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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. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
selling expenses
Monopoly
Middle Manager
accounts receivable turnover ratio
2. Claims against a firm's assets by creditors - such as banks and suppliers
limitations of marketing research
liabilities
laissez-faire Leadership style
job rotation
3. Brand awareness - brand preference - brand insistence
utility
horizontal analysis
levels of brand loyalty
Operations (Production) Management
4. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Leadership
Quality
Procedure
Common Law
5. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Real GDP
Decentralized Organization
Monopolistic competition
Wheeler-Lea Act of 1938
6. 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
social commerce
Unlimited Liability
SWOT analysis
Import
7. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
Public Goods
loss-leader pricing
how companies learn about customer
target markets
8. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
Certificate of Incorporation
inside board members
product advertising
assume that all workers are content with their work
9. Applying a successful brand name to a new product category
Retailer
public relations approach
test marketing
brand extension
10. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
psychographics
mission statement
factors that influence pricing decisions
Quality Control
11. Physical products purchased by consumers for personal use
organization behavior modification
Consumer Goods
Inflation
Privatization
12. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community
Insider Trading
3 Economic Role
social media approach
Joint Venture
13. Manager responsible for supervising the work of employees
capital investments
Intellectual Property
accounts receivable turnover ratio
First-Line Manager
14. Product made or grown domestically but sold abroad
loss-leader
accrual basis
Export
communication mix
15. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique
stealth marketing
Corporation
authority
Specialty Good/Specialty Service
16. Offering several products for a single price that is presumably lower than the total of the products' individual prices
return on sales
family branding
Standard of living
bundling
17. Cost of goods sold = beginning inventory + net purchases - ending inventory
Swot Analysis
Officers
cost of goods sold equation
Venture Capital Company
18. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
cost of goods sold equation
specialty advertising
Gross Domestic Product (GDP)
middle management
19. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
capital investments
break-even point
activity ratios
Swot Analysis
20. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta
quick ratio
point-of-purchase display
marketing research
schematic of marketing process
21. Customer value added by making a product available at a convenient time
time utility
return on investment
Service Operations (Service Production)
debt-to-total-assets ratio
22. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification
forecasting
permission marketing
growth strategies
Ethics
23. Codified rules of behavior enforced by society
Leading
Import
Laws
grand strategies
24. Occurs when widespread price increases occur throughout an economic system
Restructuring
double-entry bookkeeping
Retrenchment
Inflation
25. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
Insider Trading
Variance
time utility
integrated marketing communications
26. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
communication mix
Publicly Held (or Public) Corporation
demographics
responsibility
27. The creation and sharing of product-related information among customers and potential customers
middle management
psychographics
Statutory Law
social commerce
28. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
decision-making role
distribution channels
co-branding
strategic marketing planning
29. Industry in which one company can most efficiently supply all needed goods or services
point-of-purchase display
accounts payable
schematic of marketing process
Natural monopoly
30. Activities needed to move a product efficiently from manufacturer to consumer
Variance
Physical Distribution
cause-related marketing
Quid Pro Quo Harassment
31. The willingness and ability of buyers to purchase a good or service
fringe benefit
Demand
Tactical Management
Leadership
32. Free or bargain-priced items offered to encourage customers to buy a product
marketing strategy
Monopoly
premiums
Publicly Held (or Public) Corporation
33. Discount offered by producers to wholesalers and retailers
market segmentation
trade allowance
promotion
World Trade Organization (WTO)
34. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Philosophy
middle management
Board of Directors
vertical analysis
35. Acquiring funds by selling shares of a company's stock
equity financing
Decentralized Organization
accounts payable
growth stage
36. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
news conference
Sarbanes-Oxley Act of 2002 (Sarbox)
form utility
Laws
37. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
activity ratios
current assets
pull strategy
General (Active) Partner
38. 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
Planning
positive reinforcement
responsibilities of a financial manager
Collusion
39. External statistical descriptors such as age - income - gender - and profession
penetration pricing
demographics
current assets
price
40. 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
revenues
cost based pricing
Affirmative Action
41. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
revenues
risks of product-line extensions
Export
Monopolistic Competition
42. A business that grows products or takes raw material from nature
Custom Manufacturing
inventory turnover ratio
Extractor
price
43. Offering a temporary reduction in price
Sole Proprietership
Services
discount pricing
media
44. Use a brand name on a variety of related products
Gross National Product (GNP)
family branding
Privatization
target markets
45. Characteristic of decentralized companies with relatively few layers of management
3 Economic Role
accounts receivable
Flat Organizational Structure
Hostile Work Environment
46. Ratio between net income after taxes and total owners' equity; also known as return on equity
return on investment
product life cycle
Publicly Held (or Public) Corporation
Operations (Production) Management
47. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
calendar year
fixed assets
Corporate Governance
accounts receivable turnover ratio
48. Personal communication between a seller and one or more potential buyers
S Corporation
personal selling
point-of-purchase display
place marketing
49. Intermediary who sells products to other businesses for resale to final consumers
quality control circles
Authority
Wholesaler
Leadership
50. Management process of guiding and motivating employees to meet an organization's objectives
Leading
statement of cash flows
database marketing
owner's equity