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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. Assets = liabilities + owner's equity
Bankruptcy
Certificate of Incorporation
accounting equation
Centralized Organization
2. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
Committee and Team Authority
empowerment
growth strategies
categories of customer communication
3. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
Swot Analysis
assets
a continuous-flow operating system
decision-making role
4. Reporting relationships within a company
responsibilities of a financial manager
Chain of Command
Information Technology (IT)
factors that influence pricing decisions
5. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
operating expenses
marketing research
Affirmative Action
marketing concept
6. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Monopolistic competition
public relations
accounting equation
Planning
7. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
Leadership Style
current assets
assets
liquidity ratios
8. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
activity ratios
Swot Analysis
Capitalism
positioning
9. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Statutory Law
assets
Real GDP
geodemographics
10. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Industrial Goods
Venture Capital Company
Business Plan
net income
11. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
Mixed Management
functional strategies
Convenience Good/Convenience Service
Labor Relations
12. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Quality
Swot Analysis
demographics
Variance
13. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
wants
Three reasons nations trade
inside board members
cash basis
14. Product - price - distribution - customer communication
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15. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
private brands
General Partnership
capital investments
schematic of marketing process
16. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
merger
working capital
positioning
Limited Partner
17. A short - specific written statement of the reason a business exists and what it wants to achieve.
financial control
Processing
function of packaging
mission statement
18. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
break-even point
market share
inventory turnover ratio
Information Technology (IT)
19. The collection and analysis of information for making marketing decisions
balance sheet
Physical Distribution
Outsourcing
marketing research
20. This level of management includes department heads and district sales managers.
middle management
cause-related marketing
Bankruptcy
debit
21. Offering several products for a single price that is presumably lower than the total of the products' individual prices
Extractor
Board of Directors
certain disabilities and illnesses
bundling
22. Behavior exhibited by consumers as they consider - select - and purchase goods and services
debt ratios
permission-based marketing
management by objectives (MBO)
customer buying behavior
23. Sales volume at a given price that will cover all of a company's costs
Organizational Stakeholders
break-even point
Patent
management by objectives (MBO)
24. Where products are conveniently placed for customers
function of packaging
dynamic pricing
Globalization
place utility
25. Current assets minus current liabilities
product life cycle
place utility
Management
working capital
26. Physical products purchased by companies to produce other products
marketing strategy
Swot Analysis
Deregulation
Industrial Goods
27. The degree to which customers continue to purchase a specific brand
Organizational Stakeholders
brand loyalty
types of financial ratios
Processing
28. Strategic alliance in which the collaboration involves joint ownership of the new venture
Joint Venture
time utility
public relations
Small Business Administration (SBA)
29. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Import
loss-leader pricing
Decentralized Organization
calendar year
30. Physical products purchased by consumers for personal use
Monopoly
Consumer Goods
Regulatory (Administrative) Law
calendar year
31. Confusion results if a person reports to two people at once - according to ____.
Extension
organizational market
unity of command
Long-range or strategic planning
32. A large number of identical products are assembled using a continuous - efficient procedure
institutional advertising
Mass Production
promotional strategy
cost based pricing
33. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Goal
strategic marketing planning
word of mouth
Purchasing Power Party
34. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Ethics
Outsourcing
loss-leader pricing
financial plan
35. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
current assets
theory y
profitability ratios
revenues
36. profitability - liquidity - activities - and leverage/debt
liquidity ratios
types of financial ratios
earnings per share
theory x
37. Ratios that measure a firm's reliance on debt financing of its operations
current liabilities
debt ratios
liabilities
financial control
38. Advertising designed to encourage customers to try new products or to switch brands
advertising
Mixed Management
accounts payable
persuasive advertising
39. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
elements of a company's marketing mix
persuasive advertising
budget
Collusion
40. ____ 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
brand names
national brands
Decision Making
Goals
41. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
unity of command
Organizational Structure
theory x
promotion
42. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
permission marketing
Identity Influence
how companies learn about customer
factors that influence pricing decisions
43. Rewarded for good performance; something the employee likes is praised
positive reinforcement
Marketer
communication mix
Organizational Stakeholders
44. Provides protection for the product - makes products easier to display - and attracts attention
Leading
function of packaging
family branding
Outcome-based ethics
45. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
possession utility
forecasting
Services
Goal
46. Business costs that remain constant regardless of the number of units produced
Labor Productivity
Quality
fixed costs
S Corporation
47. Large-scale production and distribution of a product
commercialization
Swot Analysis
Planning
marketing research
48. Manager responsible for supervising the work of employees
categories of customer communication
First-Line Manager
pull strategy
Democratic Leadership Style
49. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Corporate Governance
rebates
Decision-Making Skills
Inflation
50. Intermediary who sells products directly to consumers
Retailer
brand equity
Ethical Behavior
European Union (EU)