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Test your basic knowledge |
Business Fundamentals
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions
a continuous-flow operating system
Service Operations (Service Production)
Venture Capital Company
Labor Union
2. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
cognitive dissonance
Publicly Held (or Public) Corporation
Whistle Blower
Franchise
3. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
form utility
Unethical Behavior
Unlimited Liability
earnings per share
4. Using relative information to predict how many jobs will be needed
Variance
Unlimited Liability
forecasting
word of mouth
5. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Goal
news release
activity ratios
Organizational Stakeholders
6. 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
target markets
cognitive dissonance
Nepotism
objectives
7. Portion of a brand that cannot be expressed verbally
Custom Manufacturing
S Corporation
working capital
brand mark
8. 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
balance sheet
Strategy
Unemployment
9. Codified rules of behavior enforced by society
Laws
Management Information System (MIS)
market segmentation
co-branding
10. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
brand
geodemographics
job rotation
liquidity ratios
11. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met
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12. Process of converting government enterprises into privately owned companies
Procedure
Privatization
Out-sourcing
credit
13. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
social commerce
First-Line Manager
authority
Capitalism
14. Free or bargain-priced items offered to encourage customers to buy a product
Mixed Management
Standard of living
Ethical Behavior
premiums
15. Applying a successful brand name to a new product category
fixed costs
brand extension
Manufacturer
Reward Influence
16. Product made or grown abroad but sold domestically
Export
operating expenses
Import
Affirmative Action
17. Acquiring funds by selling shares of a company's stock
methods of finance for an expanding business
Outsourcing
decline stage
equity financing
18. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Top Manager
maturity stage
Organizational Stakeholders
Real GDP
19. Mechanism for exchange between buyers and sellers of a particular good or service
Market
Quality
Universal Product Codes
general expenses
20. A measure of the sensitivity of demand to changes in price
price elasticity
wants
Delegation
Committee and Team Authority
21. 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
decision-making role
Authority
cost based pricing
permission-based marketing
22. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
brand equity
Policy
function of labels
23. Partnership between two or more companies to closely link their brand names together for a single product
Monopolistic Competition
customer service
Purpose of Strategic Planning
co-branding
24. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
Import
wants
marketing research
Organizational Stakeholders
25. 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.
Organizing
social media approach
capital budgeting
Outcome-based ethics
26. Obligation employees have to their manager for the successful completion of an assigned task
price elasticity
trade allowance
positioning
Accountability
27. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
need
wants
growth strategies
Processing
28. Charging a high price for a new product during the introductory stage and lowering the price later
Limited Partnership
cause-related marketing
skim pricing
World Trade Organization (WTO)
29. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
Stockholder (or Shareholder)
private brands
Collusion
form utility
30. Compensation other than wages and salaries
Autocratic Leadership style
return on investment
Benefits
Strategic Management
31. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
price based pricing
trade promotions
positioning
Chief Executive Officer (CEO)
32. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Corporate Strategy
Patent
geodemographics
Statutory Law
33. Ratios that measure the effectiveness of the firm's use of its resources
Strategy
activity ratios
credit
accounts receivable
34. Diagram depicting a company's structure and showing employees where they fit into its operations
Consumer Goods
fringe benefit
skim pricing
Organization Chart
35. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Swot Analysis
Planning
price elasticity
owner's equity
36. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
assume that all workers are content with their work
5 C's
financial control
Privatization
37. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
direct marketing
Flat Organizational Structure
transaction
Nepotism
38. Manager responsible for a firm's overall performance and effectiveness
media
Top Manager
break-even analysis
gross profit
39. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
Operations (Production) Management
marketing mix
debt-to-total-assets ratio
negative reinforcement
40. Somethings needed by a community and provided by its government
Services
Theory Z
Public Goods
place utility
41. Selling method in which the price is set by customers bidding against each other
Export
price based pricing
auction
Middle Manager
42. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
corporate strategies
theory y
3 Economic Role
Out-sourcing
43. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
Monopoly
Monopolistic Competition
sales promotion approach
skim pricing
44. Portion of a brand that can be expressed orally - including letters - words - or numbers
accounts receivable turnover ratio
Tall Organizational Structure
responsibilities of a financial manager
brand names
45. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Copyright
media
Reward Influence
SWOT analysis
46. Power of a good or services to satisfy a human need
skim pricing
Substitute Product
SWOT analysis
utility
47. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
market segmentation
specialty advertising
discount pricing
online display advertising
48. Marketing efforts to attract people and organizations to a particular geographical area
5 C's
Goals
responsibilities of a financial manager
place marketing
49. The ability to get others to accoplish tasks because of the position the leader holds
certain disabilities and illnesses
Acquisition
Identity Influence
Position Influence
50. A leadership style where managers are less directive and involved employees in decision making
line organization
Span of Control
Wholesaler
Strategic Management
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