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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. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
push strategy
bundling
profitability ratios
Strategic Management
2. Economy in which individuals control production and allocation decisions through supply and demand
Wholesaler
Market economy
marketing concept
assume that all workers are content with their work
3. Senior company managers who serve on the company's board of directors are known as ____.
Labor Relations
Closely Held (or Private) Corporation
inside board members
Market economy
4. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
decline stage
Divestiture
accounts payable
Maslow's hierarchy of needs
5. Portion of a brand that can be expressed orally - including letters - words - or numbers
social media approach
brand names
Flat Organizational Structure
Limited Partner
6. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
return on equity ratio
personal sales approach
balance sheet
Wholesaler
7. Customer value created when someone takes ownership of a product
net income
news conference
possession utility
Laws
8. The level of joblessness among people actively seeking work in an economic system
Unemployment
delegate the task
Oligopoly
Leadership Style
9. Personal communication between a seller and one or more potential buyers
accrual basis
Labor Relations
Unlimited Liability
personal selling
10. Top manager who is responsible for the overall performance of a corporation
close the books
empowerment
Out-sourcing
Chief Executive Officer (CEO)
11. Specification of the jobs to be done within an organization and the ways in which they relate to one another
steps in the strategic marketing planning process
Common Law
Organizational Structure
Centralized Organization
12. Intermediary who sells products to other businesses for resale to final consumers
fixed costs
Wholesaler
Strategic Alliance
financial management
13. Direct communication other than personal sales contacts designed to effect a measurable response
possession utility
Divestiture
direct marketing
Standard of living
14. The quantity of a good that an average worker can produce in an hour
Labor Productivity
Physical Distribution
Maslow's hierarchy of needs
types of financial ratios
15. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
fiscal year
Price Fixing
institutional advertising
depreciation
16. Product made or grown abroad but sold domestically
Strategic Alliance
current liabilities
Import
social commerce
17. Assets = liabilities + owner's equity
authority
Position Influence
Decision-Making Skills
accounting equation
18. 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
Recession
unity of command
Regulatory (Administrative) Law
Affirmative Action
19. The ability to carry out a task
authority
Accountability
Limited Partner
Export
20. Nonsales communication that businesses have with their various audiences
public relations
selling expenses
Corporate Strategy
Pure Competition
21. Marketing efforts to attract people and organizations to a particular geographical area
Marketing
Decentralized Organization
place marketing
Chain of Command
22. Where products are conveniently placed for customers
place utility
customer loyalty
vertical analysis
General (Active) Partner
23. Postsales reductions in price - must be applied for by the purchaser
personal selling
Functional Strategy
objectives
rebates
24. Charging a high price for a new product during the introductory stage and lowering the price later
Retrenchment
marketable securities
Decision-Making Skills
skim pricing
25. Ratio between net income after taxes and total owners' equity; also known as return on equity
return on investment
contingency plans
certain disabilities and illnesses
function of packaging
26. 12 month accounting period that begins on January 1 and ends on December 31
psychographics
calendar year
Maslow's hierarchy of needs
Divestiture
27. Management process of determining what an organization needs to do and how best to get it done
Extension
Planning
accounts payable
assets
28. Provides protection for the product - makes products easier to display - and attracts attention
retained earnings
Wheeler-Lea Act of 1938
penetration pricing
function of packaging
29. Informal work groups can affect ____.
Wholesaler
premiums
productivity - the success of the managers - and the morale of the other employees
earnings per share
30. Informal communication between customers and potential customers
Demand
premiums
net income
word of mouth
31. A firm's portion of the total sales in a market
Mission Statement
place marketing
Insider Trading
market share
32. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
Collusion
management by objectives (MBO)
5 C's
personal selling
33. Stocks - bonds - and other investments that can be turned into cash quickly
news release
marketable securities
Limited Partnership
Sexual Harassment
34. Study of statistical characteristics of a population
demographics
price based pricing
Service Business
quick ratio
35. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
job rotation
Labor Productivity
brand names
retained earnings
36. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
customer service
Centralized Organization
Matrix Structures
loss-leader pricing
37. 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
fringe benefit
license
cognitive dissonance
close the books
38. Ratios that measure the effectiveness of the firm's use of its resources
activity ratios
Supply Chain (Value Chain)
Strategic Management
distribution channels
39. Occurs when two companies form one corporation
debt ratios
European Union (EU)
a continuous-flow operating system
merger
40. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
customer buying behavior
certain disabilities and illnesses
growth strategies
double-entry bookkeeping
41. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
Ethical Behavior
return on investment
assets
Safety
42. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Chain of Command
profitability ratios
accrual basis
Telemarketing
43. A period during which aggregate output - as measured by GDP - declines
net income
Recession
assets
customer buying behavior
44. Formal agreement to set prices. Sometimes illegal - but is typically secretive
Supply
Centralized Organization
decision-making role
Collusion
45. 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
accounts receivable
advertising
promotional strategy
responsibilities of a financial manager
46. The act of transferring net revenue and expense account balances to retained earnings for the period
Decentralized Organization
close the books
Swot Analysis
assume that all workers are content with their work
47. Offering a temporary reduction in price
Labor Relations
accounts receivable
discount pricing
Autocratic Leadership style
48. Goal set for an extended time - typically 5 years or more in the future
persuasive advertising
Benefits
Long-Term Goal
grand strategies
49. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions
laissez-faire Leadership style
Labor Union
function of labels
ways to expand a product line
50. Online ads that are linked to search engine results or website content
market segmentation
skim pricing
market share
search advertising