Marketing 1 Chapter 5 Test Review

Question 1

Businesses stress quality of products, services, and financing in nonprice competition.

Accepted Answer

True

Question 2

Due to deregulation, the government does not restrict the prices charged by electric companies.

Accepted Answer

False

Question 3

sole control over a product or the means of producing it

Accepted Answer

monopoly

Question 4

When an ad stresses tradition and quality of workmanship, it is engaged in what?

Accepted Answer

Nonprice competition

Question 5

obtain goods from manufacturers and resell to organizational users

Accepted Answer

Wholesalers

Question 6

What is the purpose of most businesses?

Accepted Answer

to produce products

Question 7

consumers buying products that are lowest priced

Accepted Answer

price competition

Question 8

Competition forces businesses to produce poor-quality products at low prices.

Accepted Answer

False

Question 9

Consumers willingness and ability to buy a product

Accepted Answer

Demand

Question 10

The price of a gallon of gas increases when what occurs?

Accepted Answer

Shortage

Question 11

What occurs when the potential for earning increases?

Accepted Answer

risk increases

Question 12

Businesses in the private sector produce the same product or group of products.

Accepted Answer

False

Question 13

amount of goods producers are willing to make and sell

Accepted Answer

supply

Question 14

The money-management function of a business is called...?

Accepted Answer

Finance

Question 15

When the supply of a product exceeds the demand, businesses usually lower the price.

Accepted Answer

True

Question 16

What is the term for the struggle between companies for customers?

Accepted Answer

competition

Question 17

In an economic system, a company can charge any price without threat from competition

Accepted Answer

Monopoly

Question 18

potential for loss or failure

Accepted Answer

risk

Question 19

This term involves buying and reselling ready-made goods.

Accepted Answer

Procurement

Question 20

Sales and rebates are examples of what strategy?

Accepted Answer

price competition

Question 21

What types of statements show income from sales and investments as well as cost and expenses?

Accepted Answer

Profit and Loss statement

Question 22

military, social, and regulatory agencies

Accepted Answer

Public Sector

Question 23

Demand for consumer goods and services in organizational markets

Accepted Answer

Derived demand

Question 24

when supply exceeds demands

Accepted Answer

surplus of goods

Question 25

Residents of the US can buy anything allowed by the law because they have freedom of...?

Accepted Answer

Ownership

Question 26

DECA, Red Cross, and Girl Scouts are considered what type of organizations?

Accepted Answer

Nonprofit

Question 27

creating, growing, manufacturing, improving on goods and services

Accepted Answer

production

Question 28

What is the purpose of a licensing agreement?

Accepted Answer

protects an originator from unauthorized copying

Marketing 1 Chapter 5 Test Review

Questions 28

Marketing 1 Chapter 5 Test Review

Questions 28