SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
brand loyalty
pull strategy
Wholesaler
current liabilities
2. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
Top Manager
Short-range or operational planning
Substitute Product
Monopolistic Competition
3. Direct communication other than personal sales contacts designed to effect a measurable response
categories of customer communication
skim pricing
a continuous-flow operating system
direct marketing
4. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
middle management
Divestiture
factors that influence pricing decisions
Short-Term Goal
5. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
product advertising
job rotation
Strategy
Organizing
6. Assets = liabilities + owner's equity
accounting equation
Management
marketing concept
stealth marketing
7. Bar codes on product packages that provide information read by optical scanners
assets equation
Universal Product Codes
why companies learn about customers so they can stay in touch with their current needs and wants
Price Fixing
8. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
personal sales approach
Retailer
break-even point
empowerment
9. Owner of shares of stock in a corporation
Delegation
Stockholder (or Shareholder)
grand strategies
trade promotions
10. Creating a flatter organization structure normally cutting out middle management
accrual basis
grand strategies
Labor Productivity
downsizing
11. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
dynamic pricing
Socialism
price based pricing
Divestiture
12. Managers and workers cooperating as a team
Democratic Leadership Style
Telemarketing
Labor Productivity
Statutory Law
13. A document - generally issued by a state government - giving permission to start a corporation
Certificate of Incorporation
Physical Distribution
premiums
Accountability
14. Categorization of customers according to their geographical location
geographic segmentation
Audit
Three reasons nations trade
types of utility
15. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
introductory stage
direct marketing approach
Workplace Diversity
General (Active) Partner
16. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
Private enterprise
break-even point
categories of customer communication
Work Specialization
17. Informal communication between customers and potential customers
middle management
revenues
word of mouth
selling expenses
18. Corporation whose stock is held by only a few people and is not available for sale to the general public
Workplace Diversity
Recovery
certain disabilities and illnesses
Closely Held (or Private) Corporation
19. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
decision-making role
Functional Strategy
Mass Production
trade allowance
20. A business that grows products or takes raw material from nature
Extractor
Purpose of Strategic Planning
Management Information System (MIS)
contingency plans
21. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
retained earnings
Management Information System (MIS)
contract
SWOT analysis
22. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
benchmarking
Standard of living
Limited Partner
how companies learn about customer
23. Postsales reductions in price - must be applied for by the purchaser
rebates
brand
Labor Productivity
Strategy
24. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
permission marketing
loss-leader
generic products
a continuous-flow operating system
25. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
Organization Chart
consumer market
Decision-Making Skills
need
26. Assets = liabilities + owner's equity
Business Cycle
assets equation
private brands
Service Operations (Service Production)
27. Advertising intended to remind existing customers of a product's availability and benefits
Certificate of Incorporation
reminder advertising
Top Manager
why companies learn about customers so they can stay in touch with their current needs and wants
28. Nonsales communication that businesses have with their various audiences
public relations
Standard of living
Information Technology (IT)
fixed costs
29. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Price Fixing
mission statement
Purpose of Strategic Planning
Controlling
30. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
distribution channels
Capitalism
Sexual Harassment
delegate the task
31. Motivator and hygiene factors need to be met to prevent dissatisfaction
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
32. Behavior exhibited by consumers as they consider - select - and purchase goods and services
North American Free Trade Agreement (NAFTA)
statement of cash flows
customer buying behavior
Market economy
33. Charging a high price for a new product during the introductory stage and lowering the price later
general expenses
capital budgeting
inside board members
skim pricing
34. A business firm that does things for you instead of making or makerting products
Contingent Worker
media
Service Business
advertising
35. Vying among businesses for the same resources or customers
Price Fixing
Substitute Product
Competition
inventory turnover ratio
36. The ability to carry out a task
market segmentation
Monopoly
authority
Manufacturer
37. profitability - liquidity - activities - and leverage/debt
introductory stage
brand equity
Democratic Leadership Style
types of financial ratios
38. The value that a company has built up in a brand
Corporate Bond
Procedure
middle management
brand equity
39. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
Restructuring
strategic marketing planning
database marketing
statement of cash flows
40. The creation and sharing of product-related information among customers and potential customers
social commerce
communication mix
geographic segmentation
Quality
41. The act of transferring net revenue and expense account balances to retained earnings for the period
Short-range or operational planning
corporate strategies
product mix
close the books
42. 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.
family branding
5 C's
Matrix Structures
assets equation
43. Markets focus on increasing the product's market share
debt-to-total-assets ratio
Gross Domestic Product (GDP)
growth stage
Hostile Work Environment
44. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
debt-to-total-assets ratio
functional strategies
Ethical Behavior
geographics
45. Reporting relationships within a company
auction pricing
Crisis Management
Chain of Command
Variance
46. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Real GDP
Monopolistic competition
cost of goods sold
Purchasing Power Party
47. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit
line organization
fixed costs
Supply Chain (Value Chain)
relationship marketing
48. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
Custom Manufacturing
Long-Term Goal
common pricing strategies
advertising
49. A leadership style where managers are less directive and involved employees in decision making
Strategic Management
revenues
owner's equity
utility
50. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
Small Business Administration (SBA)
Quality Control
Monopolistic Competition
function of labels