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Final Exam Review - Intro to Business & Marketing Flashcards | StudBud
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Final Exam Review - Intro to Business & Marketing
Final Exam Review - Intro to Business & Marketing
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1
What is the purpose of a business plan
To attract inverstors
To forcast financial statements
To outline marketing strategies
All of the above
2
Which type of utility refers to the value or usefulness that a product provides
Time
Possession
Place
Form
3
What is the purpose of a balance sheet
To track cash flows
To calculate revenue projections
To summarize financial performance
To show a company's financial position at a specific moment
4
Which of the following is an example if a secondary data source
Surveys
Government reports
Focus groups
Interviews
5
What is the purpose of an invoice in business
To evaluate customer satisfaction
To summarize financial performance
To calculate profit margins
To request payment for goods or services
6
Which of the following is an example of a marketing intermediary
Retailer
Competitor
Consumer
Manufacturer
7
Which of the following is an example of a traditional promotional channel
Email marketing
Television commercials
Influencer partnerships
Social media advertising
8
What is the purpose of a performance appraisal in a business setting
To evaluate customer satisfaction
To determine production costs
To assess employee performance
To forecast sales revenue
9
What is the difference between a good and a service in business
Goods are consumed immediately, while services are not
Goods are intangible, while services are tangible
Goods can be stored, while services cannot
Goods are produced by manufacturers, while services are not
10
What does SWOT analysis stand for in business
Strategy, Workload, OPerations, Tactics
Sales, Workers, Operations, Technology
Supply, Workforce, Organization, Training
Strengths, Weaknesses, Oppurtunities, Threats
11
Which of the following is an example of a competitive advantage for a business
Limited Product Selection
High Prices
Outdated Technology
Skilled Workforce
12
What is the primary purpose of a promotional mix in marketing
To improve customer service
To communicte with target customers
To set product prices
To handle inventory management
13
Which of the following is an example of a price ceiling
A maximum rent limit
A price increase fro raw materials
A sales tax rate
A minimum wage law
14
What does the term "supply chain" refer to in business
The financial resources available to a company
The physical location of a company's operations
The network of organizations involved in producing and delivering a product
The process of delivering products to customers
15
What is the primary purpose of marketing research
To create advertising campaigns
To develop product packaging
To determine pricing strategies
To gather customer feedback
16
What is the difference between a want and a need in consumer behavior
Needs are influenced by advertising, while wants are not
Needs are essential, while wants are optional
Wants are essential, while needs are optional
Wants are influenced by social factors, while needs are not
17
What is the term for the amount of money a customer pays for a product
Profit
Cost
Price
Revenue
18
Which of the following is an example of liability for a business
Accounts receivable
Bank loans
Cash on hand
Equipment
19
What is the term for the process of gathering information and analyzing it to make business decisions
Marketing mix
Financial planning
SWOT analysis
Business intelligence
20
Which of the following is a characteristic of a sole proprietorship
Easy transfer of ownership
Limited liability for the owner
Shared decision-making
Seperate legal entity from the owner
21
Which of the folloing is an example of a service business
Grocery Store
Car Dealership
Manufacturing Plant
Hair Salon
22
What is the purpose of a target market analysis
To identify and understand potential customers
To evaluate customer satisfaction
To determine pricing strategies
To forecast sales revenue
23
What does the term "break-even point" represent in business
The point where revenue equals expenses
The point where expenses exceed revenue
The point where revenue exceeds expenses
The point where profit maximizes
24
Which of the following is an example of an intangible product
Software
Clothing
Car
Smartphone
25
What is the term for the process of exchanging goods and services without the use of money
Borrowing
Bartering
Budgeting
Banking
26
Which type of advertising aims to create a positive image for a brand rather than directly selling a product
Persuasive advertising
Information advertising
Comparative advertising
Institutional advertising
27
Which of the following is an example of a sales promotion activity
Offering a buy-one-get-one-free deal
Developing a marketing plan
Conducting market research
Establishing pricing strategies
28
What is the purpose of a budget
To plan and control expenses
To track sales revenue
To monitor customer satisfaction
To manage employee schedules
29
Which of the following is a demographic variable
Attitude towards a brand
Knowledge about a product
Opinion on a political issue
Income level
30
What is the fuction of the Federal Trade Commision (FTC) in the United States
Regulate international trade agreements
See interest rates and control monetary policy
Enforce antitrust laws and protect consumers
Oversee the stock market and financial institutions
31
What does ROI stand for in business
Return on investment
Risk of inflation
Revenue of invoices
Rate of interest
32
Which of the following is a characteristic of a monopoly
Many sellers offering similar products
Limited control over prices
No competition in the market
Shared market dominance
33
Which of the following is an example of a nonprice competition strategy
Expanding distribution channels
Enhancing product features and quality
Lowering product prices
Offering discounts and promotions
34
Which of the following is a characteristic of an oligopoly
Many sellers offering similar products
Shared market dominance
No competition in the market
Limited control over prices
35
Which type of business ownership offers limited liability to its owners
Sole proprietorship
Partnership
Corporation
Cooperative
36
Which of the following is NOT a factor of production
Money
Land
Labor
Capital
37
Which of the following items refers terms refers to the money left over after all expenses are dectucted from revenue
Profit
Assests
Liabilities
Revenue
38
What does the term "e-commerce" refer to in business
The process of exporting goods to other countries
The promotion of products through social media influencers
The exchange of goods and services within a local community
The buying and selling of products and services online
39
What is the term for the process of persuading potential customers to buy a product or service
Marketing research
Market segmentation
Public relations
Personal selling
40
Which of the following is a fuction of the Securities and Exchange Commission (SEC)
Regulate the banking industry
Enforce Labor Laws
Oversee the stock market
Set interest rates
41
Which of the following is an example of a variable cost for a business
Raw materials
Utilities
Salaries
Rent
42
What does the term "economies of scale" refer to in business
The process of outsourcing business operations
The advantages gained from producing goods in large quantities
The availability of government subsidies for business
The ability to compete in global markets
43
Which of the following is NOT a component of the marketing mix
Price
Politics
Product
Promotion
44
What is the term for the process of turning raw materials into finsihed goods
Promotion
Marketing
Production
Distribution
45
What is the purpose of a mission statement
To describe the company's long-term goals
To outline the marketing objectives
To calculate profit margins
To summarize financial performance
46
Which of the following is an example of a direct distribution channel
Wholesaler to retailer to consumer
Manufacturer to wholesaler to retailer to consumer
Producer to retailer to consumer
Manufacturer to consumer
47
Which of the following is an example of an external environmental factor affecting a business
Company policies
Employee motivation
Sales revenue
Technological advancements
48
What is the purpose of a sales forcast in business
To plan and control expenses
To predict future sales revenue
To evaluate customer satisfaction
To determine pricing strategies
49
Which of the following is an example of a market economy
Socialist economy
Free enterprise economy
Command economy
Mixed economy
50
What is the purpose of market segmentation
To forecast sales revenue
To determine the target market for a product
To calculate profit margins
To evaluate customer satisfaction
