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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. 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
balance sheet
cost based pricing
product line
debit
2. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
accounting equation
close the books
trade promotions
Sole Proprietership
3. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
Wholesaler
price based pricing
persuasive advertising
Limited Liability Corporation (LLC)
4. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
debt ratios
Patent
equity financing
Gross Domestic Product (GDP)
5. Act of obtaining a desired object or services from another party by offering something of value in return
exchange process
Affirmative Action
dynamic pricing
marketing research
6. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
contract
Nepotism
Franchise
downsizing
7. Charging a high price for a new product during the introductory stage and lowering the price later
General Partnership
break-even analysis
skim pricing
gross profit
8. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
Affirmative Action
price based pricing
persuasive advertising
Leading
9. The process of comparing an organization's products or services and processes with those of another companies
benchmarking
empowerment
Autocratic Leadership style
Retailer
10. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
stealth marketing
sales promotion approach
Monopolistic competition
debt-to-total-assets ratio
11. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
Nepotism
calendar year
penetration pricing
horizontal analysis
12. 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
Price Fixing
Depression
Business Plan
13. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Monopolistic competition
accounting equation
Delegation
market segmentation
14. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
accrual basis
customer loyalty
Retailer
Organization Chart
15. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
Whistle Blower
Imperfect Competition
Service Operations (Service Production)
Leading
16. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
statement of cash flows
primary factors of market segmentation
Wheeler-Lea Act of 1938
Import
17. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
Monopoly
integrated marketing communications
Depression
Management Information System (MIS)
18. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
Corporate Bond
factors that influence pricing decisions
owner's equity equation
19. Goal set for an extended time - typically 5 years or more in the future
Monopolistic Competition
Long-Term Goal
fixed assets
Planning
20. Confusion results if a person reports to two people at once - according to ____.
SWOT analysis
liquidity ratios
unity of command
middle management
21. Process of scanning the business environment for threats and opportunities
Unethical Behavior
Organizational Structure
Extractor
Environmental Analysis
22. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
Management Information System (MIS)
debt-to-equity ratio
Extension
place marketing
23. Complete list of all products that a company offers for sale
quick ratio
functional strategies
Human Resource Management (HRM)
product mix
24. The willingness and ability of producers to offer a good or service for sale
advertising approach
Supply
Imperfect Competition
profitability ratios
25. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
growth through direction state
Tall Organizational Structure
institutional advertising
Publicly Held (or Public) Corporation
26. Organization in which most decision-making authority is held by upper-level management
Ethical Behavior
target markets
Centralized Organization
Acquisition
27. Senior company managers who serve on the company's board of directors are known as ____.
revenues
North American Free Trade Agreement (NAFTA)
Middle Manager
inside board members
28. Exchange of value between parties
Decision Making
trade allowance
transaction
financial plan
29. Choosing one alternative from among several options
Decision Making
Industrial Goods
co-branding
job rotation
30. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
function of labels
Perfect competition
Recession
market segmentation
31. Corporation whose stock is widely held and available for sale to the general public
current ratio
customer service
current assets
Publicly Held (or Public) Corporation
32. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
form utility
Imperfect Competition
Three reasons nations trade
strategic marketing planning
33. All the operating expenses associated with marketing goods or services
selling expenses
price
Regulatory (Administrative) Law
contingency plans
34. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
management by objectives (MBO)
Work Specialization
common pricing strategies
advertising
35. Advertising designed to encourage customers to try new products or to switch brands
Sexual Harassment
Prime Rate
Organization Chart
persuasive advertising
36. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
fixed assets
variable costs
Quid Pro Quo Harassment
wants
37. A short - specific written statement of the reason a business exists and what it wants to achieve.
market segmentation
current ratio
mission statement
steps in the strategic marketing planning process
38. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions
Labor Union
market segmentation
Expert Influence
Goods Operations (Goods Production)
39. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
fringe benefit
liquidity ratios
Theory Z
psychographics
40. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
empowerment
test marketing
why companies learn about customers so they can stay in touch with their current needs and wants
growth through direction state
41. Use a brand name on a variety of related products
family branding
generic products
Recession
mission statement
42. 12 month accounting period that begins on January 1 and ends on December 31
certain disabilities and illnesses
calendar year
personal sales approach
Prosperity
43. Making a product available at a convenient time
Retailer
time utility
assets
Market
44. Organization for economic - social - and security cooperation among European nations
Committee and Team Authority
commercialization
Short-Term Goal
European Union (EU)
45. Business owned and usually operated by one person who is responsible for all its debts
pull strategy
Information Technology (IT)
why companies learn about customers so they can stay in touch with their current needs and wants
Sole Proprietership
46. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
capital investments
Three reasons nations trade
Organization Chart
fixed assets
47. Body of decisions handed down by courts ruling on individual cases
target markets
institutional advertising
capital budgeting
Common Law
48. Assets = liabilities + owner's equity
credit
Inflation
assets equation
Decision-Making Skills
49. Form of a corporation spanning national boundaries
Outcome-based ethics
job rotation
Out-sourcing
Multinational (or Transnational) Corporation
50. Using relative information to predict how many jobs will be needed
forecasting
social media
earnings per share
sales promotion approach