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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. Occurs when two companies form one corporation
merger
public relations approach
contingency plans
Top Manager
2. Agreement to produce and market another company's product in exchange for a royalty or fee
liabilities
Universal Product Codes
license
integrated marketing communications
3. 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
customer service
debt-to-equity ratio
Depression
positioning
4. Power to make the decisions necessary to complete a task
earnings per share
Decision-Making Skills
Authority
Decision Making
5. The price of your nation's currency is in terms of another nation's currency
Procedure
Import
Exchange Rate
3 Economic Role
6. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
auction pricing
Short-Term Goal
fixed assets
consumer promotion
7. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
behavioral segmentation
Closely Held (or Private) Corporation
personal selling
direct marketing approach
8. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
permission-based marketing
assets
Manufacturer
Democratic Leadership Style
9. Activities needed to move a product efficiently from manufacturer to consumer
Physical Distribution
Labor Productivity
market segmentation
Franchise
10. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
debt-to-equity ratio
Philosophy
Goals
advertising approach
11. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
expenses
Laws
geodemographics
merger
12. Ratio between net income after taxes and net sales; also known as profit margin
decision-making role
debit
commercialization
return on sales
13. Cost of goods sold = beginning inventory + net purchases - ending inventory
Standard of living
Operations (Production) Management
Identity Influence
cost of goods sold equation
14. This level of management includes department heads and district sales managers.
Middle Manager
middle management
Monopoly
Certificate of Incorporation
15. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.
Manufacturer
Span of Control
Business Plan
depreciation
16. Assets = liabilities + owner's equity
Convenience Good/Convenience Service
assets equation
Benefits
Exchange Rate
17. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Marketer
types of financial ratios
Industrial Goods
Corporate Governance
18. Elimination of rules that restrict business activity
Goals
trade allowance
test marketing
Deregulation
19. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community
3 Economic Role
budget
Matrix Structures
capital budgeting
20. Goal set for an extended time - typically 5 years or more in the future
marketable securities
Expert Influence
penetration pricing
Long-Term Goal
21. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Collusion
advertising approach
categories of customer communication
consumer promotion
22. Use a brand name on a variety of related products
corporate strategies
place utility
family branding
Business (or Competitive) Strategy
23. Product made or grown abroad but sold domestically
Labor Union
time utility
credit
Import
24. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies
Public Goods
maturity stage
Small Business Administration (SBA)
organization behavior modification
25. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification
Purpose of Strategic Planning
growth strategies
authority
Chain of Command
26. Electronic media that invite participation by the general public
place utility
Controlling
social media
accounts receivable turnover ratio
27. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Accountability
Leadership
contract
Corporate Strategy
28. Products characterized by a plain label - with no advertising and no brand name
Intellectual Property
generic products
Monopolistic Competition
corporate strategies
29. Sales volume at a given price that will cover all of a company's costs
Unemployment
break-even point
corporate strategies
psychographics
30. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Variance
Oligopoly
place utility
stealth marketing
31. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
accounts payable
market share
Mass Production
Telemarketing
32. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)
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33. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
sales promotion
activity ratios
market segmentation
psychographics
34. Customer value added by making a product available in a convenient location
place utility
Organizational Structure
methods of finance for an expanding business
Chief Executive Officer (CEO)
35. Form of a corporation spanning national boundaries
forecasting
Multinational (or Transnational) Corporation
types of financial ratios
utility
36. Promotional campaigns that send information only to those people who've specifically asked to receive it
permission marketing
horizontal analysis
psychographics
return on sales
37. Categorization of customers according to their relationship with products or response to product characteristics
behavioral segmentation
3 Economic Role
push strategy
widgets
38. Complete list of all products that a company offers for sale
database marketing
Middle Manager
product mix
ratio analysis
39. Group of small investors who invest money in companies with rapid growth potential
brand managers
productivity - the success of the managers - and the morale of the other employees
Limited Liability
Venture Capital Company
40. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
brand managers
product advertising
Natural monopoly
inventory turnover ratio
41. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
theory y
horizontal analysis
Laws
target markets
42. Product made or grown domestically but sold abroad
Export
Strategy
Committee and Team Authority
Recession
43. Intermediary who sells products to other businesses for resale to final consumers
Leadership
price elasticity
Wholesaler
permission-based marketing
44. 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
quality control circles
ways to expand a product line
Regulatory (Administrative) Law
Goods Operations (Goods Production)
45. Somethings needed by a community and provided by its government
Public Goods
utility
Industrial Goods
Monopoly
46. Corporation whose stock is held by only a few people and is not available for sale to the general public
news conference
Market
Closely Held (or Private) Corporation
Stockholder (or Shareholder)
47. Postsales reductions in price - must be applied for by the purchaser
rebates
Statutory Law
brand mark
Audit
48. Stocks - bonds - and other investments that can be turned into cash quickly
marketable securities
fixed assets
Acquisition
working capital
49. Manager responsible for a firm's overall performance and effectiveness
Export
sales promotion approach
Globalization
Top Manager
50. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth
Hostile Work Environment
Environmental Analysis
Labor Productivity
stealth marketing