Quiz: Introduction To Business And Marketing!

51 Questions | Total Attempts: 143

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Quiz: Introduction To Business And Marketing!

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Questions and Answers
  • 1. 
    For help in exploring a job that interests you, you should consult:
    • A. 

      A principal

    • B. 

      The US Department of Labor

    • C. 

      A career/guidance counselor

  • 2. 
    The willingness and ability of a person to move to where jobs are located is called:
    • A. 

      Responsibility

    • B. 

      Mobility

    • C. 

      Possibility

  • 3. 
    Businesses provide benefits to a community when they:
    • A. 

      Pay less taxes

    • B. 

      Hire fewer employees

    • C. 

      Purchase products and services

  • 4. 
    When the supply of a product is very high and the demand is low, the price of the product will:
    • A. 

      Fluctuate

    • B. 

      Drop

    • C. 

      Rise

  • 5. 
    The economic indicator which measures the value of goods and services produced in the USA in one year is known as the...
    • A. 

      Consumer Price Index (CPI)

    • B. 

      Inflation rate

    • C. 

      Gross Domestic Product (GDP)

  • 6. 
    Which phase of a business cycle is characterized by the onset of business losses, the falling demand for goods and services, and rising unemployment?
    • A. 

      Recession

    • B. 

      Depression

    • C. 

      Recovery

  • 7. 
    "Credit" is best defined as a service offered by financial institutions to...
    • A. 

      Build good consumer character

    • B. 

      Provide consumers with capital

    • C. 

      Enable customers to buy now and spread their payments over time

  • 8. 
    Displaying the finance charge on a customer's credit statement is:
    • A. 

      Required by Federal Law

    • B. 

      Only required for commercial accounts

    • C. 

      Only done on individual credit accounts

  • 9. 
    How often should you reconcile your bank statement?
    • A. 

      Weekly

    • B. 

      Bi-Monthly

    • C. 

      Monthly

  • 10. 
    What is downsizing?
    • A. 

      An attempt by a firm to cut workspace

    • B. 

      An attempt by a firm to cut expenses by laying off employees

    • C. 

      An attempt by a firm to cut benefits

  • 11. 
    Companies that voluntarily contribute some of their income to helping the community are called:
    • A. 

      Consumer oriented

    • B. 

      Employee oriented

    • C. 

      Socially responsible

  • 12. 
    In a market-driven economy, the choice of products and quantities to be produced is determined by...
    • A. 

      Marketing executives

    • B. 

      Consumers

    • C. 

      Manufacturers

  • 13. 
    A short supply of oil will usually cause the price of gasoline to:
    • A. 

      Drop

    • B. 

      Fluctuate

    • C. 

      Rise

  • 14. 
    The agency responsible for warning labels and recalling defective products is...
    • A. 

      Environmental Protection Agency

    • B. 

      Consumer Product Safety Commission

    • C. 

      Occupational Safety and Health Agency

  • 15. 
    To protect a company from lawsuits due to consumer injuries, the company should carry...
    • A. 

      Health insurance

    • B. 

      Business interruption insurance

    • C. 

      Liability insurance

  • 16. 
    The sales tax rate is 6% in West Virginia and 5% in Maryland.  If you are planning to purchase a $1200 stereo system, how much sales tax would you save by buying it in Maryland?
    • A. 

      $1.20

    • B. 

      $6.00

    • C. 

      $10.00

    • D. 

      $12.00

  • 17. 
    A product that must be imported to maintain the United States economic system is...
    • A. 

      Medicine

    • B. 

      Mexican labor

    • C. 

      Oil

  • 18. 
    The owner being liable for ALL debts is a disadvantage of what type of business ownership?
    • A. 

      Corporation

    • B. 

      Franchise

    • C. 

      Sole Proprietorship

  • 19. 
    Which of the following is NOT true about a monopoly?
    • A. 

      Controls a market for a particular product or service

    • B. 

      Can charge higher prices and provide low-quality service

    • C. 

      Promotes competition and tends to set fair prices

    • D. 

      Operates in some cases with the permission of government

  • 20. 
    What is the government agency that has been set up to help new businesses get started?
    • A. 

      Small Business Administration (SBA)

    • B. 

      New Business Agency (NBA)

    • C. 

      Bureau of Labor Statistics

  • 21. 
    Which element involves accepting a credit card for payment of a service? 
    • A. 

      Promotion

    • B. 

      Price

    • C. 

      Product

    • D. 

      Place

  • 22. 
    A lady was giving away samples of food to willing customers in a local grocery store.  This was an example of which element in the marketing mix?
    • A. 

      Place

    • B. 

      Product

    • C. 

      Price

    • D. 

      Promotion

  • 23. 
    All individual require the same needs.  They are...
    • A. 

      Food, lodging, and clothing

    • B. 

      Car, cell phone, and laptop

    • C. 

      Money, penthouse and chauffeur

  • 24. 
    Because of this factor, businesses are encouraged to offer better services at reasonable prices.
    • A. 

      Profit

    • B. 

      Marketing regulations

    • C. 

      Competition

  • 25. 
    People who become part owners of a corporation are called
    • A. 

      Partners

    • B. 

      Special Owners

    • C. 

      Shareholders

    • D. 

      Cooperative owners

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