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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. Complete list of all products that a company offers for sale
maturity stage
Management Information System (MIS)
Chain of Command
product mix
2. Loss of brand identity and the cannibalization of sales of other products in the product line
Gross Domestic Product (GDP)
risks of product-line extensions
Mass Production
quality control circles
3. 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
corporate strategies
Whistle Blower
Short-range or operational planning
responsibilities of a financial manager
4. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
Laws
assets equation
close the books
activity ratios
5. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
Monopoly
discount pricing
marketing research
certain disabilities and illnesses
6. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
pull strategy
psychographics
Real GDP
Matrix Structures
7. Goal set for an extended time - typically 5 years or more in the future
Private enterprise
premiums
Long-Term Goal
gross profit
8. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta
schematic of marketing process
fixed costs
Venture Capital Company
Extractor
9. Characteristic of decentralized companies with relatively few layers of management
Real GDP
Price Fixing
advertising approach
Flat Organizational Structure
10. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
assume that all workers are content with their work
Prime Rate
Recovery
Human Resource Management (HRM)
11. Categorization of customers according to their geographical location
geographic segmentation
news release
Contingent Worker
exchange process
12. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
Competition
Quid Pro Quo Harassment
General (Active) Partner
Retrenchment
13. Behavior exhibited by consumers as they consider - select - and purchase goods and services
Multinational (or Transnational) Corporation
sales promotion approach
contingency plans
customer buying behavior
14. Transferring work to another country
factors that influence pricing decisions
Out-sourcing
Tall Organizational Structure
Natural monopoly
15. The union of two corporations to form a new corporation
General Partnership
risks of product-line extensions
Specialty Good/Specialty Service
Merger
16. 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
Purpose of Strategic Planning
financial plan
statement of cash flows
Long-range or strategic planning
17. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
liquidity ratios
financial management
line organization
national brands
18. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
activity ratios
equity financing
Organization Chart
Sarbanes-Oxley Act of 2002 (Sarbox)
19. Ethical or unethical behaviors by employees in the context of their jobs
market segmentation
Business Ethics
cognitive dissonance
Management
20. Effective acquisition and use of money
categories of customer communication
horizontal analysis
financial management
Reward Influence
21. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
Convenience Good/Convenience Service
Export
categories of customer communication
dynamic pricing
22. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
place utility
Sexual Harassment
objectives
Organizational Stakeholders
23. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met
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24. Market or industry in which there is only one producer that can therefore set the prices on all of its products
depreciation
Monopoly
skim pricing
levels of brand loyalty
25. Type of partnership consisting of limited partners and a general (or active) partner
product
geographic segmentation
Limited Partnership
point-of-purchase display
26. Offering several products for a single price that is presumably lower than the total of the products' individual prices
bundling
primary factors of market segmentation
cost based pricing
promotional strategy
27. Body of decisions handed down by courts ruling on individual cases
persuasive advertising
premiums
Venture Capital Company
Common Law
28. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
inside board members
Market
psychographics
primary factors of market segmentation
29. Strategy in which two or more organizations collaborate on a project for mutual gain
Strategic Alliance
activity ratios
Quality
Labor Relations
30. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
earnings per share
Retailer
telemarketing
psychographics
31. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
depreciation
growth strategies
General (Active) Partner
Franchise
32. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)
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33. profitability - liquidity - activities - and leverage/debt
Procedure
types of financial ratios
Goal
equity financing
34. Provides protection for the product - makes products easier to display - and attracts attention
function of packaging
Prime Rate
penetration pricing
Short-range or operational planning
35. Selling method in which the price is set by customers bidding against each other
product
license
auction
Bankruptcy
36. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
push strategy
Limited Liability Corporation (LLC)
Long-range or strategic planning
empowerment
37. Products characterized by a plain label - with no advertising and no brand name
functional strategies
generic products
Human Resource Management (HRM)
Tall Organizational Structure
38. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
Depression
growth stage
3 Economic Role
Reward Influence
39. 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
ways to expand a product line
Import
Committee and Team Authority
Identity Influence
40. Management process of guiding and motivating employees to meet an organization's objectives
Labor Productivity
Business Cycle
Leading
statement of cash flows
41. Physical products purchased by companies to produce other products
maturity stage
Industrial Goods
Theory Z
organization behavior modification
42. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
why companies learn about customers so they can stay in touch with their current needs and wants
Ethics
social commerce
management by objectives (MBO)
43. Choosing one alternative from among several options
Decision Making
Monopoly
Expert Influence
forecasting
44. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Corporate Governance
public relations approach
Real GDP
Business Ethics
45. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
place utility
break-even analysis
Regulatory (Administrative) Law
Copyright
46. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
Swot Analysis
maturity stage
geographic segmentation
Management
47. Rewarded for good performance; something the employee likes is praised
Mass Production
Supply
positive reinforcement
Outcome-based ethics
48. Group of small investors who invest money in companies with rapid growth potential
unity of command
fiscal year
utility
Venture Capital Company
49. Manager responsible for implementing the strategies and working toward the goals set by top managers
Middle Manager
credit
Delegation
place utility
50. Ratio between net income after taxes and total owners' equity; also known as return on equity
long-term liabilities
return on investment
variable costs
institutional advertising