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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. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
functional strategies
elements of a company's marketing mix
Three reasons nations trade
profitability ratios
2. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Management Information System (MIS)
Organizational Structure
Franchise
cause-related marketing
3. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
geographics
Reward Influence
Nepotism
financial management
4. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
balance sheet
categories of customer communication
Outcome-based ethics
contract
5. Stocks - bonds - and other investments that can be turned into cash quickly
Market
Business Cycle
Nepotism
marketable securities
6. Industry in which one company can most efficiently supply all needed goods or services
direct marketing approach
Natural monopoly
owner's equity
equity financing
7. Law made by the authority of administrative agencies
Joint Venture
factors that influence pricing decisions
current assets
Regulatory (Administrative) Law
8. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
Inflation
accounts receivable turnover ratio
decline stage
accounts payable
9. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
current assets
Human Resource Management (HRM)
public relations
Chain of Command
10. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
accounts receivable turnover ratio
Specialty Good/Specialty Service
methods of finance for an expanding business
Physical Distribution
11. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Telemarketing
Supply Chain (Value Chain)
corporate strategies
Globalization
12. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
fixed costs
First-Line Manager
earnings per share
management by objectives (MBO)
13. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it
Globalization
long-term liabilities
psychographics
cognitive dissonance
14. Customer value added by making a product available in a convenient location
positioning
Processing
merger
place utility
15. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
a continuous-flow operating system
statement of cash flows
vertical analysis
sales promotion approach
16. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
sales promotion
fixed assets
Ethics
Goals
17. When a task is too time consuming for a manager to handle alone - he or she may ____.
Bankruptcy
Swot Analysis
fringe benefit
delegate the task
18. A Theory Y manager is most likely to ____.
product line
database marketing
assume that all workers are content with their work
brand managers
19. Partner who actively manages a firm and who has unlimited liability for its debts
Matrix Structures
General (Active) Partner
possession utility
elements of a company's marketing mix
20. Product - price - distribution - customer communication
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21. Market or industry characterized by numerous small firms producing an identical product
unity of command
Inflation
Monopolistic Competition
Perfect competition
22. Media: news release; audience: broad - intensity: passive - active; purpose: inform
Nepotism
maturity stage
public relations approach
Swot Analysis
23. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
Monopoly
marketing research
Service Operations (Service Production)
Whistle Blower
24. Management process of monotoring an organization's performance to ensure that it is meeting its goals
geodemographics
Chain of Command
trade promotions
Controlling
25. Goal set for an extended time - typically 5 years or more in the future
product advertising
mission statement
Position Influence
Long-Term Goal
26. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
Leading
marketing research
positioning
customer loyalty
27. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique
Certificate of Incorporation
geographics
stealth marketing
skim pricing
28. Authority granted to committees or teams involved in a firm's daily operations
limitations of marketing research
Committee and Team Authority
common pricing strategies
corporate strategies
29. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
Ethics
General Partnership
market segmentation
co-branding
30. Partnership between two or more companies to closely link their brand names together for a single product
debt financing
benchmarking
marketable securities
co-branding
31. A short - specific written statement of the reason a business exists and what it wants to achieve.
form utility
mission statement
operating expenses
3 Economic Role
32. Customer value created by converting raw materials and other inputs into finished goods and services
objectives
form utility
methods of finance for an expanding business
coupons
33. Strategic alliance in which the collaboration involves joint ownership of the new venture
Labor Relations
downsizing
Joint Venture
Convenience Good/Convenience Service
34. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
Accountability
institutional advertising
Chain of Command
inside board members
35. The degree to which customers continue to purchase a specific brand
Physical Distribution
Natural monopoly
Controlling
brand loyalty
36. Product made or grown abroad but sold domestically
Monopoly
database marketing
Import
Centralized Organization
37. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
Tactical Management
Convenience Good/Convenience Service
steps in the strategic marketing planning process
Intellectual Property
38. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
Chain of Command
Long-range or strategic planning
Universal Product Codes
Demand
39. Study of statistical characteristics of a population
First-Line Manager
Retrenchment
European Union (EU)
demographics
40. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
Affirmative Action
productivity - the success of the managers - and the morale of the other employees
types of utility
Closely Held (or Private) Corporation
41. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
schematic of marketing process
Strategic Alliance
word of mouth
auction pricing
42. The way a manager teats and directs employees
Service Operations (Service Production)
Patent
a continuous-flow operating system
Leadership Style
43. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
positive reinforcement
General Partnership
net income
loss-leader
44. Reporting relationships within a company
assume that all workers are content with their work
co-branding
Chain of Command
Officers
45. 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
brand mark
Monopolistic Competition
loss-leader pricing
database marketing
46. Use a brand name on a variety of related products
Depression
Physical Distribution
family branding
utility
47. Complete list of all products that a company offers for sale
Organizing
Matrix Structures
Laws
product mix
48. Motivator and hygiene factors need to be met to prevent dissatisfaction
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49. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
owner's equity
certain disabilities and illnesses
Ethics
brand loyalty
50. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
place utility
long-term liabilities
Swot Analysis
Regulatory (Administrative) Law