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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. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Swot Analysis
Ethical Behavior
activity ratios
Universal Product Codes
2. Acquiring funds through borrowing
debt financing
activity ratios
bundling
Matrix Structures
3. People are internally motivated
Goods Operations (Goods Production)
theory y
stealth marketing
demographics
4. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
Services
Small Business Administration (SBA)
skim pricing
inventory turnover ratio
5. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
Patent
factors that influence pricing decisions
personal sales approach
Corporate Bond
6. Type of partnership consisting of limited partners and a general (or active) partner
Limited Partnership
certain disabilities and illnesses
Marketing
Price Fixing
7. Form of a corporation spanning national boundaries
Benefits
family branding
Multinational (or Transnational) Corporation
market share
8. Independent and well informed buyers and sellers of the exact same product (farmers markets)
authority
Decision-Making Skills
elements of a company's marketing mix
Pure Competition
9. Top manager who is responsible for the overall performance of a corporation
it produces the greatest amount of good for the greatest number
Chief Executive Officer (CEO)
Ethics
direct marketing
10. An action is morally correct - when - among the people it affects...
limitations of marketing research
Business Plan
Organizational Stakeholders
it produces the greatest amount of good for the greatest number
11. Lots of leeway to workers to meet goals
time utility
laissez-faire Leadership style
online display advertising
possession utility
12. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
Unethical Behavior
Demand
assume that all workers are content with their work
General Partnership
13. The way you live as measure by the kinds and quality of goods and services you can afford
Quality
Standard of Living
Corporation
Management Information System (MIS)
14. Creating a flatter organization structure normally cutting out middle management
customer buying behavior
vertical analysis
downsizing
debt financing
15. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
Monopoly
market share
gross profit
debit
16. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
levels of brand loyalty
Mission Statement
Tactical Management
Sole Proprietership
17. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
owner's equity equation
Management
Consumer Goods
news release
18. Diagram depicting a company's structure and showing employees where they fit into its operations
Privatization
Organization Chart
working capital
utility
19. Something produced by the intellect or mind that has commercial value
marketing mix
Centralized Organization
Intellectual Property
time utility
20. A Theory Y manager is most likely to ____.
Patent
assume that all workers are content with their work
Authority
product advertising
21. The ability to get others to accoplish tasks because of the position the leader holds
Position Influence
laissez-faire Leadership style
Wheeler-Lea Act of 1938
current assets
22. Any 12 consecutive months used as an accounting period
fiscal year
demographics
promotional strategy
brand extension
23. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
price
Expert Influence
demographics
earnings per share
24. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Monopoly
Gross Domestic Product (GDP)
Information Technology (IT)
delegate the task
25. Organization's methods for dealing with emergencies
gross profit
Crisis Management
Acquisition
Marketer
26. Product made or grown abroad but sold domestically
brand equity
fixed assets
Out-sourcing
Import
27. Informal communication between customers and potential customers
word of mouth
co-branding
Decision Making
brand
28. A forecast of financial requirements and the financing sources to be used
financial plan
methods of finance for an expanding business
Insider Trading
permission marketing
29. The creation and sharing of product-related information among customers and potential customers
social commerce
financial plan
psychographics
risks of product-line extensions
30. Discount offered by producers to wholesalers and retailers
trade allowance
Joint Venture
Hostile Work Environment
functional strategies
31. Products characterized by a plain label - with no advertising and no brand name
generic products
permission-based marketing
long-term liabilities
telemarketing
32. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
Recovery
3 Economic Role
promotion
price based pricing
33. Applying a successful brand name to a new product category
brand extension
consumer promotion
authority
database marketing
34. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
benchmarking
Franchise
advertising approach
Pure Competition
35. Managers who develop and implement a complete strategy and marketing program for specific products or brands
Management Information System (MIS)
brand managers
Insider Trading
stealth marketing
36. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Organizational Stakeholders
Theory Z
Substitute Product
Service Operations (Service Production)
37. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
point-of-purchase display
private brands
Bankruptcy
advertising approach
38. Making a product available at a convenient time
a continuous-flow operating system
Goal
time utility
General Partnership
39. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
Oligopoly
market segmentation
Monopoly
Corporation
40. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
psychographics
positioning
Operations (Production) Management
statement of cash flows
41. The act of transferring net revenue and expense account balances to retained earnings for the period
close the books
empowerment
time utility
Management
42. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
types of utility
Mixed Management
steps in the strategic marketing planning process
Price Fixing
43. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
Long-range or strategic planning
double-entry bookkeeping
accounts payable
it produces the greatest amount of good for the greatest number
44. 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
negative reinforcement
market segmentation
Work Specialization
Gross National Product (GNP)
45. Expensive - rarely purchased good or service
theory x
Specialty Good/Specialty Service
ratio analysis
Strategic Alliance
46. In a ____ authority originates at the top and moves downward in a line.
Corporate Strategy
Manufacturer
direct marketing approach
line organization
47. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
Purpose of Strategic Planning
public relations
pull strategy
direct marketing approach
48. Selling or supporting the sales process over the telephone
Audit
balance sheet
telemarketing
Three reasons nations trade
49. All costs of operation that are not included under cost of goods sold
Long-Term Goal
Depression
operating expenses
Merger
50. A group of customer who need or want a particular product and have the money to buy it
Demand
accrual basis
Planning
market