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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. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
Unemployment
brand mark
net income
price
2. Choosing one alternative from among several options
Decision Making
common pricing strategies
social commerce
Flat Organizational Structure
3. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
commercialization
Top Manager
maturity stage
promotional strategy
4. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
Capitalism
Crisis Management
Out-sourcing
budget
5. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
Officers
5 C's
Matrix Structures
pull strategy
6. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Franchise
middle management
Private enterprise
Services
7. Offering several products for a single price that is presumably lower than the total of the products' individual prices
bundling
Standard of Living
Tall Organizational Structure
Goals
8. Provides protection for the product - makes products easier to display - and attracts attention
Business Ethics
function of packaging
functional strategies
benchmarking
9. Physical products purchased by companies to produce other products
debit
media
Industrial Goods
Limited Partnership
10. Effective acquisition and use of money
growth stage
liabilities
financial management
debt-to-total-assets ratio
11. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
cost of goods sold
Workplace Diversity
Recession
financial management
12. Assets - liabilities = owner's equity
13. Introducing a new product at a low price in hopes of building sales volume quickly
cognitive dissonance
advertising
penetration pricing
function of packaging
14. Money paid to acquire something of permanent value in a business
Limited Liability Corporation (LLC)
primary factors of market segmentation
capital investments
profitability ratios
15. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
cost of goods sold
merger
assets
Monopolistic Competition
16. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
marketing research
depreciation
relationship marketing
Short-range or operational planning
17. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
Public Goods
Corporate Strategy
Market economy
Variance
18. Something that the employee dislikes is taken away
public relations
Merger
negative reinforcement
Planning
19. A detailed series of related steps or tasks written to implement a policy is called a ____.
Marketer
Procedure
unity of command
Custom Manufacturing
20. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product
product life cycle
cost based pricing
Capitalism
authority
21. Individuals or households that buy goods and services for personal use
Decision Making
consumer market
Short-Term Goal
Corporation
22. Markets focus on increasing the product's market share
Supply
current ratio
growth stage
Patent
23. Ratios that measure the effectiveness of the firm's use of its resources
activity ratios
maturity stage
laissez-faire Leadership style
Board of Directors
24. Cash and items that can be turned into cash within one year
Export
Demand
current assets
capital budgeting
25. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
Price Fixing
how companies learn about customer
quick ratio
management by objectives (MBO)
26. Advertising intended to remind existing customers of a product's availability and benefits
Services
3 Economic Role
productivity - the success of the managers - and the morale of the other employees
reminder advertising
27. Ratio between net income after taxes and net sales; also known as profit margin
private brands
Corporate Governance
Unethical Behavior
return on sales
28. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Perfect competition
Strategy
mission statement
current assets
29. Study of statistical characteristics of a population
social media approach
how companies learn about customer
Monopolistic Competition
demographics
30. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
Decentralized Organization
fixed assets
Extension
Import
31. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment
ways to expand a product line
Business Ethics
Swot Analysis
Limited Partner
32. Skills in defining problems and selecting the best courses of action
activity ratios
debt financing
Decision-Making Skills
Specialty Good/Specialty Service
33. Obligations that must be next within a year
current liabilities
return on sales
institutional advertising
assets equation
34. Activities producing tangible products such as radios - newspapers - buses and textbooks
geographics
Goods Operations (Goods Production)
direct marketing
test marketing
35. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
psychographics
permission-based marketing
Ethics
Unethical Behavior
36. Organization for economic - social - and security cooperation among European nations
Retrenchment
wants
objectives
European Union (EU)
37. Occurs when widespread price increases occur throughout an economic system
Inflation
persuasive advertising
equity financing
utility
38. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
bundling
cost of goods sold equation
long-term liabilities
S Corporation
39. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
functional strategies
organizational market
rebates
elements of a company's marketing mix
40. Strategic alliance in which the collaboration involves joint ownership of the new venture
Real GDP
auction pricing
national brands
Joint Venture
41. The movement of an economy from one condition to another and back again
Contingent Worker
Management Information System (MIS)
Business Cycle
marketing research
42. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
credit
decision-making role
Substitute Product
variable costs
43. Alternative plans to be implemented if uncontrollable event occur
levels of brand loyalty
contingency plans
Certificate of Incorporation
Tall Organizational Structure
44. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Real GDP
theory x
First-Line Manager
debit
45. Assets = liabilities + owner's equity
Committee and Team Authority
accounting equation
psychographics
Depression
46. Marketing efforts to attract people and organizations to a particular geographical area
Leading
customer service
place marketing
product line
47. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
direct marketing approach
co-branding
Gross Domestic Product (GDP)
contract
48. The ability to carry out a task
Identity Influence
authority
Management Information System (MIS)
return on equity ratio
49. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
pull strategy
Oligopoly
customer buying behavior
stealth marketing
50. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers
relationship marketing
Organization Chart
specialty advertising
Common Law