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Business Fundamentals
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Discount offered by producers to wholesalers and retailers
authority
Corporation
trade allowance
wants
2. Charging a high price for a new product during the introductory stage and lowering the price later
Wholesaler
Crisis Management
skim pricing
place marketing
3. A business that grows products or takes raw material from nature
grand strategies
Gross National Product (GNP)
Export
Extractor
4. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
line organization
Mission Statement
accounts receivable
debt financing
5. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
test marketing
limitations of marketing research
Prime Rate
direct mail
6. Identification and marketing of a social issues - cause - or idea to selected target markets
First-Line Manager
cause-related marketing
place utility
theory y
7. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
Tactical Management
General Partnership
Benefits
Variance
8. The action of ensuring that operations produce products that meet specific quality standards
brand extension
liabilities
Tall Organizational Structure
Quality Control
9. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Copyright
news conference
5 C's
Limited Partnership
10. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
retained earnings
Herzberg's two-factor theory
marketing research
Planning
11. Goal set for the very near future
social media approach
Short-Term Goal
time utility
current ratio
12. Advertising designed to encourage customers to try new products or to switch brands
Imperfect Competition
dynamic pricing
persuasive advertising
Policy
13. The way a manager teats and directs employees
Standard of living
Leadership Style
Restructuring
calendar year
14. Elimination of rules that restrict business activity
push strategy
Extractor
Deregulation
advertising approach
15. 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
downsizing
institutional advertising
Policy
16. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
Market
break-even point
Recession
General Partnership
17. Reporting relationships within a company
Chain of Command
brand
Recovery
reminder advertising
18. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
marketing concept
job rotation
time utility
Organizational Chart
19. A large number of identical products are assembled using a continuous - efficient procedure
cost of goods sold equation
Mass Production
Organizing
delegate the task
20. Body of decisions handed down by courts ruling on individual cases
Common Law
Controlling
Sarbanes-Oxley Act of 2002 (Sarbox)
marketing
21. Manager responsible for implementing the strategies and working toward the goals set by top managers
Perfect competition
Limited Partnership
Middle Manager
Corporate Governance
22. Free or bargain-priced items offered to encourage customers to buy a product
negative reinforcement
premiums
institutional advertising
Custom Manufacturing
23. A forecast of financial requirements and the financing sources to be used
line organization
financial control
exchange process
financial plan
24. Managers who develop and implement a complete strategy and marketing program for specific products or brands
grand strategies
assume that all workers are content with their work
brand managers
Service Operations (Service Production)
25. Business costs that remain constant regardless of the number of units produced
vertical analysis
fixed costs
news release
specialty advertising
26. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
public relations approach
inside board members
cost of goods sold equation
long-term liabilities
27. Mechanism for exchange between buyers and sellers of a particular good or service
Marketer
Market
Quid Pro Quo Harassment
Strategic Management
28. Costs created in the process of generating revenues
expenses
brand managers
price elasticity
Deregulation
29. Results from the leader's ability to give or withhold rewards
Reward Influence
Long-Term Goal
Standard of Living
Regulatory (Administrative) Law
30. Location
break-even point equation
cognitive dissonance
geographics
Philosophy
31. This level of management includes department heads and district sales managers.
family branding
middle management
General Partnership
debt-to-total-assets ratio
32. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Human Resource Management (HRM)
close the books
Corporate Strategy
Processing
33. Difference of revenues - costs - and profit from the planned amounts.
Variance
reminder advertising
fiscal year
Price Fixing
34. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Unethical Behavior
risks of product-line extensions
Philosophy
Certificate of Incorporation
35. Skills in defining problems and selecting the best courses of action
bundling
Decision-Making Skills
Human Resource Management (HRM)
marketing mix
36. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
Capitalism
schematic of marketing process
loss-leader pricing
credit
37. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
integrated marketing communications
Swot Analysis
Wheeler-Lea Act of 1938
Depression
38. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Organizing
Autocratic Leadership style
corporate strategies
Corporate Bond
39. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
Deregulation
Limited Liability
Labor Relations
promotional strategy
40. Any 12 consecutive months used as an accounting period
fiscal year
middle management
place utility
brand extension
41. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
current ratio
quick ratio
responsibility
Insider Trading
42. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit
strategic marketing planning
relationship marketing
Divestiture
Exchange Rate
43. Specific customer groups or segments to whom a company wants to sell a particular product
target markets
exchange process
form utility
customer buying behavior
44. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
contingency plans
psychographics
stealth marketing
permission-based marketing
45. Organization for economic - social - and security cooperation among European nations
Supply Chain (Value Chain)
European Union (EU)
Audit
premiums
46. Process for evaluating proposed investments in select projects that provide the best long-term financial return
Leading
capital budgeting
Custom Manufacturing
online display advertising
47. Payments other than wages or salaries - other benefits
Decision Making
fringe benefit
financial plan
accounts receivable turnover ratio
48. Physical products purchased by companies to produce other products
Industrial Goods
Monopolistic Competition
factors that influence pricing decisions
co-branding
49. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accrual basis
World Trade Organization (WTO)
price based pricing
responsibilities of a financial manager
50. Good or service used as the basis of commerce
calendar year
behavioral segmentation
product
mission statement
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