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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. Products characterized by a plain label - with no advertising and no brand name
generic products
Operations (Production) Management
Prosperity
Labor Productivity
2. Activities producing tangible products such as radios - newspapers - buses and textbooks
Regulatory (Administrative) Law
rebates
Limited Partner
Goods Operations (Goods Production)
3. Process of converting government enterprises into privately owned companies
Oligopoly
Gross National Product (GNP)
Privatization
Herzberg's two-factor theory
4. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
Audit
return on sales
Service Operations (Service Production)
Corporate Bond
5. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
Laws
permission-based marketing
current liabilities
customer loyalty
6. Positive reinforcement - negative reinforcement - punishment
Merger
organization behavior modification
unity of command
discount pricing
7. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
methods of finance for an expanding business
Matrix Structures
double-entry bookkeeping
fiscal year
8. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Service Operations (Service Production)
Stockholder (or Shareholder)
Strategy
brand
9. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
ways to expand a product line
social media approach
objectives
marketing concept
10. Roles of shareholders - directors - and other managers in corporate decision making and accountability
price
Corporate Governance
commercialization
Functional Strategy
11. Manager responsible for supervising the work of employees
permission-based marketing
working capital
capital budgeting
First-Line Manager
12. Changing jobs or tasks from time to time
Autocratic Leadership style
General Partnership
job rotation
budget
13. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
Wholesaler
depreciation
brand
psychographics
14. People are internally motivated
theory y
Labor Union
positive reinforcement
news release
15. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis
public relations
Goals
permission marketing
a continuous-flow operating system
16. An increase in liabilities
debit
Organization Chart
Short-range or operational planning
Real GDP
17. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Business Cycle
discount pricing
Capitalism
advertising approach
18. Elimination of rules that restrict business activity
balance sheet
test marketing
Deregulation
place marketing
19. Codified rules of behavior enforced by society
Short-range or operational planning
Laws
Services
Venture Capital Company
20. The creation and sharing of product-related information among customers and potential customers
Intellectual Property
Privatization
Price Fixing
social commerce
21. Industry in which one company can most efficiently supply all needed goods or services
Universal Product Codes
Corporate Strategy
Natural monopoly
persuasive advertising
22. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
news conference
Outsourcing
Extractor
wants
23. Arises when group members recognize that the leader has special expertise in the area
balance sheet
methods of finance for an expanding business
Expert Influence
Variance
24. Acquiring funds through borrowing
job rotation
cause-related marketing
Unethical Behavior
debt financing
25. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions
Labor Union
direct marketing
risks of product-line extensions
Strategic Management
26. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Information Technology (IT)
Business (or Competitive) Strategy
Functional Strategy
coupons
27. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
Sole Proprietership
Unethical Behavior
Controlling
Capitalism
28. Process by which the world is becoming a single interdependent system
Public Goods
Globalization
merger
authority
29. Advertising sent directly to potential customers - usually through the mail
Long-range or strategic planning
Globalization
direct mail
debt ratios
30. 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
push strategy
form utility
SWOT analysis
cognitive dissonance
31. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization
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32. A business that is involvec with moving goods from producers to consumers
Stockholder (or Shareholder)
Marketer
fringe benefit
debit
33. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
activity ratios
Philosophy
liabilities
loss-leader pricing
34. Power to make the decisions necessary to complete a task
budget
fringe benefit
Regulatory (Administrative) Law
Authority
35. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies
rebates
opportunity cost
Small Business Administration (SBA)
Telemarketing
36. In a ____ authority originates at the top and moves downward in a line.
line organization
market segmentation
psychographics
benchmarking
37. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
promotional strategy
customer buying behavior
owner's equity equation
loss-leader pricing
38. Senior company managers who serve on the company's board of directors are known as ____.
inside board members
marketing
Philosophy
Operations (Production) Management
39. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
personal selling
fixed costs
Limited Partner
trade promotions
40. The combined use of tactical and strategic management
Intellectual Property
public relations approach
assets equation
Mixed Management
41. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
liquidity ratios
long-term liabilities
Specialty Good/Specialty Service
bundling
42. Ratios that measure the effectiveness of the firm's use of its resources
empowerment
Tall Organizational Structure
activity ratios
Organizational Structure
43. Form - time - place - possession
vertical analysis
it produces the greatest amount of good for the greatest number
types of utility
common pricing strategies
44. The level of joblessness among people actively seeking work in an economic system
Capitalism
Unemployment
profitability ratios
cognitive dissonance
45. Cost of producing or acquiring a company's products for sale during a given period
Delegation
cost of goods sold
Inflation
accrual basis
46. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
persuasive advertising
marketing research
earnings per share
Delegation
47. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
Hostile Work Environment
Physical Distribution
Merger
Purpose of Strategic Planning
48. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Chain of Command
Venture Capital Company
statement of cash flows
liquidity ratios
49. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
direct marketing
a continuous-flow operating system
Franchise
Privatization
50. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
statement of cash flows
Inflation
Limited Liability Corporation (LLC)
benchmarking