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Test your basic knowledge |
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. Results from the leader's ability to give or withhold rewards
Reward Influence
Labor Union
liabilities
Leadership Style
2. Sales promotion aimed at final consumers
consumer promotion
Deregulation
debt financing
Leadership Style
3. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Decentralized Organization
inside board members
current assets
customer loyalty
4. Amounts that are currently due to a company
accounts receivable
function of packaging
Business Ethics
current assets
5. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
functional strategies
Sarbanes-Oxley Act of 2002 (Sarbox)
promotion
Gross Domestic Product (GDP)
6. Customer value created by converting raw materials and other inputs into finished goods and services
Inflation
form utility
Franchise
marketable securities
7. Transferring work to another country
Organizational Chart
Strategic Management
Out-sourcing
place utility
8. 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
why companies learn about customers so they can stay in touch with their current needs and wants
marketing research
job rotation
9. Use a brand name on a variety of related products
family branding
Safety
5 C's
debit
10. Agreement to produce and market another company's product in exchange for a royalty or fee
point-of-purchase display
auction
Chain of Command
license
11. Offering a temporary reduction in price
Franchise
advertising approach
Statutory Law
discount pricing
12. Product - price - distribution - customer communication
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13. Charging a high price for a new product during the introductory stage and lowering the price later
skim pricing
primary factors of market segmentation
Long-range or strategic planning
net income
14. Law made by the authority of administrative agencies
stealth marketing
Regulatory (Administrative) Law
product
Extractor
15. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
social commerce
Copyright
Certificate of Incorporation
need
16. Claims against a firm's assets by creditors - such as banks and suppliers
marketable securities
Quality
assets equation
liabilities
17. A series of related products offered by a firm
product line
productivity - the success of the managers - and the morale of the other employees
introductory stage
fiscal year
18. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
brand
Monopoly
marketing strategy
Strategic Alliance
19. Selling or supporting the sales process over the telephone
place marketing
Divestiture
telemarketing
geographics
20. Management process of determining what an organization needs to do and how best to get it done
Planning
Leading
Substitute Product
word of mouth
21. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Whistle Blower
productivity - the success of the managers - and the morale of the other employees
Oligopoly
North American Free Trade Agreement (NAFTA)
22. Body of decisions handed down by courts ruling on individual cases
Common Law
Philosophy
permission-based marketing
Operations (Production) Management
23. The state of being certain that adverse effects will not be caused by some agent under defined conditions
news conference
Safety
Functional Strategy
laissez-faire Leadership style
24. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
Organizational Structure
Divestiture
database marketing
Price Fixing
25. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
working capital
pull strategy
Stockholder (or Shareholder)
corporate strategies
26. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
long-term liabilities
Import
product advertising
Short-range or operational planning
27. The amount of money charged for a product or service
Limited Liability Corporation (LLC)
price
Common Law
place marketing
28. Occurs when two companies form one corporation
merger
Collusion
Goal
contract
29. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
Strategy
auction pricing
telemarketing
Chief Executive Officer (CEO)
30. Bar codes on product packages that provide information read by optical scanners
product
Centralized Organization
Universal Product Codes
Exchange Rate
31. Ratio between net income after taxes and total owners' equity; also known as return on equity
product line
Real GDP
Delegation
return on investment
32. Power to make the decisions necessary to complete a task
owner's equity
break-even point
Authority
empowerment
33. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
debt ratios
demographics
private brands
Market
34. Selling one product at a loss as a way to entice customers to consider other products
Management Information System (MIS)
Philosophy
authority
loss-leader pricing
35. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
debt-to-equity ratio
Corporation
World Trade Organization (WTO)
Processing
36. A business firm that does things for you instead of making or makerting products
Export
Purchasing Power Party
Service Business
financial control
37. A business that grows products or takes raw material from nature
Sarbanes-Oxley Act of 2002 (Sarbox)
Extractor
current ratio
need
38. Ratios that measure a firm's reliance on debt financing of its operations
Patent
need
introductory stage
debt ratios
39. In a ____ authority originates at the top and moves downward in a line.
line organization
current ratio
liquidity ratios
Mixed Management
40. A prolonged and deep recession
horizontal analysis
Monopolistic Competition
Depression
Monopoly
41. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community
3 Economic Role
sales promotion
target markets
fringe benefit
42. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
Maslow's hierarchy of needs
Ethical Behavior
capital budgeting
limitations of marketing research
43. Industry in which one company can most efficiently supply all needed goods or services
Natural monopoly
owner's equity equation
Specialty Good/Specialty Service
social commerce
44. Online ads that are linked to search engine results or website content
general expenses
search advertising
statement of cash flows
dynamic pricing
45. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
public relations
Whistle Blower
advertising
Theory Z
46. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Outsourcing
return on sales
contingency plans
Quality
47. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
Organizing
methods of finance for an expanding business
S Corporation
behavioral segmentation
48. Process of converting government enterprises into privately owned companies
Privatization
Decision-Making Skills
communication mix
Organizational Chart
49. Unwelcome sexual advances in the workplace
private brands
Sexual Harassment
discount pricing
search advertising
50. A detailed series of related steps or tasks written to implement a policy is called a ____.
Officers
Procedure
brand equity
Ethics
Can you answer 50 questions in 15 minutes?
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