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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 short - specific written statement of the reason a business exists and what it wants to achieve.
Acquisition
mission statement
Herzberg's two-factor theory
personal sales approach
2. Systems for moving goods and services from producers to customers; also known as marketing channels
sales promotion approach
fixed costs
distribution channels
3 Economic Role
3. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
communication mix
customer service
product advertising
product life cycle
4. Study of statistical characteristics of a population
demographics
Manufacturer
Specialty Good/Specialty Service
customer loyalty
5. Current assets minus current liabilities
working capital
Closely Held (or Private) Corporation
Acquisition
objectives
6. The quantity of a good that an average worker can produce in an hour
Labor Productivity
Deregulation
marketable securities
Officers
7. Informal communication between customers and potential customers
trade promotions
a continuous-flow operating system
grand strategies
word of mouth
8. Ratios that measure the effectiveness of the firm's use of its resources
stages in the life cycle of a product
activity ratios
price
stealth marketing
9. Assets = liabilities + owner's equity
Inflation
maturity stage
advertising
accounting equation
10. Intermediary who sells products to other businesses for resale to final consumers
calendar year
Sarbanes-Oxley Act of 2002 (Sarbox)
Wholesaler
Management
11. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
brand mark
Oligopoly
advertising approach
marketing research
12. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
Short-Term Goal
market segmentation
Business (or Competitive) Strategy
marketable securities
13. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Corporate Governance
debt ratios
Oligopoly
quick ratio
14. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
financial plan
point-of-purchase display
job rotation
contract
15. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
Sexual Harassment
market share
loss-leader
wants
16. Process for evaluating proposed investments in select projects that provide the best long-term financial return
Variance
Physical Distribution
brand equity
capital budgeting
17. Money paid to acquire something of permanent value in a business
Acquisition
capital investments
debt ratios
news release
18. Media: news release; audience: broad - intensity: passive - active; purpose: inform
levels of brand loyalty
Workplace Diversity
Matrix Structures
public relations approach
19. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
Collusion
Decentralized Organization
Corporation
delegate the task
20. Process by which the world is becoming a single interdependent system
contract
personal selling
Globalization
Authority
21. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
persuasive advertising
debit
financial control
3 Economic Role
22. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Top Manager
Franchise
Market
5 C's
23. Obligations that must be next within a year
Middle Manager
Stockholder (or Shareholder)
current liabilities
Swot Analysis
24. Takes the extractor's products or raw materials and changs the into a form that consumers can use
decision-making role
Manufacturer
price
place marketing
25. The way you live as measure by the kinds and quality of goods and services you can afford
Market
Standard of Living
double-entry bookkeeping
fringe benefit
26. Creating a flatter organization structure normally cutting out middle management
introductory stage
auction pricing
downsizing
Chain of Command
27. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
Substitute Product
institutional advertising
Goods Operations (Goods Production)
Telemarketing
28. This law guards against false advertising.
Service Operations (Service Production)
Prosperity
Wheeler-Lea Act of 1938
Leadership Style
29. Selling or supporting the sales process over the telephone
cash basis
social media
telemarketing
Decision-Making Skills
30. Acquiring funds through borrowing
debt-to-total-assets ratio
debt financing
Export
Copyright
31. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
personal sales approach
schematic of marketing process
Closely Held (or Private) Corporation
Labor Relations
32. Making decisions without consulting anyone
Stockholder (or Shareholder)
marketable securities
Autocratic Leadership style
close the books
33. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
theory x
elements of a company's marketing mix
institutional advertising
34. Characteristic of decentralized companies with relatively few layers of management
Chain of Command
Flat Organizational Structure
commercialization
advertising
35. A group of customer who need or want a particular product and have the money to buy it
accrual basis
marketing concept
market
growth stage
36. Break-even point = fixed costs/ (selling price - variable costs per unit)
break-even point equation
Depression
customer buying behavior
dynamic pricing
37. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
Joint Venture
grand strategies
Functional Strategy
Goods Operations (Goods Production)
38. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
Physical Distribution
personal sales approach
Regulatory (Administrative) Law
Outcome-based ethics
39. Process of converting government enterprises into privately owned companies
Strategic Management
Privatization
Regulatory (Administrative) Law
time utility
40. Objective that a business hopes and plans to achieve
Ethical Behavior
marketable securities
Regulatory (Administrative) Law
Goal
41. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
Short-Term Goal
operating expenses
Gross National Product (GNP)
current assets
42. Market or industry in which there is only one producer that can therefore set the prices on all of its products
Monopoly
authority
5 C's
Mixed Management
43. Portion of a brand that cannot be expressed verbally
types of utility
Delegation
brand mark
close the books
44. A sustained increase in the general level of prices
laissez-faire Leadership style
Inflation
Three reasons nations trade
accounts payable
45. Direct communication other than personal sales contacts designed to effect a measurable response
skim pricing
direct marketing
Quality
accounting equation
46. Mix of people in organizations in terms of essential/demographic status
Management Information System (MIS)
accounts receivable
demographics
Workplace Diversity
47. Customer value added by making a product available in a convenient location
sales promotion
cause-related marketing
place utility
Manufacturer
48. Form of nonstore retailing in which the telephone is used to sell directly to consumers
balance sheet
Benefits
Telemarketing
geographic segmentation
49. Top manager who is responsible for the overall performance of a corporation
Multinational (or Transnational) Corporation
organization behavior modification
Chief Executive Officer (CEO)
Merger
50. Legal principal holding owners responsible for paying off all debts of a business
Unlimited Liability
Operations (Production) Management
cost based pricing
pull strategy