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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. One seller of a product - denies people competition and is against the law (They can typically raise prices)
Monopoly
communication mix
Franchise
First-Line Manager
2. Any 12 consecutive months used as an accounting period
fiscal year
functional strategies
personal selling
Multinational (or Transnational) Corporation
3. Assets = liabilities + owner's equity
Goal
accounting equation
Telemarketing
media
4. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
wants
Corporate Governance
Work Specialization
Decision Making
5. Stems from personal trust and respect members have for the leader
Specialty Good/Specialty Service
Gross National Product (GNP)
loss-leader pricing
Identity Influence
6. Independent and well informed buyers and sellers of the exact same product (farmers markets)
cost based pricing
Purchasing Power Party
Pure Competition
Benefits
7. Systems for moving goods and services from producers to customers; also known as marketing channels
Leading
price
distribution channels
accrual basis
8. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
Manufacturer
marketing
North American Free Trade Agreement (NAFTA)
news conference
9. Obligations that must be next within a year
earnings per share
Organizational Structure
co-branding
current liabilities
10. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
methods of finance for an expanding business
Corporate Bond
Workplace Diversity
loss-leader pricing
11. Management process of monotoring an organization's performance to ensure that it is meeting its goals
general expenses
equity financing
Unemployment
Controlling
12. Market or industry characterized by numerous small firms producing an identical product
relationship marketing
private brands
Restructuring
Perfect competition
13. An increase in liabilities
methods of finance for an expanding business
debit
middle management
Corporate Bond
14. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
Corporate Strategy
market segmentation
Outsourcing
Standard of living
15. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris
operating expenses
how companies learn about customer
brand extension
responsibilities of a financial manager
16. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
penetration pricing
social commerce
direct marketing approach
primary factors of market segmentation
17. A document - generally issued by a state government - giving permission to start a corporation
Committee and Team Authority
Certificate of Incorporation
possession utility
distribution channels
18. Identification and marketing of a social issues - cause - or idea to selected target markets
primary factors of market segmentation
merger
General Partnership
cause-related marketing
19. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
widgets
how companies learn about customer
Divestiture
Goods Operations (Goods Production)
20. Takes the extractor's products or raw materials and changs the into a form that consumers can use
bundling
Manufacturer
types of financial ratios
Labor Union
21. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
Marketer
permission-based marketing
Divestiture
Work Specialization
22. The four key elements of marketing strategy: product - price - distribution - and promotion
marketing mix
break-even point equation
categories of customer communication
customer buying behavior
23. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Swot Analysis
family branding
working capital
dynamic pricing
24. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
Pure Competition
form utility
customer loyalty
Controlling
25. Transferring work to another country
Out-sourcing
profitability ratios
Restructuring
Mass Production
26. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
Service Operations (Service Production)
Quid Pro Quo Harassment
cash basis
direct mail
27. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
liquidity ratios
direct marketing approach
place utility
Standard of living
28. A sustained increase in the general level of prices
Chain of Command
balance sheet
Inflation
customer service
29. Vying among businesses for the same resources or customers
activity ratios
types of utility
assets equation
Competition
30. Acquiring funds by selling shares of a company's stock
direct mail
Patent
equity financing
function of packaging
31. Demographics - psychographics - and geographics
introductory stage
media
primary factors of market segmentation
Limited Partner
32. Reporting relationships within a company
Chain of Command
Acquisition
General (Active) Partner
customer service
33. Form - time - place - possession
types of utility
delegate the task
Extension
Wholesaler
34. Goal set for the very near future
Short-Term Goal
Functional Strategy
Sarbanes-Oxley Act of 2002 (Sarbox)
media
35. In a ____ authority originates at the top and moves downward in a line.
Herzberg's two-factor theory
calendar year
line organization
vertical analysis
36. 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
Three reasons nations trade
psychographics
Bankruptcy
factors that influence pricing decisions
37. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
skim pricing
decline stage
liabilities
credit
38. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
Retrenchment
word of mouth
trade promotions
penetration pricing
39. Informal communication between customers and potential customers
middle management
word of mouth
Business (or Competitive) Strategy
Business Ethics
40. Cash and items that can be turned into cash within one year
Democratic Leadership Style
Patent
variable costs
current assets
41. Method of calculating the minimum volume of sales needed at a given price to cover all costs
objectives
Pure Competition
long-term liabilities
break-even analysis
42. 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
personal selling
Laws
schematic of marketing process
psychographics
43. The creation and sharing of product-related information among customers and potential customers
Leadership
social commerce
fixed assets
Merger
44. Creating a flatter organization structure normally cutting out middle management
Divestiture
media
Copyright
downsizing
45. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
news release
promotion
laissez-faire Leadership style
Monopolistic Competition
46. Positive reinforcement - negative reinforcement - punishment
Controlling
Maslow's hierarchy of needs
public relations approach
organization behavior modification
47. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Theory Z
Substitute Product
owner's equity
Quality
48. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
revenues
Organizational Chart
Monopoly
Mission Statement
49. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
Service Business
geographic segmentation
a continuous-flow operating system
place marketing
50. Ratio between net income after taxes and total owners' equity; also known as return on equity
Public Goods
permission-based marketing
General (Active) Partner
return on investment