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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)
Outsourcing
Prime Rate
Monopoly
Board of Directors
2. Marketing efforts to attract people and organizations to a particular geographical area
place marketing
inside board members
types of financial ratios
Board of Directors
3. Behavior exhibited by consumers as they consider - select - and purchase goods and services
Controlling
customer buying behavior
grand strategies
trade allowance
4. Claims against a firm's assets by creditors - such as banks and suppliers
trade promotions
liabilities
accounts payable
Physical Distribution
5. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
debt ratios
public relations approach
discount pricing
cash basis
6. Confusion results if a person reports to two people at once - according to ____.
Strategic Management
unity of command
brand equity
current assets
7. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth
Ethical Behavior
Hostile Work Environment
media
social commerce
8. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product
Privatization
growth stage
cost based pricing
grand strategies
9. Corporation whose stock is held by only a few people and is not available for sale to the general public
Tall Organizational Structure
social commerce
Closely Held (or Private) Corporation
brand mark
10. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Procedure
skim pricing
Swot Analysis
persuasive advertising
11. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
Market
Wholesaler
strategic marketing planning
laissez-faire Leadership style
12. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
penetration pricing
assets
Services
Variance
13. Elimination of rules that restrict business activity
word of mouth
Labor Relations
penetration pricing
Deregulation
14. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
Long-Term Goal
personal selling
organizational market
brand
15. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Chain of Command
Convenience Good/Convenience Service
accounts receivable turnover ratio
Manufacturer
16. Act of obtaining a desired object or services from another party by offering something of value in return
Corporate Strategy
exchange process
negative reinforcement
debt-to-equity ratio
17. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
wants
Quality
Prime Rate
consumer market
18. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Wholesaler
Business (or Competitive) Strategy
Retrenchment
benchmarking
19. The state of being certain that adverse effects will not be caused by some agent under defined conditions
permission marketing
place marketing
Safety
risks of product-line extensions
20. Characteristic of decentralized companies with relatively few layers of management
Long-Term Goal
Flat Organizational Structure
Organization Chart
penetration pricing
21. The company founder is no longer solely responsible for all decision making during the ____.
3 Economic Role
growth through direction state
risks of product-line extensions
psychographics
22. A business that is involvec with moving goods from producers to consumers
Marketer
Supply
theory x
balance sheet
23. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
cause-related marketing
Natural monopoly
search advertising
sales promotion
24. Electronic media that invite participation by the general public
Limited Liability
strategic marketing planning
Leadership
social media
25. 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
certain disabilities and illnesses
liquidity ratios
growth through direction state
function of packaging
26. Partner who actively manages a firm and who has unlimited liability for its debts
ratio analysis
Middle Manager
function of packaging
General (Active) Partner
27. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
accounting equation
Recession
Procedure
opportunity cost
28. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Patent
product line
Industrial Goods
fiscal year
29. Categorization of customers according to their geographical location
earnings per share
geographic segmentation
Organization Chart
time utility
30. Roles of shareholders - directors - and other managers in corporate decision making and accountability
retained earnings
statement of cash flows
Corporate Governance
negative reinforcement
31. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
liquidity ratios
Affirmative Action
Environmental Analysis
Quality
32. Product made or grown abroad but sold domestically
Goals
Import
Herzberg's two-factor theory
Safety
33. The collection and analysis of information for making marketing decisions
marketing research
product line
Mass Production
push strategy
34. Exchange of value between parties
transaction
Strategic Management
Patent
Top Manager
35. Arises when group members recognize that the leader has special expertise in the area
brand names
Expert Influence
trademarks
general expenses
36. 12 month accounting period that begins on January 1 and ends on December 31
5 C's
Deregulation
calendar year
Stockholder (or Shareholder)
37. Introducing a new product at a low price in hopes of building sales volume quickly
Copyright
Services
penetration pricing
General Partnership
38. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
geographics
marketing
Short-range or operational planning
financial management
39. Organization in which most decision-making authority is held by upper-level management
dynamic pricing
responsibility
Centralized Organization
Venture Capital Company
40. Informal communication between customers and potential customers
Limited Partnership
word of mouth
benchmarking
Bankruptcy
41. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
Limited Liability Corporation (LLC)
Audit
trade promotions
news release
42. The price of your nation's currency is in terms of another nation's currency
Physical Distribution
Exchange Rate
activity ratios
unity of command
43. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer
Supply Chain (Value Chain)
debit
5 C's
widgets
44. The amount of money charged for a product or service
commercialization
Swot Analysis
price
Contingent Worker
45. Sales volume at a given price that will cover all of a company's costs
break-even point
Span of Control
Oligopoly
geodemographics
46. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
brand loyalty
Recovery
Goal
Private enterprise
47. Process of converting government enterprises into privately owned companies
3 Economic Role
Monopoly
Privatization
specialty advertising
48. Postsales reductions in price - must be applied for by the purchaser
time utility
rebates
functional strategies
working capital
49. Independent and well informed buyers and sellers of the exact same product (farmers markets)
assets
integrated marketing communications
Outcome-based ethics
Pure Competition
50. All costs of operation that are not included under cost of goods sold
operating expenses
brand loyalty
Human Resource Management (HRM)
responsibilities of a financial manager