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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 various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Information Technology (IT)
quick ratio
exchange process
Public Goods
2. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
Autocratic Leadership style
stages of product development
utility
price based pricing
3. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Quid Pro Quo Harassment
Standard of Living
Delegation
Purchasing Power Party
4. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Physical Distribution
Purchasing Power Party
Flat Organizational Structure
Prime Rate
5. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
positive reinforcement
budget
financial control
bundling
6. Method of calculating the minimum volume of sales needed at a given price to cover all costs
Decision Making
break-even analysis
Substitute Product
quick ratio
7. Diagram depicting a company's structure and showing employees where they fit into its operations
Organization Chart
Variance
break-even point equation
Import
8. Ratio between net income after taxes and net sales; also known as profit margin
return on sales
Convenience Good/Convenience Service
Imperfect Competition
test marketing
9. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
Position Influence
distribution channels
accrual basis
cost based pricing
10. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
general expenses
middle management
First-Line Manager
brand
11. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Organizing
product life cycle
direct marketing
Gross National Product (GNP)
12. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
Sexual Harassment
Three reasons nations trade
Hostile Work Environment
Human Resource Management (HRM)
13. Cost of goods sold = beginning inventory + net purchases - ending inventory
cost of goods sold equation
why companies learn about customers so they can stay in touch with their current needs and wants
Exchange Rate
expenses
14. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris
time utility
reminder advertising
Labor Productivity
responsibilities of a financial manager
15. Stems from personal trust and respect members have for the leader
Leadership Style
Identity Influence
Acquisition
schematic of marketing process
16. 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
Universal Product Codes
liquidity ratios
product life cycle
17. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
co-branding
opportunity cost
social commerce
long-term liabilities
18. 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
stealth marketing
Board of Directors
assets
Retrenchment
19. The combined use of tactical and strategic management
Mixed Management
penetration pricing
function of packaging
Functional Strategy
20. Systems for moving goods and services from producers to customers; also known as marketing channels
Unlimited Liability
Specialty Good/Specialty Service
Organizational Structure
distribution channels
21. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
return on investment
stages in the life cycle of a product
personal sales approach
Socialism
22. Brand awareness - brand preference - brand insistence
function of labels
personal selling
direct marketing approach
levels of brand loyalty
23. Direct communication other than personal sales contacts designed to effect a measurable response
Laws
management by objectives (MBO)
direct marketing
Standard of Living
24. Product made or grown abroad but sold domestically
contract
Import
trademarks
organizational market
25. Body of decisions handed down by courts ruling on individual cases
place marketing
growth stage
Franchise
Common Law
26. The creation and sharing of product-related information among customers and potential customers
social commerce
Business (or Competitive) Strategy
test marketing
dynamic pricing
27. A prolonged and deep recession
Supply
limitations of marketing research
Bankruptcy
Depression
28. A firm's portion of the total sales in a market
Maslow's hierarchy of needs
break-even analysis
market share
Three reasons nations trade
29. Selling one product at a loss as a way to entice customers to consider other products
media
Marketing
loss-leader pricing
return on equity ratio
30. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
fiscal year
balance sheet
profitability ratios
middle management
31. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
Organization Chart
a continuous-flow operating system
Crisis Management
empowerment
32. Roles of shareholders - directors - and other managers in corporate decision making and accountability
working capital
capital budgeting
product life cycle
Corporate Governance
33. Internal descriptors such as attitudes - interests - values - behaviors - and habits
break-even point
cause-related marketing
inside board members
psychographics
34. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
Specialty Good/Specialty Service
Limited Liability Corporation (LLC)
Decision Making
institutional advertising
35. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Controlling
capital investments
form utility
opportunity cost
36. A document - generally issued by a state government - giving permission to start a corporation
Certificate of Incorporation
General Partnership
theory x
accounts receivable turnover ratio
37. Manager responsible for a firm's overall performance and effectiveness
form utility
Venture Capital Company
Top Manager
time utility
38. The degree to which customers continue to purchase a specific brand
brand loyalty
skim pricing
Limited Liability
contract
39. Goal set for the very near future
Short-Term Goal
calendar year
opportunity cost
Organizing
40. The action of ensuring that operations produce products that meet specific quality standards
mission statement
Quality Control
liquidity ratios
Operations (Production) Management
41. Assets = liabilities + owner's equity
Recovery
risks of product-line extensions
Telemarketing
assets equation
42. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment
Limited Partner
fringe benefit
permission marketing
growth through direction state
43. Offering several products for a single price that is presumably lower than the total of the products' individual prices
Acquisition
bundling
Bankruptcy
Quality Control
44. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Swot Analysis
Sole Proprietership
forecasting
national brands
45. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Imperfect Competition
authority
personal selling
operating expenses
46. Cash and items that can be turned into cash within one year
inside board members
Limited Liability
current assets
negative reinforcement
47. Acquiring funds through borrowing
debt financing
decision-making role
Ethical Behavior
product life cycle
48. Advertising designed to encourage customers to try new products or to switch brands
Expert Influence
persuasive advertising
Competition
ways to expand a product line
49. Managers and workers cooperating as a team
Prosperity
Leadership
Democratic Leadership Style
Regulatory (Administrative) Law
50. Top manager who is responsible for the overall performance of a corporation
Centralized Organization
persuasive advertising
Chief Executive Officer (CEO)
how companies learn about customer