Intro to Business Review

Question 1

Involves process & methods used to gather info, analyze, & report findings related to marketing

Accepted Answer

Marketing Research

Question 2

Biz doc- from buyer to seller telling types, quantities, & prices of products wanted

Accepted Answer

Purchase Order

Question 3

A _____ is anything offered to a market to satisfy needs, can be physical or intangible.

Accepted Answer

Product

Question 4

Which formula is the fundamental accounting equation?

Accepted Answer

Assets=liabilities +owners’ equity

Question 5

______________________ do not go into business with the goal of making a profit.

Accepted Answer

Nonprofit Organizations

Question 6

Goods are tangible products a business sells like

Accepted Answer

Clothes

Question 7

Which econ measurement is the percentage of the work force that is unemployed at any given date

Accepted Answer

Unemployment Rate

Question 8

McDonalds, a company that has restaurants all over the world is classified as a________business

Accepted Answer

Multinational

Question 9

Adding new features to a product, like updating the iPhone...

Accepted Answer

Product/Service Mgmt.

Question 10

The struggle between two or more businesses to attract scarce customer dollars

Accepted Answer

Competition

Question 11

The main economic problem that states wants are unlimited, but resources ARE limited.

Accepted Answer

Scarcity

Question 12

Kroger accepts creditcards to make it easier for customers to buy. Which marketing function?

Accepted Answer

Financing

Question 13

Any form of paid, non-personal comm that uses mass media to deliver the message to an audience

Accepted Answer

Adveritising

Question 14

Biz doc that tells the products sent/ services provided, & total amount due

Accepted Answer

Invoice

Question 15

Process of planning, pricing, promoting, selling, & dist. products to meet cust. wants & needs

Accepted Answer

Marketing

Question 16

The marketing concept is

Accepted Answer

Satisfying customer wants & needs while still making profit

Question 17

Which of the following cannot be marketed?

Accepted Answer

All of the above can be marketed

Question 18

Transportation, storage, and inventory control are activities of which marketing function

Accepted Answer

Distribution

Question 19

Coke test marketed New Coke by doing tastetesting in focusgroups. What marketing function is it

Accepted Answer

Marketing Information Management

Question 20

The goal is for a business to operate so that it always makes a ________________.

Accepted Answer

Profit

Question 21

Which of the following statements BEST describes where marketing takes place?

Accepted Answer

Mktg is everywhere & is a constant force in our lives.

Question 22

Car dealers emphasize personal contact with their customers to know customer wants and needs.

Accepted Answer

Selling

Question 23

_______________ is the term for the money a business brings in

Accepted Answer

Expense

Question 24

The law of demand states

Accepted Answer

As the price decreases, consumers buy more of the good

Question 25

Financial statement that summarizes a company's assets, liabilities & shareholders' equity

Accepted Answer

Balance Sheet

Question 26

The value of money or its equivalent placed on a good or service.

Accepted Answer

Price

Question 27

Which econ indicator is the msmt of the goods & services produced w/in a country during a year

Accepted Answer

GDP

Question 28

The goal of promotion is to

Accepted Answer

All of the above

Question 29

Using entertainment or news to get people to talk about a company, product, brand, idea/cause.

Accepted Answer

Viral Mktg

Question 30

Any form of comm a biz or org. uses to inform, persuade, or remind consumers about products.

Accepted Answer

Promotion

Question 31

When expenses are higher than the revenue the biz brings in, the biz experiences a __________.

Accepted Answer

Loss

Question 32

Prince St Pizza only has one location in Gallatin - what type of business is this?

Accepted Answer

Local

Question 33

What a company owns

Accepted Answer

Assets

Question 34

Biz doc - customer’s proof that a purchase was made, what was bought and how much they paid.

Accepted Answer

Sales Receipt

Question 35

The quantity of a product consumers are willing and able to purchase at a given price

Accepted Answer

Demand

Question 36

Which of the following are the factors of production?

Accepted Answer

Labor, natural resources, capital, and entrepreneurship

Question 37

_______________ is the term for the money a business brings in

Accepted Answer

Revenue

Question 38

Which financial statement shows how much money a company made?

Accepted Answer

Income Statement

Question 39

_____________is the term for the money a business has left after paying all expenses

Accepted Answer

Profit

Question 40

Which economic measurement refers to the level of rising prices in an economy?

Accepted Answer

Inflation

Question 41

__________includes the location and methods used to make the product available to the consumer.

Accepted Answer

Place/Distribution

Question 42

The four elements that make up the marketing mix are

Accepted Answer

product, place, price, and promotion

Question 43

The quantity of a product that producers are willing and able to produce at a given price

Accepted Answer

Supply

Intro to Business Review

Questions 43

Intro to Business Review

Questions 43