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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. Mix of people in organizations in terms of essential/demographic status
Decision Making
Workplace Diversity
Goods Operations (Goods Production)
Capitalism
2. Obligations that must be next within a year
utility
current liabilities
telemarketing
sales promotion
3. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
fiscal year
Export
need
trade allowance
4. Industry in which one company can most efficiently supply all needed goods or services
Natural monopoly
consumer promotion
elements of a company's marketing mix
news release
5. Organization's methods for dealing with emergencies
Crisis Management
social media
First-Line Manager
Organizational Stakeholders
6. Complete list of all products that a company offers for sale
product mix
mission statement
Price Fixing
marketing
7. Brands owned by the manufacturers and distributed nationally
factors that influence pricing decisions
selling expenses
national brands
Planning
8. Measures income earned on owners' investment - formula: Net income/total owners' equity
public relations
return on equity ratio
Contingent Worker
return on investment
9. All costs of operation that are not included under cost of goods sold
social commerce
operating expenses
Certificate of Incorporation
Business Ethics
10. Corporation whose stock is held by only a few people and is not available for sale to the general public
Strategic Alliance
5 C's
Policy
Closely Held (or Private) Corporation
11. Ratios that measure a firm's reliance on debt financing of its operations
Real GDP
equity financing
Capitalism
debt ratios
12. Delegating more power to employees
Accountability
Ethical Behavior
empowerment
activity ratios
13. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
telemarketing
loss-leader
Recovery
cause-related marketing
14. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Safety
Officers
steps in the strategic marketing planning process
Capitalism
15. Customer value added by making a product available in a convenient location
place utility
Certificate of Incorporation
Perfect competition
Controlling
16. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Quid Pro Quo Harassment
Privatization
Franchise
Leading
17. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
Publicly Held (or Public) Corporation
decision-making role
general expenses
Work Specialization
18. Business costs that remain constant regardless of the number of units produced
working capital
Theory Z
Imperfect Competition
fixed costs
19. Claims against a firm's assets by creditors - such as banks and suppliers
Statutory Law
accrual basis
liabilities
current assets
20. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Small Business Administration (SBA)
accounts receivable
search advertising
Organizational Stakeholders
21. Top management team of a corporation
fringe benefit
inside board members
Collusion
Officers
22. The collection and analysis of information for making marketing decisions
auction pricing
levels of brand loyalty
marketing research
elements of a company's marketing mix
23. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
product mix
Market
Chain of Command
Strategic Management
24. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
Services
Retrenchment
debt-to-total-assets ratio
price
25. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
marketing
Service Operations (Service Production)
types of financial ratios
brand mark
26. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
Depression
retained earnings
Price Fixing
social commerce
27. Elimination of rules that restrict business activity
Deregulation
Labor Union
merger
Joint Venture
28. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
Decision-Making Skills
methods of finance for an expanding business
Mission Statement
World Trade Organization (WTO)
29. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accrual basis
decline stage
Gross Domestic Product (GDP)
Business (or Competitive) Strategy
30. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
discount pricing
theory y
sales promotion approach
SWOT analysis
31. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
personal sales approach
Wholesaler
assets
Gross Domestic Product (GDP)
32. Unwelcome sexual advances in the workplace
Private enterprise
Ethical Behavior
Sexual Harassment
Reward Influence
33. Large-scale production and distribution of a product
search advertising
delegate the task
social commerce
commercialization
34. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
place marketing
why companies learn about customers so they can stay in touch with their current needs and wants
personal sales approach
Imperfect Competition
35. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
commercialization
Unemployment
personal sales approach
advertising approach
36. In bookkeeping - an increase in assets
credit
Custom Manufacturing
General Partnership
ratio analysis
37. Body of decisions handed down by courts ruling on individual cases
Organization Chart
Standard of living
Physical Distribution
Common Law
38. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
Statutory Law
Goods Operations (Goods Production)
Real GDP
opportunity cost
39. 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
Statutory Law
Organizational Structure
Short-range or operational planning
Labor Union
40. Building a specific and unique product to meet the needs of one consumer
Authority
commercialization
media
Custom Manufacturing
41. A series of related products offered by a firm
types of utility
product line
dynamic pricing
Labor Relations
42. The company founder is no longer solely responsible for all decision making during the ____.
growth through direction state
Multinational (or Transnational) Corporation
Inflation
Three reasons nations trade
43. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
product
Consumer Goods
theory x
retained earnings
44. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
growth stage
Monopolistic Competition
Limited Partner
organizational market
45. Alternative plans to be implemented if uncontrollable event occur
Extractor
contingency plans
behavioral segmentation
assume that all workers are content with their work
46. Small software programs that provide part of the functionality of a website
Accountability
line organization
contingency plans
widgets
47. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
owner's equity
Mission Statement
Corporate Strategy
Functional Strategy
48. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
objectives
Service Business
Import
common pricing strategies
49. Compensation other than wages and salaries
Procedure
Benefits
Export
specialty advertising
50. Introducing a new product at a low price in hopes of building sales volume quickly
place marketing
penetration pricing
brand mark
Labor Productivity