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