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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. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
quality control circles
Management Information System (MIS)
Recovery
loss-leader
2. Provides protection for the product - makes products easier to display - and attracts attention
delegate the task
function of packaging
Contingent Worker
Physical Distribution
3. Measures income earned on owners' investment - formula: Net income/total owners' equity
Patent
product line
types of utility
return on equity ratio
4. Payments other than wages or salaries - other benefits
Stockholder (or Shareholder)
Deregulation
institutional advertising
fringe benefit
5. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Marketer
Decentralized Organization
Restructuring
theory y
6. Introducing a new product at a low price in hopes of building sales volume quickly
Quid Pro Quo Harassment
market segmentation
general expenses
penetration pricing
7. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
media
Monopolistic competition
Divestiture
skim pricing
8. Advertising intended to remind existing customers of a product's availability and benefits
reminder advertising
accounts payable
Monopoly
promotion
9. Elimination of rules that restrict business activity
telemarketing
private brands
permission marketing
Deregulation
10. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit
earnings per share
Imperfect Competition
Monopolistic competition
relationship marketing
11. Making decisions without consulting anyone
Autocratic Leadership style
Management Information System (MIS)
consumer promotion
Swot Analysis
12. Process for evaluating proposed investments in select projects that provide the best long-term financial return
management by objectives (MBO)
selling expenses
capital budgeting
Unethical Behavior
13. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
positive reinforcement
Accountability
Leadership Style
strategic marketing planning
14. Marketers focus on stimulating demand for the new product
marketing
objectives
introductory stage
current liabilities
15. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
advertising approach
Standard of Living
Leadership Style
assets equation
16. Top management team of a corporation
place utility
owner's equity equation
Officers
Variance
17. Strategic alliance in which the collaboration involves joint ownership of the new venture
social media approach
Long-Term Goal
consumer promotion
Joint Venture
18. Method of calculating the minimum volume of sales needed at a given price to cover all costs
private brands
Workplace Diversity
break-even analysis
personal selling
19. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
loss-leader
sales promotion approach
Flat Organizational Structure
merger
20. Creating a flatter organization structure normally cutting out middle management
inside board members
downsizing
place utility
social media
21. Money paid to acquire something of permanent value in a business
capital investments
Mixed Management
telemarketing
commercialization
22. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
form utility
consumer market
Strategic Alliance
trade promotions
23. Economic system that allows individuals to pursue their own interests without undue governmental restriction
Monopoly
Oligopoly
Private enterprise
brand equity
24. An increase in liabilities
product line
customer loyalty
Committee and Team Authority
debit
25. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
Work Specialization
authority
decline stage
financial management
26. Product development stage in which a product is sold on a limited basis - a trial introduction
test marketing
marketing
Goal
market segmentation
27. Assets = liabilities + owner's equity
liquidity ratios
accounting equation
responsibility
empowerment
28. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
general expenses
Intellectual Property
depreciation
Monopoly
29. Managers and workers cooperating as a team
Democratic Leadership Style
maturity stage
telemarketing
Identity Influence
30. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Intellectual Property
Telemarketing
Organizing
accrual basis
31. Law made by the authority of administrative agencies
product mix
grand strategies
Regulatory (Administrative) Law
Leadership Style
32. Manager responsible for implementing the strategies and working toward the goals set by top managers
brand
Middle Manager
organization behavior modification
Natural monopoly
33. Obligation employees have to their manager for the successful completion of an assigned task
product life cycle
Accountability
Demand
Common Law
34. A leadership style where managers are less directive and involved employees in decision making
Strategic Management
Socialism
Organizational Stakeholders
distribution channels
35. Process of dealing with employees who are represented by a union
depreciation
Chief Executive Officer (CEO)
how companies learn about customer
Labor Relations
36. A leadership style where the manager is directive and controlling
permission marketing
Price Fixing
psychographics
Tactical Management
37. Objective that a business hopes and plans to achieve
Goal
fixed costs
Real GDP
consumer market
38. 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
current liabilities
Stockholder (or Shareholder)
marketing research
vertical analysis
39. Categorization of customers according to their relationship with products or response to product characteristics
consumer market
brand extension
behavioral segmentation
credit
40. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
Safety
Three reasons nations trade
current assets
utility
41. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
Sarbanes-Oxley Act of 2002 (Sarbox)
break-even point equation
decision-making role
Management Information System (MIS)
42. 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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43. Beliefs about what is right or wrong and good or bad in actions that affect others
Ethics
Leadership Style
Theory Z
Work Specialization
44. Sales promotion aimed at final consumers
consumer promotion
bundling
Leadership
Purchasing Power Party
45. A business that grows products or takes raw material from nature
Extractor
Strategic Alliance
search advertising
retained earnings
46. Customer value added by making a product available in a convenient location
Purpose of Strategic Planning
Closely Held (or Private) Corporation
growth strategies
place utility
47. Unwelcome sexual advances in the workplace
Stockholder (or Shareholder)
sales promotion
Hostile Work Environment
Sexual Harassment
48. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
Ethical Behavior
expenses
Business Cycle
Franchise
49. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
Procedure
Unethical Behavior
current assets
certain disabilities and illnesses
50. Inexpensive good or service purchased and consumed rapidly and regularly
loss-leader
fixed assets
Convenience Good/Convenience Service
assets