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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. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
merger
advertising approach
Corporate Strategy
Monopoly
2. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
return on sales
telemarketing
Out-sourcing
push strategy
3. Identification and marketing of a social issues - cause - or idea to selected target markets
operating expenses
cause-related marketing
advertising
Planning
4. 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
elements of a company's marketing mix
marketing mix
Strategic Alliance
Affirmative Action
5. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
why companies learn about customers so they can stay in touch with their current needs and wants
Limited Partner
Decision Making
loss-leader pricing
6. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
skim pricing
function of labels
credit
net income
7. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
Standard of living
place utility
maturity stage
time utility
8. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
rebates
market segmentation
form utility
trade promotions
9. A prolonged and deep recession
Functional Strategy
Policy
Depression
Quid Pro Quo Harassment
10. Effective acquisition and use of money
Wholesaler
financial management
Manufacturer
horizontal analysis
11. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
specialty advertising
types of utility
earnings per share
job rotation
12. Sales volume at a given price that will cover all of a company's costs
Private enterprise
market segmentation
break-even point
working capital
13. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
Nepotism
behavioral segmentation
Gross Domestic Product (GDP)
sales promotion
14. Process of converting government enterprises into privately owned companies
Out-sourcing
Privatization
close the books
Processing
15. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
contract
First-Line Manager
Divestiture
Standard of living
16. This level of management includes department heads and district sales managers.
Democratic Leadership Style
Controlling
middle management
place marketing
17. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Leadership
decline stage
depreciation
Acquisition
18. Managers who develop and implement a complete strategy and marketing program for specific products or brands
Organizational Structure
Corporate Strategy
brand managers
fringe benefit
19. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
Recession
assets equation
retained earnings
World Trade Organization (WTO)
20. Introducing a new product at a low price in hopes of building sales volume quickly
contract
specialty advertising
Collusion
penetration pricing
21. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Goal
North American Free Trade Agreement (NAFTA)
Audit
coupons
22. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
Business Plan
Policy
Goals
Officers
23. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another
online display advertising
form utility
ratio analysis
bundling
24. Transferring work to another country
Information Technology (IT)
Out-sourcing
Privatization
test marketing
25. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
quick ratio
financial management
marketing mix
Stockholder (or Shareholder)
26. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
Long-Term Goal
private brands
Goals
Common Law
27. Court-granted permission for a company to not pay some or all debts
debt financing
Bankruptcy
permission marketing
brand managers
28. A measure of the sensitivity of demand to changes in price
Service Operations (Service Production)
Retailer
time utility
price elasticity
29. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
marketing research
certain disabilities and illnesses
Public Goods
positioning
30. 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
Labor Union
exchange process
market segmentation
search advertising
31. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
direct marketing
promotional strategy
debt-to-total-assets ratio
liquidity ratios
32. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
possession utility
net income
Whistle Blower
customer loyalty
33. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
possession utility
test marketing
Whistle Blower
responsibilities of a financial manager
34. Intermediary who sells products to other businesses for resale to final consumers
Industrial Goods
Wholesaler
penetration pricing
wants
35. Inexpensive good or service purchased and consumed rapidly and regularly
price
Convenience Good/Convenience Service
Out-sourcing
Crisis Management
36. The purchase of one company by another
Mass Production
steps in the strategic marketing planning process
certain disabilities and illnesses
Acquisition
37. Process of scanning the business environment for threats and opportunities
Business Cycle
Outcome-based ethics
S Corporation
Environmental Analysis
38. The creation and sharing of product-related information among customers and potential customers
Purpose of Strategic Planning
Long-Term Goal
calendar year
social commerce
39. Larger visual and multimedia ads that appear on websites
Imperfect Competition
Joint Venture
online display advertising
selling expenses
40. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
consumer promotion
unity of command
current liabilities
decision-making role
41. profitability - liquidity - activities - and leverage/debt
types of financial ratios
Goals
Patent
Restructuring
42. Ratios that measure the effectiveness of the firm's use of its resources
debt-to-equity ratio
World Trade Organization (WTO)
brand
activity ratios
43. Top manager who is responsible for the overall performance of a corporation
wants
Chief Executive Officer (CEO)
current assets
Long-Term Goal
44. Applying a successful brand name to a new product category
brand extension
merger
skim pricing
Service Business
45. Advertising intended to remind existing customers of a product's availability and benefits
reminder advertising
Manufacturer
merger
Standard of Living
46. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
organizational market
search advertising
Controlling
Affirmative Action
47. Type of partnership consisting of limited partners and a general (or active) partner
need
Wholesaler
search advertising
Limited Partnership
48. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Franchise
push strategy
Gross Domestic Product (GDP)
Short-range or operational planning
49. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
Mixed Management
Information Technology (IT)
Environmental Analysis
50. In bookkeeping - an increase in assets
news conference
European Union (EU)
benchmarking
credit