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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. Corporation whose stock is held by only a few people and is not available for sale to the general public
Tall Organizational Structure
Closely Held (or Private) Corporation
Wholesaler
Workplace Diversity
2. Characteristic of decentralized companies with relatively few layers of management
Flat Organizational Structure
S Corporation
mission statement
laissez-faire Leadership style
3. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
3 Economic Role
Work Specialization
positive reinforcement
break-even point equation
4. Something that the employee dislikes is taken away
Patent
negative reinforcement
marketing research
price based pricing
5. An action is morally correct - when - among the people it affects...
it produces the greatest amount of good for the greatest number
Quid Pro Quo Harassment
public relations
advertising
6. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
Organizational Structure
institutional advertising
news release
geographic segmentation
7. Process through which a manager allocates work to subordinates
Delegation
auction pricing
return on sales
psychographics
8. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Out-sourcing
Management
Controlling
assets equation
9. A period during which aggregate output - as measured by GDP - declines
Recession
auction pricing
Maslow's hierarchy of needs
Chief Executive Officer (CEO)
10. Roles of shareholders - directors - and other managers in corporate decision making and accountability
permission marketing
Pure Competition
fiscal year
Corporate Governance
11. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Joint Venture
debt-to-equity ratio
Substitute Product
Safety
12. Results from the leader's ability to give or withhold rewards
fiscal year
opportunity cost
Matrix Structures
Reward Influence
13. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Leading
gross profit
Organizational Chart
Globalization
14. The value that a company has built up in a brand
marketing strategy
brand equity
test marketing
Statutory Law
15. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
vertical analysis
limitations of marketing research
generic products
brand names
16. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
product advertising
Monopoly
Physical Distribution
Corporate Bond
17. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
Purpose of Strategic Planning
Corporate Bond
mission statement
news release
18. A business that is involvec with moving goods from producers to consumers
advertising
Marketer
Corporate Strategy
product
19. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
brand loyalty
Goal
Copyright
maturity stage
20. Form of nonstore retailing in which the telephone is used to sell directly to consumers
price elasticity
Competition
personal selling
Telemarketing
21. Small software programs that provide part of the functionality of a website
Unethical Behavior
fixed assets
Franchise
widgets
22. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
mission statement
Manufacturer
Middle Manager
Outsourcing
23. Loss of brand identity and the cannibalization of sales of other products in the product line
vertical analysis
Depression
risks of product-line extensions
Labor Productivity
24. Market or industry in which there is only one producer that can therefore set the prices on all of its products
institutional advertising
Monopoly
types of utility
productivity - the success of the managers - and the morale of the other employees
25. 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
Labor Relations
owner's equity
job rotation
26. Expensive - rarely purchased good or service
Restructuring
widgets
Top Manager
Specialty Good/Specialty Service
27. Ratios that measure a firm's reliance on debt financing of its operations
Copyright
debt-to-equity ratio
functional strategies
debt ratios
28. Promotional campaigns that send information only to those people who've specifically asked to receive it
Competition
permission marketing
Flat Organizational Structure
Monopolistic competition
29. Market or industry characterized by numerous small firms producing an identical product
types of utility
Perfect competition
Ethics
fixed costs
30. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
ways to expand a product line
Accountability
positive reinforcement
Quid Pro Quo Harassment
31. Individuals or households that buy goods and services for personal use
how companies learn about customer
Business Plan
consumer market
fixed assets
32. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
common pricing strategies
trade allowance
Services
Real GDP
33. The degree to which customers continue to purchase a specific brand
unity of command
marketing concept
objectives
brand loyalty
34. A document - generally issued by a state government - giving permission to start a corporation
Demand
Certificate of Incorporation
current ratio
premiums
35. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
Monopolistic competition
Matrix Structures
direct mail
factors that influence pricing decisions
36. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
brand loyalty
growth through direction state
strategic marketing planning
Merger
37. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
Decision-Making Skills
advertising
Franchise
Organizational Structure
38. Costs created in the process of generating revenues
expenses
telemarketing
social commerce
Inflation
39. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
Real GDP
Gross National Product (GNP)
levels of brand loyalty
direct marketing approach
40. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
3 Economic Role
decision-making role
S Corporation
categories of customer communication
41. Assets - liabilities = owner's equity
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42. Sales promotion aimed at final consumers
quick ratio
Business Ethics
Collusion
consumer promotion
43. Obligation employees have to their manager for the successful completion of an assigned task
Accountability
Three reasons nations trade
Leading
brand names
44. Process by which the world is becoming a single interdependent system
Services
First-Line Manager
Globalization
Chief Executive Officer (CEO)
45. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
Sole Proprietership
Bankruptcy
pull strategy
current liabilities
46. Agreement to produce and market another company's product in exchange for a royalty or fee
license
Service Operations (Service Production)
exchange process
Imperfect Competition
47. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
customer service
Demand
Joint Venture
social media
48. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
financial management
organizational market
brand equity
personal sales approach
49. The way you live as measure by the kinds and quality of goods and services you can afford
Market economy
Organizational Chart
Standard of Living
promotion
50. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community
3 Economic Role
positioning
methods of finance for an expanding business
product advertising