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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. Pricing selling one product at a loss as a way to entice customers to consider other products
budget
Deregulation
personal selling
loss-leader
2. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Insider Trading
maturity stage
consumer market
Gross Domestic Product (GDP)
3. Specific customer groups or segments to whom a company wants to sell a particular product
Publicly Held (or Public) Corporation
budget
public relations
target markets
4. A Theory Y manager is most likely to ____.
assume that all workers are content with their work
return on equity ratio
cost based pricing
types of utility
5. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
debt ratios
opportunity cost
Deregulation
Limited Partner
6. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
SWOT analysis
Position Influence
Closely Held (or Private) Corporation
Prosperity
7. Obligations that must be next within a year
accrual basis
current liabilities
database marketing
Centralized Organization
8. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
family branding
Demand
fringe benefit
direct marketing approach
9. 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
skim pricing
marketing
Acquisition
Supply Chain (Value Chain)
10. A document - generally issued by a state government - giving permission to start a corporation
Certificate of Incorporation
Venture Capital Company
break-even analysis
return on investment
11. Where products are conveniently placed for customers
direct marketing approach
license
Closely Held (or Private) Corporation
place utility
12. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Patent
types of financial ratios
Closely Held (or Private) Corporation
Extension
13. Marketing efforts to attract people and organizations to a particular geographical area
Limited Liability Corporation (LLC)
brand
place marketing
owner's equity
14. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Regulatory (Administrative) Law
Supply
Human Resource Management (HRM)
price
15. Break-even point = fixed costs/ (selling price - variable costs per unit)
selling expenses
break-even point equation
depreciation
Audit
16. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
Environmental Analysis
marketing strategy
Crisis Management
Autocratic Leadership style
17. Free or bargain-priced items offered to encourage customers to buy a product
Three reasons nations trade
push strategy
premiums
Service Operations (Service Production)
18. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Monopolistic competition
debt-to-total-assets ratio
profitability ratios
Retailer
19. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Pure Competition
inside board members
point-of-purchase display
Restructuring
20. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
Philosophy
maturity stage
Collusion
why companies learn about customers so they can stay in touch with their current needs and wants
21. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
primary factors of market segmentation
auction pricing
advertising approach
brand loyalty
22. Products characterized by a plain label - with no advertising and no brand name
Chain of Command
North American Free Trade Agreement (NAFTA)
owner's equity equation
generic products
23. The willingness and ability of producers to offer a good or service for sale
stealth marketing
Supply
online display advertising
Collusion
24. Small software programs that provide part of the functionality of a website
widgets
online display advertising
Joint Venture
Market
25. Portion of a brand that can be expressed orally - including letters - words - or numbers
database marketing
Expert Influence
brand names
trade allowance
26. Skills in defining problems and selecting the best courses of action
positioning
negative reinforcement
brand names
Decision-Making Skills
27. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
earnings per share
introductory stage
Prosperity
news release
28. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
Depression
public relations approach
transaction
social media
29. A prolonged and deep recession
Business Ethics
Depression
distribution channels
direct marketing approach
30. Brands that have been given legal protection so that their owners have exclusive rights to their use
trademarks
Procedure
demographics
Market economy
31. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
stages of product development
debt-to-total-assets ratio
Franchise
Collusion
32. A forecast of financial requirements and the financing sources to be used
personal sales approach
Maslow's hierarchy of needs
break-even analysis
financial plan
33. Results from the leader's ability to give or withhold rewards
Collusion
permission marketing
Reward Influence
job rotation
34. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
need
fiscal year
earnings per share
Purchasing Power Party
35. The union of two corporations to form a new corporation
organization behavior modification
Merger
product mix
Sole Proprietership
36. Product made or grown abroad but sold domestically
transaction
personal selling
Import
fixed assets
37. Media: news release; audience: broad - intensity: passive - active; purpose: inform
public relations approach
Democratic Leadership Style
break-even point
horizontal analysis
38. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
integrated marketing communications
authority
opportunity cost
penetration pricing
39. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
auction pricing
cause-related marketing
Decentralized Organization
integrated marketing communications
40. Product development stage in which a product is sold on a limited basis - a trial introduction
break-even point
cause-related marketing
test marketing
accrual basis
41. A detailed series of related steps or tasks written to implement a policy is called a ____.
Procedure
functional strategies
brand extension
Bankruptcy
42. Power to make the decisions necessary to complete a task
limitations of marketing research
product mix
mission statement
Authority
43. Electronic media that invite participation by the general public
permission-based marketing
Price Fixing
social media
Quid Pro Quo Harassment
44. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
Import
Stockholder (or Shareholder)
fixed assets
vertical analysis
45. Behavior exhibited by consumers as they consider - select - and purchase goods and services
customer buying behavior
Procedure
Long-range or strategic planning
Mixed Management
46. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
exchange process
wants
advertising
Sarbanes-Oxley Act of 2002 (Sarbox)
47. In a ____ authority originates at the top and moves downward in a line.
Maslow's hierarchy of needs
Nepotism
line organization
permission-based marketing
48. Personal communication between a seller and one or more potential buyers
Export
Inflation
personal selling
responsibilities of a financial manager
49. The company founder is no longer solely responsible for all decision making during the ____.
growth through direction state
a continuous-flow operating system
fringe benefit
Gross National Product (GNP)
50. Markets focus on increasing the product's market share
Tall Organizational Structure
growth stage
ratio analysis
organizational market
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