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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. Vying among businesses for the same resources or customers
news release
Competition
financial plan
empowerment
2. A sustained increase in the general level of prices
family branding
Strategy
Inflation
co-branding
3. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
negative reinforcement
customer loyalty
Accountability
private brands
4. Act of obtaining a desired object or services from another party by offering something of value in return
time utility
exchange process
public relations approach
Outcome-based ethics
5. The movement of an economy from one condition to another and back again
Monopolistic Competition
product advertising
Inflation
Business Cycle
6. Large-scale production and distribution of a product
psychographics
Top Manager
telemarketing
commercialization
7. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)
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8. Top management team of a corporation
decline stage
Multinational (or Transnational) Corporation
Purchasing Power Party
Officers
9. Acquiring funds through borrowing
debt financing
Acquisition
merger
integrated marketing communications
10. Power to make the decisions necessary to complete a task
credit
ways to expand a product line
Authority
break-even point
11. 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.
news conference
line organization
Outcome-based ethics
marketable securities
12. Cash and items that can be turned into cash within one year
current assets
Top Manager
Retailer
skim pricing
13. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
Corporate Bond
working capital
break-even point
Top Manager
14. The way a manager teats and directs employees
organizational market
Closely Held (or Private) Corporation
Leadership Style
Quality Control
15. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
rebates
decision-making role
Monopolistic competition
Controlling
16. Systems for moving goods and services from producers to customers; also known as marketing channels
distribution channels
time utility
Sole Proprietership
Whistle Blower
17. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
grand strategies
break-even point
Matrix Structures
auction
18. Ratios that measure a firm's reliance on debt financing of its operations
Real GDP
brand mark
debt ratios
accrual basis
19. Process through which a manager allocates work to subordinates
auction pricing
Collusion
Delegation
Sole Proprietership
20. Internal descriptors such as attitudes - interests - values - behaviors - and habits
psychographics
ways to expand a product line
break-even analysis
accounts receivable
21. Advertising intended to remind existing customers of a product's availability and benefits
reminder advertising
Purchasing Power Party
Organizational Structure
Goals
22. Personal communication between a seller and one or more potential buyers
Strategy
personal selling
Tall Organizational Structure
dynamic pricing
23. Planned economic system in which the government owns and operates only selected major sources of production
owner's equity equation
operating expenses
Socialism
Theory Z
24. Specific customer groups or segments to whom a company wants to sell a particular product
accounts receivable
discount pricing
target markets
Universal Product Codes
25. External statistical descriptors such as age - income - gender - and profession
customer buying behavior
Officers
demographics
Business Plan
26. Agreement to produce and market another company's product in exchange for a royalty or fee
customer buying behavior
Business Plan
Supply Chain (Value Chain)
license
27. The creation and sharing of product-related information among customers and potential customers
Imperfect Competition
advertising approach
social commerce
empowerment
28. Introducing a new product at a low price in hopes of building sales volume quickly
Wheeler-Lea Act of 1938
Services
penetration pricing
premiums
29. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
profitability ratios
sales promotion approach
Organizational Stakeholders
Strategy
30. Customer value created by converting raw materials and other inputs into finished goods and services
Whistle Blower
form utility
marketing strategy
Identity Influence
31. Elimination of rules that restrict business activity
Autocratic Leadership style
General (Active) Partner
Deregulation
skim pricing
32. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
break-even analysis
organizational market
Human Resource Management (HRM)
Gross Domestic Product (GDP)
33. Somethings needed by a community and provided by its government
Public Goods
downsizing
private brands
Stockholder (or Shareholder)
34. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
Private enterprise
organizational market
promotion
decline stage
35. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
assume that all workers are content with their work
penetration pricing
Outsourcing
Private enterprise
36. Product made or grown domestically but sold abroad
place utility
Export
cost of goods sold equation
organization behavior modification
37. Something produced by the intellect or mind that has commercial value
Substitute Product
Intellectual Property
Crisis Management
brand extension
38. Location
Officers
Organizational Structure
geographics
a continuous-flow operating system
39. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
social commerce
accounting equation
Depression
Operations (Production) Management
40. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Swot Analysis
close the books
transaction
Convenience Good/Convenience Service
41. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment
cash basis
Competition
Limited Partner
Limited Liability
42. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large
responsibilities of a financial manager
Marketing
function of packaging
Retailer
43. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
budget
Chain of Command
positioning
3 Economic Role
44. The purchase of one company by another
Stockholder (or Shareholder)
customer buying behavior
family branding
Acquisition
45. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Gross Domestic Product (GDP)
Labor Relations
line organization
Position Influence
46. The way you live as measure by the kinds and quality of goods and services you can afford
Controlling
Standard of Living
ways to expand a product line
Perfect competition
47. Building a specific and unique product to meet the needs of one consumer
Custom Manufacturing
owner's equity equation
advertising
persuasive advertising
48. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
pull strategy
product mix
equity financing
net income
49. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
exchange process
Corporate Strategy
fiscal year
owner's equity equation
50. Assets = liabilities + owner's equity
Prosperity
Marketing
Universal Product Codes
accounting equation