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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. Individuals or households that buy goods and services for personal use
consumer market
Delegation
Gross Domestic Product (GDP)
budget
2. Location
earnings per share
social commerce
demographics
geographics
3. Media: news release; audience: broad - intensity: passive - active; purpose: inform
public relations approach
Chain of Command
place marketing
marketing
4. Intermediary who sells products to other businesses for resale to final consumers
permission-based marketing
place utility
Wholesaler
Corporation
5. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Information Technology (IT)
market segmentation
assume that all workers are content with their work
Labor Union
6. Transferring work to another country
family branding
gross profit
delegate the task
Out-sourcing
7. Ratios that measure a firm's reliance on debt financing of its operations
generic products
Franchise
debt ratios
long-term liabilities
8. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
Chain of Command
market
current ratio
strategic marketing planning
9. Organization for economic - social - and security cooperation among European nations
European Union (EU)
Exchange Rate
debt financing
categories of customer communication
10. Break-even point = fixed costs/ (selling price - variable costs per unit)
forecasting
steps in the strategic marketing planning process
break-even point equation
direct marketing approach
11. Skills in defining problems and selecting the best courses of action
Reward Influence
how companies learn about customer
dynamic pricing
Decision-Making Skills
12. Categorization of customers according to their geographical location
Officers
Bankruptcy
downsizing
geographic segmentation
13. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
First-Line Manager
customer loyalty
personal sales approach
Price Fixing
14. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Standard of living
specialty advertising
Reward Influence
calendar year
15. Loss of brand identity and the cannibalization of sales of other products in the product line
risks of product-line extensions
cognitive dissonance
inside board members
SWOT analysis
16. Effective acquisition and use of money
negative reinforcement
financial management
Joint Venture
how companies learn about customer
17. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
sales promotion approach
Processing
search advertising
Services
18. Beliefs about what is right or wrong and good or bad in actions that affect others
a continuous-flow operating system
Organizational Stakeholders
Ethics
Merger
19. Ratio between net income after taxes and net sales; also known as profit margin
Strategic Management
skim pricing
North American Free Trade Agreement (NAFTA)
return on sales
20. Provides protection for the product - makes products easier to display - and attracts attention
Ethical Behavior
long-term liabilities
function of packaging
Management Information System (MIS)
21. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
Custom Manufacturing
product advertising
dynamic pricing
market segmentation
22. Partner who actively manages a firm and who has unlimited liability for its debts
activity ratios
General (Active) Partner
price
news release
23. Small software programs that provide part of the functionality of a website
brand managers
Tactical Management
expenses
widgets
24. 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
Human Resource Management (HRM)
return on sales
Corporation
Safety
25. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Strategy
Standard of living
Organizing
accounts payable
26. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
expenses
product advertising
current ratio
Long-range or strategic planning
27. 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
Recession
Standard of living
organizational market
Labor Productivity
28. Study of statistical characteristics of a population
Purchasing Power Party
theory y
demographics
Accountability
29. Stems from personal trust and respect members have for the leader
Identity Influence
commercialization
Delegation
net income
30. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
Oligopoly
Labor Relations
SWOT analysis
Business Ethics
31. Physical products purchased by companies to produce other products
psychographics
decision-making role
Industrial Goods
growth strategies
32. Acquiring funds through borrowing
promotion
product advertising
debt financing
Sexual Harassment
33. Law created by consistitution(s) or by federal - state - or local legislative acts
liabilities
Price Fixing
profitability ratios
Statutory Law
34. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
fiscal year
Corporate Bond
double-entry bookkeeping
Ethical Behavior
35. Activities producing intangible and tangible products - such as entertainment - transportation - and education
Service Operations (Service Production)
Variance
debt financing
point-of-purchase display
36. Offering several products for a single price that is presumably lower than the total of the products' individual prices
Globalization
Bankruptcy
bundling
Goals
37. Economy in which individuals control production and allocation decisions through supply and demand
Market economy
assets
loss-leader pricing
capital budgeting
38. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
Service Business
Convenience Good/Convenience Service
point-of-purchase display
relationship marketing
39. Organization's methods for dealing with emergencies
place utility
Market
Crisis Management
elements of a company's marketing mix
40. The value that a company has built up in a brand
Theory Z
assume that all workers are content with their work
brand equity
direct marketing
41. Vying among businesses for the same resources or customers
budget
Competition
Centralized Organization
Standard of living
42. Manager responsible for supervising the work of employees
cost of goods sold
First-Line Manager
Leadership
generic products
43. Statement of a firm's financial position on a particular date; also known as a statement of financial position
online display advertising
national brands
liabilities
balance sheet
44. Creating a flatter organization structure normally cutting out middle management
operating expenses
Perfect competition
Short-Term Goal
downsizing
45. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
Limited Liability
Socialism
stages of product development
Market economy
46. Partnership between two or more companies to closely link their brand names together for a single product
Safety
S Corporation
co-branding
levels of brand loyalty
47. Small groups in the same work area that have scheduled meetings about problems and how to fix them
financial management
quality control circles
national brands
target markets
48. Method of calculating the minimum volume of sales needed at a given price to cover all costs
stages of product development
break-even analysis
middle management
Physical Distribution
49. The way you live as measure by the kinds and quality of goods and services you can afford
inventory turnover ratio
Labor Union
Standard of Living
market segmentation
50. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
Labor Productivity
need
Quality
inside board members