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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. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
decline stage
decision-making role
current assets
direct marketing approach
2. Mechanism for exchange between buyers and sellers of a particular good or service
Industrial Goods
Demand
Market
Business (or Competitive) Strategy
3. Lots of leeway to workers to meet goals
laissez-faire Leadership style
price
how companies learn about customer
Consumer Goods
4. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
Limited Liability
corporate strategies
Market
debt financing
5. A business that is involvec with moving goods from producers to consumers
Marketer
Philosophy
introductory stage
grand strategies
6. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
general expenses
Retrenchment
fixed costs
Merger
7. Mix of people in organizations in terms of essential/demographic status
return on sales
Workplace Diversity
Tactical Management
Insider Trading
8. The company founder is no longer solely responsible for all decision making during the ____.
fringe benefit
cost of goods sold equation
growth through direction state
capital investments
9. Promotional campaigns that send information only to those people who've specifically asked to receive it
Prosperity
Common Law
permission marketing
marketing strategy
10. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
telemarketing
dynamic pricing
Gross National Product (GNP)
vertical analysis
11. The union of two corporations to form a new corporation
communication mix
statement of cash flows
customer service
Merger
12. Sales promotion aimed at final consumers
Purpose of Strategic Planning
relationship marketing
consumer promotion
brand loyalty
13. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
Ethical Behavior
Restructuring
advertising
owner's equity equation
14. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
Unethical Behavior
break-even point
Centralized Organization
Goals
15. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
cost of goods sold
place marketing
SWOT analysis
General Partnership
16. The ability to carry out a task
authority
public relations approach
brand loyalty
Autocratic Leadership style
17. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit
promotion
Nepotism
relationship marketing
laissez-faire Leadership style
18. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
price based pricing
Leading
Limited Partnership
Information Technology (IT)
19. 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
Industrial Goods
auction pricing
ratio analysis
capital investments
20. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
5 C's
positioning
theory x
Divestiture
21. Manager responsible for a firm's overall performance and effectiveness
brand
schematic of marketing process
Top Manager
penetration pricing
22. Formal agreement to set prices. Sometimes illegal - but is typically secretive
Deregulation
Collusion
General (Active) Partner
World Trade Organization (WTO)
23. A sustained increase in the general level of prices
product mix
middle management
Short-range or operational planning
Inflation
24. Objective that a business hopes and plans to achieve
Flat Organizational Structure
Globalization
Goal
Quid Pro Quo Harassment
25. Ethical or unethical behaviors by employees in the context of their jobs
marketing
national brands
Business Ethics
fringe benefit
26. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
market
coupons
Depression
types of utility
27. The price of your nation's currency is in terms of another nation's currency
auction pricing
Extractor
Exchange Rate
inventory turnover ratio
28. Effective acquisition and use of money
close the books
word of mouth
Market
financial management
29. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
bundling
cash basis
Functional Strategy
Market
30. Costs created in the process of generating revenues
expenses
bundling
Goals
market segmentation
31. Power of a good or services to satisfy a human need
contract
Crisis Management
risks of product-line extensions
utility
32. Process of scanning the business environment for threats and opportunities
Environmental Analysis
Nepotism
Human Resource Management (HRM)
Small Business Administration (SBA)
33. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
a continuous-flow operating system
Purchasing Power Party
ratio analysis
net income
34. Small software programs that provide part of the functionality of a website
widgets
Imperfect Competition
North American Free Trade Agreement (NAFTA)
responsibility
35. Method of calculating the minimum volume of sales needed at a given price to cover all costs
grand strategies
current liabilities
break-even analysis
ratio analysis
36. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
personal selling
Quid Pro Quo Harassment
price elasticity
Substitute Product
37. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
authority
promotional strategy
Certificate of Incorporation
Strategic Management
38. Good or service used as the basis of commerce
Authority
product
mission statement
Gross Domestic Product (GDP)
39. Characteristic of centralized companies with multiple layers of management
Labor Productivity
return on equity ratio
Tall Organizational Structure
Manufacturer
40. Payments other than wages or salaries - other benefits
decision-making role
Contingent Worker
fringe benefit
objectives
41. Business owned and usually operated by one person who is responsible for all its debts
Nepotism
Depression
Sole Proprietership
Extractor
42. Markets focus on increasing the product's market share
Services
decision-making role
growth stage
time utility
43. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Goal
search advertising
Audit
Monopoly
44. Intermediary who sells products directly to consumers
Authority
Acquisition
activity ratios
Retailer
45. Law made by the authority of administrative agencies
Regulatory (Administrative) Law
types of utility
decline stage
cause-related marketing
46. Occurs when two companies form one corporation
Natural monopoly
sales promotion approach
merger
cash basis
47. A series of related products offered by a firm
Real GDP
product line
dynamic pricing
Gross National Product (GNP)
48. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
Matrix Structures
behavioral segmentation
public relations approach
Wheeler-Lea Act of 1938
49. Brands owned by the manufacturers and distributed nationally
Universal Product Codes
national brands
advertising
middle management
50. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
Sarbanes-Oxley Act of 2002 (Sarbox)
Mass Production
Wholesaler
brand names