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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. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
Out-sourcing
Monopoly
Retailer
common pricing strategies
2. Making a product available at a convenient time
Mission Statement
time utility
specialty advertising
Export
3. All costs of operation that are not included under cost of goods sold
Privatization
types of utility
Imperfect Competition
operating expenses
4. Exchange of value between parties
transaction
line organization
license
Organizing
5. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
long-term liabilities
3 Economic Role
Joint Venture
market segmentation
6. The creation and sharing of product-related information among customers and potential customers
Management
Quid Pro Quo Harassment
types of utility
social commerce
7. Offering several products for a single price that is presumably lower than the total of the products' individual prices
Identity Influence
bundling
Oligopoly
primary factors of market segmentation
8. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
public relations approach
Sarbanes-Oxley Act of 2002 (Sarbox)
product life cycle
debt financing
9. When a task is too time consuming for a manager to handle alone - he or she may ____.
target markets
delegate the task
geographic segmentation
consumer market
10. Assets - liabilities = owner's equity
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11. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Long-range or strategic planning
Organizational Chart
break-even analysis
demographics
12. Good or service used as the basis of commerce
product
Copyright
market share
private brands
13. A measure of the sensitivity of demand to changes in price
price elasticity
Business Plan
Business Ethics
elements of a company's marketing mix
14. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Safety
levels of brand loyalty
online display advertising
Multinational (or Transnational) Corporation
15. Customer value added by making a product available at a convenient time
time utility
Leadership
utility
Safety
16. Small software programs that provide part of the functionality of a website
Recession
institutional advertising
capital investments
widgets
17. Process of scanning the business environment for threats and opportunities
push strategy
Extractor
a continuous-flow operating system
Environmental Analysis
18. Larger visual and multimedia ads that appear on websites
Closely Held (or Private) Corporation
online display advertising
budget
penetration pricing
19. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
cash basis
North American Free Trade Agreement (NAFTA)
Monopolistic competition
Merger
20. 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
Small Business Administration (SBA)
Unethical Behavior
ratio analysis
Stockholder (or Shareholder)
21. The combined use of tactical and strategic management
opportunity cost
Mixed Management
accounting equation
Physical Distribution
22. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
function of labels
contract
S Corporation
Hostile Work Environment
23. Using relative information to predict how many jobs will be needed
limitations of marketing research
forecasting
auction
Long-range or strategic planning
24. Skills in defining problems and selecting the best courses of action
Deregulation
close the books
Collusion
Decision-Making Skills
25. Changes the form of material so they can be consumed or used to manufacture other products
Processing
Business (or Competitive) Strategy
Corporate Governance
Publicly Held (or Public) Corporation
26. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Limited Partner
Policy
long-term liabilities
Limited Liability Corporation (LLC)
27. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
premiums
Sexual Harassment
double-entry bookkeeping
steps in the strategic marketing planning process
28. Alternative plans to be implemented if uncontrollable event occur
contingency plans
General (Active) Partner
strategic marketing planning
Short-Term Goal
29. Corporation whose stock is widely held and available for sale to the general public
Publicly Held (or Public) Corporation
statement of cash flows
Expert Influence
variable costs
30. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Globalization
trademarks
Organizational Stakeholders
marketing research
31. 12 month accounting period that begins on January 1 and ends on December 31
Middle Manager
Telemarketing
accrual basis
calendar year
32. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
Recession
assets
dynamic pricing
geodemographics
33. Selling one product at a loss as a way to entice customers to consider other products
geodemographics
Ethical Behavior
loss-leader pricing
permission marketing
34. Industry in which one company can most efficiently supply all needed goods or services
Natural monopoly
break-even point equation
Democratic Leadership Style
brand extension
35. Acquiring funds by selling shares of a company's stock
earnings per share
contingency plans
equity financing
place utility
36. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
double-entry bookkeeping
news release
cost based pricing
unity of command
37. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Benefits
Human Resource Management (HRM)
Mission Statement
Hostile Work Environment
38. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
financial plan
brand
Three reasons nations trade
Organizational Stakeholders
39. Ratio between net income after taxes and total owners' equity; also known as return on equity
product mix
return on investment
time utility
marketing research
40. A forecast of financial requirements and the financing sources to be used
financial plan
Unethical Behavior
direct marketing
accounts receivable turnover ratio
41. Partner who actively manages a firm and who has unlimited liability for its debts
marketing research
budget
risks of product-line extensions
General (Active) Partner
42. Personal communication between a seller and one or more potential buyers
news release
personal selling
steps in the strategic marketing planning process
return on investment
43. Beliefs about what is right or wrong and good or bad in actions that affect others
assets
price based pricing
Ethics
exchange process
44. Continually adjusting prices to reflect changes in supply and demand
Import
Privatization
dynamic pricing
Depression
45. Internal descriptors such as attitudes - interests - values - behaviors - and habits
Publicly Held (or Public) Corporation
psychographics
price based pricing
Inflation
46. Business owned and usually operated by one person who is responsible for all its debts
brand names
Processing
Sole Proprietership
growth stage
47. A prolonged and deep recession
place marketing
Board of Directors
commercialization
Depression
48. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
break-even point
Unethical Behavior
Maslow's hierarchy of needs
point-of-purchase display
49. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
job rotation
Labor Union
revenues
calendar year
50. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Marketing
Organizational Chart
positive reinforcement
Management