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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. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
productivity - the success of the managers - and the morale of the other employees
budget
Laws
Gross Domestic Product (GDP)
2. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
elements of a company's marketing mix
Corporation
debt ratios
Leadership
3. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
advertising approach
market share
S Corporation
growth stage
4. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
Theory Z
return on sales
news release
word of mouth
5. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
Labor Productivity
Short-range or operational planning
job rotation
Services
6. Physical products purchased by consumers for personal use
Sole Proprietership
why companies learn about customers so they can stay in touch with their current needs and wants
Strategy
Consumer Goods
7. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
Price Fixing
Information Technology (IT)
opportunity cost
public relations approach
8. Compensation other than wages and salaries
Unemployment
Benefits
accounts receivable turnover ratio
premiums
9. Beliefs about what is right or wrong and good or bad in actions that affect others
Ethics
Pure Competition
exchange process
social commerce
10. Organization for economic - social - and security cooperation among European nations
Management
direct marketing approach
European Union (EU)
profitability ratios
11. Promotional campaigns that send information only to those people who've specifically asked to receive it
Supply
Outcome-based ethics
permission marketing
liquidity ratios
12. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
Inflation
Span of Control
push strategy
gross profit
13. Ratios that measure the effectiveness of the firm's use of its resources
time utility
accounts receivable
activity ratios
advertising
14. Informal communication between customers and potential customers
word of mouth
debt-to-total-assets ratio
Herzberg's two-factor theory
possession utility
15. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
Extractor
premiums
steps in the strategic marketing planning process
direct mail
16. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis
productivity - the success of the managers - and the morale of the other employees
Labor Productivity
Marketer
Goals
17. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
Deregulation
psychographics
cost based pricing
Laws
18. An action is morally correct - when - among the people it affects...
negative reinforcement
Purpose of Strategic Planning
it produces the greatest amount of good for the greatest number
Small Business Administration (SBA)
19. Market or industry characterized by numerous small firms producing an identical product
Perfect competition
brand names
assets
Collusion
20. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
Privatization
Variance
owner's equity
marketing concept
21. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Environmental Analysis
operating expenses
Deregulation
Standard of living
22. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Swot Analysis
Organizational Structure
corporate strategies
permission marketing
23. Use a brand name on a variety of related products
Venture Capital Company
family branding
telemarketing
Flat Organizational Structure
24. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
Operations (Production) Management
product life cycle
form utility
trade promotions
25. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
Work Specialization
Matrix Structures
Insider Trading
liquidity ratios
26. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
current ratio
Privatization
types of financial ratios
General Partnership
27. Changing jobs or tasks from time to time
place utility
Policy
job rotation
Extractor
28. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
Certificate of Incorporation
function of packaging
a continuous-flow operating system
permission marketing
29. Charging a high price for a new product during the introductory stage and lowering the price later
consumer market
skim pricing
Decision Making
advertising
30. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
permission-based marketing
Retrenchment
market
gross profit
31. Any 12 consecutive months used as an accounting period
fiscal year
Decentralized Organization
Goals
Monopoly
32. Organization in which most decision-making authority is held by upper-level management
Goals
current liabilities
Centralized Organization
Monopoly
33. Difference of revenues - costs - and profit from the planned amounts.
Specialty Good/Specialty Service
Service Operations (Service Production)
direct mail
Variance
34. Authority granted to committees or teams involved in a firm's daily operations
debt-to-equity ratio
Committee and Team Authority
Joint Venture
authority
35. Nonsales communication that businesses have with their various audiences
statement of cash flows
Committee and Team Authority
public relations
cause-related marketing
36. Owner of shares of stock in a corporation
news conference
Mixed Management
Services
Stockholder (or Shareholder)
37. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
fringe benefit
maturity stage
Depression
Maslow's hierarchy of needs
38. profitability - liquidity - activities - and leverage/debt
types of financial ratios
common pricing strategies
Inflation
Oligopoly
39. The act of transferring net revenue and expense account balances to retained earnings for the period
Outsourcing
Insider Trading
Sarbanes-Oxley Act of 2002 (Sarbox)
close the books
40. Process for evaluating proposed investments in select projects that provide the best long-term financial return
Accountability
social commerce
Organizational Chart
capital budgeting
41. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization
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42. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
Corporation
product life cycle
Hostile Work Environment
Unlimited Liability
43. Manager responsible for a firm's overall performance and effectiveness
Wholesaler
liabilities
functional strategies
Top Manager
44. 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
downsizing
factors that influence pricing decisions
Gross National Product (GNP)
Capitalism
45. Physical products purchased by companies to produce other products
Purchasing Power Party
Industrial Goods
schematic of marketing process
Labor Productivity
46. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
Recovery
Top Manager
inside board members
working capital
47. People are lazy
social commerce
management by objectives (MBO)
Privatization
theory x
48. The union of two corporations to form a new corporation
Merger
Democratic Leadership Style
introductory stage
Patent
49. Electronic media that invite participation by the general public
capital investments
social media
customer loyalty
Work Specialization
50. Vying among businesses for the same resources or customers
Marketer
Competition
forecasting
media