Interesting Quiz On Entrepreneurship In Action! Trivia

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Akellyassabet
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Entrepreneurship Quizzes & Trivia

A business does not just start big; most of the big businesses you see around started as small businesses with the hope of growth. The quiz below is designed to help you review what you got to understand in the lecture today on entrepreneurship. Be keen and try to take it after the lecture to know which questions to ask before the next segment!


Questions and Answers
  • 1. 

    When a product move directly from the manufacturer to the consumer it is a ...

    • A.

      Product Release

    • B.

      Direct Channel

    • C.

      Small business distribution

    • D.

      Indirect channel

    Correct Answer
    B. Direct Channel
    Explanation
    When a product moves directly from the manufacturer to the consumer, it is referred to as a direct channel. In this distribution model, there are no intermediaries involved, such as wholesalers or retailers. The manufacturer sells the product directly to the consumer, allowing for a more efficient and cost-effective process. This approach is commonly used by small businesses or e-commerce platforms that have the capability to handle the entire distribution process themselves. It eliminates the need for middlemen, reduces costs, and allows for greater control over the product's availability and pricing.

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  • 2. 

    Manufacturers usually don't sell directly to these.

    • A.

      Retailers

    • B.

      Wholesalers

    • C.

      Consumers

    • D.

      Agents

    Correct Answer
    C. Consumers
    Explanation
    Manufacturers usually don't sell directly to consumers because they typically produce goods in large quantities, making it more efficient and cost-effective to sell their products in bulk to wholesalers or retailers. Wholesalers then distribute the goods to retailers who sell them to the end consumers. This distribution channel allows manufacturers to focus on production while relying on intermediaries to handle marketing, sales, and distribution to reach a wider consumer base.

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  • 3. 

    It includes the storage, handling, packaging and transportation of products within a channel of distribution.

    • A.

      Physical Distribution

    • B.

      Product Servicing

    • C.

      Inventory Management

    • D.

      None of the above

    Correct Answer
    A. Physical Distribution
    Explanation
    Physical distribution refers to the activities involved in the storage, handling, packaging, and transportation of products within a channel of distribution. This process ensures that products are delivered to the right place, at the right time, and in the right condition. It involves managing inventory levels, coordinating transportation logistics, and ensuring efficient handling and packaging of products. Therefore, physical distribution is the correct answer as it encompasses all the mentioned activities.

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  • 4. 

    Check all options below that retail businesses have for selling products

    • A.

      Web sites

    • B.

      Manufacturing Plants

    • C.

      Catalogs

    • D.

      Auctions

    • E.

      Stores

    • F.

      Phone Orders

    Correct Answer(s)
    A. Web sites
    C. Catalogs
    E. Stores
    F. Phone Orders
    Explanation
    Retail businesses have multiple options for selling products, including web sites, catalogs, stores, and phone orders. Web sites provide a convenient platform for customers to browse and purchase products online. Catalogs allow businesses to showcase their products and provide customers with a physical copy to browse through. Stores provide a traditional brick-and-mortar shopping experience where customers can see and touch products before making a purchase. Phone orders allow customers to place orders over the phone, providing a more personalized and direct interaction with the business. Manufacturing plants and auctions are not typically used for direct retail sales to customers.

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  • 5. 

    Which would be the best channel of distribution for a small business that sells custom made furniture?

    • A.

      Manufacturer to Consumer

    • B.

      Manufacturer to Retailer to Consumer

    • C.

      Manufacturer to Wholesaler to Retailer to Consumer

    • D.

      Manufacturer to Agent to Wholesaler to Retailer to Consumer

    Correct Answer
    A. Manufacturer to Consumer
    Explanation
    The best channel of distribution for a small business that sells custom made furniture would be Manufacturer to Consumer. This is because the business can directly sell its products to the end consumers without involving any intermediaries. By bypassing wholesalers, retailers, and agents, the business can have better control over its pricing, branding, and customer relationships. It also allows for a more personalized and direct customer experience, which is important for custom-made products.

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  • 6. 

    If you buy Pillsbury frosting for your cupcakes at Market Basket, what was the most likely channel of distribution?

    • A.

      Manufacturer to Consumer

    • B.

      Manufacturer to Retailer to Consumer

    • C.

      Manufacturer to Wholesaler to Retailer to Consumer

    • D.

      Manufacturer to Agent to Wholesaler to Retailer to Consumer

    Correct Answer
    C. Manufacturer to Wholesaler to Retailer to Consumer
    Explanation
    The most likely channel of distribution for buying Pillsbury frosting at Market Basket is Manufacturer to Wholesaler to Retailer to Consumer. This is because the manufacturer (Pillsbury) would typically sell their products to a wholesaler, who would then distribute the products to retailers like Market Basket, who in turn sell the products to the end consumer.

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  • 7. 

    Choosing the right channel of distribution for a product includes finding the most efficient way to ship it to desired locations.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement accurately explains the concept of choosing the right channel of distribution for a product. It highlights the importance of finding the most efficient way to ship the product to desired locations. This involves considering factors such as cost, speed, reliability, and convenience in order to ensure that the product reaches its intended destinations in a timely and cost-effective manner.

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  • 8. 

    The downside of more steps in the distribution channels, however, means that the product cost will be higher.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement suggests that having more steps in the distribution channels will result in a higher product cost. However, this is not necessarily true. While it is possible that additional steps in the distribution channels can increase costs, it is also possible for these steps to add value and efficiency, ultimately reducing costs. Therefore, the statement is false as it oversimplifies the relationship between distribution channels and product cost.

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  • 9. 

    Service businesses have the same options for distribution channels as a retail business.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Service businesses do not have the same options for distribution channels as a retail business. Unlike retail businesses, service businesses do not typically sell physical products that can be distributed through traditional retail channels. Instead, service businesses often rely on direct delivery of their services to customers or may use online platforms or marketplaces to reach their target audience. Therefore, the statement is false.

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  • 10. 

    Agents and Wholesalers serve as these in an indirect channel of distribution.

    • A.

      Entrepreneurs

    • B.

      Storage Locations

    • C.

      Advisors

    • D.

      Intermediaries

    Correct Answer
    D. Intermediaries
    Explanation
    Intermediaries play a crucial role in an indirect channel of distribution by connecting manufacturers or producers with end consumers. They facilitate the movement of goods and services from the producers to the customers, bridging the gap between supply and demand. Agents and wholesalers are examples of intermediaries who help in distributing products efficiently by handling tasks such as marketing, sales, and logistics. They provide valuable services such as market research, negotiating deals, and maintaining inventories, making them essential in the distribution process. Therefore, intermediaries are the correct answer in this context.

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Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 27, 2013
    Quiz Created by
    Akellyassabet
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