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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. Postsales reductions in price - must be applied for by the purchaser
rebates
form utility
premiums
bundling
2. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
Work Specialization
Sexual Harassment
ways to expand a product line
marketing strategy
3. 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
Goods Operations (Goods Production)
capital investments
Variance
Recession
4. People are internally motivated
financial management
Privatization
geographics
theory y
5. Economy in which individuals control production and allocation decisions through supply and demand
types of utility
General (Active) Partner
Goods Operations (Goods Production)
Market economy
6. Strategy whereby a firm sells one or more of its business units
return on investment
Divestiture
Limited Partnership
transaction
7. Process of converting government enterprises into privately owned companies
a continuous-flow operating system
Privatization
variable costs
Operations (Production) Management
8. Marketers focus on stimulating demand for the new product
gross profit
introductory stage
Position Influence
cash basis
9. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
double-entry bookkeeping
market segmentation
Purchasing Power Party
mission statement
10. 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
factors that influence pricing decisions
job rotation
accounts receivable turnover ratio
Monopoly
11. External statistical descriptors such as age - income - gender - and profession
owner's equity
Committee and Team Authority
Procedure
demographics
12. Obligation employees have to their manager for the successful completion of an assigned task
Accountability
Leading
widgets
Unemployment
13. Sales volume at a given price that will cover all of a company's costs
long-term liabilities
break-even point
Organizing
advertising approach
14. The way a manager teats and directs employees
Theory Z
Sexual Harassment
Leadership Style
equity financing
15. The price of your nation's currency is in terms of another nation's currency
Exchange Rate
Recession
assume that all workers are content with their work
growth strategies
16. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
Crisis Management
Corporate Bond
Business Plan
general expenses
17. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
methods of finance for an expanding business
telemarketing
accounts payable
brand names
18. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
public relations approach
need
current ratio
promotional strategy
19. Power of a good or services to satisfy a human need
Audit
Autocratic Leadership style
Controlling
utility
20. Sales promotion aimed at final consumers
public relations
consumer promotion
Oligopoly
demographics
21. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
market segmentation
fixed assets
laissez-faire Leadership style
fiscal year
22. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
Industrial Goods
Acquisition
forecasting
marketing research
23. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
responsibility
news release
Policy
opportunity cost
24. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
decline stage
Maslow's hierarchy of needs
loss-leader
budget
25. When a task is too time consuming for a manager to handle alone - he or she may ____.
loss-leader
social commerce
Flat Organizational Structure
delegate the task
26. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
database marketing
North American Free Trade Agreement (NAFTA)
Monopoly
Supply Chain (Value Chain)
27. Reporting relationships within a company
Retrenchment
marketing strategy
Chain of Command
Public Goods
28. Agreement to produce and market another company's product in exchange for a royalty or fee
Business Cycle
ratio analysis
license
Safety
29. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
mission statement
Merger
direct marketing approach
Export
30. 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
customer service
Extension
Purpose of Strategic Planning
Position Influence
31. Ratio between net income after taxes and total owners' equity; also known as return on equity
First-Line Manager
return on investment
schematic of marketing process
growth strategies
32. Occurs when widespread price increases occur throughout an economic system
sales promotion approach
Inflation
accrual basis
geographics
33. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
stages in the life cycle of a product
reminder advertising
financial control
private brands
34. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
auction
Import
brand equity
Gross Domestic Product (GDP)
35. A business that grows products or takes raw material from nature
inventory turnover ratio
Extractor
generic products
persuasive advertising
36. Delegating more power to employees
empowerment
market segmentation
cognitive dissonance
growth through direction state
37. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
introductory stage
integrated marketing communications
Management
Limited Partner
38. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
revenues
middle management
loss-leader pricing
Organizational Structure
39. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
utility
telemarketing
psychographics
price
40. Selling or supporting the sales process over the telephone
rebates
financial management
financial control
telemarketing
41. The value that a company has built up in a brand
Purchasing Power Party
brand equity
permission-based marketing
Flat Organizational Structure
42. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Certificate of Incorporation
customer buying behavior
Leadership Style
Organizational Stakeholders
43. Specific customer groups or segments to whom a company wants to sell a particular product
wants
target markets
theory y
permission-based marketing
44. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
form utility
Functional Strategy
Whistle Blower
place marketing
45. The union of two corporations to form a new corporation
Information Technology (IT)
Merger
commercialization
revenues
46. Applying a successful brand name to a new product category
assets equation
reminder advertising
elements of a company's marketing mix
brand extension
47. Customer value created when someone takes ownership of a product
possession utility
growth through direction state
Copyright
organization behavior modification
48. Customer value added by making a product available in a convenient location
social media
place utility
Processing
accounts receivable
49. Making decisions without consulting anyone
Controlling
Autocratic Leadership style
test marketing
organizational market
50. Direct communication other than personal sales contacts designed to effect a measurable response
license
vertical analysis
direct marketing
responsibility