Business Management Spring 2024 Semester Final Review

The law of supply is “as the price of any good falls, the quantity demanded will increase.”

Customer needs will always be clear.

What are the 4 Ps of the Marketing Mix?

Which of the following is a country which operates under command/communism?

Mass markets are a homogeneous group of consumers to which producers wish to appeal.

How many stages are included in Maslow’s Hierarchy of Needs?

A direct marketing channel is a distribution method in which there is no __________.

A similar group of customers a company wants to attract is known as which of the following?

The Americans with Disabilities Act does not require employees to do which of the following?

What do surge protectors help prevent in the workplace?

Which technological tool is important for storing critical files?

What is prototype?

Which of the following describes commercialization?

Which of the following accurately defines tariff?

The place where the supply curve intersects the demand curve is known as which of the following?

When a borrower is unable to repay the loan, the __________ that was pledged toward the loan will be taken as payment.

Little to no freedom in selecting a career and workplace is a characteristic in which economic system?

Personal selling can be a part of ____ and involves direct spoken communication between sellers and customers.

Which of the following is defined as demand exceeding supply?

The marketing mix includes place, price, positioning and promotion.

Which of the following relies the most on the health of the economy?

Employees' positions in the workflow can be seen as a reflection of their __________.

A private enterprise systems permits which of the following to make economic decisions?

Which of the following is the way a society produces goods and services?

What is the term used for products not yet finished but in the process of being created for selling?

The amount of a goods producers are able and willing to sell at various prices during a certain period?

How does the Federal Reserve slow inflation and economic growth?

Which of the following is NOT considered a personal income tax?

Which of the following is defined as supply exceeding demand?

A good for which demand will not change in relation to price is known as which of the following?

T-shirt printing is a fairly inexpensive to start, few supplies/equipment are needed, technology is easy to understand.

How are products obtained?

The most accurate and complete way to learn about competitors is by talking to customers.

Porter's Five Forces is a concept which helps companies analyze their __________.

Which of the following is also known as “the grapevine?”

Which of the following is an accurate description of take-home pay?

The economy of the United States depends on which of the following?

If a farmer grows vegetables & sells them directly to the consumer out of his home, which type of distribution is this?

Which of the following terms is used to describe the fluctuation in demand of a certain product in relation to pricing?

If learning about competitors by speaking with them directly, you should reveal you are a competitor.

Which of the following defines opportunity cost?

Which of the following is an example of an item with excise tax?

Which of the following is an example of a new banking technology?

Communication isn’t necessary for workflow to go smoothly.

Successful workflow will result in high __________.

A company selling umbrellas discovered the area is expecting increased rain this season. This is an example of . . .

Complete governmental control is a characteristic of which of the three main economic systems?

Which of the following is the amount of a product a consumer is willing an able to purchase at given prices?

Financial statements are used in addition to the five Cs to make credit decisions.

Which of the following correctly lists the three branches of government?

Competitive advantage occurs when a company __________ compared to competitors.

Effective marketing is difficult because of which of the following?

Which inventory method would be best used by someone selling dairy products to manage and evaluate inventory?

A large organization may use more than one type of departmentalization.

SWOT stands for which of the following?

Which of the following products meets a high-level need?

Which of the following is the most important phase of the sales process?

Sales taxes are added to the price of goods and services at the time of purchase.

If there is a change in the number of producers in the market, which of the following will also change?

What is the term for the removal or relaxation of the rules affecting businesses within certain industries?

What is another name for the private enterprise system?

Which method assumes assets (inventory) produced or acquired last are the ones used, sold or disposed of first?

Determining customer needs involves listening to the customer to see what their needs are.

How is profit calculated?

What does HIFO, the inventory method stand for? Inventory costing the most is the first sold or taken out of stock.

Which of the following is a characteristic of an entrepreneur?

Which of the following is NOT one of the three main types of economic systems?

It is rare for a completely new product to enter markets and be successful.

Toothbrushes and toothpaste are examples of which of the following?

What is a test market?