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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. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
direct marketing
methods of finance for an expanding business
private brands
Retrenchment
2. Changing jobs or tasks from time to time
widgets
levels of brand loyalty
assets
job rotation
3. Break-even point = fixed costs/ (selling price - variable costs per unit)
break-even point equation
Limited Partner
Unethical Behavior
Position Influence
4. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
private brands
Standard of Living
Wholesaler
sales promotion
5. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
General Partnership
depreciation
Democratic Leadership Style
Physical Distribution
6. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
general expenses
Marketing
geographic segmentation
debt-to-total-assets ratio
7. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization
8. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
expenses
Privatization
price based pricing
Wholesaler
9. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
Monopoly
Outcome-based ethics
permission-based marketing
assets
10. A business that is involvec with moving goods from producers to consumers
Labor Union
types of utility
form utility
Marketer
11. 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
Flat Organizational Structure
how companies learn about customer
media
schematic of marketing process
12. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
common pricing strategies
Supply Chain (Value Chain)
current liabilities
Decentralized Organization
13. The process of comparing an organization's products or services and processes with those of another companies
Real GDP
cost of goods sold equation
benchmarking
assets
14. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
decision-making role
news release
inventory turnover ratio
specialty advertising
15. The act of transferring net revenue and expense account balances to retained earnings for the period
market segmentation
Recession
close the books
fiscal year
16. Goal set for the very near future
Short-Term Goal
geographics
market segmentation
Outsourcing
17. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
geodemographics
Retrenchment
Socialism
Certificate of Incorporation
18. Location
geographics
customer buying behavior
place marketing
return on equity ratio
19. Changes the form of material so they can be consumed or used to manufacture other products
Processing
Exchange Rate
Business (or Competitive) Strategy
responsibility
20. Direct communication other than personal sales contacts designed to effect a measurable response
Price Fixing
direct marketing
Supply
balance sheet
21. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
General Partnership
Identity Influence
social commerce
European Union (EU)
22. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth
Monopolistic Competition
Hostile Work Environment
trade promotions
it produces the greatest amount of good for the greatest number
23. Demographics - psychographics - and geographics
Corporate Bond
Decision-Making Skills
dynamic pricing
primary factors of market segmentation
24. A period during which aggregate output - as measured by GDP - declines
Globalization
Recession
General (Active) Partner
Labor Union
25. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
Top Manager
social media
pull strategy
Nepotism
26. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
Three reasons nations trade
Retailer
Whistle Blower
Consumer Goods
27. Informal communication between customers and potential customers
accounts payable
Affirmative Action
Acquisition
word of mouth
28. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Standard of Living
Purchasing Power Party
activity ratios
behavioral segmentation
29. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
Imperfect Competition
Delegation
market segmentation
specialty advertising
30. Court-granted permission for a company to not pay some or all debts
Bankruptcy
stages in the life cycle of a product
forecasting
Export
31. Product - price - distribution - customer communication
32. Power of a good or services to satisfy a human need
Short-Term Goal
utility
form utility
net income
33. Statement of a firm's financial position on a particular date; also known as a statement of financial position
Depression
balance sheet
brand
cost of goods sold equation
34. Brands owned by the manufacturers and distributed nationally
growth stage
national brands
long-term liabilities
psychographics
35. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
relationship marketing
news release
auction pricing
Short-range or operational planning
36. The way a manager teats and directs employees
market segmentation
Leadership Style
forecasting
fiscal year
37. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
promotional strategy
Service Business
long-term liabilities
Telemarketing
38. Body of decisions handed down by courts ruling on individual cases
Board of Directors
dynamic pricing
Monopoly
Common Law
39. Market or industry characterized by numerous small firms producing an identical product
break-even point
penetration pricing
laissez-faire Leadership style
Perfect competition
40. Takes the extractor's products or raw materials and changs the into a form that consumers can use
budget
Manufacturer
geographic segmentation
news conference
41. Form - time - place - possession
Purpose of Strategic Planning
cash basis
types of utility
Universal Product Codes
42. The ability to get others to accoplish tasks because of the position the leader holds
Position Influence
Service Business
demographics
possession utility
43. Results from the leader's ability to give or withhold rewards
Supply
bundling
permission marketing
Reward Influence
44. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
stages of product development
national brands
Mixed Management
general expenses
45. A short - specific written statement of the reason a business exists and what it wants to achieve.
Purchasing Power Party
Committee and Team Authority
Industrial Goods
mission statement
46. Confusion results if a person reports to two people at once - according to ____.
Decision Making
unity of command
trade promotions
Recovery
47. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
categories of customer communication
Goods Operations (Goods Production)
introductory stage
Philosophy
48. A sustained increase in the general level of prices
Globalization
customer loyalty
Inflation
responsibility
49. Where products are conveniently placed for customers
place utility
Venture Capital Company
debt-to-total-assets ratio
variable costs
50. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
introductory stage
downsizing
Real GDP
need