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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. A period during which aggregate output - as measured by GDP - declines
time utility
Recession
common pricing strategies
debit
2. Current assets minus current liabilities
Standard of Living
working capital
elements of a company's marketing mix
place utility
3. Mix of people in organizations in terms of essential/demographic status
Closely Held (or Private) Corporation
Workplace Diversity
consumer promotion
Business Plan
4. The union of two corporations to form a new corporation
Merger
general expenses
assets
social media
5. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
skim pricing
Business Plan
specialty advertising
market segmentation
6. The creation and sharing of product-related information among customers and potential customers
balance sheet
Unlimited Liability
Oligopoly
social commerce
7. 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
return on equity ratio
Corporation
geographics
growth through direction state
8. Business owned and usually operated by one person who is responsible for all its debts
push strategy
contract
Price Fixing
Sole Proprietership
9. Free or bargain-priced items offered to encourage customers to buy a product
premiums
elements of a company's marketing mix
Perfect competition
Ethical Behavior
10. Law created by consistitution(s) or by federal - state - or local legislative acts
Statutory Law
push strategy
Sexual Harassment
horizontal analysis
11. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
price based pricing
Patent
marketing research
stages of product development
12. Expensive - rarely purchased good or service
Specialty Good/Specialty Service
Crisis Management
Stockholder (or Shareholder)
Environmental Analysis
13. Business costs that remain constant regardless of the number of units produced
fixed costs
Flat Organizational Structure
Depression
Marketer
14. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
decline stage
objectives
Imperfect Competition
social commerce
15. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
Common Law
long-term liabilities
Wheeler-Lea Act of 1938
online display advertising
16. Brand awareness - brand preference - brand insistence
Franchise
theory x
Copyright
levels of brand loyalty
17. Skills in defining problems and selecting the best courses of action
price
accrual basis
Convenience Good/Convenience Service
Decision-Making Skills
18. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
certain disabilities and illnesses
introductory stage
Flat Organizational Structure
reminder advertising
19. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product
relationship marketing
cost based pricing
Recession
online display advertising
20. Managers who develop and implement a complete strategy and marketing program for specific products or brands
stages of product development
Chief Executive Officer (CEO)
possession utility
brand managers
21. Sales volume at a given price that will cover all of a company's costs
break-even analysis
Imperfect Competition
break-even point
Standard of living
22. Complete list of all products that a company offers for sale
theory x
operating expenses
Business Ethics
product mix
23. 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
objectives
merger
price based pricing
24. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
loss-leader pricing
Unemployment
institutional advertising
price based pricing
25. People are lazy
theory x
product mix
Matrix Structures
accrual basis
26. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items
close the books
ways to expand a product line
First-Line Manager
Corporate Bond
27. Ratio between net income after taxes and total owners' equity; also known as return on equity
Statutory Law
First-Line Manager
private brands
return on investment
28. Planned economic system in which the government owns and operates only selected major sources of production
return on equity ratio
Socialism
financial management
Depression
29. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
accounts payable
equity financing
Prime Rate
strategic marketing planning
30. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Prime Rate
Authority
Sexual Harassment
Maslow's hierarchy of needs
31. Pricing selling one product at a loss as a way to entice customers to consider other products
point-of-purchase display
Capitalism
loss-leader
gross profit
32. Categorization of customers according to their geographical location
Insider Trading
why companies learn about customers so they can stay in touch with their current needs and wants
geographic segmentation
break-even point
33. Something produced by the intellect or mind that has commercial value
Intellectual Property
Certificate of Incorporation
Benefits
Crisis Management
34. The ability to carry out a task
function of labels
authority
positioning
Audit
35. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
personal sales approach
Purpose of Strategic Planning
debt-to-equity ratio
Industrial Goods
36. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
Herzberg's two-factor theory
Organization Chart
accounts receivable turnover ratio
marketing
37. Mechanism for exchange between buyers and sellers of a particular good or service
Goal
Market
Organizational Chart
product life cycle
38. Customer value added by making a product available in a convenient location
place utility
Services
functional strategies
media
39. Electronic media that invite participation by the general public
why companies learn about customers so they can stay in touch with their current needs and wants
social media
auction
middle management
40. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
Authority
place utility
stages in the life cycle of a product
horizontal analysis
41. A large number of identical products are assembled using a continuous - efficient procedure
cost of goods sold equation
Mass Production
growth strategies
Prosperity
42. Assets = liabilities + owner's equity
responsibilities of a financial manager
accounting equation
Inflation
Unlimited Liability
43. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Accountability
debit
Business Plan
co-branding
44. Market or industry in which there is only one producer that can therefore set the prices on all of its products
Monopoly
Controlling
variable costs
cause-related marketing
45. Acquiring funds by selling shares of a company's stock
marketing research
Socialism
productivity - the success of the managers - and the morale of the other employees
equity financing
46. Offering a temporary reduction in price
discount pricing
persuasive advertising
Decentralized Organization
gross profit
47. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Long-range or strategic planning
trade allowance
Marketer
Gross Domestic Product (GDP)
48. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
fiscal year
quality control circles
Whistle Blower
Democratic Leadership Style
49. Brands owned by the manufacturers and distributed nationally
national brands
break-even point
Mass Production
accounts receivable
50. A business firm that does things for you instead of making or makerting products
stages in the life cycle of a product
integrated marketing communications
Service Business
cognitive dissonance