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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. Markets focus on increasing the product's market share
productivity - the success of the managers - and the morale of the other employees
assume that all workers are content with their work
introductory stage
growth stage
2. 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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3. 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
Functional Strategy
Divestiture
vertical analysis
push strategy
4. Managers who develop and implement a complete strategy and marketing program for specific products or brands
rebates
brand managers
Work Specialization
stealth marketing
5. Introducing a new product at a low price in hopes of building sales volume quickly
accrual basis
Organizing
accounts receivable
penetration pricing
6. Diagram depicting a company's structure and showing employees where they fit into its operations
permission marketing
Inflation
Organization Chart
equity financing
7. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
Monopolistic Competition
utility
communication mix
transaction
8. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
Retrenchment
job rotation
Merger
Copyright
9. Form - time - place - possession
Ethics
types of utility
quality control circles
capital budgeting
10. Top manager who is responsible for the overall performance of a corporation
Joint Venture
product mix
dynamic pricing
Chief Executive Officer (CEO)
11. Occurs when two companies form one corporation
Competition
inside board members
Safety
merger
12. Brands that have been given legal protection so that their owners have exclusive rights to their use
Limited Liability Corporation (LLC)
organization behavior modification
Service Operations (Service Production)
trademarks
13. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Tall Organizational Structure
public relations approach
Monopolistic competition
Perfect competition
14. Organization in which most decision-making authority is held by upper-level management
Standard of Living
assets
Centralized Organization
news conference
15. A business that grows products or takes raw material from nature
Export
Extractor
equity financing
Leadership Style
16. Corporation whose stock is held by only a few people and is not available for sale to the general public
debt-to-total-assets ratio
Delegation
Closely Held (or Private) Corporation
responsibilities of a financial manager
17. Objective that a business hopes and plans to achieve
Labor Relations
current assets
Goal
Insider Trading
18. Systems for moving goods and services from producers to customers; also known as marketing channels
double-entry bookkeeping
distribution channels
Delegation
Import
19. Behavior exhibited by consumers as they consider - select - and purchase goods and services
negative reinforcement
customer buying behavior
Market
First-Line Manager
20. The price of your nation's currency is in terms of another nation's currency
Deregulation
variable costs
Exchange Rate
Inflation
21. Assets = liabilities + owner's equity
accounting equation
Variance
management by objectives (MBO)
Committee and Team Authority
22. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
Centralized Organization
marketable securities
Limited Partnership
marketing
23. 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
debit
customer loyalty
Human Resource Management (HRM)
Small Business Administration (SBA)
24. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
organizational market
common pricing strategies
marketing research
trademarks
25. Activities needed to move a product efficiently from manufacturer to consumer
how companies learn about customer
Physical Distribution
brand equity
long-term liabilities
26. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
grand strategies
why companies learn about customers so they can stay in touch with their current needs and wants
middle management
growth strategies
27. Costs created in the process of generating revenues
Controlling
accounts payable
expenses
Quality
28. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Functional Strategy
geographics
Gross Domestic Product (GDP)
accrual basis
29. Confusion results if a person reports to two people at once - according to ____.
Swot Analysis
growth stage
unity of command
Prime Rate
30. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.
price elasticity
Top Manager
Span of Control
middle management
31. Obligations that must be next within a year
word of mouth
Tall Organizational Structure
current liabilities
Service Operations (Service Production)
32. Market or industry characterized by numerous small firms producing an identical product
Decision Making
schematic of marketing process
Closely Held (or Private) Corporation
Perfect competition
33. The four key elements of marketing strategy: product - price - distribution - and promotion
customer service
corporate strategies
marketing mix
price
34. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
current liabilities
price based pricing
capital investments
Divestiture
35. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
Variance
Short-range or operational planning
product line
S Corporation
36. Being accountable or being able to justify an action
Variance
Small Business Administration (SBA)
responsibility
personal sales approach
37. A leadership style where the manager is directive and controlling
limitations of marketing research
Tactical Management
growth strategies
break-even point
38. When organizations change raw materials into finished goods
form utility
break-even point equation
management by objectives (MBO)
Officers
39. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
how companies learn about customer
Outsourcing
steps in the strategic marketing planning process
Service Operations (Service Production)
40. The collection and analysis of information for making marketing decisions
Mixed Management
activity ratios
why companies learn about customers so they can stay in touch with their current needs and wants
marketing research
41. Business costs that increase with the number of units produced
primary factors of market segmentation
break-even point
variable costs
objectives
42. Building a specific and unique product to meet the needs of one consumer
profitability ratios
cost based pricing
Custom Manufacturing
growth through direction state
43. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
accounts receivable turnover ratio
Limited Liability Corporation (LLC)
owner's equity equation
Management Information System (MIS)
44. Specific customer groups or segments to whom a company wants to sell a particular product
target markets
permission-based marketing
net income
exchange process
45. Cost of goods sold = beginning inventory + net purchases - ending inventory
profitability ratios
Outsourcing
cost of goods sold equation
Specialty Good/Specialty Service
46. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
wants
Inflation
Authority
factors that influence pricing decisions
47. Pricing selling one product at a loss as a way to entice customers to consider other products
loss-leader
Middle Manager
common pricing strategies
mission statement
48. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
mission statement
current ratio
theory y
ways to expand a product line
49. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
database marketing
accounts receivable turnover ratio
place utility
social commerce
50. Vying among businesses for the same resources or customers
Competition
brand
Tall Organizational Structure
horizontal analysis