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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. Where products are conveniently placed for customers
place utility
Delegation
Long-range or strategic planning
contract
2. A firm's portion of the total sales in a market
line organization
Quality
market share
Procedure
3. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Planning
Management
Small Business Administration (SBA)
Audit
4. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
Whistle Blower
Labor Productivity
auction pricing
Substitute Product
5. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
Copyright
calendar year
widgets
depreciation
6. Being accountable or being able to justify an action
responsibility
marketable securities
trade allowance
fixed assets
7. Rewarded for good performance; something the employee likes is praised
earnings per share
trade allowance
positive reinforcement
variable costs
8. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
marketing strategy
social commerce
horizontal analysis
Extractor
9. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
Inflation
theory y
accrual basis
Common Law
10. Brand awareness - brand preference - brand insistence
levels of brand loyalty
Expert Influence
capital budgeting
Limited Liability
11. A leadership style where the manager is directive and controlling
Insider Trading
Tactical Management
5 C's
accounts payable
12. 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
Gross National Product (GNP)
Specialty Good/Specialty Service
need
empowerment
13. Owner of shares of stock in a corporation
Insider Trading
Retrenchment
return on sales
Stockholder (or Shareholder)
14. 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)
Substitute Product
Goods Operations (Goods Production)
Labor Union
15. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
categories of customer communication
Goal
Theory Z
Regulatory (Administrative) Law
16. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
liquidity ratios
Imperfect Competition
Perfect competition
Corporate Bond
17. Claims against a firm's assets by creditors - such as banks and suppliers
owner's equity equation
Top Manager
Collusion
liabilities
18. Type of partnership consisting of limited partners and a general (or active) partner
Limited Partnership
Herzberg's two-factor theory
Supply Chain (Value Chain)
Statutory Law
19. Economic system that allows individuals to pursue their own interests without undue governmental restriction
behavioral segmentation
Private enterprise
price
Real GDP
20. The purchase of one company by another
persuasive advertising
Acquisition
Import
decision-making role
21. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
product
Supply Chain (Value Chain)
gross profit
Authority
22. Bar codes on product packages that provide information read by optical scanners
Universal Product Codes
Divestiture
laissez-faire Leadership style
cognitive dissonance
23. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
maturity stage
Manufacturer
liabilities
marketable securities
24. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
dynamic pricing
target markets
double-entry bookkeeping
product
25. Authority granted to committees or teams involved in a firm's daily operations
Monopoly
Committee and Team Authority
geodemographics
Unemployment
26. Making a product available at a convenient time
target markets
Flat Organizational Structure
Monopoly
time utility
27. Statement of a firm's financial position on a particular date; also known as a statement of financial position
Functional Strategy
balance sheet
accrual basis
auction pricing
28. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
Export
Top Manager
statement of cash flows
push strategy
29. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community
Labor Relations
current liabilities
Patent
3 Economic Role
30. Changes the form of material so they can be consumed or used to manufacture other products
Standard of living
Contingent Worker
Processing
media
31. Arises when group members recognize that the leader has special expertise in the area
Custom Manufacturing
middle management
Expert Influence
accounting equation
32. 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.
schematic of marketing process
organizational market
current liabilities
Outcome-based ethics
33. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
news conference
Imperfect Competition
Recovery
price based pricing
34. Categorization of customers according to their geographical location
form utility
geographic segmentation
product life cycle
pull strategy
35. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Copyright
working capital
why companies learn about customers so they can stay in touch with their current needs and wants
Contingent Worker
36. A group of customer who need or want a particular product and have the money to buy it
market
Quality Control
price based pricing
Monopolistic competition
37. Process through which a manager allocates work to subordinates
permission-based marketing
Delegation
customer service
Nepotism
38. The willingness and ability of producers to offer a good or service for sale
marketing
Pure Competition
skim pricing
Supply
39. Activities producing tangible products such as radios - newspapers - buses and textbooks
Goods Operations (Goods Production)
Price Fixing
market share
psychographics
40. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
geographic segmentation
advertising
Patent
permission marketing
41. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Unethical Behavior
Patent
capital investments
integrated marketing communications
42. Mix of people in organizations in terms of essential/demographic status
3 Economic Role
merger
Workplace Diversity
Ethics
43. The collection and analysis of information for making marketing decisions
product advertising
marketing research
risks of product-line extensions
Chief Executive Officer (CEO)
44. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
capital budgeting
limitations of marketing research
Management Information System (MIS)
opportunity cost
45. When organizations change raw materials into finished goods
categories of customer communication
form utility
permission marketing
Telemarketing
46. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
Decision-Making Skills
premiums
horizontal analysis
General Partnership
47. Diagram depicting a company's structure and showing employees where they fit into its operations
responsibilities of a financial manager
Organization Chart
persuasive advertising
penetration pricing
48. Ethical or unethical behaviors by employees in the context of their jobs
relationship marketing
Monopoly
Business Ethics
product mix
49. Business costs that increase with the number of units produced
cost of goods sold equation
promotional strategy
variable costs
trade promotions
50. 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.
common pricing strategies
expenses
Matrix Structures
Certificate of Incorporation