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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. Partner who actively manages a firm and who has unlimited liability for its debts
Organization Chart
penetration pricing
General (Active) Partner
accounts receivable turnover ratio
2. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Authority
Human Resource Management (HRM)
debit
Oligopoly
3. 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
Mixed Management
Retailer
levels of brand loyalty
stealth marketing
4. A detailed series of related steps or tasks written to implement a policy is called a ____.
Leadership Style
Globalization
Procedure
personal selling
5. 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
Long-range or strategic planning
current liabilities
Identity Influence
Organization Chart
6. Somethings needed by a community and provided by its government
functional strategies
Public Goods
marketing strategy
marketing research
7. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
demographics
social media approach
maturity stage
news release
8. Corporation whose stock is held by only a few people and is not available for sale to the general public
Closely Held (or Private) Corporation
forecasting
Ethical Behavior
generic products
9. Ratios that measure the effectiveness of the firm's use of its resources
cash basis
activity ratios
Safety
Span of Control
10. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items
ways to expand a product line
Quality Control
database marketing
growth strategies
11. 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
Services
market segmentation
ratio analysis
Work Specialization
12. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
push strategy
Prime Rate
variable costs
Perfect competition
13. 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
Real GDP
customer service
General (Active) Partner
Policy
14. Personal communication between a seller and one or more potential buyers
Outcome-based ethics
Telemarketing
personal selling
brand names
15. Partnership between two or more companies to closely link their brand names together for a single product
co-branding
cost of goods sold
fringe benefit
Management
16. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
social media approach
5 C's
selling expenses
double-entry bookkeeping
17. Physical products purchased by companies to produce other products
quality control circles
Organizational Structure
Industrial Goods
capital investments
18. Electronic media that invite participation by the general public
unity of command
positive reinforcement
social media
accounts receivable
19. Break-even point = fixed costs/ (selling price - variable costs per unit)
break-even point equation
theory y
Limited Partnership
marketing research
20. Provides protection for the product - makes products easier to display - and attracts attention
price based pricing
function of packaging
stages of product development
online display advertising
21. 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
Recovery
exchange process
Divestiture
Monopolistic Competition
22. Individuals or households that buy goods and services for personal use
function of labels
working capital
consumer market
national brands
23. Brands that have been given legal protection so that their owners have exclusive rights to their use
trademarks
Leadership
Divestiture
Authority
24. Complete list of all products that a company offers for sale
Stockholder (or Shareholder)
Marketing
organization behavior modification
product mix
25. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
Real GDP
sales promotion approach
Environmental Analysis
time utility
26. Cash and items that can be turned into cash within one year
Public Goods
current assets
working capital
Marketing
27. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
Chain of Command
telemarketing
certain disabilities and illnesses
Short-range or operational planning
28. An action is morally correct - when - among the people it affects...
Sexual Harassment
it produces the greatest amount of good for the greatest number
financial management
geographics
29. Power to make the decisions necessary to complete a task
Gross Domestic Product (GDP)
integrated marketing communications
middle management
Authority
30. Where products are conveniently placed for customers
social media
widgets
place utility
test marketing
31. Type of partnership consisting of limited partners and a general (or active) partner
Limited Partnership
assume that all workers are content with their work
debt financing
Chain of Command
32. Group of small investors who invest money in companies with rapid growth potential
Venture Capital Company
Organizational Structure
Quid Pro Quo Harassment
World Trade Organization (WTO)
33. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Human Resource Management (HRM)
Quality Control
exchange process
Functional Strategy
34. Takes the extractor's products or raw materials and changs the into a form that consumers can use
Manufacturer
financial management
Organizing
co-branding
35. Bar codes on product packages that provide information read by optical scanners
marketing research
debt financing
Universal Product Codes
Labor Productivity
36. Markets focus on increasing the product's market share
growth stage
Laws
how companies learn about customer
exchange process
37. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
Copyright
marketing strategy
license
corporate strategies
38. Sales volume at a given price that will cover all of a company's costs
Expert Influence
Decision Making
Leadership
break-even point
39. The way you live as measure by the kinds and quality of goods and services you can afford
customer service
brand managers
Standard of Living
Physical Distribution
40. Offering several products for a single price that is presumably lower than the total of the products' individual prices
price elasticity
Certificate of Incorporation
bundling
Limited Partner
41. Ratio between net income after taxes and total owners' equity; also known as return on equity
Limited Partner
test marketing
Leadership Style
return on investment
42. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
middle management
Out-sourcing
promotion
vertical analysis
43. Offering a temporary reduction in price
database marketing
pull strategy
discount pricing
return on sales
44. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
liabilities
Service Operations (Service Production)
Outcome-based ethics
Supply Chain (Value Chain)
45. 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
statement of cash flows
Wheeler-Lea Act of 1938
primary factors of market segmentation
cognitive dissonance
46. Reporting relationships within a company
debt-to-equity ratio
long-term liabilities
Goods Operations (Goods Production)
Chain of Command
47. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
activity ratios
statement of cash flows
working capital
Business Plan
48. 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
Collusion
relationship marketing
vertical analysis
49. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
marketing
Franchise
mission statement
Leadership Style
50. Strategy in which two or more organizations collaborate on a project for mutual gain
Human Resource Management (HRM)
brand loyalty
Strategic Alliance
SWOT analysis