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Commerce Semester 1 exam questions part 1 Flashcards | StudBud
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Commerce Semester 1 exam questions part 1
Commerce Semester 1 exam questions part 1
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1
Define Promoting
To inform, persuade and remind customers about a business's products
To make a sale to a consumer with the aim of selling little proucts
To make a sale to a consumer with the aim of loosing money
Any transaction where money is exchanged for a good or service
2
What are Individual/private wants
Wants of cimmunities in society
The wants of different households
The wants of businesses
Wants of individuals in society
3
What is personal selling
Involves the activities of a sales assistant in an attempt to make a sale
A free news story about a business, it is different from advertising
Activities aimed at creating and maintaing favourable relationships.
Building long term relationships with individual consumers
4
What are some advantages of social media advertising
Allows business's to accurately measure their reach
All of the above
Inexpensive, helps the company gain exposure
Helps a business engage with their customers
5
What is commerce
Examines how people spend their income
Examines how people earn/spend their incomes to satisfy their wants/needs
Examines how people spend thier wants and needs
Examines how people run businesses
6
In May 1913 the first true australian bank note was printed
False
True
7
What are Complementary Wants
Goods that cannot be used together
Goods that are used together
Goods which only a small portion of society uses
Goods which many people use
8
What are Quaternary Industries?
Domestic services, normally carried out by people with thier own homes
Service industires that deal with processing information and knowledge
9
Who are consumers?
Businesses that provide services for citizens
Individuals who buy goods/services with their income, to satisfy needs/want
Individuals who earn money from employment
Individuals who provide good and sevices to satify others needs and wants
10
The ACCC launched action against samsung as their water resistant phones, were not really water proof
True
False
11
What are needs
Items not required for survival such as makeup
Items required for survival e.g clothes and shelter
Items which consumers provide for businesses
Items which businesses provide for consumers
12
94% of the worlds population can idenitify cokes red and white logo
True
False
13
What are Quinary Industries
Domestic services, normally carried out by people with thier own homes
Service industries that deal with processing information and knowledge
14
Why is commerce imortant
By learning commerce you can learn how to make wise consumer decisions
You can learn not to get scammed
By learning commerce you can learn how to make not wise consumer decisions
So you can learn you to run a business
15
What is Barter
The first early forms of moeny in Australia
The form of payment recognised by the legal system
All of the above
Trade before money was introduced, swapping of goods
16
Why to Business's tend to target young people
Influence purchasing decisions of their friends/family
Bceause buisness's enjoy selling stuff to young people
Because young people have more money than asults
Because young people buy more stuff than adults
17
What are secondary resources
Involves manufacturing, processing of raw materials into finsihed products
Deal with processing information and knowledge (technology jobs)
Provides services for others
Domestic services usually carried out by people with their own homes
18
What is this?
sector ciruit flow
2 sector circuit flow
4 sector circuit flow
3 sector circuit flow
19
What happens when a business becomes socailly accountable for itself?
They do not do the right and ethical thing in the eyes of the world
They do the right and ethical thing in the eyes of the world
20
What is publicity
Activities aimes at creating and maintaing favourable relations
Any free news story about a business, its different from advertisng
A partciluar type of opinion leader that influences consumers
An attempt a business has to sell more of its products to consumers
21
Why is childrens advertsing unethical
The marketing of junk food, is portrayed as essentially balanced diet
All of the above
Because children are younger, therefore can be more easilly tricked
Because it realys on children into pestering their parents
22
What are the responsibilities of the Federal Government?
Deals with matters that effect the whoole country e.g currency, defense
Deals with matters that effect the whoole country e.g public schools,
Deals with matters that effect the whoole country e.g garbage collection
23
What is opportunity cost
Represnts the benefit an individual, investor or business missses out on.
choosing one alternative over the other
All of the above
Needs good decision making
24
What is legal tender
Both blue and red are correct
A form of payment which is not recognised by the legal system such as trees
A form of payment recognised by the legal system such as banknotes
A form of payment that you can be fined for using
25
What are resources
What businesses provide us with
Land used to make food
Anything used to satisfy our needs and wants
Anythins used to satisfy our needs
26
What are labor resources
Includs the physical effort of people who are working
Include both the physical and mental effort of people who are working
When resources are used to make other resources
When land is used for labor
27
What is a stakeholder
A group of consumers that challenge a business for being unethical
When a business takes part in charity events such as clean ups.
Any group that has a vested interest in the success of the business
When a business does everything ethically and legally right
28
What does durable mean
Since money is limited it has value
Money must be accpted by everyone
Money must be easily taken from place to place
Its important that money lasts
29
What are the responsibilities of the State Government
looks after areas not covered by the federal government e.g street lights
looks after areas not covered by the federal government e.g locak paths
looks after areas not covered by the federal government e.g roads
looks after areas not covered by the federal government e.g quarrentine
30
Business's use phychology and research for targeting young people to access in depth knowledge
True
False
31
Why is bait advertising deceptive?
