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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. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
primary factors of market segmentation
Business Plan
public relations approach
Intellectual Property
2. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Purchasing Power Party
social commerce
consumer promotion
Outsourcing
3. Customer value created by converting raw materials and other inputs into finished goods and services
maturity stage
form utility
stealth marketing
Short-range or operational planning
4. Media: news release; audience: broad - intensity: passive - active; purpose: inform
Prime Rate
public relations approach
reminder advertising
marketing strategy
5. 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
Gross National Product (GNP)
introductory stage
cash basis
telemarketing
6. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
marketing strategy
co-branding
permission marketing
decision-making role
7. Obligation employees have to their manager for the successful completion of an assigned task
place utility
objectives
responsibility
Accountability
8. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
Socialism
how companies learn about customer
product mix
Hostile Work Environment
9. Product - price - distribution - customer communication
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10. Amounts that are currently due to a company
accounts receivable
rebates
Information Technology (IT)
word of mouth
11. Business costs that remain constant regardless of the number of units produced
fixed costs
Functional Strategy
profitability ratios
co-branding
12. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
common pricing strategies
decline stage
Leading
Chief Executive Officer (CEO)
13. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
marketing mix
Organizing
responsibilities of a financial manager
Centralized Organization
14. Beliefs about what is right or wrong and good or bad in actions that affect others
Organizational Stakeholders
Ethics
online display advertising
geodemographics
15. The action of ensuring that operations produce products that meet specific quality standards
Quality Control
First-Line Manager
auction pricing
Patent
16. Marketers focus on stimulating demand for the new product
liquidity ratios
introductory stage
budget
cause-related marketing
17. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
point-of-purchase display
Swot Analysis
Gross Domestic Product (GDP)
cash basis
18. Choosing one alternative from among several options
Chief Executive Officer (CEO)
Decision Making
cash basis
demographics
19. Marketing efforts to attract people and organizations to a particular geographical area
online display advertising
place marketing
selling expenses
fixed assets
20. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Quality Control
growth stage
Common Law
Imperfect Competition
21. Corporation whose stock is widely held and available for sale to the general public
Publicly Held (or Public) Corporation
advertising approach
negative reinforcement
assets
22. Strategic alliance in which the collaboration involves joint ownership of the new venture
social media approach
direct mail
Joint Venture
positive reinforcement
23. The ability to get others to accoplish tasks because of the position the leader holds
Business Cycle
revenues
psychographics
Position Influence
24. Process by which the world is becoming a single interdependent system
function of labels
Globalization
social media
empowerment
25. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
limitations of marketing research
Deregulation
Supply
discount pricing
26. 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
Public Goods
Corporation
primary factors of market segmentation
theory x
27. The quantity of a good that an average worker can produce in an hour
Prime Rate
Labor Productivity
Retailer
Short-Term Goal
28. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
Corporate Strategy
Management Information System (MIS)
Oligopoly
Service Operations (Service Production)
29. Larger visual and multimedia ads that appear on websites
online display advertising
close the books
function of labels
Tall Organizational Structure
30. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
authority
current ratio
Standard of living
Strategic Management
31. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
stages in the life cycle of a product
Operations (Production) Management
Oligopoly
categories of customer communication
32. Power of a good or services to satisfy a human need
liabilities
utility
Insider Trading
Competition
33. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
Purpose of Strategic Planning
how companies learn about customer
Short-Term Goal
Limited Liability
34. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
mission statement
debit
Sexual Harassment
accrual basis
35. Offering a temporary reduction in price
Telemarketing
discount pricing
Price Fixing
Strategic Management
36. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
Real GDP
persuasive advertising
place utility
auction pricing
37. Portion of a brand that cannot be expressed verbally
brand mark
Philosophy
Delegation
geographic segmentation
38. Process of scanning the business environment for threats and opportunities
Environmental Analysis
geodemographics
Work Specialization
Mission Statement
39. Demographics - psychographics - and geographics
SWOT analysis
Recession
primary factors of market segmentation
specialty advertising
40. Location
geographics
Position Influence
debt ratios
fringe benefit
41. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
Prosperity
news release
budget
Imperfect Competition
42. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
news release
Unlimited Liability
integrated marketing communications
decline stage
43. The degree to which customers continue to purchase a specific brand
brand managers
Long-range or strategic planning
brand loyalty
media
44. A short - specific written statement of the reason a business exists and what it wants to achieve.
Authority
mission statement
break-even point equation
public relations approach
45. profitability - liquidity - activities - and leverage/debt
3 Economic Role
types of financial ratios
Reward Influence
target markets
46. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
Ethics
objectives
middle management
corporate strategies
47. Mechanism for exchange between buyers and sellers of a particular good or service
inside board members
Market
behavioral segmentation
Organizational Structure
48. Partnership between two or more companies to closely link their brand names together for a single product
brand names
Outsourcing
Market
co-branding
49. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it
social media
cognitive dissonance
Patent
Flat Organizational Structure
50. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
Private enterprise
Short-range or operational planning
functional strategies
Retailer