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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 price of your nation's currency is in terms of another nation's currency
Supply Chain (Value Chain)
Divestiture
Exchange Rate
authority
2. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
Prosperity
Marketing
Expert Influence
credit
3. People are lazy
Unethical Behavior
skim pricing
theory x
Goal
4. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
Operations (Production) Management
penetration pricing
product life cycle
quick ratio
5. Management process of determining what an organization needs to do and how best to get it done
break-even analysis
line organization
Planning
Service Business
6. An increase in liabilities
debit
Operations (Production) Management
negative reinforcement
Accountability
7. Charging a high price for a new product during the introductory stage and lowering the price later
Demand
skim pricing
social commerce
form utility
8. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
decision-making role
productivity - the success of the managers - and the morale of the other employees
long-term liabilities
Private enterprise
9. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
limitations of marketing research
Convenience Good/Convenience Service
maturity stage
Patent
10. A group of customer who need or want a particular product and have the money to buy it
marketing research
market
Nepotism
Intellectual Property
11. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Statutory Law
test marketing
Human Resource Management (HRM)
Closely Held (or Private) Corporation
12. 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
marketing research
elements of a company's marketing mix
statement of cash flows
assets
13. Law made by the authority of administrative agencies
Regulatory (Administrative) Law
contract
penetration pricing
Affirmative Action
14. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
Supply Chain (Value Chain)
double-entry bookkeeping
Tall Organizational Structure
ways to expand a product line
15. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product
public relations approach
cost based pricing
Supply
Tactical Management
16. A series of related products offered by a firm
market segmentation
product line
Delegation
gross profit
17. Measures income earned on owners' investment - formula: Net income/total owners' equity
current ratio
Limited Liability
Theory Z
return on equity ratio
18. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Telemarketing
Substitute Product
Standard of living
accounts receivable turnover ratio
19. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
trade promotions
Monopolistic competition
Authority
management by objectives (MBO)
20. Formal agreement to set prices. Sometimes illegal - but is typically secretive
3 Economic Role
Collusion
Joint Venture
quick ratio
21. Lots of leeway to workers to meet goals
Publicly Held (or Public) Corporation
Labor Productivity
laissez-faire Leadership style
Exchange Rate
22. Senior company managers who serve on the company's board of directors are known as ____.
Small Business Administration (SBA)
inside board members
Strategic Management
Unemployment
23. Manager responsible for a firm's overall performance and effectiveness
integrated marketing communications
Top Manager
First-Line Manager
time utility
24. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
geodemographics
Industrial Goods
Joint Venture
Autocratic Leadership style
25. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
private brands
Position Influence
methods of finance for an expanding business
Gross Domestic Product (GDP)
26. Cost of producing or acquiring a company's products for sale during a given period
corporate strategies
brand loyalty
Insider Trading
cost of goods sold
27. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
quality control circles
social media
Strategy
Recession
28. 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
permission-based marketing
institutional advertising
commercialization
marketing mix
29. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
need
Audit
strategic marketing planning
financial control
30. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
accounts receivable turnover ratio
selling expenses
Chain of Command
product life cycle
31. Choosing one alternative from among several options
Pure Competition
capital budgeting
decision-making role
Decision Making
32. Objective that a business hopes and plans to achieve
Demand
Goal
permission-based marketing
gross profit
33. Pricing selling one product at a loss as a way to entice customers to consider other products
brand mark
private brands
loss-leader
break-even point equation
34. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
Recession
direct marketing approach
Outcome-based ethics
how companies learn about customer
35. Managers and workers cooperating as a team
Wheeler-Lea Act of 1938
Strategic Alliance
Monopoly
Democratic Leadership Style
36. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
Labor Relations
Mission Statement
Limited Liability
Tall Organizational Structure
37. Continually adjusting prices to reflect changes in supply and demand
dynamic pricing
Intellectual Property
Leading
function of packaging
38. A firm's portion of the total sales in a market
marketing research
Privatization
market share
Organizational Structure
39. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another
push strategy
cost of goods sold equation
ratio analysis
break-even point equation
40. Individuals or households that buy goods and services for personal use
brand
consumer market
growth through direction state
Span of Control
41. Goal set for the very near future
Copyright
Identity Influence
Policy
Short-Term Goal
42. Skills in defining problems and selecting the best courses of action
credit
return on equity ratio
Decision-Making Skills
Patent
43. Charging a high price for a new product during the introductory stage and lowering the price later
Organizational Stakeholders
Sexual Harassment
empowerment
skim pricing
44. Loss of brand identity and the cannibalization of sales of other products in the product line
Organizational Chart
equity financing
risks of product-line extensions
Organizing
45. Elimination of rules that restrict business activity
Variance
Deregulation
specialty advertising
trade promotions
46. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
price elasticity
profitability ratios
Benefits
selling expenses
47. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Sexual Harassment
Chief Executive Officer (CEO)
Acquisition
Leadership
48. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
Small Business Administration (SBA)
Gross National Product (GNP)
steps in the strategic marketing planning process
certain disabilities and illnesses
49. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
Corporate Governance
Gross National Product (GNP)
Corporate Bond
Audit
50. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
telemarketing
specialty advertising
cash basis
Leadership