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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. A business that grows products or takes raw material from nature
Price Fixing
categories of customer communication
Labor Relations
Extractor
2. Results from the leader's ability to give or withhold rewards
Reward Influence
theory x
Limited Liability Corporation (LLC)
net income
3. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
Monopoly
need
Physical Distribution
skim pricing
4. The movement of an economy from one condition to another and back again
Human Resource Management (HRM)
break-even point equation
Perfect competition
Business Cycle
5. Any 12 consecutive months used as an accounting period
skim pricing
5 C's
fiscal year
accrual basis
6. Larger visual and multimedia ads that appear on websites
positive reinforcement
inventory turnover ratio
penetration pricing
online display advertising
7. Changes the form of material so they can be consumed or used to manufacture other products
Long-Term Goal
psychographics
social media
Processing
8. All the operating expenses associated with marketing goods or services
product life cycle
Mixed Management
fixed assets
selling expenses
9. 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
Board of Directors
double-entry bookkeeping
inventory turnover ratio
Position Influence
10. The amount of money charged for a product or service
price
revenues
psychographics
Insider Trading
11. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
Middle Manager
break-even point
SWOT analysis
decline stage
12. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
Prosperity
trade promotions
Audit
Top Manager
13. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Organizational Chart
Chain of Command
Oligopoly
brand extension
14. Being accountable or being able to justify an action
Management Information System (MIS)
debt ratios
Insider Trading
responsibility
15. Stocks - bonds - and other investments that can be turned into cash quickly
marketable securities
Authority
product line
stealth marketing
16. The four key elements of marketing strategy: product - price - distribution - and promotion
maturity stage
Policy
marketing mix
functional strategies
17. Characteristic of centralized companies with multiple layers of management
market segmentation
Tall Organizational Structure
responsibility
behavioral segmentation
18. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
a continuous-flow operating system
growth through direction state
stages in the life cycle of a product
debt financing
19. Claims against a firm's assets by creditors - such as banks and suppliers
liabilities
how companies learn about customer
Contingent Worker
function of labels
20. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
financial control
Substitute Product
Benefits
marketing concept
21. A business that is involvec with moving goods from producers to consumers
Labor Productivity
form utility
brand loyalty
Marketer
22. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
vertical analysis
institutional advertising
close the books
Corporate Bond
23. A prolonged and deep recession
Depression
public relations approach
Outsourcing
Quality
24. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
Depression
Outcome-based ethics
contingency plans
opportunity cost
25. Exchange of value between parties
transaction
Franchise
S Corporation
Labor Union
26. Acquiring funds by selling shares of a company's stock
Supply
equity financing
levels of brand loyalty
Patent
27. Product made or grown abroad but sold domestically
demographics
Joint Venture
Affirmative Action
Import
28. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
psychographics
strategic marketing planning
Variance
organization behavior modification
29. Process for evaluating proposed investments in select projects that provide the best long-term financial return
capital budgeting
Committee and Team Authority
General Partnership
cognitive dissonance
30. One seller of a product - denies people competition and is against the law (They can typically raise prices)
Democratic Leadership Style
online display advertising
Monopoly
Processing
31. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
permission-based marketing
Private enterprise
penetration pricing
Philosophy
32. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification
Depression
Price Fixing
growth strategies
Centralized Organization
33. Organization's methods for dealing with emergencies
Environmental Analysis
Crisis Management
theory y
advertising approach
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
Bankruptcy
accounts receivable turnover ratio
Marketing
price based pricing
35. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it
cognitive dissonance
Planning
discount pricing
trade promotions
36. Customer value added by making a product available at a convenient time
product mix
return on investment
time utility
debt-to-equity ratio
37. Brands that have been given legal protection so that their owners have exclusive rights to their use
trademarks
Business Ethics
Matrix Structures
Benefits
38. The quantity of a good that an average worker can produce in an hour
Labor Productivity
steps in the strategic marketing planning process
skim pricing
Laws
39. The combined use of tactical and strategic management
Small Business Administration (SBA)
cash basis
Mixed Management
Monopolistic competition
40. Postsales reductions in price - must be applied for by the purchaser
Intellectual Property
Audit
rebates
assume that all workers are content with their work
41. Lots of leeway to workers to meet goals
line organization
Globalization
liquidity ratios
laissez-faire Leadership style
42. Sales volume at a given price that will cover all of a company's costs
Gross National Product (GNP)
break-even point
Controlling
owner's equity
43. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Supply Chain (Value Chain)
positive reinforcement
Environmental Analysis
Telemarketing
44. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
Nepotism
liquidity ratios
Long-Term Goal
Herzberg's two-factor theory
45. Process by which the world is becoming a single interdependent system
Import
Socialism
equity financing
Globalization
46. Location
Wholesaler
Procedure
geographics
S Corporation
47. Illegal practice of using special knowledge about a firm for profit or gain
Stockholder (or Shareholder)
demographics
Globalization
Insider Trading
48. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
objectives
expenses
database marketing
premiums
49. Building a specific and unique product to meet the needs of one consumer
Committee and Team Authority
brand managers
Multinational (or Transnational) Corporation
Custom Manufacturing
50. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
Whistle Blower
market
Identity Influence
Prosperity