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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. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Purchasing Power Party
3 Economic Role
positioning
Intellectual Property
2. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
Matrix Structures
owner's equity equation
Long-range or strategic planning
Goals
3. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
exchange process
Certificate of Incorporation
limitations of marketing research
Supply Chain (Value Chain)
4. The purchase of one company by another
working capital
Acquisition
Span of Control
private brands
5. Court-granted permission for a company to not pay some or all debts
profitability ratios
Bankruptcy
Publicly Held (or Public) Corporation
Affirmative Action
6. Where products are conveniently placed for customers
trademarks
Regulatory (Administrative) Law
Short-Term Goal
place utility
7. Mechanism for exchange between buyers and sellers of a particular good or service
theory x
Business (or Competitive) Strategy
Committee and Team Authority
Market
8. Cost of producing or acquiring a company's products for sale during a given period
cost of goods sold
search advertising
close the books
direct marketing approach
9. Identification and marketing of a social issues - cause - or idea to selected target markets
demographics
Capitalism
cause-related marketing
Joint Venture
10. Money paid to acquire something of permanent value in a business
horizontal analysis
Strategic Management
current ratio
capital investments
11. Market or industry characterized by numerous small firms producing an identical product
Environmental Analysis
Perfect competition
responsibilities of a financial manager
Long-range or strategic planning
12. Process for evaluating proposed investments in select projects that provide the best long-term financial return
capital budgeting
Substitute Product
sales promotion
depreciation
13. Large-scale production and distribution of a product
commercialization
equity financing
Sexual Harassment
product advertising
14. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
Expert Influence
financial control
decision-making role
Limited Liability
15. Pricing selling one product at a loss as a way to entice customers to consider other products
point-of-purchase display
Contingent Worker
loss-leader
Depression
16. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer
positive reinforcement
Supply Chain (Value Chain)
form utility
Monopoly
17. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
public relations
Management Information System (MIS)
Standard of Living
Copyright
18. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
generic products
skim pricing
Mixed Management
Short-range or operational planning
19. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
fixed assets
time utility
inside board members
Wheeler-Lea Act of 1938
20. A measure of the sensitivity of demand to changes in price
Universal Product Codes
price elasticity
General Partnership
Competition
21. Business costs that remain constant regardless of the number of units produced
Quality
psychographics
fixed costs
Decision Making
22. Acquiring funds through borrowing
Tactical Management
World Trade Organization (WTO)
Herzberg's two-factor theory
debt financing
23. Assets - liabilities = owner's equity
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24. A sustained increase in the general level of prices
Top Manager
liquidity ratios
Inflation
need
25. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
5 C's
geodemographics
Services
empowerment
26. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
profitability ratios
Services
wants
European Union (EU)
27. Delegating more power to employees
grand strategies
Strategic Alliance
Democratic Leadership Style
empowerment
28. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris
Quid Pro Quo Harassment
Supply
rebates
responsibilities of a financial manager
29. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
brand extension
marketing strategy
Prime Rate
social media
30. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
geographics
direct marketing approach
General Partnership
premiums
31. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
stages of product development
news release
function of labels
brand names
32. An increase in liabilities
Quality
Marketer
debit
advertising approach
33. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
categories of customer communication
capital investments
schematic of marketing process
Marketer
34. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
Variance
accounts receivable turnover ratio
Mission Statement
Recovery
35. Act of obtaining a desired object or services from another party by offering something of value in return
exchange process
social commerce
Price Fixing
activity ratios
36. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
trade promotions
distribution channels
Unemployment
Limited Liability Corporation (LLC)
37. The process of comparing an organization's products or services and processes with those of another companies
Democratic Leadership Style
Management
market
benchmarking
38. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Business (or Competitive) Strategy
market segmentation
Accountability
Chief Executive Officer (CEO)
39. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
customer service
it produces the greatest amount of good for the greatest number
Goods Operations (Goods Production)
price based pricing
40. 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)
Purchasing Power Party
Substitute Product
Unlimited Liability
41. Process of scanning the business environment for threats and opportunities
trademarks
Environmental Analysis
Affirmative Action
variable costs
42. Customer value created when someone takes ownership of a product
Planning
possession utility
Consumer Goods
merger
43. Measures income earned on owners' investment - formula: Net income/total owners' equity
commercialization
Telemarketing
fixed assets
return on equity ratio
44. Activities needed to move a product efficiently from manufacturer to consumer
Quid Pro Quo Harassment
Physical Distribution
growth strategies
Outcome-based ethics
45. A short - specific written statement of the reason a business exists and what it wants to achieve.
license
mission statement
unity of command
strategic marketing planning
46. Choosing one alternative from among several options
Decision Making
a continuous-flow operating system
Patent
accrual basis
47. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
institutional advertising
specialty advertising
General Partnership
capital budgeting
48. Direct communication other than personal sales contacts designed to effect a measurable response
trademarks
direct marketing
financial control
form utility
49. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
Standard of Living
Policy
Inflation
behavioral segmentation
50. Organization's methods for dealing with emergencies
Physical Distribution
form utility
return on sales
Crisis Management
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