Financial Vocabulary Quiz
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Questions and Answers

Which of the following describes a group of potential customers that share similar needs or interests?

  • Market forces
  • Market share
  • Target market
  • Niche market (correct)

What term refers to the set of methods used to encourage demand for a product?

  • Marketing channels
  • Marketing (correct)
  • Marketing mix
  • Marketing strategy

Which of the following terms specifically relates to an activity that attracts attention to a product?

  • Branding
  • Promotion (correct)
  • Publicity
  • Advertising

What is defined as the percentage of the market that a company controls?

<p>Market share (A)</p> Signup and view all the answers

Which term best describes information intended to make people notice a product but may not be planned by the company?

<p>Publicity (A)</p> Signup and view all the answers

What does the term 'Liquidity' refer to in a financial context?

<p>Having money or goods that can be sold to pay debts. (B)</p> Signup and view all the answers

Which of the following terms refers to equal opportunities for all?

<p>Level Playing Field (A)</p> Signup and view all the answers

What is a 'Ballpark Figure' used to represent?

<p>A rough estimate of costs or revenues. (D)</p> Signup and view all the answers

What do equities represent in the context of finance?

<p>Shares in a company that yield profits. (B)</p> Signup and view all the answers

Which calculation would yield 'Net Profit'?

<p>Gross profit – Operating expenses – Interest, Tax, Depreciation (D)</p> Signup and view all the answers

What does the term 'Volatility' imply in a financial context?

<p>The sudden and unpredictable change in conditions. (C)</p> Signup and view all the answers

Which of the following best defines 'Oversight'?

<p>A mistake due to carelessness or lack of supervision. (B)</p> Signup and view all the answers

What does the phrase 'Stickler for detail' describe?

<p>An individual who is extremely precise and meticulous. (C)</p> Signup and view all the answers

What is price leadership?

<p>Establishing price levels in a market by a dominant company (A)</p> Signup and view all the answers

What characterizes a niche market?

<p>A specialized market for specific products (C)</p> Signup and view all the answers

Which statement best describes added value?

<p>Enhancing the attractiveness of a product through additional features (B)</p> Signup and view all the answers

What is the main focus of customer retention strategies?

<p>Reducing the number of customer defections (D)</p> Signup and view all the answers

Which entity is primarily considered a wholesaler?

<p>A firm that buys in large quantities and resells to retailers (B)</p> Signup and view all the answers

How did Apple's design under Steve Jobs contribute to its success?

<p>It created a high level of brand awareness (B)</p> Signup and view all the answers

What best describes a domestic market?

<p>An internal market within the boundaries of a country (B)</p> Signup and view all the answers

Who are typically the customers targeted by a retailer?

<p>Consumers buying goods for personal use (B)</p> Signup and view all the answers

What is the meaning of 'authoritarian' in management styles?

<p>Expecting complete obedience to rules (D)</p> Signup and view all the answers

When a company is described as 'democratic', what does this imply about its decision-making process?

<p>Most people in the group must agree before a decision is made (C)</p> Signup and view all the answers

What does being 'proactive' involve in a workplace context?

<p>Taking action to prevent problems before they occur (D)</p> Signup and view all the answers

Which of the following best describes the term 'coaching'?

<p>Training individuals for specific tasks or jobs (B)</p> Signup and view all the answers

In a hierarchical organization, how are roles typically structured?

<p>Jobs and authority are divided into many levels of importance (D)</p> Signup and view all the answers

What does it mean if someone is described as 'stressed' in a work environment?

<p>They are overwhelmed and under a lot of pressure (B)</p> Signup and view all the answers

Which quality is depicted by someone who is 'conscientious'?

<p>They take great care and attention in their work (B)</p> Signup and view all the answers

What is meant by the term 'setback' in a business context?

<p>An unintentional delay or obstacle to progress (D)</p> Signup and view all the answers

What is the significance of Milka's market share in Austria?

<p>It shows that Milka has a strong presence in its domestic market. (D)</p> Signup and view all the answers

What is the first step in successful customer retention?

<p>Noticing any churning signs. (D)</p> Signup and view all the answers

Why are snacks at cinemas typically considered price insensitive?

<p>Cinemagoers have become accustomed to treat themselves. (B)</p> Signup and view all the answers

What financial risk is associated with network marketing schemes?

<p>Investment in product inventory. (C)</p> Signup and view all the answers

What has been the trend in sales over the past two years?

<p>Sales have remained consistent with a slight increase. (A)</p> Signup and view all the answers

What happened to profits as sales began to deteriorate?

<p>Profits initially decreased slowly, then more rapidly. (B)</p> Signup and view all the answers

What does the term 'implications' refer to in the context of the sales and profit trends?

