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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. The purchase of one company by another
Acquisition
empowerment
Merger
Substitute Product
2. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
Business Ethics
Gross National Product (GNP)
Workplace Diversity
capital budgeting
3. Motivator and hygiene factors need to be met to prevent dissatisfaction
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4. Vying among businesses for the same resources or customers
Competition
trademarks
earnings per share
Organizing
5. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
financial control
Environmental Analysis
long-term liabilities
institutional advertising
6. A leadership style where managers are less directive and involved employees in decision making
Strategic Management
permission marketing
current assets
Corporate Strategy
7. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Benefits
Bankruptcy
relationship marketing
Functional Strategy
8. A series of related products offered by a firm
double-entry bookkeeping
Decision Making
product line
Organizational Chart
9. Physical products purchased by companies to produce other products
Industrial Goods
primary factors of market segmentation
institutional advertising
downsizing
10. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Information Technology (IT)
Business Cycle
Monopoly
vertical analysis
11. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
function of labels
penetration pricing
elements of a company's marketing mix
delegate the task
12. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
bundling
direct mail
Marketing
Capitalism
13. 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
Limited Partner
cause-related marketing
Common Law
liquidity ratios
14. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Safety
Hostile Work Environment
Inflation
social media approach
15. Act of obtaining a desired object or services from another party by offering something of value in return
objectives
exchange process
Tactical Management
push strategy
16. The company founder is no longer solely responsible for all decision making during the ____.
direct marketing approach
time utility
growth through direction state
delegate the task
17. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
General (Active) Partner
financial management
Span of Control
Corporate Strategy
18. Delegating more power to employees
merger
empowerment
Restructuring
communication mix
19. Planned economic system in which the government owns and operates only selected major sources of production
cost of goods sold
advertising
Business (or Competitive) Strategy
Socialism
20. Bar codes on product packages that provide information read by optical scanners
Universal Product Codes
market
Market economy
Affirmative Action
21. Advertising designed to encourage customers to try new products or to switch brands
growth through direction state
Sarbanes-Oxley Act of 2002 (Sarbox)
persuasive advertising
market share
22. Inexpensive good or service purchased and consumed rapidly and regularly
Convenience Good/Convenience Service
Custom Manufacturing
Extension
Telemarketing
23. People are lazy
Labor Relations
retained earnings
Statutory Law
theory x
24. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Retailer
Leadership
Quality
Recession
25. Selling one product at a loss as a way to entice customers to consider other products
categories of customer communication
Organizational Stakeholders
loss-leader pricing
elements of a company's marketing mix
26. Corporation whose stock is widely held and available for sale to the general public
Matrix Structures
Publicly Held (or Public) Corporation
accrual basis
opportunity cost
27. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
inside board members
Substitute Product
Oligopoly
institutional advertising
28. Creating a flatter organization structure normally cutting out middle management
Publicly Held (or Public) Corporation
Reward Influence
downsizing
product line
29. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
Capitalism
current ratio
national brands
communication mix
30. Somethings needed by a community and provided by its government
Position Influence
Public Goods
Monopolistic competition
break-even analysis
31. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Outsourcing
market share
Expert Influence
persuasive advertising
32. Strategy in which two or more organizations collaborate on a project for mutual gain
Strategic Alliance
Goals
strategic marketing planning
news release
33. Law made by the authority of administrative agencies
Regulatory (Administrative) Law
sales promotion approach
Gross National Product (GNP)
cash basis
34. Method of calculating the minimum volume of sales needed at a given price to cover all costs
break-even analysis
Centralized Organization
Publicly Held (or Public) Corporation
Top Manager
35. Brands that have been given legal protection so that their owners have exclusive rights to their use
assume that all workers are content with their work
trademarks
benchmarking
Theory Z
36. Study of statistical characteristics of a population
contract
demographics
break-even point equation
owner's equity
37. Manager responsible for implementing the strategies and working toward the goals set by top managers
Perfect competition
Middle Manager
North American Free Trade Agreement (NAFTA)
credit
38. Direct communication other than personal sales contacts designed to effect a measurable response
return on sales
North American Free Trade Agreement (NAFTA)
direct marketing
target markets
39. 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
advertising
Private enterprise
Price Fixing
schematic of marketing process
40. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
downsizing
middle management
Gross National Product (GNP)
organizational market
41. Product made or grown abroad but sold domestically
Tall Organizational Structure
Extension
Import
types of utility
42. Independent and well informed buyers and sellers of the exact same product (farmers markets)
Extension
limitations of marketing research
Pure Competition
growth stage
43. The combined use of tactical and strategic management
psychographics
Mixed Management
brand managers
theory y
44. Small groups in the same work area that have scheduled meetings about problems and how to fix them
search advertising
Monopoly
quality control circles
steps in the strategic marketing planning process
45. Provides protection for the product - makes products easier to display - and attracts attention
Business Ethics
Labor Productivity
debit
function of packaging
46. Characteristic of decentralized companies with relatively few layers of management
Ethics
Flat Organizational Structure
Patent
Authority
47. Loss of brand identity and the cannibalization of sales of other products in the product line
Position Influence
Extension
Environmental Analysis
risks of product-line extensions
48. Difference of revenues - costs - and profit from the planned amounts.
market share
Sole Proprietership
Variance
Venture Capital Company
49. Manager responsible for a firm's overall performance and effectiveness
Business (or Competitive) Strategy
Top Manager
Short-Term Goal
stealth marketing
50. Free or bargain-priced items offered to encourage customers to buy a product
premiums
Depression
generic products
fixed assets