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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. Continually adjusting prices to reflect changes in supply and demand
Environmental Analysis
Flat Organizational Structure
dynamic pricing
horizontal analysis
2. The purchase of one company by another
certain disabilities and illnesses
Acquisition
stages in the life cycle of a product
working capital
3. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
accounts payable
responsibility
methods of finance for an expanding business
coupons
4. The company founder is no longer solely responsible for all decision making during the ____.
growth through direction state
auction
promotion
permission-based marketing
5. A firm's portion of the total sales in a market
debt financing
telemarketing
Prime Rate
market share
6. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
direct marketing approach
Chain of Command
Prosperity
Outcome-based ethics
7. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
Nepotism
online display advertising
types of utility
Corporate Bond
8. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
job rotation
Decentralized Organization
Tactical Management
Recession
9. The movement of an economy from one condition to another and back again
time utility
common pricing strategies
Business Cycle
Demand
10. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
market segmentation
promotional strategy
debt financing
Quality
11. Stocks - bonds - and other investments that can be turned into cash quickly
marketable securities
a continuous-flow operating system
Functional Strategy
advertising approach
12. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
Standard of Living
marketing concept
statement of cash flows
Inflation
13. Elimination of rules that restrict business activity
strategic marketing planning
trade promotions
Deregulation
place utility
14. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
Work Specialization
Short-Term Goal
sales promotion approach
decision-making role
15. Selling or supporting the sales process over the telephone
Processing
telemarketing
Real GDP
stages in the life cycle of a product
16. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met
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17. In a ____ authority originates at the top and moves downward in a line.
Price Fixing
function of packaging
line organization
Audit
18. Customer value added by making a product available at a convenient time
marketing concept
limitations of marketing research
Stockholder (or Shareholder)
time utility
19. Management process of monotoring an organization's performance to ensure that it is meeting its goals
social commerce
Controlling
Bankruptcy
retained earnings
20. Law made by the authority of administrative agencies
positive reinforcement
organizational market
Regulatory (Administrative) Law
wants
21. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
price based pricing
distribution channels
Laws
opportunity cost
22. Court-granted permission for a company to not pay some or all debts
Bankruptcy
loss-leader
activity ratios
Purchasing Power Party
23. Markets focus on increasing the product's market share
organization behavior modification
budget
marketing concept
growth stage
24. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Wheeler-Lea Act of 1938
Competition
Short-range or operational planning
Corporate Governance
25. The creation and sharing of product-related information among customers and potential customers
empowerment
credit
social commerce
Business Ethics
26. Something produced by the intellect or mind that has commercial value
Policy
Intellectual Property
accrual basis
First-Line Manager
27. A business that grows products or takes raw material from nature
Monopolistic competition
positive reinforcement
Extractor
accounts receivable
28. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
Quality Control
Monopolistic Competition
Extractor
Depression
29. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
brand names
Benefits
depreciation
advertising
30. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
Middle Manager
Leadership
reminder advertising
decline stage
31. 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
Bankruptcy
need
Functional Strategy
responsibilities of a financial manager
32. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
permission marketing
certain disabilities and illnesses
test marketing
how companies learn about customer
33. Law created by consistitution(s) or by federal - state - or local legislative acts
marketing
Statutory Law
Whistle Blower
personal sales approach
34. Positive reinforcement - negative reinforcement - punishment
theory x
quality control circles
organization behavior modification
General Partnership
35. Acquiring funds by selling shares of a company's stock
responsibilities of a financial manager
equity financing
corporate strategies
Ethical Behavior
36. Difference of revenues - costs - and profit from the planned amounts.
expenses
Quality
Variance
Long-range or strategic planning
37. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items
Work Specialization
ways to expand a product line
Procedure
Monopolistic competition
38. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
promotion
Purchasing Power Party
strategic marketing planning
brand managers
39. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
Unethical Behavior
Workplace Diversity
psychographics
brand mark
40. External statistical descriptors such as age - income - gender - and profession
social commerce
public relations
demographics
customer buying behavior
41. Specification of the jobs to be done within an organization and the ways in which they relate to one another
Organizational Structure
demographics
middle management
responsibility
42. Lots of leeway to workers to meet goals
laissez-faire Leadership style
Divestiture
time utility
functional strategies
43. Formal agreement to set prices. Sometimes illegal - but is typically secretive
Gross National Product (GNP)
Crisis Management
Organizational Stakeholders
Collusion
44. Costs created in the process of generating revenues
Identity Influence
expenses
Management
wants
45. Market or industry characterized by numerous small firms producing an identical product
Accountability
Workplace Diversity
Perfect competition
Market
46. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
Tactical Management
stages of product development
premiums
institutional advertising
47. Internal descriptors such as attitudes - interests - values - behaviors - and habits
psychographics
authority
permission-based marketing
Chain of Command
48. A period during which aggregate output - as measured by GDP - declines
Middle Manager
laissez-faire Leadership style
word of mouth
Recession
49. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
retained earnings
advertising
national brands
customer buying behavior
50. Any 12 consecutive months used as an accounting period
it produces the greatest amount of good for the greatest number
fiscal year
Gross National Product (GNP)
types of financial ratios