<p>The need to control costs amidst stagnant profits. (D)</p> Signup and view all the answers

What is likely to happen if no action is taken regarding the current market situation?

<p>Competitiveness is likely to be lost. (D)</p> Signup and view all the answers

What is the primary responsibility of a team leader in the initial stages of a team's formation?

<p>Issuing instructions and supervising closely (A)</p> Signup and view all the answers

What might team members prefer regarding the team's interaction with the leader?

<p>Independence without micromanagement (C)</p> Signup and view all the answers

Which of the following pairs represents opposite concepts in terms of teamwork styles?

<p>Hands-off and directive (D)</p> Signup and view all the answers

Which term describes the action of taking money out of an account?

<p>Withdraw (A)</p> Signup and view all the answers

How is a salary typically different from a wage?

<p>Wages are based on hours worked, while salary is a fixed annual amount (D)</p> Signup and view all the answers

What is the main difference between an invoice and a receipt?

<p>An invoice is a request for payment, while a receipt confirms payment made (C)</p> Signup and view all the answers

What occurs when a person defaults on a debt?

<p>They fail to pay back the money owed (A)</p> Signup and view all the answers

Which of the following best describes a rebate?

<p>Tax refund for overpayment (D)</p> Signup and view all the answers

Flashcards

Backer

A financial supporter of a project or venture.

Liquidity

The ability of a business or person to easily convert assets into cash.

ROI

Return on Investment; the percentage of profit from an investment.

Assets

The things owned by a company, including property, equipment, and cash.

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Fallacy

A mistaken belief or flawed reasoning.

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Variance

Difference between expected and actual results.

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Revenues

Income generated from sales.

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Net Profit

Profit after deducting all expenses, including interest and taxes.

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Target Market

The specific group of people a company aims to sell its products or services to.

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Added Value

Extra features or benefits that make a product or service more appealing to customers.

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Niche Market

A small, specialized market segment with specific needs and wants.

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Retailer

A business that sells goods directly to consumers in small quantities.

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Wholesaler

A business that buys goods in large quantities from producers and resells them to retailers.

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Price Leadership

A company's ability to set the price for a product or service in a market.

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Customer Retention

Actions taken to keep customers from leaving a company.

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Domestic Market

The market located within a specific country, where goods and services are bought and sold.

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Price Insensitive

Customers aren't affected by the price.

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Network Marketing

A sales strategy where independent representatives sell products.

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Sales Peak

The highest point of sales.

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Flat Sales

Unachanged sales, no growth.

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Profit Deterioration

Decreasing profits over time.

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Cost Control

Reducing expenses to improve profitability.

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Authoritarian

A management style where the leader expects complete obedience to rules and directives.

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Demanding

A management style that requires a lot of effort and time from employees.

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Consensual

A management style that emphasizes agreement and participation from all team members.

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Coaching

Providing specific training and guidance for a particular job or task.

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Mentoring

Providing general advice and support over a longer period of time.

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Liaison

The process of exchanging information to facilitate collaboration and communication between individuals or teams.

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Hierarchical

A management structure with multiple levels of authority and responsibility.

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Proactive

A management style that anticipates problems and takes action before they occur.

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Credit

Adding money to an account.

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Debit

Subtracting money from an account.

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Shares

Equal parts into which a public company's capital is divided.

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Deposit

Putting money into an account.

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Withdraw

Taking money out of an account.

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Market Segments

Groups of customers with similar needs, wants, and behaviors within a larger market.

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Wage

Money earned on a daily or weekly basis for part-time, temporary or unskilled jobs.

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Marketing Mix

The four Ps of marketing: Product, Price, Promotion, and Place, used to strategically reach target customers.

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Invoice

A bill for goods or services.

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Market Share

The percentage of the total market that a company or product controls.

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Marketing Tool

A specific method used to achieve marketing objectives, like advertising, social media, or public relations.

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Price Points

Specific prices set for a product, often strategically chosen to attract different customer groups.

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Study Notes

Vocabulary

  • Backer: A financial supporter.
  • Ballpark Figure: A rough estimate.
  • Level Playing Field: Equal opportunities for all.
  • ROI: Profit percentage from an investment.
  • Yield: Earnings from an investment.
  • Volatility: A situation in which conditions can change suddenly and without warning.
  • Assets: The things that a company owns, e.g., property.
  • Liquidity: A situation in which a business or person has money or goods that can be sold to pay debts.
  • Equities: Shares in a company from which the owner receives some of the company's profits.
  • Bonds: Official documents promising payment of borrowed money, often with interest.
  • Conflicting: Opposing or contradictory.
  • Delve into: To investigate thoroughly.
  • Dug up: Found or revealed after searching.
  • Fallacy: A mistaken belief or flawed reasoning.
  • Fine-tooth comb: A tool or method for detailed examination.
  • Oversight: A mistake due to carelessness or supervision.
  • Reputable: Having a good reputation or trustworthy.

