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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. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
customer loyalty
Prosperity
debt ratios
Long-Term Goal
2. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Recession
North American Free Trade Agreement (NAFTA)
coupons
Audit
3. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
theory y
Wholesaler
Services
current ratio
4. Ratios that measure a firm's reliance on debt financing of its operations
Service Business
debt ratios
Business Cycle
widgets
5. Arises when group members recognize that the leader has special expertise in the area
Expert Influence
fixed assets
utility
merger
6. Ratio between net income after taxes and total owners' equity; also known as return on equity
sales promotion approach
risks of product-line extensions
behavioral segmentation
return on investment
7. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Statutory Law
Bankruptcy
it produces the greatest amount of good for the greatest number
Organizational Stakeholders
8. A business that is involvec with moving goods from producers to consumers
Marketer
brand mark
a continuous-flow operating system
price elasticity
9. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
grand strategies
debt-to-total-assets ratio
geodemographics
Information Technology (IT)
10. Cost of producing or acquiring a company's products for sale during a given period
delegate the task
SWOT analysis
retained earnings
cost of goods sold
11. A document - generally issued by a state government - giving permission to start a corporation
Certificate of Incorporation
break-even point
Management Information System (MIS)
Corporation
12. Demographics - psychographics - and geographics
current ratio
Tactical Management
time utility
primary factors of market segmentation
13. 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
cognitive dissonance
Tall Organizational Structure
Demand
Decision Making
14. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
general expenses
assets
skim pricing
revenues
15. Occurs when widespread price increases occur throughout an economic system
Position Influence
Stockholder (or Shareholder)
Retailer
Inflation
16. Applying a successful brand name to a new product category
news conference
brand mark
brand extension
Sexual Harassment
17. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
Top Manager
Human Resource Management (HRM)
communication mix
Oligopoly
18. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Quid Pro Quo Harassment
marketing concept
co-branding
direct marketing approach
19. Measures income earned on owners' investment - formula: Net income/total owners' equity
return on equity ratio
brand loyalty
Variance
Labor Relations
20. Group of small investors who invest money in companies with rapid growth potential
methods of finance for an expanding business
Monopoly
trade allowance
Venture Capital Company
21. A leadership style where the manager is directive and controlling
Venture Capital Company
strategic marketing planning
Tactical Management
Intellectual Property
22. 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
general expenses
Real GDP
First-Line Manager
23. Inexpensive good or service purchased and consumed rapidly and regularly
merger
Convenience Good/Convenience Service
fixed costs
advertising approach
24. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Telemarketing
why companies learn about customers so they can stay in touch with their current needs and wants
break-even point equation
opportunity cost
25. Characteristic of centralized companies with multiple layers of management
Tall Organizational Structure
marketing
Herzberg's two-factor theory
place utility
26. Discount offered by producers to wholesalers and retailers
Purchasing Power Party
trade allowance
function of labels
decision-making role
27. Products characterized by a plain label - with no advertising and no brand name
generic products
Audit
risks of product-line extensions
demographics
28. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
current assets
revenues
Mission Statement
customer loyalty
29. Top manager who is responsible for the overall performance of a corporation
Business Ethics
market
Environmental Analysis
Chief Executive Officer (CEO)
30. Partner who actively manages a firm and who has unlimited liability for its debts
capital budgeting
General (Active) Partner
Exchange Rate
advertising approach
31. Loss of brand identity and the cannibalization of sales of other products in the product line
Specialty Good/Specialty Service
positive reinforcement
risks of product-line extensions
limitations of marketing research
32. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
market segmentation
sales promotion approach
direct marketing
net income
33. 12 month accounting period that begins on January 1 and ends on December 31
calendar year
Corporate Strategy
Demand
growth stage
34. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
Export
customer loyalty
horizontal analysis
Unethical Behavior
35. Intermediary who sells products to other businesses for resale to final consumers
limitations of marketing research
Labor Relations
Wholesaler
Telemarketing
36. Form of a corporation spanning national boundaries
marketable securities
Organization Chart
Safety
Multinational (or Transnational) Corporation
37. Somethings needed by a community and provided by its government
Recovery
Public Goods
exchange process
long-term liabilities
38. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
stealth marketing
product line
function of labels
fixed costs
39. The action of ensuring that operations produce products that meet specific quality standards
Operations (Production) Management
Matrix Structures
push strategy
Quality Control
40. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
specialty advertising
customer buying behavior
Outsourcing
Operations (Production) Management
41. Transferring work to another country
Benefits
form utility
Service Operations (Service Production)
Out-sourcing
42. Organization for economic - social - and security cooperation among European nations
equity financing
European Union (EU)
brand
product
43. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
wants
opportunity cost
Labor Union
product advertising
44. The company founder is no longer solely responsible for all decision making during the ____.
Privatization
promotional strategy
profitability ratios
growth through direction state
45. A firm's portion of the total sales in a market
market share
Publicly Held (or Public) Corporation
laissez-faire Leadership style
Acquisition
46. Confusion results if a person reports to two people at once - according to ____.
Retrenchment
unity of command
social media approach
commercialization
47. Marketing efforts to attract people and organizations to a particular geographical area
place marketing
World Trade Organization (WTO)
Price Fixing
Corporate Bond
48. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
growth stage
stages of product development
limitations of marketing research
financial control
49. Mix of people in organizations in terms of essential/demographic status
Workplace Diversity
current liabilities
Manufacturer
Maslow's hierarchy of needs
50. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
return on equity ratio
Theory Z
Hostile Work Environment
online display advertising