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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. Process through which a manager allocates work to subordinates
Delegation
common pricing strategies
maturity stage
Organizational Chart
2. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment
Chain of Command
common pricing strategies
Limited Partner
empowerment
3. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
advertising approach
Services
generic products
Substitute Product
4. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
push strategy
Unethical Behavior
skim pricing
time utility
5. Transferring work to another country
generic products
Out-sourcing
Ethical Behavior
Prosperity
6. Characteristic of decentralized companies with relatively few layers of management
target markets
Flat Organizational Structure
debit
Telemarketing
7. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
positioning
Goals
break-even analysis
Quality
8. Assets - liabilities = owner's equity
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9. Postsales reductions in price - must be applied for by the purchaser
Labor Relations
social commerce
rebates
Board of Directors
10. The state of being certain that adverse effects will not be caused by some agent under defined conditions
social commerce
psychographics
widgets
Safety
11. Independent and well informed buyers and sellers of the exact same product (farmers markets)
Pure Competition
Theory Z
empowerment
Consumer Goods
12. The ability to carry out a task
authority
Services
exchange process
owner's equity
13. The value that a company has built up in a brand
brand equity
trade allowance
debt ratios
marketing research
14. Costs created in the process of generating revenues
Physical Distribution
debt-to-equity ratio
expenses
telemarketing
15. Charging a high price for a new product during the introductory stage and lowering the price later
geodemographics
skim pricing
place utility
Position Influence
16. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
organizational market
Operations (Production) Management
functional strategies
customer service
17. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
sales promotion
Mass Production
Theory Z
Pure Competition
18. Strategy in which two or more organizations collaborate on a project for mutual gain
geographic segmentation
Strategic Alliance
customer loyalty
corporate strategies
19. Characteristic of centralized companies with multiple layers of management
Tall Organizational Structure
transaction
corporate strategies
net income
20. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Chain of Command
Prime Rate
Intellectual Property
risks of product-line extensions
21. Goal set for the very near future
Short-Term Goal
cost of goods sold equation
stages of product development
ways to expand a product line
22. Court-granted permission for a company to not pay some or all debts
financial plan
Corporate Governance
widgets
Bankruptcy
23. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
break-even point
activity ratios
price based pricing
revenues
24. Legal principal holding owners responsible for paying off all debts of a business
vertical analysis
inside board members
Labor Relations
Unlimited Liability
25. Occurs when widespread price increases occur throughout an economic system
Publicly Held (or Public) Corporation
Herzberg's two-factor theory
Inflation
behavioral segmentation
26. Brands owned by the manufacturers and distributed nationally
cognitive dissonance
categories of customer communication
national brands
organizational market
27. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
3 Economic Role
depreciation
skim pricing
Whistle Blower
28. Exchange of value between parties
horizontal analysis
price based pricing
transaction
direct mail
29. Market or industry characterized by numerous small firms producing an identical product
need
Perfect competition
objectives
personal sales approach
30. 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
growth stage
Benefits
Import
responsibilities of a financial manager
31. Rewarded for good performance; something the employee likes is praised
fiscal year
types of financial ratios
positive reinforcement
steps in the strategic marketing planning process
32. Unwelcome sexual advances in the workplace
World Trade Organization (WTO)
Sexual Harassment
Business Cycle
Physical Distribution
33. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Limited Liability Corporation (LLC)
generic products
customer service
Multinational (or Transnational) Corporation
34. Management process of guiding and motivating employees to meet an organization's objectives
market share
Leading
Public Goods
Flat Organizational Structure
35. When a task is too time consuming for a manager to handle alone - he or she may ____.
Functional Strategy
delegate the task
Industrial Goods
Retailer
36. Specification of the jobs to be done within an organization and the ways in which they relate to one another
steps in the strategic marketing planning process
place utility
Organizational Structure
maturity stage
37. Marketers focus on stimulating demand for the new product
types of utility
introductory stage
Position Influence
double-entry bookkeeping
38. A sustained increase in the general level of prices
Inflation
Quid Pro Quo Harassment
Quality
geographics
39. Process for evaluating proposed investments in select projects that provide the best long-term financial return
trade allowance
capital budgeting
First-Line Manager
Business Ethics
40. Assets = liabilities + owner's equity
Safety
marketing concept
accounting equation
positive reinforcement
41. Obligation employees have to their manager for the successful completion of an assigned task
Export
Accountability
direct marketing approach
ratio analysis
42. Online ads that are linked to search engine results or website content
objectives
Officers
theory y
search advertising
43. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
activity ratios
Consumer Goods
cost of goods sold
Imperfect Competition
44. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
advertising approach
selling expenses
need
media
45. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
generic products
accrual basis
growth through direction state
product advertising
46. Applying a successful brand name to a new product category
Organizational Structure
private brands
function of labels
brand extension
47. An action is morally correct - when - among the people it affects...
it produces the greatest amount of good for the greatest number
form utility
Supply Chain (Value Chain)
cost based pricing
48. Top management team of a corporation
Officers
operating expenses
fixed costs
Intellectual Property
49. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
debt ratios
liquidity ratios
Business (or Competitive) Strategy
word of mouth
50. Loss of brand identity and the cannibalization of sales of other products in the product line
calendar year
risks of product-line extensions
cash basis
Industrial Goods