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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. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Controlling
positive reinforcement
Labor Productivity
forecasting
2. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
auction pricing
accounts payable
theory x
Depression
3. The quantity of a good that an average worker can produce in an hour
Labor Productivity
need
Universal Product Codes
Bankruptcy
4. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
coupons
pull strategy
certain disabilities and illnesses
contract
5. Power of a good or services to satisfy a human need
utility
common pricing strategies
Sole Proprietership
private brands
6. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
activity ratios
Operations (Production) Management
marketing
debt financing
7. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)
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8. Obligations that must be next within a year
Democratic Leadership Style
current liabilities
direct mail
Planning
9. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
Controlling
Unethical Behavior
Democratic Leadership Style
fixed assets
10. Law created by consistitution(s) or by federal - state - or local legislative acts
Statutory Law
introductory stage
debt-to-total-assets ratio
Long-range or strategic planning
11. Beliefs about what is right or wrong and good or bad in actions that affect others
strategic marketing planning
horizontal analysis
Ethics
Nepotism
12. Form of nonstore retailing in which the telephone is used to sell directly to consumers
ratio analysis
positioning
Telemarketing
Planning
13. Occurs when widespread price increases occur throughout an economic system
Inflation
Socialism
3 Economic Role
primary factors of market segmentation
14. A business firm that does things for you instead of making or makerting products
Service Business
Goals
empowerment
fixed costs
15. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
elements of a company's marketing mix
stages of product development
inventory turnover ratio
Short-range or operational planning
16. Intermediary who sells products to other businesses for resale to final consumers
debt-to-total-assets ratio
Wholesaler
penetration pricing
vertical analysis
17. An action is morally correct - when - among the people it affects...
Leadership
Convenience Good/Convenience Service
Deregulation
it produces the greatest amount of good for the greatest number
18. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
time utility
general expenses
Bankruptcy
Prosperity
19. Assets - liabilities = owner's equity
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20. Nonsales communication that businesses have with their various audiences
public relations
coupons
Mixed Management
calendar year
21. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
market
product line
budget
Industrial Goods
22. 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
demographics
Demand
Private enterprise
factors that influence pricing decisions
23. Advertising intended to remind existing customers of a product's availability and benefits
reminder advertising
unity of command
steps in the strategic marketing planning process
Standard of Living
24. A Theory Y manager is most likely to ____.
return on sales
responsibilities of a financial manager
assume that all workers are content with their work
Convenience Good/Convenience Service
25. Ratios that measure the effectiveness of the firm's use of its resources
Delegation
First-Line Manager
activity ratios
product line
26. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
Monopoly
introductory stage
job rotation
27. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
activity ratios
balance sheet
European Union (EU)
break-even point equation
28. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
break-even point
news release
factors that influence pricing decisions
Human Resource Management (HRM)
29. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
Chain of Command
customer loyalty
promotion
debt-to-total-assets ratio
30. Being accountable or being able to justify an action
responsibility
Telemarketing
place utility
corporate strategies
31. Managers who develop and implement a complete strategy and marketing program for specific products or brands
trade allowance
Span of Control
Autocratic Leadership style
brand managers
32. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Short-Term Goal
market share
Supply
Leadership
33. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
current assets
Swot Analysis
Inflation
types of utility
34. Customer value created by converting raw materials and other inputs into finished goods and services
Processing
profitability ratios
form utility
license
35. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Services
responsibilities of a financial manager
coupons
Marketer
36. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
liquidity ratios
accounts payable
return on equity ratio
cognitive dissonance
37. When organizations change raw materials into finished goods
demographics
form utility
customer loyalty
cause-related marketing
38. Good or service used as the basis of commerce
product
Outcome-based ethics
return on equity ratio
Service Business
39. Motivator and hygiene factors need to be met to prevent dissatisfaction
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40. Portion of a brand that can be expressed orally - including letters - words - or numbers
fiscal year
brand names
Export
permission marketing
41. Online ads that are linked to search engine results or website content
generic products
search advertising
steps in the strategic marketing planning process
decline stage
42. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Philosophy
Gross Domestic Product (GDP)
Mixed Management
decline stage
43. Business costs that remain constant regardless of the number of units produced
Organizing
Goals
communication mix
fixed costs
44. The state of being certain that adverse effects will not be caused by some agent under defined conditions
place utility
management by objectives (MBO)
Safety
Capitalism
45. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit
relationship marketing
Pure Competition
target markets
opportunity cost
46. The four key elements of marketing strategy: product - price - distribution - and promotion
marketing mix
Collusion
Supply Chain (Value Chain)
Delegation
47. The degree to which customers continue to purchase a specific brand
geodemographics
point-of-purchase display
Out-sourcing
brand loyalty
48. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
market share
growth strategies
Custom Manufacturing
depreciation
49. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity
Long-Term Goal
decline stage
owner's equity
debt-to-equity ratio
50. A prolonged and deep recession
Depression
depreciation
assets equation
Globalization