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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. Rewarded for good performance; something the employee likes is praised
growth through direction state
European Union (EU)
customer buying behavior
positive reinforcement
2. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
Price Fixing
price elasticity
accounts receivable turnover ratio
Business Plan
3. Skills in defining problems and selecting the best courses of action
brand
media
Decision-Making Skills
Corporate Strategy
4. Advertising designed to encourage customers to try new products or to switch brands
persuasive advertising
Position Influence
responsibility
brand
5. Communications channels - such as newspapers - radio - and television
Import
customer buying behavior
point-of-purchase display
media
6. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Decision-Making Skills
Quality
calendar year
Corporate Governance
7. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
Quality Control
Tactical Management
Public Goods
price based pricing
8. Customer value added by making a product available at a convenient time
family branding
Delegation
time utility
direct marketing approach
9. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
functional strategies
Mass Production
psychographics
quick ratio
10. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
Unemployment
Whistle Blower
activity ratios
marketing
11. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
wants
Goal
productivity - the success of the managers - and the morale of the other employees
cognitive dissonance
12. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
opportunity cost
Private enterprise
Globalization
online display advertising
13. The action of ensuring that operations produce products that meet specific quality standards
Corporation
Centralized Organization
corporate strategies
Quality Control
14. A short - specific written statement of the reason a business exists and what it wants to achieve.
Marketer
premiums
depreciation
mission statement
15. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
strategic marketing planning
database marketing
Marketing
Extractor
16. Customer value created when someone takes ownership of a product
possession utility
Goal
social media
Leadership
17. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
S Corporation
unity of command
Purpose of Strategic Planning
Chief Executive Officer (CEO)
18. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris
place utility
price based pricing
credit
responsibilities of a financial manager
19. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
marketing
Recovery
Goals
functional strategies
20. Unwelcome sexual advances in the workplace
Sexual Harassment
Collusion
marketing research
customer service
21. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets
Board of Directors
Deregulation
ways to expand a product line
selling expenses
22. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Nepotism
product line
Information Technology (IT)
theory y
23. 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
SWOT analysis
online display advertising
promotion
Controlling
24. Authority granted to committees or teams involved in a firm's daily operations
Short-Term Goal
Contingent Worker
dynamic pricing
Committee and Team Authority
25. 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
accounts receivable turnover ratio
word of mouth
Organizational Stakeholders
26. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
revenues
Corporate Governance
skim pricing
Convenience Good/Convenience Service
27. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
Price Fixing
transaction
financial plan
Marketing
28. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
penetration pricing
sales promotion approach
accrual basis
Monopolistic Competition
29. All costs of operation that are not included under cost of goods sold
operating expenses
sales promotion
Chain of Command
Telemarketing
30. A large number of identical products are assembled using a continuous - efficient procedure
Expert Influence
Depression
cognitive dissonance
Mass Production
31. People are internally motivated
marketing strategy
Goods Operations (Goods Production)
theory y
transaction
32. Results from the leader's ability to give or withhold rewards
demographics
net income
Prime Rate
Reward Influence
33. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
cost of goods sold equation
news conference
Unemployment
Organizational Stakeholders
34. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
Quality
Monopoly
Functional Strategy
need
35. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
penetration pricing
Leadership Style
advertising
Monopolistic competition
36. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
cognitive dissonance
brand
Monopoly
Whistle Blower
37. Characteristic of centralized companies with multiple layers of management
Tall Organizational Structure
fiscal year
limitations of marketing research
need
38. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Business Plan
Retailer
Mission Statement
market share
39. Product that is dissimilar from those of competitors but than can fulfill the same need
quality control circles
Substitute Product
Real GDP
geographics
40. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
Purpose of Strategic Planning
place utility
news conference
Herzberg's two-factor theory
41. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
Privatization
financial management
integrated marketing communications
owner's equity equation
42. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
fixed assets
marketing strategy
steps in the strategic marketing planning process
Unemployment
43. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
budget
working capital
consumer market
Marketing
44. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
loss-leader pricing
direct marketing
brand names
45. Changes the form of material so they can be consumed or used to manufacture other products
Processing
unity of command
debit
Decision Making
46. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
place utility
Exchange Rate
Quality
objectives
47. Ethical or unethical behaviors by employees in the context of their jobs
Business (or Competitive) Strategy
risks of product-line extensions
Extractor
Business Ethics
48. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Tactical Management
trade allowance
Controlling
operating expenses
49. Process for evaluating proposed investments in select projects that provide the best long-term financial return
capital budgeting
Strategy
Oligopoly
break-even point
50. Changing jobs or tasks from time to time
current assets
public relations
Retrenchment
job rotation