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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. Specific customer groups or segments to whom a company wants to sell a particular product
target markets
behavioral segmentation
debt-to-total-assets ratio
possession utility
2. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Chain of Command
direct mail
Functional Strategy
unity of command
3. Advertising intended to remind existing customers of a product's availability and benefits
organization behavior modification
Recession
reminder advertising
Industrial Goods
4. Informal communication between customers and potential customers
categories of customer communication
expenses
word of mouth
Monopoly
5. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
Capitalism
Corporate Strategy
Retrenchment
direct mail
6. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
Democratic Leadership Style
fringe benefit
financial control
Corporation
7. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
net income
integrated marketing communications
telemarketing
organizational market
8. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
market segmentation
Outcome-based ethics
Theory Z
auction pricing
9. Portion of a brand that can be expressed orally - including letters - words - or numbers
brand names
Corporate Strategy
behavioral segmentation
Middle Manager
10. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
product mix
Business Plan
integrated marketing communications
news release
11. Where products are conveniently placed for customers
generic products
place utility
direct marketing approach
behavioral segmentation
12. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
direct mail
profitability ratios
quick ratio
Information Technology (IT)
13. Expensive - rarely purchased good or service
Joint Venture
revenues
marketing research
Specialty Good/Specialty Service
14. Lots of leeway to workers to meet goals
laissez-faire Leadership style
stealth marketing
Exchange Rate
cause-related marketing
15. Charging a high price for a new product during the introductory stage and lowering the price later
Nepotism
pull strategy
skim pricing
Philosophy
16. Takes the extractor's products or raw materials and changs the into a form that consumers can use
Corporate Strategy
Manufacturer
form utility
inside board members
17. Assets = liabilities + owner's equity
assets equation
middle management
promotion
break-even point equation
18. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Restructuring
negative reinforcement
institutional advertising
liabilities
19. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
need
Management Information System (MIS)
Services
place marketing
20. The union of two corporations to form a new corporation
downsizing
form utility
Merger
Mission Statement
21. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
brand loyalty
debt ratios
empowerment
Mission Statement
22. Media: news release; audience: broad - intensity: passive - active; purpose: inform
public relations approach
advertising approach
a continuous-flow operating system
Sarbanes-Oxley Act of 2002 (Sarbox)
23. Law made by the authority of administrative agencies
geodemographics
demographics
productivity - the success of the managers - and the morale of the other employees
Regulatory (Administrative) Law
24. Acquiring funds by selling shares of a company's stock
responsibility
Delegation
risks of product-line extensions
equity financing
25. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
advertising approach
online display advertising
Organizing
Information Technology (IT)
26. Use a brand name on a variety of related products
Deregulation
debt ratios
schematic of marketing process
family branding
27. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Limited Liability Corporation (LLC)
ways to expand a product line
behavioral segmentation
Goal
28. 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
customer loyalty
advertising
Franchise
Limited Partner
29. Communications channels - such as newspapers - radio - and television
levels of brand loyalty
Matrix Structures
media
Mixed Management
30. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community
assume that all workers are content with their work
psychographics
3 Economic Role
marketing strategy
31. Characteristic of centralized companies with multiple layers of management
market segmentation
transaction
responsibilities of a financial manager
Tall Organizational Structure
32. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
why companies learn about customers so they can stay in touch with their current needs and wants
activity ratios
personal sales approach
online display advertising
33. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
gross profit
statement of cash flows
assets
advertising
34. Selling one product at a loss as a way to entice customers to consider other products
Labor Union
Extractor
psychographics
loss-leader pricing
35. Physical products purchased by consumers for personal use
Consumer Goods
customer loyalty
public relations approach
Short-range or operational planning
36. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
Depression
media
social media
discount pricing
37. Claims against a firm's assets by creditors - such as banks and suppliers
break-even point
psychographics
Autocratic Leadership style
liabilities
38. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
double-entry bookkeeping
wants
Unemployment
maturity stage
39. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
earnings per share
demographics
balance sheet
financial plan
40. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
Unethical Behavior
earnings per share
revenues
accrual basis
41. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large
Information Technology (IT)
Marketing
return on sales
brand names
42. Group of small investors who invest money in companies with rapid growth potential
close the books
market
Venture Capital Company
primary factors of market segmentation
43. 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
brand
Limited Liability Corporation (LLC)
Purpose of Strategic Planning
Recession
44. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
growth stage
Substitute Product
institutional advertising
test marketing
45. Codified rules of behavior enforced by society
Prime Rate
Laws
Unemployment
marketing research
46. Manager responsible for a firm's overall performance and effectiveness
auction
line organization
possession utility
Top Manager
47. Selling method in which the price is set by customers bidding against each other
positive reinforcement
Work Specialization
auction
levels of brand loyalty
48. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
sales promotion approach
SWOT analysis
time utility
schematic of marketing process
49. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
Globalization
generic products
Standard of Living
organizational market
50. Products characterized by a plain label - with no advertising and no brand name
generic products
marketing strategy
Extension
certain disabilities and illnesses