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Test your basic knowledge |
Business Fundamentals
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Strategy in which two or more organizations collaborate on a project for mutual gain
Joint Venture
Statutory Law
Strategic Alliance
Regulatory (Administrative) Law
2. Free or bargain-priced items offered to encourage customers to buy a product
premiums
Telemarketing
Delegation
Maslow's hierarchy of needs
3. 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
Copyright
SWOT analysis
persuasive advertising
Prosperity
4. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
functional strategies
assets
Patent
Variance
5. Large-scale production and distribution of a product
online display advertising
gross profit
commercialization
Pure Competition
6. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
theory y
geodemographics
inventory turnover ratio
Extractor
7. Systems for moving goods and services from producers to customers; also known as marketing channels
current liabilities
Tall Organizational Structure
consumer promotion
distribution channels
8. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
point-of-purchase display
contingency plans
Standard of living
Affirmative Action
9. The creation and sharing of product-related information among customers and potential customers
depreciation
close the books
Environmental Analysis
social commerce
10. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
widgets
brand equity
database marketing
Bankruptcy
11. Statement of a firm's financial position on a particular date; also known as a statement of financial position
pull strategy
balance sheet
product
Controlling
12. Characteristic of centralized companies with multiple layers of management
Decentralized Organization
current liabilities
Tall Organizational Structure
news conference
13. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer
middle management
functional strategies
national brands
Supply Chain (Value Chain)
14. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Leadership
financial control
Chief Executive Officer (CEO)
growth through direction state
15. The action of ensuring that operations produce products that meet specific quality standards
Monopolistic competition
activity ratios
Quality Control
Merger
16. 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
Joint Venture
3 Economic Role
Organizing
Strategic Management
17. Managers and workers cooperating as a team
owner's equity
Telemarketing
Democratic Leadership Style
Natural monopoly
18. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
customer service
Patent
form utility
Management
19. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Copyright
Goals
accounts receivable turnover ratio
contract
20. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
strategic marketing planning
loss-leader pricing
Quality
Export
21. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
Unlimited Liability
public relations
institutional advertising
current ratio
22. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Recession
Organizational Chart
Inflation
Unemployment
23. Categorization of customers according to their relationship with products or response to product characteristics
penetration pricing
owner's equity equation
Corporate Governance
behavioral segmentation
24. Costs created in the process of generating revenues
Physical Distribution
General (Active) Partner
expenses
psychographics
25. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
news release
market segmentation
consumer market
World Trade Organization (WTO)
26. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
credit
accounts payable
cost based pricing
Sarbanes-Oxley Act of 2002 (Sarbox)
27. Electronic media that invite participation by the general public
Business Cycle
Board of Directors
social media
persuasive advertising
28. 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.
Supply Chain (Value Chain)
Span of Control
Joint Venture
Consumer Goods
29. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
Recession
Market
Nepotism
merger
30. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
possession utility
cognitive dissonance
debit
Operations (Production) Management
31. A series of related products offered by a firm
product line
word of mouth
wants
retained earnings
32. Type of partnership consisting of limited partners and a general (or active) partner
Goals
auction pricing
Limited Partnership
permission marketing
33. Choosing one alternative from among several options
Decision Making
persuasive advertising
Organizational Chart
marketing concept
34. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
owner's equity equation
accrual basis
middle management
Standard of Living
35. ____ 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
Purchasing Power Party
financial control
Organization Chart
Goals
36. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Board of Directors
Universal Product Codes
Services
Gross Domestic Product (GDP)
37. Activities producing tangible products such as radios - newspapers - buses and textbooks
Decision-Making Skills
Goods Operations (Goods Production)
Swot Analysis
Philosophy
38. Positive reinforcement - negative reinforcement - punishment
organization behavior modification
price elasticity
Physical Distribution
World Trade Organization (WTO)
39. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
Globalization
credit
ways to expand a product line
long-term liabilities
40. Skills in defining problems and selecting the best courses of action
target markets
European Union (EU)
Decision-Making Skills
direct marketing
41. Partner who actively manages a firm and who has unlimited liability for its debts
General (Active) Partner
social commerce
Unlimited Liability
Marketing
42. A leadership style where the manager is directive and controlling
limitations of marketing research
Tactical Management
persuasive advertising
accounts receivable
43. The level of joblessness among people actively seeking work in an economic system
product advertising
Workplace Diversity
Unemployment
risks of product-line extensions
44. Organization's methods for dealing with emergencies
Oligopoly
Crisis Management
behavioral segmentation
brand mark
45. Something produced by the intellect or mind that has commercial value
Chief Executive Officer (CEO)
Intellectual Property
debit
elements of a company's marketing mix
46. This law guards against false advertising.
Restructuring
Corporate Governance
Depression
Wheeler-Lea Act of 1938
47. Claims against a firm's assets by creditors - such as banks and suppliers
liabilities
Mission Statement
institutional advertising
Decision-Making Skills
48. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
it produces the greatest amount of good for the greatest number
market segmentation
merger
Insider Trading
49. Identification and marketing of a social issues - cause - or idea to selected target markets
Service Operations (Service Production)
profitability ratios
cause-related marketing
debt ratios
50. Activities producing intangible and tangible products - such as entertainment - transportation - and education
growth stage
Service Operations (Service Production)
statement of cash flows
Audit
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