Because customers are offerd more expensive items
Because the business tells lies about the quality of the product
Because customers are offerd items at prices that are always available
Because the prices do not change much
32
What is a Niché Market
Very small highly specified section of the market (usually cheap)
Very large and highly specified section of the market (usually expensive)
Very small highly specified section of the market (usually expensive)
large and highly specified section of the market (usually cheap)
33
Why are tests and surveys deceptive?
It does not tell us a correct percentage
Both blue and red are correct
They make un true claims, when no survey has actually been conducted
It does not specify how many people conducted the survey
34
What are goods
Goods are not tangible items
Goods dont exist
Goods are the things businesses provide
Goods are tangible item
35
Why do business's use the ineternet/social media ? (strategies that target young people)
Because normal advertising is too hard
Because the intrent is fun to be in
Because the internet is such a large part of the childrens lives.
Because you can scam children on the internet
36
What is product differentiation
When consumers look for unique products in a particular market place
When businesses's make unique products
Where the same/simliar products are made to appear different
When different products compete with eachother in the same market space
37
What is selling
When consumers purchase items off other consumers
Where a business gives products to consumers for free
When businesses purchase items off a consumer
Any transaction where money is exchanged for a good or service
38
Main feautures used to segment the market
Gender, income level, lifestye, family structure
Age, gender, income level,educational backround, location, lifestyle,family
Age, colour of hair, educational backround, lifestyle, family
39
What is a Primary Market
A market which includes everybody and is large
An alterative incase there is a loss of customers.
Customers who are loyal to a business and make repeat purchases
Very small, highly specified section of the market
40
Why is packaging misleading
Because the packaging is too bright and consumers cannot read it properly
The size and hsape may create misleading impressions of the conent inside
All of the above
Because packaging is not environmentally friendly
41
What does acceptable mean
Money must not be accepted by everyone
Money must be accpted by everyone
42
Why is fine print misleading
Because the information is too much and consumers get tired of reading it
Because the font colour is difficult to read
Important conditions are written small, and so it is difficult to read
It is not an example of misleading advertising
43
What is Buzz Marketing
When a large groups of comsumers all want to buy the same product
Creating interest in a aproduct/service by maximising word-of-mouth
44
Why is money important
It helps you run your life. without money you cannot buy what you wish
It doesnt help you run your life. without money you can buy what you wish
It helps you run your life. without money you can buy what you wish
Its not
45
What are Public Relations
Maintaining relationships between business's and consumers e.g new products
Maintaining relationships between business's and consumers e.g speeches
Maintaining relationships between business's and consumers e.g clean ups
Maintaining relationships between business's and consumers e.g news stories
46
What factors do business's use to differentiate products
Customer service, Convience
Customer service, Convience, Value for Money, Quality
Quality
Value for money, Customer service, Convience
47
What are wants
Items which are requires for survival
Items required for survival and make life easier
Items not reuired for survival, but they make life easier e.g phone
48
Busines's rely on childeren kids to pester their parents into buying products (Pester Power)
False
True
49
What are some examples of why wants change over time?
All of the above
Changes in peoples priorities
Technological improvements
Changes in peoples knowledge
50
What is a promotion mix
Various promotional strategies a business uses in its promotional campain
Encouraging new and existing customers to purchase more
A pre paid, non personal message commuinicated through a mass medium
A way to increase brand loyalty by reinforcing image
51
What is a target market
A group of customers to which a business intends to sell its product
A target market is an non existence thing that we made up
A target market is a small group of consumers
A target market is a group of business's which consumers purchase from
52
Why do business's have to adapt their products for the global market
Tatstes and prefferences of each foreign market will differ
Because they want to
So that their product can sell better
53
What are durable goods?
Items that can be used over and over again (usually cheapy)
Items that cannot be used over and over again (usually expensive)
Items that cannot be used over and over again (usually cheapy)
Items that can be used over and over again (usually expensive)
54
What are Primary Industry Sectors
Provides services for others
Domestic services, carried out by people in their own homes
Involves manufactoring, processing of raw materials (steel production)
Extraction of raw materials from the land and sea (all types of farming)
55
What are some different forms of advertisng
Mass media, Display ads, Social media ads, Outdoor advertising
Podcasts, Direct mail, video ads, prodict placement
All of the above
Event marketing, Email marketing
56
What is a Mass Market
A market that will generate a business's revenue
Loss of the primary target market
Is large/includes everyone
Very small section of the market
57
What is currency
Physical form of money, e.g coins and banknotes
Currency is privately owned and at risk of default
Currencty is backed by the central bank, which eliminates risk of default
Digital form of money e.g deposits
58
What is the Secondary Target Market
A Market that includes everybody
The secondary target market is after the primary market
Provides an alternative incase there is a loss of customers
A very small highly specified section of the market
59
What are Capital resources?
another form of a labor resource
The combination of both land and labor resources
When goods are used to make other goods
The combination of all the other resources
60
What are Tertiary Industries?
