What is Gross Domestic Product (GDP)?

the value of all goods and services produced within a country

What are the four types of businesses?

sole proprietorship, partnership, corporation, LLC

process of developing, promoting,& distribution products, goods, & services

money left after all costs and expenses of a business are paid

What are the 4 P's in Marketing?

product, place, price, promotion

a struggle among companies for customers

choices & decisions that affect making, distributing,& using goods/services

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Sports and Entertainment Marketing Unit 2

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Questions 15

Answers

1
What is Gross Domestic Product (GDP)?
the value of all goods and services produced within a country
value of all the goods and services produced within a country per person
a characteristic of free enterprise
tangible items
2
Does a partnership have a board of directors?
maybe
no
yes
3
The first step in creating marketing plans is identifying the market
False
True
4
What are the four types of businesses?
sole proprietorship, company, LLC, partnership
business, sole proprietorship, LLC, partnership
sole proprietorship, partnership, corporation, LLC
company, corporation, business, proprietorship
5
How many owners does a sole proprietorship have?
too many to count
2
1
at least 2
6
What is marketing?
statistics that describe the population in terms of person characteristics
customers w/ shared needs who have the desire & ability to buy a product
tangible and intangible items
process of developing, promoting,& distribution products, goods, & services
7
Services are tangible items
True
False
8
What is profit?
money left after all costs and expenses of a business are paid
a lack of basic necessities
potential customers w/ shared needs who have desire&ability to buy products
a struggle among companies for customers
9
What are the 4 P's in Marketing?
people, pricing, product, promote
problem, product, people, place
product, place, price, promotion
production, pricing, promotion, place
10
Goods are tangible items
True
False
11
What is competition?
process of developing, promoting, & distributing products or goods/services
a group of people that an org focuses on as part of the marketing plan
a struggle among companies for customers
intangible items
12
What does the acronym LLC stand for?
limited liability company
limited liability corporation
life liability company
life liability corporation
13
The US has the highest GDP in the world
False
True
14
What is economics?
the money left after all costs and expenses of a business are paid
choices & decisions that affect making, distributing,& using goods/services
a characteristic of free enterprise
a struggle among companies for customers
15
How many owners does a corporation have?
no more than 3
1
2
multiple

Sports and Entertainment Marketing Unit 2 Flashcards | StudBud