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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. Pricing selling one product at a loss as a way to entice customers to consider other products
product line
Position Influence
trade allowance
loss-leader
2. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis
commercialization
Goals
Privatization
Theory Z
3. All the operating expenses associated with marketing goods or services
double-entry bookkeeping
communication mix
Reward Influence
selling expenses
4. Partner who actively manages a firm and who has unlimited liability for its debts
Goal
General (Active) Partner
assume that all workers are content with their work
place marketing
5. Stems from personal trust and respect members have for the leader
Identity Influence
consumer promotion
fringe benefit
license
6. Costs created in the process of generating revenues
World Trade Organization (WTO)
family branding
Chain of Command
expenses
7. Corporation whose stock is widely held and available for sale to the general public
Corporation
Retailer
Publicly Held (or Public) Corporation
how companies learn about customer
8. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Democratic Leadership Style
sales promotion approach
Human Resource Management (HRM)
brand managers
9. Advertising sent directly to potential customers - usually through the mail
product mix
direct mail
Unethical Behavior
Variance
10. A sustained increase in the general level of prices
Privatization
Price Fixing
Inflation
close the books
11. Product that is dissimilar from those of competitors but than can fulfill the same need
a continuous-flow operating system
First-Line Manager
Sarbanes-Oxley Act of 2002 (Sarbox)
Substitute Product
12. Product development stage in which a product is sold on a limited basis - a trial introduction
time utility
database marketing
theory y
test marketing
13. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
Organization Chart
operating expenses
accrual basis
opportunity cost
14. A business firm that does things for you instead of making or makerting products
Goods Operations (Goods Production)
Service Business
Service Operations (Service Production)
word of mouth
15. The process of comparing an organization's products or services and processes with those of another companies
theory x
benchmarking
Private enterprise
product line
16. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Benefits
Restructuring
Natural monopoly
Recession
17. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Swot Analysis
Leadership Style
Small Business Administration (SBA)
news conference
18. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Acquisition
psychographics
Controlling
Chain of Command
19. Claims against a firm's assets by creditors - such as banks and suppliers
methods of finance for an expanding business
Quality
liabilities
Wheeler-Lea Act of 1938
20. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
Goals
forecasting
license
21. 12 month accounting period that begins on January 1 and ends on December 31
calendar year
Top Manager
permission-based marketing
place utility
22. Individuals or households that buy goods and services for personal use
consumer market
direct marketing
sales promotion
possession utility
23. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
Theory Z
Ethical Behavior
gross profit
word of mouth
24. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Management Information System (MIS)
Imperfect Competition
Capitalism
Safety
25. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
advertising approach
cost based pricing
Custom Manufacturing
mission statement
26. People are internally motivated
equity financing
Pure Competition
Copyright
theory y
27. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
objectives
Leadership
Organizational Structure
product line
28. Owner of shares of stock in a corporation
Stockholder (or Shareholder)
Extension
promotional strategy
public relations approach
29. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
net income
dynamic pricing
ratio analysis
institutional advertising
30. Categorization of customers according to their geographical location
geographic segmentation
break-even analysis
Merger
promotional strategy
31. Manager responsible for implementing the strategies and working toward the goals set by top managers
persuasive advertising
Business Cycle
quick ratio
Middle Manager
32. Law created by consistitution(s) or by federal - state - or local legislative acts
wants
product line
Statutory Law
capital budgeting
33. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
direct marketing approach
debt-to-total-assets ratio
Prime Rate
Common Law
34. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
pull strategy
delegate the task
Small Business Administration (SBA)
private brands
35. Certificates that offer discounts on particular items and are redeemed at the time of purchase
transaction
accounts receivable turnover ratio
coupons
Real GDP
36. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth
World Trade Organization (WTO)
Hostile Work Environment
Joint Venture
growth strategies
37. Money paid to acquire something of permanent value in a business
bundling
Market
Committee and Team Authority
capital investments
38. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
assets
Functional Strategy
theory x
theory y
39. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
Globalization
market share
price elasticity
management by objectives (MBO)
40. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
cause-related marketing
cash basis
SWOT analysis
assume that all workers are content with their work
41. A firm's portion of the total sales in a market
break-even analysis
market share
quality control circles
Autocratic Leadership style
42. Systems for moving goods and services from producers to customers; also known as marketing channels
distribution channels
authority
Monopoly
Business Ethics
43. Identification and marketing of a social issues - cause - or idea to selected target markets
statement of cash flows
Oligopoly
Long-Term Goal
cause-related marketing
44. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
Service Business
form utility
Labor Union
Corporate Strategy
45. Results from the leader's ability to give or withhold rewards
Standard of Living
contingency plans
Decentralized Organization
Reward Influence
46. All costs of operation that are not included under cost of goods sold
operating expenses
market segmentation
inside board members
Services
47. Characteristic of decentralized companies with relatively few layers of management
Globalization
Flat Organizational Structure
Nepotism
Labor Relations
48. Diagram depicting a company's structure and showing employees where they fit into its operations
double-entry bookkeeping
Gross National Product (GNP)
Organization Chart
Functional Strategy
49. Postsales reductions in price - must be applied for by the purchaser
Convenience Good/Convenience Service
co-branding
stealth marketing
rebates
50. The creation and sharing of product-related information among customers and potential customers
Operations (Production) Management
earnings per share
social commerce
Leadership Style