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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. Management process of guiding and motivating employees to meet an organization's objectives
steps in the strategic marketing planning process
Leading
Out-sourcing
net income
2. Beliefs about what is right or wrong and good or bad in actions that affect others
Industrial Goods
Recession
Ethics
marketing research
3. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Services
Chain of Command
Human Resource Management (HRM)
debt financing
4. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
quick ratio
Functional Strategy
Reward Influence
Outsourcing
5. Goal set for the very near future
Depression
Industrial Goods
theory x
Short-Term Goal
6. Manager responsible for implementing the strategies and working toward the goals set by top managers
accounting equation
news release
Short-range or operational planning
Middle Manager
7. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
Strategy
cash basis
debt-to-equity ratio
rebates
8. Lots of leeway to workers to meet goals
laissez-faire Leadership style
skim pricing
Imperfect Competition
fixed assets
9. Applying a successful brand name to a new product category
Labor Productivity
Common Law
ways to expand a product line
brand extension
10. Customer value created by converting raw materials and other inputs into finished goods and services
selling expenses
form utility
product mix
Joint Venture
11. Selling one product at a loss as a way to entice customers to consider other products
Limited Partnership
Decision Making
loss-leader pricing
Depression
12. Business costs that remain constant regardless of the number of units produced
skim pricing
responsibility
penetration pricing
fixed costs
13. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Swot Analysis
place utility
Audit
product mix
14. Objective that a business hopes and plans to achieve
Copyright
Goal
Marketing
Public Goods
15. 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
unity of command
stages of product development
accounts receivable turnover ratio
Monopolistic Competition
16. The creation and sharing of product-related information among customers and potential customers
inside board members
Common Law
social commerce
depreciation
17. Arises when group members recognize that the leader has special expertise in the area
advertising
Universal Product Codes
long-term liabilities
Expert Influence
18. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
Specialty Good/Specialty Service
Business (or Competitive) Strategy
Policy
Span of Control
19. Legal principal holding owners responsible for paying off all debts of a business
advertising approach
Supply Chain (Value Chain)
organizational market
Unlimited Liability
20. Larger visual and multimedia ads that appear on websites
current assets
need
online display advertising
premiums
21. Making a product available at a convenient time
time utility
Inflation
Service Business
Labor Union
22. Planned economic system in which the government owns and operates only selected major sources of production
sales promotion
Socialism
Inflation
Organizing
23. The four key elements of marketing strategy: product - price - distribution - and promotion
marketing mix
Supply
Bankruptcy
Expert Influence
24. Assets = liabilities + owner's equity
promotional strategy
contingency plans
co-branding
accounting equation
25. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
distribution channels
customer service
Mission Statement
Globalization
26. Expensive - rarely purchased good or service
Multinational (or Transnational) Corporation
Specialty Good/Specialty Service
debt financing
marketing
27. Assets - liabilities = owner's equity
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28. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
Depression
introductory stage
Stockholder (or Shareholder)
financial control
29. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
function of labels
financial plan
gross profit
product mix
30. Charging a high price for a new product during the introductory stage and lowering the price later
Mission Statement
Publicly Held (or Public) Corporation
skim pricing
cause-related marketing
31. Obligations that must be next within a year
profitability ratios
Market
geographic segmentation
current liabilities
32. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Demand
inventory turnover ratio
Audit
management by objectives (MBO)
33. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
activity ratios
General Partnership
stages of product development
Swot Analysis
34. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
market segmentation
factors that influence pricing decisions
marketing research
social commerce
35. Postsales reductions in price - must be applied for by the purchaser
public relations
Recession
Strategy
rebates
36. Changing jobs or tasks from time to time
Venture Capital Company
job rotation
telemarketing
Matrix Structures
37. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
Corporation
authority
consumer market
Business (or Competitive) Strategy
38. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
Authority
Corporation
horizontal analysis
decline stage
39. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
psychographics
Sole Proprietership
Workplace Diversity
a continuous-flow operating system
40. External statistical descriptors such as age - income - gender - and profession
grand strategies
transaction
demographics
Matrix Structures
41. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
Strategic Alliance
place utility
forecasting
42. A measure of the sensitivity of demand to changes in price
Marketer
price elasticity
Purchasing Power Party
Retrenchment
43. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
working capital
Strategy
accounts receivable turnover ratio
empowerment
44. The creation and sharing of product-related information among customers and potential customers
Recession
Organizational Structure
inventory turnover ratio
social commerce
45. Ratio between net income after taxes and net sales; also known as profit margin
Oligopoly
primary factors of market segmentation
decline stage
return on sales
46. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique
Matrix Structures
Wheeler-Lea Act of 1938
growth strategies
stealth marketing
47. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Service Operations (Service Production)
Purchasing Power Party
Safety
Prime Rate
48. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
social commerce
Corporate Strategy
Crisis Management
negative reinforcement
49. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
contract
Corporation
horizontal analysis
net income
50. The way you live as measure by the kinds and quality of goods and services you can afford
Collusion
Standard of Living
time utility
Publicly Held (or Public) Corporation
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