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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. Selling one product at a loss as a way to entice customers to consider other products
responsibility
loss-leader pricing
Crisis Management
Organizational Stakeholders
2. Business costs that remain constant regardless of the number of units produced
social commerce
fixed costs
financial management
Decision Making
3. Advertising designed to encourage customers to try new products or to switch brands
persuasive advertising
market share
public relations approach
operating expenses
4. The act of transferring net revenue and expense account balances to retained earnings for the period
theory x
close the books
positioning
growth through direction state
5. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
skim pricing
unity of command
Closely Held (or Private) Corporation
pull strategy
6. Corporation whose stock is widely held and available for sale to the general public
budget
Closely Held (or Private) Corporation
Whistle Blower
Publicly Held (or Public) Corporation
7. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
Corporate Governance
maturity stage
utility
Audit
8. Brand awareness - brand preference - brand insistence
marketable securities
levels of brand loyalty
behavioral segmentation
social media approach
9. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
quick ratio
Decision Making
inventory turnover ratio
brand
10. Obligations that must be next within a year
Oligopoly
factors that influence pricing decisions
price elasticity
current liabilities
11. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
opportunity cost
need
private brands
Affirmative Action
12. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
Functional Strategy
Supply Chain (Value Chain)
marketing strategy
types of financial ratios
13. Activities producing tangible products such as radios - newspapers - buses and textbooks
Restructuring
responsibilities of a financial manager
Goods Operations (Goods Production)
types of utility
14. A document - generally issued by a state government - giving permission to start a corporation
General Partnership
Theory Z
Certificate of Incorporation
search advertising
15. Difference of revenues - costs - and profit from the planned amounts.
debt ratios
Restructuring
Variance
Venture Capital Company
16. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
North American Free Trade Agreement (NAFTA)
promotion
merger
earnings per share
17. Identification and marketing of a social issues - cause - or idea to selected target markets
cause-related marketing
current assets
working capital
customer service
18. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer
Supply Chain (Value Chain)
strategic marketing planning
market segmentation
Contingent Worker
19. The purchase of one company by another
Deregulation
Acquisition
product advertising
Service Operations (Service Production)
20. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Accountability
Leadership
Marketing
Delegation
21. 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
middle management
Sexual Harassment
Standard of Living
22. Vying among businesses for the same resources or customers
Sole Proprietership
Competition
elements of a company's marketing mix
Short-Term Goal
23. Charging a high price for a new product during the introductory stage and lowering the price later
skim pricing
contract
Divestiture
Joint Venture
24. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
Real GDP
how companies learn about customer
permission marketing
Retrenchment
25. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
Supply
auction pricing
positive reinforcement
Patent
26. Assets = liabilities + owner's equity
assets equation
Recession
Labor Productivity
Real GDP
27. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
positioning
debt ratios
Tall Organizational Structure
Whistle Blower
28. The action of ensuring that operations produce products that meet specific quality standards
Business (or Competitive) Strategy
owner's equity
Human Resource Management (HRM)
Quality Control
29. A business that is involvec with moving goods from producers to consumers
Marketer
return on sales
customer service
Insider Trading
30. All the operating expenses associated with marketing goods or services
Common Law
selling expenses
cost of goods sold
assets equation
31. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
private brands
organizational market
Prime Rate
primary factors of market segmentation
32. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another
Capitalism
ratio analysis
geographics
operating expenses
33. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Organizing
Accountability
Retailer
Quid Pro Quo Harassment
34. Obligation employees have to their manager for the successful completion of an assigned task
Service Business
activity ratios
Accountability
Whistle Blower
35. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Management
SWOT analysis
Exchange Rate
activity ratios
36. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
Consumer Goods
brand
Closely Held (or Private) Corporation
statement of cash flows
37. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Sexual Harassment
Services
Corporate Strategy
social media
38. A leadership style where managers are less directive and involved employees in decision making
Strategic Management
point-of-purchase display
quality control circles
Convenience Good/Convenience Service
39. Demographics - psychographics - and geographics
downsizing
brand loyalty
primary factors of market segmentation
Manufacturer
40. Rewarded for good performance; something the employee likes is praised
Strategic Management
positive reinforcement
liabilities
Mixed Management
41. Advertising intended to remind existing customers of a product's availability and benefits
geographic segmentation
reminder advertising
North American Free Trade Agreement (NAFTA)
social media approach
42. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.
social commerce
ratio analysis
Span of Control
earnings per share
43. The company founder is no longer solely responsible for all decision making during the ____.
growth through direction state
Monopolistic Competition
debt-to-equity ratio
Corporate Bond
44. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
permission-based marketing
Reward Influence
relationship marketing
decline stage
45. Goal set for the very near future
assets
direct mail
credit
Short-Term Goal
46. A business that grows products or takes raw material from nature
Acquisition
Extractor
social commerce
push strategy
47. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
Policy
coupons
theory x
Quid Pro Quo Harassment
48. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
financial plan
strategic marketing planning
Small Business Administration (SBA)
Marketer
49. 12 month accounting period that begins on January 1 and ends on December 31
calendar year
accounts payable
need
sales promotion
50. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
Middle Manager
merger
it produces the greatest amount of good for the greatest number
corporate strategies