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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. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
reminder advertising
pull strategy
Organization Chart
Limited Liability
2. Form of a corporation spanning national boundaries
auction pricing
social commerce
Inflation
Multinational (or Transnational) Corporation
3. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Privatization
Services
generic products
Business (or Competitive) Strategy
4. Break-even point = fixed costs/ (selling price - variable costs per unit)
theory y
customer buying behavior
media
break-even point equation
5. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
Mass Production
capital investments
corporate strategies
Demand
6. Elimination of rules that restrict business activity
dynamic pricing
Deregulation
Organizational Structure
Herzberg's two-factor theory
7. The union of two corporations to form a new corporation
Supply Chain (Value Chain)
Merger
Nepotism
communication mix
8. Pricing selling one product at a loss as a way to entice customers to consider other products
time utility
Specialty Good/Specialty Service
types of financial ratios
loss-leader
9. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Controlling
discount pricing
market segmentation
levels of brand loyalty
10. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
Acquisition
Unethical Behavior
product
debt financing
11. Market or industry characterized by numerous small firms producing an identical product
grand strategies
Identity Influence
function of packaging
Perfect competition
12. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
Short-Term Goal
consumer promotion
exchange process
Prosperity
13. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
Contingent Worker
accounts receivable
Corporate Governance
brand mark
14. A business firm that does things for you instead of making or makerting products
Outcome-based ethics
Service Business
current liabilities
market segmentation
15. Brands owned by the manufacturers and distributed nationally
profitability ratios
Venture Capital Company
penetration pricing
national brands
16. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
national brands
break-even analysis
cost of goods sold equation
World Trade Organization (WTO)
17. Takes the extractor's products or raw materials and changs the into a form that consumers can use
limitations of marketing research
current assets
Manufacturer
Patent
18. Form - time - place - possession
fringe benefit
Nepotism
types of utility
customer service
19. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
Corporate Bond
assets equation
Policy
Span of Control
20. Acquiring funds through borrowing
responsibilities of a financial manager
need
debt financing
Privatization
21. The act of transferring net revenue and expense account balances to retained earnings for the period
push strategy
close the books
Wheeler-Lea Act of 1938
Oligopoly
22. Expensive - rarely purchased good or service
Merger
penetration pricing
Specialty Good/Specialty Service
budget
23. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
objectives
Limited Liability Corporation (LLC)
Labor Productivity
form utility
24. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
product line
institutional advertising
bundling
mission statement
25. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
Business Cycle
current ratio
break-even analysis
Contingent Worker
26. Business owned and usually operated by one person who is responsible for all its debts
expenses
Price Fixing
family branding
Sole Proprietership
27. Customer value added by making a product available in a convenient location
Decision Making
license
place utility
ratio analysis
28. Industry in which one company can most efficiently supply all needed goods or services
Statutory Law
Merger
Contingent Worker
Natural monopoly
29. Compensation other than wages and salaries
Bankruptcy
Benefits
limitations of marketing research
grand strategies
30. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
accounts payable
objectives
functional strategies
budget
31. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
categories of customer communication
Sarbanes-Oxley Act of 2002 (Sarbox)
debt financing
national brands
32. 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
Organizational Structure
break-even analysis
Human Resource Management (HRM)
cognitive dissonance
33. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
Work Specialization
Sole Proprietership
assets
risks of product-line extensions
34. Process of converting government enterprises into privately owned companies
Organizing
Privatization
marketing concept
time utility
35. The way a manager teats and directs employees
Decision-Making Skills
revenues
Leadership Style
national brands
36. Illegal practice of using special knowledge about a firm for profit or gain
Sole Proprietership
Insider Trading
penetration pricing
Identity Influence
37. Market or industry in which there is only one producer that can therefore set the prices on all of its products
Joint Venture
Monopoly
Hostile Work Environment
primary factors of market segmentation
38. The state of being certain that adverse effects will not be caused by some agent under defined conditions
debt financing
Management
Safety
Substitute Product
39. Customer value created by converting raw materials and other inputs into finished goods and services
Policy
schematic of marketing process
form utility
Expert Influence
40. Mix of people in organizations in terms of essential/demographic status
Workplace Diversity
Joint Venture
Unethical Behavior
Multinational (or Transnational) Corporation
41. Choosing one alternative from among several options
Import
Leadership
Nepotism
Decision Making
42. 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
credit
Gross National Product (GNP)
financial control
Capitalism
43. Product development stage in which a product is sold on a limited basis - a trial introduction
product life cycle
Prosperity
benchmarking
test marketing
44. Where products are conveniently placed for customers
place utility
market segmentation
geographics
Hostile Work Environment
45. 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
Planning
Purpose of Strategic Planning
gross profit
telemarketing
46. Direct communication other than personal sales contacts designed to effect a measurable response
Ethics
Private enterprise
Patent
direct marketing
47. Law made by the authority of administrative agencies
function of packaging
Variance
cost based pricing
Regulatory (Administrative) Law
48. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
sales promotion approach
Price Fixing
Public Goods
cost based pricing
49. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Outsourcing
trade promotions
Standard of living
European Union (EU)
50. The action of ensuring that operations produce products that meet specific quality standards
Outcome-based ethics
Quality Control
Strategic Alliance
Public Goods