Provides services for others
Quinary and Quaternary Industries
All of the above
the number of employees in tertiary industries has grown rapidly
61
What are land resources
Resources tha are used to make other resources
Resources that are used to make goods
Occur naturually on the earth in either the land or sea
Resources yjay include physical effort of people who are working
62
What does portable mean
Money can be easily taken from place to place
Money must be accepted by everyone
It is important that money lasts
Money needs to be divsible
63
Legal issues, What are the legal issues around deceptive and misleading advertising
Advertisments must not use deceptive words
All of the above
Fine printm, tests and surveys, special offerm bait advertsing
Advertisments must not claim a product has a quality which it does not
64
What is Sales Promotion
An attempt to sell more of its product
An attempt to promote new products
65
Collective wants
Goods and services used for the whole community
Goods an services used for a portion of the community
Goods and services wanted by a large group of consumers
Wants that wanted by households
66
What is relationship marketing
A type of sales promotion
Any free news story about a business its different from advertsing
Activitues aimes at creaing favourable relationships
Long term relationships with individual consumers, through loyalty programs
67
What are opinion leaders
Consumers that advertise products which they enjoy to use
Someone who's opinions are not respected,
Someone who influences others, their opinions are respeccted.
68
What are Enterprise resoruces?
The combination of all the other resources, (aim to make a profit)
The combination of labor and capital resources (aim to make a profit)
The combination of labor and capital resources (aim to make a profit)
The combination of land and labor resources (aim to make a profit)
69
What are ethical issues
All of the above
What is morally right and wrong
All the shades in between right and wrong
Stndards that define what is accpetable and unacceptable behaviour
70
What are Subsitute Wants
Goods which can be replaces regularly
Goods that cannot be used in place of another
Goods which cannot be replaced regularly
Goods that can be used in place of another
71
What is Corporate Social Responsibilty
Business's obide by the legal rules but do not do stuff eithically
Business's being accountable for the social and environmental implicates
72
What is Market Segmentation
A large group of people who are consumers of potential customers
A group of customers which business's intend to sell their products
When the total market it subdivided into groups or people who share traits
When consumers have different interests the market divides into groups
73
What are Businesses roles in the economy
Provides goods & services, aim to make a profit, should satisfy needs/wanta
They help to make consumers richer
Provides goods & services
74
Why is the use of Indeginous Cultural and Intellectual Property unethical
Disrepect the artworks made by Aborginal & Torress Strait Islander artists
All of the above
Around 80% of Indeginous art products marketed are unethical
75
Why is product placement unethical
Because it blurs the line between advertising and entertainment
All of the above
Because in shows they lie about that particular product
Because it excludes other products from tv shows
76
Why is special offers misleading
All of the above
Because special offers are not legal
Because the special offer isnt that far off from the orginal price
They imply there is a special offer, when it is always available
77
What does scarce mean
It has more value
Money is accpted by everyone
Since its limited it has more value
Its in limited supply
78
What is scarcity
Unlimmited resources that are easy to access
Scarcity is the choice between limited resources and unlimmited wants
Expensive goods
79
What are deposits held in accounts at banks or other deposit taking institutions
privately owned finacial institutions at possible risk of default
Is a digital form of money
backed by the central bank which eliminates risk of default
Is a physical form of money
80
Define money
Swapping goods for other goods
Economic unit thats a recognisibile medium of exhange
81
What does divisible mean
Money must have value to people
Money needs to be able to move from place to place
Money needs to be available in different demoniations
It is important that money lasts
82
Non durable goods
Items that do not need to be replaced regularly (usually expensive)
Items that need to be replaced regularly (usually inexpensive)
Items that need to be replaced regularly (usually expensive)
Items that do not need to be replaced regularly (usually inexpensive)
83
What are the responsibilites of the Local government
trade and taxes
Powers aee determind by acts of parliament passed by the state government
all of the above
garbage collections and street lights
84
What are services
Is a different type of good
Tasks performed for the consumer
Tasks that are not performed for the consumer
Takes performed for the business
85
Spanish dollars, copper tokens and the holy dollar were all early forms of money in Australia
True
False
86
Why do business's build brand loyalty? (strategies that target young people)
To lay the groundwork of brand regonginition in young children
Pester power
Popular medium, that maerketers use to target young people
Creating interest in a product by maximising WOM
87
If something is rare than its value is increased and its price is high
True
False
88
What are some aims of promoting
All of the above
Encouraging existing customers to purchase more of the product
Attracting new customers, Increasing brand loyalty,
Encouraging new and existing customers to purchase new products
89
What is Advertisng
A free news story about a business
Involves the activities of a sales assistant in an attempt to make a sale
A paid, non personal message communicated through a small medium
A paid, non personal message communicated through a mass medium
90
What does the 2 sector circuit circular flow show?
How money flows from the government to businesses
the relationships between households and money
The relationships between businesses and households
How money flows from households to businesses
