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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. Introductory stage - growth stage - maturity stage - decline stage
marketing research
stages in the life cycle of a product
forecasting
Standard of Living
2. Confusion results if a person reports to two people at once - according to ____.
unity of command
Venture Capital Company
Outcome-based ethics
Custom Manufacturing
3. Ratios that measure the effectiveness of the firm's use of its resources
empowerment
activity ratios
possession utility
price
4. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
Delegation
grand strategies
Corporate Strategy
North American Free Trade Agreement (NAFTA)
5. Law created by consistitution(s) or by federal - state - or local legislative acts
Statutory Law
Consumer Goods
penetration pricing
accounts payable
6. Mechanism for exchange between buyers and sellers of a particular good or service
activity ratios
empowerment
persuasive advertising
Market
7. Court-granted permission for a company to not pay some or all debts
target markets
Specialty Good/Specialty Service
Bankruptcy
Delegation
8. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
social commerce
promotional strategy
double-entry bookkeeping
Price Fixing
9. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
inventory turnover ratio
Organizational Structure
trade promotions
break-even point equation
10. Offering a temporary reduction in price
Socialism
Publicly Held (or Public) Corporation
bundling
discount pricing
11. Informal work groups can affect ____.
productivity - the success of the managers - and the morale of the other employees
function of labels
S Corporation
Processing
12. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
widgets
positive reinforcement
Prime Rate
public relations approach
13. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
cause-related marketing
Outcome-based ethics
Globalization
Joint Venture
14. Provides protection for the product - makes products easier to display - and attracts attention
Mission Statement
Consumer Goods
function of packaging
Franchise
15. 12 month accounting period that begins on January 1 and ends on December 31
Environmental Analysis
marketing
Ethical Behavior
calendar year
16. 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
objectives
cost of goods sold equation
Patent
Policy
17. Process of converting government enterprises into privately owned companies
Privatization
Venture Capital Company
Manufacturer
fixed assets
18. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Strategic Alliance
Copyright
Consumer Goods
premiums
19. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Recovery
Multinational (or Transnational) Corporation
Services
Capitalism
20. Goal set for the very near future
brand extension
Universal Product Codes
Short-Term Goal
Decision-Making Skills
21. Brands that have been given legal protection so that their owners have exclusive rights to their use
integrated marketing communications
trademarks
rebates
Retailer
22. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
marketing
personal sales approach
benchmarking
Market economy
23. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
Retrenchment
management by objectives (MBO)
Audit
Natural monopoly
24. Industry in which one company can most efficiently supply all needed goods or services
product
Natural monopoly
communication mix
Information Technology (IT)
25. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
maturity stage
Affirmative Action
organization behavior modification
Consumer Goods
26. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Joint Venture
Custom Manufacturing
Unemployment
Safety
27. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
Inflation
Goods Operations (Goods Production)
media
marketing research
28. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
Three reasons nations trade
Service Operations (Service Production)
Flat Organizational Structure
marketing
29. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization
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30. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
operating expenses
Export
current liabilities
factors that influence pricing decisions
31. Vying among businesses for the same resources or customers
place marketing
direct marketing approach
Competition
Three reasons nations trade
32. Partner who actively manages a firm and who has unlimited liability for its debts
discount pricing
General (Active) Partner
Business (or Competitive) Strategy
accounts receivable turnover ratio
33. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Accountability
Outsourcing
responsibilities of a financial manager
assets
34. Business costs that remain constant regardless of the number of units produced
elements of a company's marketing mix
fixed costs
categories of customer communication
Regulatory (Administrative) Law
35. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
quick ratio
Supply
Privatization
Theory Z
36. Systems for moving goods and services from producers to customers; also known as marketing channels
loss-leader
distribution channels
price based pricing
customer buying behavior
37. Alternative plans to be implemented if uncontrollable event occur
Goal
contingency plans
brand loyalty
Planning
38. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
Prosperity
Quid Pro Quo Harassment
institutional advertising
online display advertising
39. A Theory Y manager is most likely to ____.
Short-range or operational planning
cost of goods sold equation
social commerce
assume that all workers are content with their work
40. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
activity ratios
Corporation
penetration pricing
Export
41. Electronic media that invite participation by the general public
social media
Tall Organizational Structure
Specialty Good/Specialty Service
Contingent Worker
42. Media: news release; audience: broad - intensity: passive - active; purpose: inform
public relations approach
Short-Term Goal
time utility
Certificate of Incorporation
43. Marketers focus on stimulating demand for the new product
introductory stage
bundling
Strategic Alliance
opportunity cost
44. Product made or grown domestically but sold abroad
Retailer
market
Export
exchange process
45. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
debt-to-total-assets ratio
social commerce
accrual basis
Organizing
46. People are lazy
Extractor
theory x
Service Operations (Service Production)
Marketing
47. Formal agreement to set prices. Sometimes illegal - but is typically secretive
Extension
Copyright
Information Technology (IT)
Collusion
48. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
trademarks
consumer promotion
decision-making role
limitations of marketing research
49. Process of dealing with employees who are represented by a union
marketing mix
Labor Relations
place utility
direct mail
50. Top manager who is responsible for the overall performance of a corporation
Chief Executive Officer (CEO)
communication mix
Affirmative Action
Decision-Making Skills