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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. Mechanism for exchange between buyers and sellers of a particular good or service
levels of brand loyalty
Organizing
Market
Sarbanes-Oxley Act of 2002 (Sarbox)
2. Statement of a firm's financial position on a particular date; also known as a statement of financial position
balance sheet
reminder advertising
Leadership
Mass Production
3. Introductory stage - growth stage - maturity stage - decline stage
Small Business Administration (SBA)
behavioral segmentation
return on investment
stages in the life cycle of a product
4. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
profitability ratios
budget
Restructuring
Private enterprise
5. Activities producing tangible products such as radios - newspapers - buses and textbooks
Goods Operations (Goods Production)
Gross Domestic Product (GDP)
functional strategies
widgets
6. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
Unethical Behavior
calendar year
Capitalism
Safety
7. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
owner's equity
positioning
middle management
penetration pricing
8. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Copyright
capital investments
Decentralized Organization
Private enterprise
9. Type of partnership consisting of limited partners and a general (or active) partner
certain disabilities and illnesses
skim pricing
Limited Partnership
General Partnership
10. A business firm that does things for you instead of making or makerting products
delegate the task
World Trade Organization (WTO)
Service Business
Substitute Product
11. Management process of guiding and motivating employees to meet an organization's objectives
geographics
Leading
social media
advertising approach
12. Selling or supporting the sales process over the telephone
telemarketing
place marketing
marketing mix
Quality Control
13. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
contract
Limited Partnership
budget
positioning
14. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Services
inside board members
marketing mix
license
15. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
common pricing strategies
Affirmative Action
Matrix Structures
Wheeler-Lea Act of 1938
16. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
factors that influence pricing decisions
place utility
Chain of Command
Mission Statement
17. The process of comparing an organization's products or services and processes with those of another companies
credit
Monopoly
benchmarking
customer buying behavior
18. Business owned and usually operated by one person who is responsible for all its debts
Sole Proprietership
Functional Strategy
Long-Term Goal
Monopoly
19. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
Sarbanes-Oxley Act of 2002 (Sarbox)
Labor Productivity
opportunity cost
promotional strategy
20. Roles of shareholders - directors - and other managers in corporate decision making and accountability
personal sales approach
market segmentation
decision-making role
Corporate Governance
21. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
consumer market
Publicly Held (or Public) Corporation
Leadership Style
22. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Management
gross profit
Business (or Competitive) Strategy
Industrial Goods
23. Electronic media that invite participation by the general public
financial management
social media
ways to expand a product line
Decentralized Organization
24. Strategy in which two or more organizations collaborate on a project for mutual gain
distribution channels
revenues
place utility
Strategic Alliance
25. The act of transferring net revenue and expense account balances to retained earnings for the period
close the books
Franchise
Telemarketing
Policy
26. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
growth stage
operating expenses
direct marketing approach
premiums
27. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
Market economy
brand
Standard of living
Monopolistic competition
28. Act of obtaining a desired object or services from another party by offering something of value in return
exchange process
risks of product-line extensions
brand extension
price based pricing
29. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
Industrial Goods
budget
current liabilities
quality control circles
30. Brands owned by the manufacturers and distributed nationally
national brands
long-term liabilities
word of mouth
Maslow's hierarchy of needs
31. Corporation whose stock is widely held and available for sale to the general public
promotion
fiscal year
sales promotion approach
Publicly Held (or Public) Corporation
32. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
Affirmative Action
market
product mix
Operations (Production) Management
33. Systems for moving goods and services from producers to customers; also known as marketing channels
credit
distribution channels
commercialization
Nepotism
34. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
North American Free Trade Agreement (NAFTA)
return on equity ratio
Long-range or strategic planning
wants
35. Money paid to acquire something of permanent value in a business
capital investments
Capitalism
widgets
direct mail
36. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
marketing research
middle management
advertising approach
Deregulation
37. Something produced by the intellect or mind that has commercial value
Intellectual Property
widgets
Committee and Team Authority
Price Fixing
38. Top management team of a corporation
possession utility
Officers
theory y
Intellectual Property
39. Measures income earned on owners' investment - formula: Net income/total owners' equity
form utility
introductory stage
return on equity ratio
Business (or Competitive) Strategy
40. 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
Extractor
Acquisition
Regulatory (Administrative) Law
function of labels
41. One seller of a product - denies people competition and is against the law (They can typically raise prices)
public relations approach
Centralized Organization
Monopoly
Imperfect Competition
42. Body of decisions handed down by courts ruling on individual cases
public relations approach
Wheeler-Lea Act of 1938
Common Law
geographics
43. Managers and workers cooperating as a team
Policy
Democratic Leadership Style
Stockholder (or Shareholder)
vertical analysis
44. A sustained increase in the general level of prices
Inflation
pull strategy
telemarketing
equity financing
45. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
sales promotion approach
budget
brand mark
Prime Rate
46. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Ethics
Swot Analysis
Natural monopoly
Decentralized Organization
47. Product that is dissimilar from those of competitors but than can fulfill the same need
schematic of marketing process
Substitute Product
Limited Liability
stealth marketing
48. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
trade allowance
Prosperity
Unlimited Liability
promotion
49. Small software programs that provide part of the functionality of a website
liquidity ratios
widgets
responsibilities of a financial manager
utility
50. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
depreciation
General Partnership
product line
Processing