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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. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
laissez-faire Leadership style
Chain of Command
Authority
Depression
2. Brand awareness - brand preference - brand insistence
Corporate Bond
levels of brand loyalty
long-term liabilities
cost of goods sold
3. A business firm that does things for you instead of making or makerting products
laissez-faire Leadership style
penetration pricing
Privatization
Service Business
4. Elimination of rules that restrict business activity
growth strategies
permission marketing
Deregulation
brand mark
5. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
advertising approach
negative reinforcement
return on sales
Manufacturer
6. The company founder is no longer solely responsible for all decision making during the ____.
Divestiture
Affirmative Action
growth through direction state
Business Plan
7. 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
Delegation
assume that all workers are content with their work
Management
permission-based marketing
8. Compensation other than wages and salaries
Benefits
Leadership
permission marketing
Out-sourcing
9. Positive reinforcement - negative reinforcement - punishment
operating expenses
methods of finance for an expanding business
organization behavior modification
how companies learn about customer
10. 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.
management by objectives (MBO)
Controlling
North American Free Trade Agreement (NAFTA)
Span of Control
11. Process for evaluating proposed investments in select projects that provide the best long-term financial return
form utility
capital budgeting
Inflation
retained earnings
12. Break-even point = fixed costs/ (selling price - variable costs per unit)
break-even point equation
balance sheet
persuasive advertising
Mass Production
13. Larger visual and multimedia ads that appear on websites
general expenses
need
Monopolistic competition
online display advertising
14. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
SWOT analysis
Sole Proprietership
Swot Analysis
depreciation
15. Cost of producing or acquiring a company's products for sale during a given period
Inflation
quality control circles
factors that influence pricing decisions
cost of goods sold
16. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets
consumer market
Board of Directors
public relations approach
organization behavior modification
17. Economic system that allows individuals to pursue their own interests without undue governmental restriction
Private enterprise
management by objectives (MBO)
fringe benefit
Wheeler-Lea Act of 1938
18. Occurs when widespread price increases occur throughout an economic system
Tactical Management
Inflation
Chain of Command
opportunity cost
19. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
close the books
Business Plan
growth strategies
penetration pricing
20. Market or industry characterized by numerous small firms producing an identical product
promotion
Labor Productivity
Perfect competition
permission marketing
21. The amount of money charged for a product or service
benchmarking
price
generic products
Operations (Production) Management
22. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
function of packaging
Leadership
Pure Competition
Merger
23. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
Strategic Management
Depression
license
stages of product development
24. All costs of operation that are not included under cost of goods sold
operating expenses
Capitalism
variable costs
auction
25. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions
Autocratic Leadership style
Labor Union
growth through direction state
Corporate Strategy
26. Skills in defining problems and selecting the best courses of action
Top Manager
Decision-Making Skills
Physical Distribution
Joint Venture
27. Corporation whose stock is widely held and available for sale to the general public
Multinational (or Transnational) Corporation
Long-range or strategic planning
selling expenses
Publicly Held (or Public) Corporation
28. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
Management Information System (MIS)
working capital
schematic of marketing process
debit
29. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
forecasting
Limited Partnership
a continuous-flow operating system
statement of cash flows
30. This law guards against false advertising.
Convenience Good/Convenience Service
a continuous-flow operating system
Wheeler-Lea Act of 1938
personal sales approach
31. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
Mixed Management
Manufacturer
Whistle Blower
Marketing
32. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
Limited Liability
Leadership
Gross National Product (GNP)
Industrial Goods
33. Advertising sent directly to potential customers - usually through the mail
Organization Chart
Information Technology (IT)
inventory turnover ratio
direct mail
34. profitability - liquidity - activities - and leverage/debt
assets
customer loyalty
types of financial ratios
transaction
35. Free or bargain-priced items offered to encourage customers to buy a product
Limited Liability Corporation (LLC)
Variance
premiums
steps in the strategic marketing planning process
36. Study of statistical characteristics of a population
Goods Operations (Goods Production)
demographics
public relations approach
cost of goods sold equation
37. Electronic media that invite participation by the general public
social media
Top Manager
relationship marketing
liquidity ratios
38. 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
Capitalism
Small Business Administration (SBA)
Import
market segmentation
39. Categorization of customers according to their relationship with products or response to product characteristics
fringe benefit
behavioral segmentation
owner's equity equation
Functional Strategy
40. Large-scale production and distribution of a product
place utility
commercialization
promotional strategy
Deregulation
41. This level of management includes department heads and district sales managers.
Ethics
middle management
limitations of marketing research
dynamic pricing
42. Identification and marketing of a social issues - cause - or idea to selected target markets
premiums
cause-related marketing
introductory stage
Autocratic Leadership style
43. Product development stage in which a product is sold on a limited basis - a trial introduction
test marketing
transaction
risks of product-line extensions
debt-to-total-assets ratio
44. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
Stockholder (or Shareholder)
Oligopoly
online display advertising
inventory turnover ratio
45. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
personal sales approach
inside board members
social media approach
General Partnership
46. Something produced by the intellect or mind that has commercial value
Authority
Intellectual Property
capital investments
owner's equity
47. Lots of leeway to workers to meet goals
decline stage
Long-Term Goal
function of labels
laissez-faire Leadership style
48. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
decision-making role
brand managers
Board of Directors
function of packaging
49. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
Recession
marketing research
Export
trade allowance
50. Obligation employees have to their manager for the successful completion of an assigned task
brand managers
Monopoly
Accountability
Corporate Governance