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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. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
time utility
sales promotion approach
cash basis
theory x
2. Effective acquisition and use of money
Merger
decline stage
financial management
Sole Proprietership
3. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
Manufacturer
promotional strategy
permission-based marketing
Strategic Management
4. 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
Corporation
a continuous-flow operating system
Insider Trading
Joint Venture
5. Management process of determining what an organization needs to do and how best to get it done
responsibility
Planning
customer loyalty
double-entry bookkeeping
6. Occurs when widespread price increases occur throughout an economic system
skim pricing
Inflation
Recession
Real GDP
7. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
marketing
Standard of living
methods of finance for an expanding business
Manufacturer
8. People are internally motivated
certain disabilities and illnesses
return on equity ratio
theory y
Contingent Worker
9. Behavior exhibited by consumers as they consider - select - and purchase goods and services
gross profit
product advertising
customer buying behavior
statement of cash flows
10. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
auction pricing
stages of product development
price elasticity
Consumer Goods
11. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
equity financing
Functional Strategy
promotional strategy
Custom Manufacturing
12. Building a specific and unique product to meet the needs of one consumer
debit
fringe benefit
Custom Manufacturing
Regulatory (Administrative) Law
13. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
calendar year
promotional strategy
Price Fixing
Gross Domestic Product (GDP)
14. Organization's methods for dealing with emergencies
relationship marketing
certain disabilities and illnesses
Crisis Management
North American Free Trade Agreement (NAFTA)
15. Advertising sent directly to potential customers - usually through the mail
geographics
line organization
direct mail
loss-leader
16. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
vertical analysis
levels of brand loyalty
fringe benefit
double-entry bookkeeping
17. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items
Short-range or operational planning
Corporate Bond
ways to expand a product line
Mixed Management
18. An increase in liabilities
Unethical Behavior
North American Free Trade Agreement (NAFTA)
Unlimited Liability
debit
19. 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.
Marketer
loss-leader pricing
wants
Span of Control
20. Stems from personal trust and respect members have for the leader
Identity Influence
Processing
coupons
net income
21. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
strategic marketing planning
push strategy
middle management
unity of command
22. When a task is too time consuming for a manager to handle alone - he or she may ____.
Universal Product Codes
Standard of Living
Long-range or strategic planning
delegate the task
23. Managers who develop and implement a complete strategy and marketing program for specific products or brands
Closely Held (or Private) Corporation
personal sales approach
5 C's
brand managers
24. Senior company managers who serve on the company's board of directors are known as ____.
Merger
inside board members
Board of Directors
Statutory Law
25. Intermediary who sells products directly to consumers
Retailer
Environmental Analysis
Corporate Governance
Business Plan
26. Customer value created when someone takes ownership of a product
possession utility
online display advertising
Telemarketing
widgets
27. Small software programs that provide part of the functionality of a website
widgets
horizontal analysis
penetration pricing
accounting equation
28. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
customer service
marketing concept
Collusion
accounts receivable
29. Confusion results if a person reports to two people at once - according to ____.
debt ratios
unity of command
Maslow's hierarchy of needs
Restructuring
30. Money paid to acquire something of permanent value in a business
capital investments
earnings per share
Manufacturer
Corporate Strategy
31. Sales volume at a given price that will cover all of a company's costs
Leading
Safety
selling expenses
break-even point
32. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
fiscal year
Depression
stages of product development
loss-leader
33. Demographics - psychographics - and geographics
primary factors of market segmentation
assume that all workers are content with their work
geodemographics
Processing
34. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
Market economy
North American Free Trade Agreement (NAFTA)
Business Plan
limitations of marketing research
35. Customer value added by making a product available in a convenient location
brand equity
Reward Influence
place utility
operating expenses
36. Study of statistical characteristics of a population
Business (or Competitive) Strategy
promotion
demographics
SWOT analysis
37. Individuals or households that buy goods and services for personal use
consumer market
news release
market
certain disabilities and illnesses
38. A sustained increase in the general level of prices
Operations (Production) Management
geographic segmentation
negative reinforcement
Inflation
39. Organization for economic - social - and security cooperation among European nations
Collusion
permission marketing
European Union (EU)
Closely Held (or Private) Corporation
40. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
Mixed Management
accrual basis
Span of Control
Copyright
41. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
Extractor
customer service
a continuous-flow operating system
Management
42. Illegal practice of using special knowledge about a firm for profit or gain
First-Line Manager
activity ratios
database marketing
Insider Trading
43. The way a manager teats and directs employees
Nepotism
cost of goods sold
Real GDP
Leadership Style
44. In bookkeeping - an increase in assets
credit
Real GDP
decision-making role
S Corporation
45. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
selling expenses
long-term liabilities
customer buying behavior
institutional advertising
46. Certificates that offer discounts on particular items and are redeemed at the time of purchase
forecasting
coupons
merger
rebates
47. Difference of revenues - costs - and profit from the planned amounts.
Inflation
Variance
Restructuring
Board of Directors
48. Postsales reductions in price - must be applied for by the purchaser
penetration pricing
geographic segmentation
Patent
rebates
49. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Tactical Management
Service Business
Corporate Governance
psychographics
50. Customer value added by making a product available at a convenient time
accounts receivable
time utility
Chain of Command
Hostile Work Environment