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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. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
negative reinforcement
fixed assets
relationship marketing
sales promotion
2. Stems from personal trust and respect members have for the leader
Identity Influence
Long-Term Goal
Ethical Behavior
positive reinforcement
3. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Services
capital investments
accounts payable
push strategy
4. Partner who actively manages a firm and who has unlimited liability for its debts
function of packaging
fixed costs
General (Active) Partner
unity of command
5. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
organizational market
growth stage
Reward Influence
product life cycle
6. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
vertical analysis
Purchasing Power Party
Recovery
accounts receivable
7. People are internally motivated
news release
Manufacturer
Recovery
theory y
8. Discount offered by producers to wholesalers and retailers
management by objectives (MBO)
trade allowance
direct marketing
place utility
9. Confusion results if a person reports to two people at once - according to ____.
national brands
specialty advertising
unity of command
form utility
10. Organization for economic - social - and security cooperation among European nations
brand equity
European Union (EU)
financial management
marketable securities
11. Takes the extractor's products or raw materials and changs the into a form that consumers can use
brand
schematic of marketing process
Manufacturer
marketing research
12. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
Organizational Structure
cognitive dissonance
national brands
decision-making role
13. Good or service used as the basis of commerce
product
Sole Proprietership
direct marketing approach
Supply Chain (Value Chain)
14. Specification of the jobs to be done within an organization and the ways in which they relate to one another
Organizational Structure
Democratic Leadership Style
growth through direction state
trade allowance
15. Group of small investors who invest money in companies with rapid growth potential
Statutory Law
price
Venture Capital Company
assets
16. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
middle management
accounts payable
private brands
statement of cash flows
17. Product that is dissimilar from those of competitors but than can fulfill the same need
Substitute Product
theory y
Closely Held (or Private) Corporation
Marketing
18. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Limited Liability
Matrix Structures
Patent
marketing research
19. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Quality
Expert Influence
Extension
negative reinforcement
20. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity
price elasticity
debt-to-equity ratio
General Partnership
brand extension
21. When organizations change raw materials into finished goods
Organizing
form utility
accounting equation
Organizational Structure
22. Court-granted permission for a company to not pay some or all debts
Bankruptcy
Long-range or strategic planning
Industrial Goods
unity of command
23. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Ethical Behavior
place marketing
brand extension
Franchise
24. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
geodemographics
corporate strategies
fringe benefit
steps in the strategic marketing planning process
25. The creation and sharing of product-related information among customers and potential customers
behavioral segmentation
social commerce
accrual basis
Mass Production
26. Changing jobs or tasks from time to time
job rotation
Extractor
organizational market
product
27. The purchase of one company by another
Business Ethics
brand loyalty
Acquisition
Patent
28. Bar codes on product packages that provide information read by optical scanners
Universal Product Codes
SWOT analysis
General Partnership
Functional Strategy
29. Independent and well informed buyers and sellers of the exact same product (farmers markets)
Pure Competition
positioning
social commerce
statement of cash flows
30. Ratio between net income after taxes and net sales; also known as profit margin
marketing
return on sales
target markets
depreciation
31. The combined use of tactical and strategic management
rebates
break-even point equation
time utility
Mixed Management
32. A group of customer who need or want a particular product and have the money to buy it
accounts receivable
market
Decision-Making Skills
middle management
33. profitability - liquidity - activities - and leverage/debt
cost based pricing
Identity Influence
types of financial ratios
primary factors of market segmentation
34. Personal communication between a seller and one or more potential buyers
personal selling
how companies learn about customer
Privatization
accounts payable
35. Marketing efforts to attract people and organizations to a particular geographical area
market segmentation
promotion
place marketing
form utility
36. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
test marketing
specialty advertising
Chain of Command
permission marketing
37. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
Officers
statement of cash flows
Market
exchange process
38. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta
telemarketing
market segmentation
schematic of marketing process
need
39. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
advertising approach
strategic marketing planning
objectives
Intellectual Property
40. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
Benefits
Sarbanes-Oxley Act of 2002 (Sarbox)
Outcome-based ethics
North American Free Trade Agreement (NAFTA)
41. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
Imperfect Competition
gross profit
fixed assets
demographics
42. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
Bankruptcy
Small Business Administration (SBA)
accrual basis
coupons
43. Authority granted to committees or teams involved in a firm's daily operations
General Partnership
distribution channels
Limited Liability Corporation (LLC)
Committee and Team Authority
44. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
Demand
quick ratio
Closely Held (or Private) Corporation
Globalization
45. Intermediary who sells products to other businesses for resale to final consumers
Wholesaler
vertical analysis
5 C's
Goods Operations (Goods Production)
46. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
Contingent Worker
product line
management by objectives (MBO)
license
47. Activities needed to move a product efficiently from manufacturer to consumer
Variance
Tall Organizational Structure
S Corporation
Physical Distribution
48. 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
integrated marketing communications
Leadership Style
assume that all workers are content with their work
49. Cost of producing or acquiring a company's products for sale during a given period
direct mail
accrual basis
cost of goods sold
penetration pricing
50. Activities producing intangible and tangible products - such as entertainment - transportation - and education
place utility
Competition
positioning
Service Operations (Service Production)