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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. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies
Officers
Small Business Administration (SBA)
cost of goods sold
Work Specialization
2. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
price
Contingent Worker
Universal Product Codes
grand strategies
3. This law guards against false advertising.
Recession
growth strategies
Business Ethics
Wheeler-Lea Act of 1938
4. Behavior exhibited by consumers as they consider - select - and purchase goods and services
penetration pricing
working capital
customer buying behavior
Globalization
5. Form of a corporation spanning national boundaries
premiums
quality control circles
Multinational (or Transnational) Corporation
fixed costs
6. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
limitations of marketing research
Recession
marketing strategy
why companies learn about customers so they can stay in touch with their current needs and wants
7. Process of dealing with employees who are represented by a union
Imperfect Competition
Labor Relations
psychographics
Whistle Blower
8. Small software programs that provide part of the functionality of a website
Joint Venture
widgets
Benefits
growth through direction state
9. A prolonged and deep recession
fiscal year
loss-leader pricing
Depression
geographics
10. Industry in which one company can most efficiently supply all needed goods or services
Tactical Management
organizational market
working capital
Natural monopoly
11. Intermediary who sells products to other businesses for resale to final consumers
Wholesaler
behavioral segmentation
market segmentation
Service Business
12. The willingness and ability of buyers to purchase a good or service
push strategy
debit
time utility
Demand
13. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
accounts receivable turnover ratio
Price Fixing
Crisis Management
Gross Domestic Product (GDP)
14. Ratios that measure a firm's reliance on debt financing of its operations
certain disabilities and illnesses
Real GDP
debt ratios
Short-Term Goal
15. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
Service Operations (Service Production)
customer service
customer loyalty
Herzberg's two-factor theory
16. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
place utility
Management
personal selling
depreciation
17. Corporation whose stock is held by only a few people and is not available for sale to the general public
direct mail
Closely Held (or Private) Corporation
Nepotism
Marketing
18. The collection and analysis of information for making marketing decisions
marketing research
Quality Control
family branding
responsibility
19. Difference of revenues - costs - and profit from the planned amounts.
Variance
Service Operations (Service Production)
debt-to-total-assets ratio
marketing research
20. Management process of guiding and motivating employees to meet an organization's objectives
Competition
fringe benefit
Benefits
Leading
21. The four key elements of marketing strategy: product - price - distribution - and promotion
marketing mix
Committee and Team Authority
Business Ethics
break-even analysis
22. Break-even point = fixed costs/ (selling price - variable costs per unit)
possession utility
revenues
break-even point equation
Corporate Bond
23. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product
Service Operations (Service Production)
Decentralized Organization
cost based pricing
Strategic Alliance
24. Assets - liabilities = owner's equity
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25. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
laissez-faire Leadership style
cause-related marketing
time utility
Functional Strategy
26. A leadership style where the manager is directive and controlling
Tactical Management
fixed costs
sales promotion
dynamic pricing
27. When organizations change raw materials into finished goods
form utility
Custom Manufacturing
stages of product development
demographics
28. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Crisis Management
Unethical Behavior
financial plan
Organizational Chart
29. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
reminder advertising
Standard of living
current assets
opportunity cost
30. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
expenses
Marketer
Short-range or operational planning
opportunity cost
31. Specification of the jobs to be done within an organization and the ways in which they relate to one another
empowerment
Organizational Structure
assets equation
Business (or Competitive) Strategy
32. Brands that have been given legal protection so that their owners have exclusive rights to their use
trademarks
sales promotion
Merger
return on sales
33. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
strategic marketing planning
Export
break-even point equation
push strategy
34. Occurs when widespread price increases occur throughout an economic system
Inflation
function of labels
Organizational Chart
psychographics
35. Manager responsible for supervising the work of employees
communication mix
Organizing
First-Line Manager
Hostile Work Environment
36. Product that is dissimilar from those of competitors but than can fulfill the same need
Board of Directors
Substitute Product
cause-related marketing
demographics
37. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
Quality
Prime Rate
Inflation
accounts payable
38. Small groups in the same work area that have scheduled meetings about problems and how to fix them
Goods Operations (Goods Production)
quality control circles
behavioral segmentation
Supply
39. Choosing one alternative from among several options
positive reinforcement
Decision Making
Venture Capital Company
skim pricing
40. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Controlling
Gross National Product (GNP)
general expenses
utility
41. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
Service Operations (Service Production)
Marketing
vertical analysis
Short-Term Goal
42. Process of scanning the business environment for threats and opportunities
permission marketing
marketing concept
categories of customer communication
Environmental Analysis
43. Occurs when two companies form one corporation
Supply
Autocratic Leadership style
merger
Benefits
44. Power of a good or services to satisfy a human need
premiums
Gross Domestic Product (GDP)
utility
price elasticity
45. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
customer buying behavior
Processing
Divestiture
budget
46. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
Unethical Behavior
promotion
Mixed Management
demographics
47. The creation and sharing of product-related information among customers and potential customers
social commerce
unity of command
current liabilities
Authority
48. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
debt-to-total-assets ratio
opportunity cost
function of labels
brand managers
49. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
decision-making role
horizontal analysis
quality control circles
return on sales
50. 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
media
Corporation
liabilities
Common Law