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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. Informal communication between customers and potential customers
Quid Pro Quo Harassment
market segmentation
specialty advertising
word of mouth
2. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
customer service
psychographics
double-entry bookkeeping
financial control
3. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
brand
public relations
Depression
Globalization
4. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
market segmentation
private brands
market share
geodemographics
5. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
database marketing
Business (or Competitive) Strategy
Safety
Organizing
6. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
quick ratio
3 Economic Role
need
Recovery
7. Provides protection for the product - makes products easier to display - and attracts attention
General Partnership
geographics
promotional strategy
function of packaging
8. Postsales reductions in price - must be applied for by the purchaser
inside board members
need
rebates
contract
9. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
productivity - the success of the managers - and the morale of the other employees
Position Influence
wants
gross profit
10. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Short-Term Goal
accounts receivable turnover ratio
Monopolistic Competition
Corporate Governance
11. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
fiscal year
Corporate Bond
maturity stage
Regulatory (Administrative) Law
12. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
SWOT analysis
Whistle Blower
working capital
fixed costs
13. Advertising designed to encourage customers to try new products or to switch brands
capital budgeting
exchange process
personal selling
persuasive advertising
14. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique
Capitalism
stealth marketing
strategic marketing planning
authority
15. Manager responsible for supervising the work of employees
customer buying behavior
bundling
point-of-purchase display
First-Line Manager
16. Stems from personal trust and respect members have for the leader
Identity Influence
market
Retrenchment
advertising
17. The four key elements of marketing strategy: product - price - distribution - and promotion
Limited Liability Corporation (LLC)
capital budgeting
marketing mix
promotion
18. Strategy in which two or more organizations collaborate on a project for mutual gain
vertical analysis
risks of product-line extensions
Strategic Alliance
financial management
19. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Strategy
grand strategies
SWOT analysis
marketing strategy
20. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
Environmental Analysis
limitations of marketing research
capital budgeting
social media approach
21. Process of scanning the business environment for threats and opportunities
market
current assets
brand mark
Environmental Analysis
22. The willingness and ability of buyers to purchase a good or service
loss-leader
Corporation
Demand
Decentralized Organization
23. Informal work groups can affect ____.
productivity - the success of the managers - and the morale of the other employees
ways to expand a product line
Limited Liability
market
24. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
Limited Liability Corporation (LLC)
Delegation
line organization
marketing concept
25. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
maturity stage
break-even point
target markets
Sarbanes-Oxley Act of 2002 (Sarbox)
26. 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
positioning
Corporation
marketing concept
Specialty Good/Specialty Service
27. A series of related products offered by a firm
Venture Capital Company
product line
wants
Mixed Management
28. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Quid Pro Quo Harassment
Planning
marketable securities
news release
29. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
advertising approach
Prosperity
commercialization
Privatization
30. Exchange of value between parties
Business Cycle
Limited Partnership
transaction
Industrial Goods
31. In a ____ authority originates at the top and moves downward in a line.
Market
Multinational (or Transnational) Corporation
line organization
accrual basis
32. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
Private enterprise
accounts receivable turnover ratio
Corporate Governance
Real GDP
33. Management process of determining what an organization needs to do and how best to get it done
Privatization
middle management
communication mix
Planning
34. All costs of operation that are not included under cost of goods sold
maturity stage
General (Active) Partner
operating expenses
Business (or Competitive) Strategy
35. Occurs when widespread price increases occur throughout an economic system
Inflation
Quality
growth through direction state
Gross National Product (GNP)
36. Positive reinforcement - negative reinforcement - punishment
Deregulation
horizontal analysis
organization behavior modification
permission-based marketing
37. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
dynamic pricing
personal sales approach
Unethical Behavior
a continuous-flow operating system
38. Small software programs that provide part of the functionality of a website
cognitive dissonance
bundling
customer buying behavior
widgets
39. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
Imperfect Competition
growth strategies
activity ratios
Affirmative Action
40. Payments other than wages or salaries - other benefits
fringe benefit
SWOT analysis
Small Business Administration (SBA)
functional strategies
41. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
price elasticity
ways to expand a product line
Outcome-based ethics
Functional Strategy
42. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
Long-range or strategic planning
fixed assets
Unethical Behavior
calendar year
43. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Real GDP
fixed costs
place marketing
Limited Liability Corporation (LLC)
44. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
management by objectives (MBO)
psychographics
social commerce
Patent
45. Promotional campaigns that send information only to those people who've specifically asked to receive it
Imperfect Competition
permission marketing
current liabilities
national brands
46. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
point-of-purchase display
Bankruptcy
cash basis
positioning
47. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Prime Rate
integrated marketing communications
Planning
cognitive dissonance
48. Selling or supporting the sales process over the telephone
telemarketing
direct marketing approach
common pricing strategies
point-of-purchase display
49. Partner who actively manages a firm and who has unlimited liability for its debts
cost based pricing
discount pricing
General (Active) Partner
Gross Domestic Product (GDP)
50. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
loss-leader
price elasticity
Policy
Strategic Alliance