Report Structure

  • Table of figures
  • Executive summary: reviews table line by line, discusses impact on future investment plans, gives provisional budget forecast

Financial Calculations and Vocabulary

  • Revenues – Cost of sales = Gross profit
  • Gross profit – Operating expenses = Operating profit
  • Operating profit – (Interest, Tax, Depreciation) = Net profit
  • Variance = difference
  • Budgeted = forecast = expected
  • Revenues = turnover = income
  • Expenses = costs
  • Gross and net CapEx = capital expenditure
  • OpEx = operating expenditure

Predictions and Vocabulary

  • It might/may/could happen
  • It is likely/expected/forecast to happen
  • It is likely/probable that it will happen
  • I expect...
  • I am optimistic that
  • reduce/raise sth
  • decline
  • drop
  • be flat
  • be unchanged
  • be in line with
  • vague language
  • a little lower
  • a small drop around 130
  • considerably lower
  • increase slightly
  • less than half
  • significantly higher
  • slightly more
  • substantially less
  • as a result of
  • because of
  • due to
  • result in

Business Terms

  • Displace: Take the place or position of something or someone.
  • Inject: Add excitement or interest.
  • Abandon: Stop doing something.
  • Reposition: Change a company's image.
  • Consume: Buy and use goods.
  • Mainstay: An important part of something.
  • Lifespan: The period of time something exists.
  • Agile: Able to change quickly.
  • Dedicated: Made for one particular purpose.
  • Business Landscape: The overall environment.
  • Digital Transformation: Adopting digital technology.
  • Disruptive Innovation: New technology changing industries.
  • Established Companies: Long-standing businesses.
  • Game Changers: People, products, or ideas that dramatically alter a situation or industry.
  • Novel Approach: A new or unique method of solving a problem.
  • Venture Fund: A pool of money for startups.

Sales and Marketing

  • Brand loyalty: A long-term customer preference.
  • Reward scheme: A system that gives incentives.
  • Product differentiation: Marketing technique to highlight a product's differences.
  • Client base: The regular customers of an organisation or professional person.
  • Network marketing: Selling through linked agents.
  • Brand awareness: Consumer recognition of a company or its products.
  • Price-insensitive: Products/ services with constant sales regardless of price.
  • Price leadership: Setting prices in a market.
  • Target market: The people a company plans to sell to.
  • Added value: Increasing the attractiveness of a product/service.
  • Niche market: A small, specialized market.
  • Domestic market: Internal market within a country.
  • Retailer: Person/business selling goods to the public.
  • Wholesaler: Buys goods in bulk and resells to Retailers.
  • Customer retention: Activities to reduce customer defections.
  • H&M: A clothing retailer.
  • Amazon's Kindle: Initially targeted a niche market.
  • Apple's design: High brand awareness.
  • UNIQA's brand equity: Brand loyalty and awareness.
  • Apple pricing: Price leadership in the smart phone market.
  • Milka: Highest market share in its domestic market.
  • Snack at cinemas: Price insensitive due to customers' habits.
  • Network Marketing: Promotional schemes, sometimes with risks.
  • Financial risk for sales representatives.
  • Presenting trends: Grow or improve
  • Fall or drop,etc.
  • Slight increase/ flat,etc.
  • Highly likely: almost certain
  • Likely: good chance
  • Might: 50/50 chance
  • Unlikely: not much chance
  • Highly unlikely: almost no way

Business Management and Qualities

  • Authoritarian: Expecting/ requiring people to obey rules.
  • Demanding: Requiring a lot of time and energy.
  • Consensual: Agreement of most people.
  • Coaching: Training and support for a specific task.
  • Mentoring: Providing advice and guidance across a wider scope.
  • Liaison: Exchange of information.
  • Hierarchical: People/jobs divided into levels of importance.

Business Strategy

  • **Proactive:**Taking action to avoid problems.
  • **Conscientious:**Showing care and attention.
  • Thorough: Including all details and avoiding mistakes.
  • Determined: Wanting to do something and not being deterred.
  • Setback: Obstacle delaying progress.
  • **Stressed:**Feeling under pressure
  • **Relaxed/calmed:**feeling less pressure
  • **Supportive:**Helping others
  • **Unsupportive:**Not helping others
  • **Top-down/bottom-up:**Management styles
  • Transparent: Clear and open
  • Unclear: Not clear and open

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Description

Test your knowledge of essential financial vocabulary with this quiz. From understanding terms like 'ROI' to 'liquidity', challenge yourself to see how well you grasp these concepts. Perfect for students or anyone looking to improve their finance-related language skills!

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