
operating expenses
Statutory Law
specialty advertising
18. Partner who actively manages a firm and who has unlimited liability for its debts
Oligopoly
grand strategies
General (Active) Partner
penetration pricing
19. Confusion results if a person reports to two people at once - according to ____.
Chain of Command
utility
decision-making role
unity of command
20. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Intellectual Property
Franchise
Controlling
Joint Venture
21. Assets = liabilities + owner's equity
Corporate Strategy
accounting equation
market
SWOT analysis
22. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
Identity Influence
possession utility
profitability ratios
debt ratios
23. Power of a good or services to satisfy a human need
Globalization
utility
Unlimited Liability
demographics
24. Assets - liabilities = owner's equity
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25. Cost of goods sold = beginning inventory + net purchases - ending inventory
Supply
cost of goods sold equation
benchmarking
statement of cash flows
26. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
Extractor
marketing strategy
product advertising
accounts receivable turnover ratio
27. The creation and sharing of product-related information among customers and potential customers
limitations of marketing research
Organizational Stakeholders
social commerce
Officers
28. Pricing selling one product at a loss as a way to entice customers to consider other products
loss-leader
Organizational Chart
market segmentation
bundling
29. Offering a temporary reduction in price
Position Influence
push strategy
discount pricing
Sarbanes-Oxley Act of 2002 (Sarbox)
30. Product made or grown abroad but sold domestically
Import
auction pricing
Recession
customer service
31. The way you live as measure by the kinds and quality of goods and services you can afford
trademarks
Demand
Standard of Living
steps in the strategic marketing planning process
32. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
liquidity ratios
Purchasing Power Party
debit
marketing concept
33. Individuals or households that buy goods and services for personal use
Custom Manufacturing
loss-leader
consumer market
brand names
34. Promotional campaigns that send information only to those people who've specifically asked to receive it
permission marketing
direct marketing approach
Convenience Good/Convenience Service
equity financing
35. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Organizing
forecasting
Business (or Competitive) Strategy
Closely Held (or Private) Corporation
36. Vying among businesses for the same resources or customers
variable costs
Competition
Outcome-based ethics
equity financing
37. The quantity of a good that an average worker can produce in an hour
Custom Manufacturing
Labor Productivity
penetration pricing
Publicly Held (or Public) Corporation
38. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
penetration pricing
point-of-purchase display
brand equity
Imperfect Competition
39. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
Philosophy
permission-based marketing
selling expenses
Labor Relations
40. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
debt-to-total-assets ratio
close the books
price
Corporate Bond
41. Informal work groups can affect ____.
Gross National Product (GNP)
product
productivity - the success of the managers - and the morale of the other employees
negative reinforcement
42. Obligations that must be next within a year
exchange process
Marketer
statement of cash flows
current liabilities
43. A sustained increase in the general level of prices
Inflation
Wholesaler
Publicly Held (or Public) Corporation
Maslow's hierarchy of needs
44. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
decision-making role
auction pricing
form utility
Quid Pro Quo Harassment
45. Product - price - distribution - customer communication
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46. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
break-even point equation
permission-based marketing
contract
Marketing
47. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification
growth strategies
long-term liabilities
Intellectual Property
accounts receivable turnover ratio
48. Categorization of customers according to their relationship with products or response to product characteristics
Controlling
behavioral segmentation
3 Economic Role
telemarketing
49. Management process of guiding and motivating employees to meet an organization's objectives
middle management
Leading
sales promotion
introductory stage
50. Large-scale production and distribution of a product
Accountability
Strategic Alliance
operating expenses
commercialization