SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Charging a high price for a new product during the introductory stage and lowering the price later
Regulatory (Administrative) Law
assets
ratio analysis
skim pricing
2. Good or service used as the basis of commerce
Gross Domestic Product (GDP)
assets equation
product
Pure Competition
3. Communications channels - such as newspapers - radio - and television
media
Sexual Harassment
growth through direction state
strategic marketing planning
4. Process of scanning the business environment for threats and opportunities
widgets
organizational market
Environmental Analysis
online display advertising
5. Ethical or unethical behaviors by employees in the context of their jobs
Business Ethics
price
Substitute Product
Organizational Stakeholders
6. Ratios that measure the effectiveness of the firm's use of its resources
a continuous-flow operating system
activity ratios
Information Technology (IT)
owner's equity
7. 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
Organizing
cognitive dissonance
Benefits
cost of goods sold equation
8. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
customer buying behavior
permission marketing
Collusion
auction pricing
9. 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
organization behavior modification
time utility
Business Plan
accounts receivable turnover ratio
10. Selling one product at a loss as a way to entice customers to consider other products
Competition
loss-leader pricing
Mission Statement
delegate the task
11. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
Pure Competition
it produces the greatest amount of good for the greatest number
theory y
categories of customer communication
12. Portion of a brand that can be expressed orally - including letters - words - or numbers
Service Business
brand names
forecasting
Ethics
13. The way you live as measure by the kinds and quality of goods and services you can afford
Standard of Living
return on sales
geographic segmentation
Monopoly
14. Stems from personal trust and respect members have for the leader
Identity Influence
World Trade Organization (WTO)
Reward Influence
Controlling
15. Specific customer groups or segments to whom a company wants to sell a particular product
target markets
Small Business Administration (SBA)
Wholesaler
quick ratio
16. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
expenses
selling expenses
accounts receivable turnover ratio
why companies learn about customers so they can stay in touch with their current needs and wants
17. The willingness and ability of buyers to purchase a good or service
geodemographics
horizontal analysis
Stockholder (or Shareholder)
Demand
18. Obligation employees have to their manager for the successful completion of an assigned task
contingency plans
Monopoly
Committee and Team Authority
Accountability
19. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
brand
push strategy
ratio analysis
promotion
20. Process for evaluating proposed investments in select projects that provide the best long-term financial return
marketing research
break-even point equation
capital budgeting
expenses
21. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
it produces the greatest amount of good for the greatest number
market segmentation
SWOT analysis
Work Specialization
22. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
place marketing
North American Free Trade Agreement (NAFTA)
elements of a company's marketing mix
Short-range or operational planning
23. Large-scale production and distribution of a product
horizontal analysis
Convenience Good/Convenience Service
pull strategy
commercialization
24. Rewarded for good performance; something the employee likes is praised
functional strategies
statement of cash flows
Committee and Team Authority
positive reinforcement
25. The purchase of one company by another
equity financing
Mission Statement
Acquisition
market segmentation
26. Making decisions without consulting anyone
Recession
social commerce
Laws
Autocratic Leadership style
27. Vying among businesses for the same resources or customers
Competition
Quality Control
Purchasing Power Party
inside board members
28. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
horizontal analysis
job rotation
communication mix
owner's equity
29. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
Herzberg's two-factor theory
General Partnership
public relations
widgets
30. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
liabilities
Wheeler-Lea Act of 1938
Gross Domestic Product (GDP)
vertical analysis
31. Authority granted to committees or teams involved in a firm's daily operations
balance sheet
Mission Statement
Committee and Team Authority
point-of-purchase display
32. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
market segmentation
Business Cycle
Capitalism
function of labels
33. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
Organizing
Contingent Worker
Leadership Style
fixed assets
34. Assets = liabilities + owner's equity
customer loyalty
accounting equation
word of mouth
debt ratios
35. Stocks - bonds - and other investments that can be turned into cash quickly
marketable securities
national brands
debt-to-equity ratio
behavioral segmentation
36. Skills in defining problems and selecting the best courses of action
telemarketing
Decision-Making Skills
return on investment
delegate the task
37. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
communication mix
Extension
quick ratio
common pricing strategies
38. External statistical descriptors such as age - income - gender - and profession
demographics
Mixed Management
corporate strategies
Goals
39. In a ____ authority originates at the top and moves downward in a line.
Intellectual Property
line organization
demographics
loss-leader
40. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
customer loyalty
promotion
cost of goods sold equation
accounting equation
41. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets
brand mark
Top Manager
Board of Directors
sales promotion
42. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)
43. Brand awareness - brand preference - brand insistence
Top Manager
categories of customer communication
levels of brand loyalty
brand
44. All costs of operation that are not included under cost of goods sold
certain disabilities and illnesses
Centralized Organization
operating expenses
debt ratios
45. Physical products purchased by companies to produce other products
Industrial Goods
market segmentation
General Partnership
Ethical Behavior
46. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
news release
Retrenchment
Affirmative Action
activity ratios
47. Occurs when widespread price increases occur throughout an economic system
Inflation
it produces the greatest amount of good for the greatest number
responsibilities of a financial manager
Monopolistic competition
48. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
financial control
function of labels
Statutory Law
long-term liabilities
49. Partner who actively manages a firm and who has unlimited liability for its debts
loss-leader
General (Active) Partner
Extractor
Business Plan
50. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
cause-related marketing
Organizational Stakeholders
line organization
double-entry bookkeeping