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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. Physical products purchased by companies to produce other products
Safety
Industrial Goods
corporate strategies
social media approach
2. Customer value created by converting raw materials and other inputs into finished goods and services
Nepotism
form utility
Intellectual Property
direct marketing approach
3. Markets focus on increasing the product's market share
public relations approach
Identity Influence
growth stage
Hostile Work Environment
4. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
telemarketing
price based pricing
push strategy
Management
5. 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
skim pricing
cash basis
Corporation
6. Motivator and hygiene factors need to be met to prevent dissatisfaction
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7. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
accounts payable
World Trade Organization (WTO)
wants
Perfect competition
8. Ratios that measure a firm's reliance on debt financing of its operations
primary factors of market segmentation
place utility
debt ratios
persuasive advertising
9. In a ____ authority originates at the top and moves downward in a line.
line organization
Mass Production
Extractor
Competition
10. Customer value added by making a product available at a convenient time
Tactical Management
decline stage
time utility
advertising approach
11. Body of decisions handed down by courts ruling on individual cases
European Union (EU)
Common Law
widgets
price
12. Categorization of customers according to their geographical location
downsizing
variable costs
geographic segmentation
objectives
13. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
maturity stage
trade promotions
brand mark
Organizational Structure
14. The way a manager teats and directs employees
Leadership Style
consumer market
market
marketing mix
15. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit
Limited Liability Corporation (LLC)
Recession
job rotation
relationship marketing
16. Internal descriptors such as attitudes - interests - values - behaviors - and habits
forecasting
psychographics
coupons
profitability ratios
17. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Organizational Stakeholders
Gross Domestic Product (GDP)
Substitute Product
penetration pricing
18. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Chain of Command
a continuous-flow operating system
Telemarketing
theory y
19. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
skim pricing
Three reasons nations trade
Short-Term Goal
Copyright
20. Manager responsible for a firm's overall performance and effectiveness
Top Manager
organization behavior modification
close the books
Natural monopoly
21. Individuals or households that buy goods and services for personal use
consumer market
time utility
marketing
Chain of Command
22. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
trade promotions
point-of-purchase display
Centralized Organization
psychographics
23. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
Price Fixing
generic products
First-Line Manager
certain disabilities and illnesses
24. Assets - liabilities = owner's equity
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25. Physical products purchased by consumers for personal use
Safety
Recovery
Consumer Goods
risks of product-line extensions
26. Marketing efforts to attract people and organizations to a particular geographical area
direct marketing
place marketing
net income
Chief Executive Officer (CEO)
27. Product made or grown domestically but sold abroad
specialty advertising
Corporate Governance
Monopolistic Competition
Export
28. All the operating expenses associated with marketing goods or services
Recession
Goal
selling expenses
Depression
29. An increase in liabilities
coupons
debit
Strategy
personal selling
30. Customer value added by making a product available in a convenient location
Recession
Gross National Product (GNP)
consumer promotion
place utility
31. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
Small Business Administration (SBA)
market
steps in the strategic marketing planning process
inventory turnover ratio
32. Process through which a manager allocates work to subordinates
Delegation
fixed assets
Market
Unlimited Liability
33. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
grand strategies
institutional advertising
function of labels
horizontal analysis
34. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
auction pricing
Corporate Governance
corporate strategies
assume that all workers are content with their work
35. The creation and sharing of product-related information among customers and potential customers
authority
social commerce
capital investments
First-Line Manager
36. Charging a high price for a new product during the introductory stage and lowering the price later
skim pricing
Strategic Alliance
Environmental Analysis
stages of product development
37. 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
inventory turnover ratio
Unemployment
Natural monopoly
news release
38. Larger visual and multimedia ads that appear on websites
expenses
online display advertising
price
personal selling
39. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
capital budgeting
brand
Service Operations (Service Production)
contract
40. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
Ethical Behavior
Perfect competition
budget
integrated marketing communications
41. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
market segmentation
Standard of living
management by objectives (MBO)
Chain of Command
42. Goal set for an extended time - typically 5 years or more in the future
Centralized Organization
brand mark
Sarbanes-Oxley Act of 2002 (Sarbox)
Long-Term Goal
43. Diagram depicting a company's structure and showing employees where they fit into its operations
Telemarketing
Autocratic Leadership style
Organization Chart
place utility
44. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
merger
news release
ways to expand a product line
Oligopoly
45. Advertising sent directly to potential customers - usually through the mail
organization behavior modification
target markets
Regulatory (Administrative) Law
direct mail
46. 12 month accounting period that begins on January 1 and ends on December 31
fixed costs
cash basis
calendar year
Short-range or operational planning
47. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Statutory Law
Business (or Competitive) Strategy
retained earnings
Policy
48. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
double-entry bookkeeping
contingency plans
Corporation
Reward Influence
49. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
Decentralized Organization
skim pricing
Ethics
Corporate Bond
50. 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.
equity financing
Monopolistic Competition
categories of customer communication
Outcome-based ethics