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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. Making a product available at a convenient time
ratio analysis
Acquisition
Supply
time utility
2. The degree to which customers continue to purchase a specific brand
Business Cycle
benchmarking
brand loyalty
categories of customer communication
3. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
Management Information System (MIS)
return on equity ratio
media
geodemographics
4. 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.
3 Economic Role
productivity - the success of the managers - and the morale of the other employees
Span of Control
long-term liabilities
5. Market or industry characterized by numerous small firms producing an identical product
Labor Union
Perfect competition
contingency plans
authority
6. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Management
strategic marketing planning
rebates
Acquisition
7. Money paid to acquire something of permanent value in a business
cause-related marketing
Hostile Work Environment
capital investments
3 Economic Role
8. Alternative plans to be implemented if uncontrollable event occur
Service Operations (Service Production)
Sarbanes-Oxley Act of 2002 (Sarbox)
contingency plans
national brands
9. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
Market economy
factors that influence pricing decisions
Herzberg's two-factor theory
product advertising
10. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
statement of cash flows
Span of Control
Retrenchment
accrual basis
11. Strategy whereby a firm sells one or more of its business units
Autocratic Leadership style
place utility
calendar year
Divestiture
12. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Limited Liability Corporation (LLC)
Reward Influence
Market economy
Mixed Management
13. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another
widgets
Price Fixing
distribution channels
ratio analysis
14. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
trade allowance
brand names
Purchasing Power Party
current ratio
15. A firm's portion of the total sales in a market
market share
Bankruptcy
loss-leader pricing
Contingent Worker
16. Advertising intended to remind existing customers of a product's availability and benefits
marketing mix
reminder advertising
Privatization
Chief Executive Officer (CEO)
17. Organization's methods for dealing with emergencies
market segmentation
Crisis Management
Strategic Management
Monopoly
18. Marketing efforts to attract people and organizations to a particular geographical area
Collusion
place marketing
form utility
Safety
19. The combined use of tactical and strategic management
Wholesaler
Management
Mixed Management
responsibilities of a financial manager
20. The four key elements of marketing strategy: product - price - distribution - and promotion
Maslow's hierarchy of needs
Depression
marketing mix
long-term liabilities
21. A group of customer who need or want a particular product and have the money to buy it
market
common pricing strategies
Gross National Product (GNP)
Centralized Organization
22. Brands that have been given legal protection so that their owners have exclusive rights to their use
accounts receivable
trademarks
Centralized Organization
liquidity ratios
23. 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
brand
break-even point
stealth marketing
Supply Chain (Value Chain)
24. Power to make the decisions necessary to complete a task
laissez-faire Leadership style
capital budgeting
market segmentation
Authority
25. Business costs that increase with the number of units produced
Divestiture
product line
variable costs
Capitalism
26. Obligations that must be next within a year
marketing
Environmental Analysis
vertical analysis
current liabilities
27. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
Recovery
function of labels
license
productivity - the success of the managers - and the morale of the other employees
28. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
limitations of marketing research
levels of brand loyalty
return on sales
Tactical Management
29. Charging a high price for a new product during the introductory stage and lowering the price later
Monopolistic Competition
marketing mix
debt-to-total-assets ratio
skim pricing
30. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
5 C's
Public Goods
Quid Pro Quo Harassment
growth through direction state
31. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
fixed assets
Closely Held (or Private) Corporation
assets
elements of a company's marketing mix
32. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
double-entry bookkeeping
Marketing
negative reinforcement
Variance
33. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
customer loyalty
general expenses
Prosperity
authority
34. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
market
how companies learn about customer
productivity - the success of the managers - and the morale of the other employees
35. Lots of leeway to workers to meet goals
laissez-faire Leadership style
corporate strategies
public relations
permission-based marketing
36. Organization in which most decision-making authority is held by upper-level management
accounts receivable
double-entry bookkeeping
Autocratic Leadership style
Centralized Organization
37. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
Corporate Strategy
Divestiture
merger
Unethical Behavior
38. Somethings needed by a community and provided by its government
accounting equation
Custom Manufacturing
Public Goods
distribution channels
39. Arises when group members recognize that the leader has special expertise in the area
market
Expert Influence
Unlimited Liability
Crisis Management
40. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Mission Statement
Work Specialization
contract
credit
41. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
Ethical Behavior
Delegation
promotion
Limited Liability Corporation (LLC)
42. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Manufacturer
Monopolistic competition
Delegation
Patent
43. 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
Standard of Living
Demand
3 Economic Role
customer service
44. The collection and analysis of information for making marketing decisions
fiscal year
marketing research
a continuous-flow operating system
steps in the strategic marketing planning process
45. In a ____ authority originates at the top and moves downward in a line.
Sexual Harassment
Quid Pro Quo Harassment
function of labels
line organization
46. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
marketing strategy
customer buying behavior
Import
General Partnership
47. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
advertising
marketing research
Franchise
Stockholder (or Shareholder)
48. Claims against a firm's assets by creditors - such as banks and suppliers
Divestiture
consumer promotion
liabilities
Sole Proprietership
49. Stems from personal trust and respect members have for the leader
Identity Influence
negative reinforcement
product life cycle
co-branding
50. Postsales reductions in price - must be applied for by the purchaser
5 C's
consumer promotion
rebates
stages of product development