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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. Selling or supporting the sales process over the telephone
Perfect competition
telemarketing
Goods Operations (Goods Production)
place utility
2. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
promotional strategy
Accountability
debt ratios
Organizational Chart
3. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
financial management
S Corporation
Mass Production
database marketing
4. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Officers
Quality Control
Business Plan
Pure Competition
5. Brands that have been given legal protection so that their owners have exclusive rights to their use
direct mail
personal selling
trademarks
Privatization
6. 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
Globalization
SWOT analysis
social media approach
schematic of marketing process
7. Electronic media that invite participation by the general public
current ratio
depreciation
social media
inventory turnover ratio
8. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
Mixed Management
possession utility
brand
Retrenchment
9. Manager responsible for a firm's overall performance and effectiveness
Top Manager
growth stage
delegate the task
Consumer Goods
10. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
brand mark
Export
time utility
accounts payable
11. Method of calculating the minimum volume of sales needed at a given price to cover all costs
break-even analysis
Long-Term Goal
transaction
promotional strategy
12. Free or bargain-priced items offered to encourage customers to buy a product
Certificate of Incorporation
statement of cash flows
premiums
functional strategies
13. Market or industry characterized by numerous small firms producing an identical product
Demand
skim pricing
Top Manager
Perfect competition
14. Individuals or households that buy goods and services for personal use
consumer market
responsibility
growth through direction state
Chain of Command
15. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
depreciation
statement of cash flows
database marketing
revenues
16. 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
communication mix
function of labels
Corporate Bond
17. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
selling expenses
empowerment
private brands
responsibilities of a financial manager
18. Stocks - bonds - and other investments that can be turned into cash quickly
marketable securities
geographics
Intellectual Property
database marketing
19. The ability to carry out a task
3 Economic Role
contingency plans
authority
Chain of Command
20. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
Privatization
net income
current ratio
debit
21. Form of a corporation spanning national boundaries
persuasive advertising
demographics
Multinational (or Transnational) Corporation
market segmentation
22. Manager responsible for supervising the work of employees
promotion
First-Line Manager
national brands
Depression
23. The willingness and ability of buyers to purchase a good or service
contingency plans
Mixed Management
Identity Influence
Demand
24. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
positioning
auction pricing
capital investments
responsibilities of a financial manager
25. Payments other than wages or salaries - other benefits
communication mix
fringe benefit
Standard of Living
Chief Executive Officer (CEO)
26. Costs created in the process of generating revenues
expenses
Labor Relations
institutional advertising
Unlimited Liability
27. Body of decisions handed down by courts ruling on individual cases
limitations of marketing research
Mission Statement
Common Law
Market economy
28. Cost of producing or acquiring a company's products for sale during a given period
Regulatory (Administrative) Law
cost of goods sold
Stockholder (or Shareholder)
Quid Pro Quo Harassment
29. Top management team of a corporation
personal selling
Officers
equity financing
quality control circles
30. Mix of people in organizations in terms of essential/demographic status
Wheeler-Lea Act of 1938
function of packaging
Mixed Management
Workplace Diversity
31. Physical products purchased by companies to produce other products
Industrial Goods
earnings per share
form utility
current liabilities
32. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
Strategic Alliance
positioning
Convenience Good/Convenience Service
promotion
33. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
promotion
transaction
revenues
Ethics
34. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
geodemographics
schematic of marketing process
marketing concept
Three reasons nations trade
35. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification
growth strategies
SWOT analysis
Business Plan
Capitalism
36. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
maturity stage
expenses
current ratio
Strategy
37. Ethical or unethical behaviors by employees in the context of their jobs
Mass Production
Business Ethics
Merger
dynamic pricing
38. Marketing efforts to attract people and organizations to a particular geographical area
Centralized Organization
sales promotion approach
fixed costs
place marketing
39. 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
Recession
Purpose of Strategic Planning
Retrenchment
Prosperity
40. Process through which a manager allocates work to subordinates
Delegation
co-branding
Intellectual Property
Philosophy
41. Using relative information to predict how many jobs will be needed
forecasting
Joint Venture
Monopolistic Competition
Procedure
42. Product development stage in which a product is sold on a limited basis - a trial introduction
liquidity ratios
expenses
test marketing
Recession
43. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
Service Business
functional strategies
trademarks
general expenses
44. Arises when group members recognize that the leader has special expertise in the area
Venture Capital Company
Expert Influence
price based pricing
Autocratic Leadership style
45. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Nepotism
Decentralized Organization
liabilities
marketing concept
46. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Controlling
financial management
private brands
product line
47. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accrual basis
brand
Competition
cost of goods sold equation
48. Obligation employees have to their manager for the successful completion of an assigned task
Work Specialization
Accountability
Pure Competition
exchange process
49. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
a continuous-flow operating system
customer buying behavior
pull strategy
media
50. Codified rules of behavior enforced by society
Laws
Limited Partnership
marketing strategy
direct marketing