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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. Claims against a firm's assets by creditors - such as banks and suppliers
liabilities
elements of a company's marketing mix
Information Technology (IT)
place utility
2. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris
responsibilities of a financial manager
financial control
institutional advertising
Democratic Leadership Style
3. Product made or grown domestically but sold abroad
liquidity ratios
marketing
Export
mission statement
4. A leadership style where managers are less directive and involved employees in decision making
Strategic Management
Publicly Held (or Public) Corporation
push strategy
Contingent Worker
5. Changes the form of material so they can be consumed or used to manufacture other products
Processing
media
operating expenses
Inflation
6. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
private brands
Information Technology (IT)
Limited Partner
SWOT analysis
7. Creating a flatter organization structure normally cutting out middle management
Service Operations (Service Production)
time utility
downsizing
SWOT analysis
8. People are lazy
Prime Rate
Affirmative Action
theory x
Imperfect Competition
9. When a task is too time consuming for a manager to handle alone - he or she may ____.
demographics
Wholesaler
Regulatory (Administrative) Law
delegate the task
10. Assets = liabilities + owner's equity
discount pricing
accounting equation
job rotation
Service Business
11. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
geographics
Prime Rate
activity ratios
marketing research
12. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
form utility
Venture Capital Company
elements of a company's marketing mix
double-entry bookkeeping
13. Customer value created by converting raw materials and other inputs into finished goods and services
Position Influence
Statutory Law
form utility
Outcome-based ethics
14. Applying a successful brand name to a new product category
Matrix Structures
Insider Trading
brand extension
Identity Influence
15. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Standard of living
Extension
national brands
price elasticity
16. Ethical or unethical behaviors by employees in the context of their jobs
debt-to-total-assets ratio
Gross Domestic Product (GDP)
Organizational Chart
Business Ethics
17. A business that is involvec with moving goods from producers to consumers
Marketer
debt-to-total-assets ratio
mission statement
Business Cycle
18. Advertising intended to remind existing customers of a product's availability and benefits
variable costs
reminder advertising
5 C's
Contingent Worker
19. Court-granted permission for a company to not pay some or all debts
social media
activity ratios
Span of Control
Bankruptcy
20. Free or bargain-priced items offered to encourage customers to buy a product
skim pricing
Philosophy
stealth marketing
premiums
21. Being accountable or being able to justify an action
decline stage
Common Law
responsibility
debt ratios
22. Promotional campaigns that send information only to those people who've specifically asked to receive it
SWOT analysis
Business (or Competitive) Strategy
Standard of Living
permission marketing
23. An increase in liabilities
brand managers
unity of command
marketing strategy
debit
24. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
penetration pricing
Corporate Bond
Acquisition
Market
25. The value that a company has built up in a brand
Retrenchment
customer loyalty
brand equity
theory x
26. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
private brands
promotion
Patent
Long-range or strategic planning
27. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Crisis Management
revenues
Information Technology (IT)
Safety
28. The four key elements of marketing strategy: product - price - distribution - and promotion
transaction
marketing mix
media
commercialization
29. Discount offered by producers to wholesalers and retailers
product mix
Top Manager
trade allowance
Organizational Stakeholders
30. Current assets minus current liabilities
Short-range or operational planning
Gross Domestic Product (GDP)
commercialization
working capital
31. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
benchmarking
fiscal year
Chain of Command
decision-making role
32. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
price
current assets
Labor Productivity
Management Information System (MIS)
33. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
Sarbanes-Oxley Act of 2002 (Sarbox)
liabilities
Certificate of Incorporation
Supply
34. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.
Span of Control
dynamic pricing
Depression
reminder advertising
35. Industry in which one company can most efficiently supply all needed goods or services
profitability ratios
Purchasing Power Party
Natural monopoly
ways to expand a product line
36. Unwelcome sexual advances in the workplace
Marketing
Organizational Chart
Reward Influence
Sexual Harassment
37. Codified rules of behavior enforced by society
direct marketing approach
Market economy
Short-range or operational planning
Laws
38. 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
push strategy
Decision-Making Skills
retained earnings
accounts receivable turnover ratio
39. Cost of producing or acquiring a company's products for sale during a given period
stages in the life cycle of a product
cost of goods sold
Organizational Stakeholders
Labor Productivity
40. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Custom Manufacturing
word of mouth
Functional Strategy
Short-range or operational planning
41. Use a brand name on a variety of related products
stages in the life cycle of a product
family branding
unity of command
Identity Influence
42. Communications channels - such as newspapers - radio - and television
Limited Liability
media
gross profit
grand strategies
43. Motivator and hygiene factors need to be met to prevent dissatisfaction
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44. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
marketing concept
Monopolistic Competition
General Partnership
Audit
45. Lots of leeway to workers to meet goals
laissez-faire Leadership style
maturity stage
debit
fixed costs
46. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
marketing mix
sales promotion approach
break-even point equation
Policy
47. Charging a high price for a new product during the introductory stage and lowering the price later
Sexual Harassment
Mission Statement
Long-range or strategic planning
skim pricing
48. Elimination of rules that restrict business activity
trade allowance
Deregulation
types of financial ratios
Extractor
49. Owner of shares of stock in a corporation
test marketing
Publicly Held (or Public) Corporation
Stockholder (or Shareholder)
Business Ethics
50. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
market share
steps in the strategic marketing planning process
Merger
permission-based marketing