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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. Strategic alliance in which the collaboration involves joint ownership of the new venture
Joint Venture
Business Plan
accounts receivable turnover ratio
Strategy
2. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
financial management
Deregulation
earnings per share
variable costs
3. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
Management
maturity stage
Quality
unity of command
4. Results from the leader's ability to give or withhold rewards
wants
pull strategy
Reward Influence
negative reinforcement
5. A leadership style where managers are less directive and involved employees in decision making
Maslow's hierarchy of needs
Strategic Management
inventory turnover ratio
marketing concept
6. Power to make the decisions necessary to complete a task
dynamic pricing
Authority
customer service
debt-to-equity ratio
7. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
debt ratios
Controlling
Labor Union
Limited Liability
8. 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
cost of goods sold
financial plan
introductory stage
quick ratio
9. Mix of people in organizations in terms of essential/demographic status
Workplace Diversity
telemarketing
ways to expand a product line
assume that all workers are content with their work
10. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Standard of living
Extension
promotional strategy
debt ratios
11. 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
downsizing
calendar year
cost based pricing
schematic of marketing process
12. Owner of shares of stock in a corporation
national brands
Restructuring
Universal Product Codes
Stockholder (or Shareholder)
13. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
distribution channels
Insider Trading
ways to expand a product line
long-term liabilities
14. Organization's methods for dealing with emergencies
Information Technology (IT)
Exchange Rate
Crisis Management
market share
15. Management process of determining what an organization needs to do and how best to get it done
financial plan
Hostile Work Environment
bundling
Planning
16. Lots of leeway to workers to meet goals
Officers
laissez-faire Leadership style
need
Mass Production
17. A forecast of financial requirements and the financing sources to be used
financial plan
Business Cycle
Consumer Goods
Intellectual Property
18. Market or industry in which there is only one producer that can therefore set the prices on all of its products
retained earnings
types of financial ratios
Policy
Monopoly
19. Obligation employees have to their manager for the successful completion of an assigned task
Accountability
Depression
Insider Trading
calendar year
20. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
Middle Manager
Statutory Law
marketing
telemarketing
21. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
fixed assets
Common Law
Specialty Good/Specialty Service
Goods Operations (Goods Production)
22. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
pull strategy
discount pricing
Theory Z
promotion
23. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit
relationship marketing
Sole Proprietership
Variance
European Union (EU)
24. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
return on equity ratio
brand
Oligopoly
Demand
25. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met
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26. Individuals or households that buy goods and services for personal use
Quid Pro Quo Harassment
consumer market
Organizational Stakeholders
Privatization
27. The act of transferring net revenue and expense account balances to retained earnings for the period
it produces the greatest amount of good for the greatest number
organizational market
Labor Union
close the books
28. Goal set for the very near future
fringe benefit
horizontal analysis
Short-Term Goal
product line
29. 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.
Matrix Structures
function of labels
bundling
levels of brand loyalty
30. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
product line
Corporate Bond
growth strategies
commercialization
31. Charging a high price for a new product during the introductory stage and lowering the price later
social media approach
Delegation
skim pricing
behavioral segmentation
32. Reporting relationships within a company
Chain of Command
direct mail
Long-Term Goal
Perfect competition
33. Ethical or unethical behaviors by employees in the context of their jobs
owner's equity
Wheeler-Lea Act of 1938
relationship marketing
Business Ethics
34. Form of a corporation spanning national boundaries
brand managers
Custom Manufacturing
functional strategies
Multinational (or Transnational) Corporation
35. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
management by objectives (MBO)
dynamic pricing
test marketing
statement of cash flows
36. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
brand
Quality Control
Outsourcing
Sarbanes-Oxley Act of 2002 (Sarbox)
37. Legal principal holding owners responsible for paying off all debts of a business
psychographics
Variance
national brands
Unlimited Liability
38. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
promotional strategy
introductory stage
Long-Term Goal
financial management
39. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization
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40. 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
common pricing strategies
Strategic Alliance
factors that influence pricing decisions
specialty advertising
41. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
job rotation
news conference
Human Resource Management (HRM)
function of labels
42. The way you live as measure by the kinds and quality of goods and services you can afford
Natural monopoly
Standard of Living
Goods Operations (Goods Production)
social media
43. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
search advertising
activity ratios
rebates
Audit
44. Rewarded for good performance; something the employee likes is praised
Universal Product Codes
responsibilities of a financial manager
Restructuring
positive reinforcement
45. A group of customer who need or want a particular product and have the money to buy it
market
Tall Organizational Structure
premiums
form utility
46. Organization in which most decision-making authority is held by upper-level management
3 Economic Role
penetration pricing
Centralized Organization
mission statement
47. Physical products purchased by consumers for personal use
Decentralized Organization
Market economy
Consumer Goods
laissez-faire Leadership style
48. Something that the employee dislikes is taken away
Human Resource Management (HRM)
current ratio
negative reinforcement
break-even point equation
49. Unwelcome sexual advances in the workplace
Short-Term Goal
word of mouth
Sexual Harassment
customer buying behavior
50. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
inventory turnover ratio
social media approach
types of financial ratios
certain disabilities and illnesses