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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. The ability to get others to accoplish tasks because of the position the leader holds
Position Influence
General (Active) Partner
form utility
liquidity ratios
2. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
Recession
revenues
it produces the greatest amount of good for the greatest number
objectives
3. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
public relations approach
Depression
North American Free Trade Agreement (NAFTA)
return on investment
4. Something that the employee dislikes is taken away
negative reinforcement
Hostile Work Environment
Monopolistic competition
Out-sourcing
5. Physical products purchased by consumers for personal use
reminder advertising
elements of a company's marketing mix
Consumer Goods
demographics
6. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
Capitalism
place utility
Affirmative Action
Leadership Style
7. 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
fixed costs
Long-range or strategic planning
Strategic Alliance
Venture Capital Company
8. Organization's methods for dealing with emergencies
Crisis Management
market segmentation
Intellectual Property
Corporation
9. 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
risks of product-line extensions
Strategy
function of labels
European Union (EU)
10. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
maturity stage
Decision-Making Skills
Human Resource Management (HRM)
Oligopoly
11. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
liquidity ratios
double-entry bookkeeping
Nepotism
marketing concept
12. profitability - liquidity - activities - and leverage/debt
Corporate Strategy
Purchasing Power Party
types of financial ratios
brand loyalty
13. Results from the leader's ability to give or withhold rewards
Reward Influence
debt-to-total-assets ratio
Depression
opportunity cost
14. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
why companies learn about customers so they can stay in touch with their current needs and wants
Monopoly
accounts payable
place utility
15. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
Short-range or operational planning
General Partnership
utility
Ethical Behavior
16. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
advertising
Socialism
Depression
Strategic Alliance
17. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
form utility
statement of cash flows
media
decision-making role
18. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
elements of a company's marketing mix
horizontal analysis
penetration pricing
Perfect competition
19. Informal work groups can affect ____.
capital budgeting
productivity - the success of the managers - and the morale of the other employees
depreciation
marketing concept
20. Selling one product at a loss as a way to entice customers to consider other products
loss-leader pricing
Limited Partner
factors that influence pricing decisions
auction pricing
21. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product
cost based pricing
Hostile Work Environment
demographics
job rotation
22. A measure of the sensitivity of demand to changes in price
price elasticity
Strategic Management
growth stage
demographics
23. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
Goods Operations (Goods Production)
Natural monopoly
push strategy
Chief Executive Officer (CEO)
24. Promotional campaigns that send information only to those people who've specifically asked to receive it
Monopoly
Philosophy
how companies learn about customer
permission marketing
25. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
job rotation
Natural monopoly
institutional advertising
Philosophy
26. Ratios that measure the effectiveness of the firm's use of its resources
empowerment
activity ratios
Organization Chart
capital budgeting
27. Process by which the world is becoming a single interdependent system
Globalization
Strategic Management
common pricing strategies
maturity stage
28. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
stages of product development
personal selling
methods of finance for an expanding business
marketing strategy
29. 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
marketing research
news conference
operating expenses
customer loyalty
30. Costs created in the process of generating revenues
Strategic Management
form utility
expenses
Merger
31. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Unethical Behavior
Philosophy
negative reinforcement
Pure Competition
32. Alternative plans to be implemented if uncontrollable event occur
Chain of Command
contingency plans
price elasticity
Affirmative Action
33. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
corporate strategies
media
Service Business
depreciation
34. In a ____ authority originates at the top and moves downward in a line.
news release
opportunity cost
Chain of Command
line organization
35. 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
Mission Statement
Supply Chain (Value Chain)
Contingent Worker
Marketing
36. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
time utility
positioning
behavioral segmentation
Inflation
37. Form of a corporation spanning national boundaries
wants
stages in the life cycle of a product
grand strategies
Multinational (or Transnational) Corporation
38. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth
Business Plan
Hostile Work Environment
Capitalism
Physical Distribution
39. 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
Industrial Goods
Small Business Administration (SBA)
Herzberg's two-factor theory
Service Operations (Service Production)
40. 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
online display advertising
financial management
Chain of Command
3 Economic Role
41. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Business Plan
Maslow's hierarchy of needs
owner's equity equation
Outsourcing
42. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
Purpose of Strategic Planning
Leadership
Controlling
Corporate Bond
43. Assets = liabilities + owner's equity
maturity stage
Chief Executive Officer (CEO)
Business Plan
accounting equation
44. Cost of producing or acquiring a company's products for sale during a given period
Certificate of Incorporation
Unethical Behavior
Extractor
cost of goods sold
45. Claims against a firm's assets by creditors - such as banks and suppliers
Hostile Work Environment
Ethics
Board of Directors
liabilities
46. A firm's portion of the total sales in a market
Gross National Product (GNP)
market share
Franchise
test marketing
47. Intermediary who sells products directly to consumers
Common Law
Depression
Business (or Competitive) Strategy
Retailer
48. Diagram depicting a company's structure and showing employees where they fit into its operations
Public Goods
Organization Chart
return on equity ratio
brand equity
49. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
need
Perfect competition
horizontal analysis
general expenses
50. Arises when group members recognize that the leader has special expertise in the area
Wholesaler
Expert Influence
distribution channels
Short-range or operational planning