Introduction To Business & Marketing

51 Questions | Total Attempts: 80

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Introduction To Business Quizzes & Trivia

This quiz will serve as the final test for my class. Those students who score a 75% and meet the attendance and class requirements will receive 3 hours of college credit through the EDGE program. This is a required test for all students in the class.


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

  • 26. 
    The parent company of a franchise business is known as the
    • A. 

      Franchisee

    • B. 

      Franchisor

    • C. 

      Big Daddy

    • D. 

      None of the above

  • 27. 
    An organized group of employees that negotiates with employers about issues such as wages and working conditions is a ...
    • A. 

      Work team

    • B. 

      Strategic Management Unit (SMU)

    • C. 

      Labor Union

    • D. 

      Cooperative

  • 28. 
    What is the effect of "dollar votes" by consumers?
    • A. 

      Demand is affected

    • B. 

      Businesses learn about consumer preferences

    • C. 

      Businesses are helped in making decisions

    • D. 

      All of the above

  • 29. 
    Which of the following is the corrrect sequence of the phases of the business cycle?
    • A. 

      Recovery, recession, depression, prosperity

    • B. 

      Prosperity, recovery, recession, depression

    • C. 

      Prosperity, recession, recovery, depression

    • D. 

      Prosperity, recession, depression, recovery

  • 30. 
    Steps in the personal selling process include ...
    • A. 

      Wholesaling

    • B. 

      Demonstration

    • C. 

      Retailing

    • D. 

      Pricing

  • 31. 
    The crime of shoplifting results in...
    • A. 

      Loss of profit for businesses

    • B. 

      Higher prices for other consumers

    • C. 

      More security costs to businesses

    • D. 

      All of the above

  • 32. 
    The path a product travels from producer to consumer is...
    • A. 

      Marketing Path

    • B. 

      Production Path

    • C. 

      Channel of Distribution

    • D. 

      Channel of Marketing Mix

  • 33. 
    A statement developed for guiding the behavior of employees is called
    • A. 

      A box of standards

    • B. 

      A statement of guidelines

    • C. 

      A code of ethics

  • 34. 
    The government agency concerned with workplace safety is known as...
    • A. 

      FDA

    • B. 

      GNP

    • C. 

      GATT

    • D. 

      OSHA

  • 35. 
    Goods and Services we sell to other countries are known as...
    • A. 

      Imports

    • B. 

      Exports

    • C. 

      Tariffs

  • 36. 
    When individuals or companies create new products, they may seek to obtain...
    • A. 

      A patent

    • B. 

      A copyright

    • C. 

      A treasury bill

  • 37. 
    The federal organization set up to enforce standards for air quality is...
    • A. 

      The EPA

    • B. 

      The SPC

    • C. 

      The AEP

  • 38. 
    The first part of a Business Plan is...
    • A. 

      A customer analysis

    • B. 

      Financial plans

    • C. 

      A description of the businesss

    • D. 

      A description of the competition

  • 39. 
    An employee who works every Thursday and Friday for three hours each day is considered a
    • A. 

      Permanent employee

    • B. 

      Temporary employee

    • C. 

      Full-time employee

    • D. 

      Part-time employee

  • 40. 
    A tax on alcohol, gasoline, or tobacco is what type of tax?
    • A. 

      Progressive tax

    • B. 

      Proportional tax

    • C. 

      Regressive tax

  • 41. 
    If you own your own small business, the money you receive is called
    • A. 

      Profit

    • B. 

      Revenue

    • C. 

      Owner's Equity

  • 42. 
    When adding money to a checking account, a bank customer prepares a...
    • A. 

      Bank statement

    • B. 

      Signature card

    • C. 

      Deposit Slip

  • 43. 
    A restrictive endorsement commonly uses which of the following words?
    • A. 

      "Pay to the order of"

    • B. 

      "For Deposit Only"

    • C. 

      "Void if not cashed within 60 days"

  • 44. 
    Writing another person's signature on a check without his or her permission is...
    • A. 

      Forgery

    • B. 

      Overdrawing

    • C. 

      Postdating

    • D. 

      Floating

  • 45. 
    When preparing a bank reconciliation, outstanding checks are ...
    • A. 

      Added to the bank balance

    • B. 

      Subtracted from the bank balance

    • C. 

      Added to the checkbook balance

    • D. 

      Subtracted from the checkbook balance

  • 46. 
    The planned protection provided by sharing economic losses is...
    • A. 

      Insurance

    • B. 

      Liability risk

    • C. 

      Property risk

  • 47. 
    An amount you must pay before the insurance company pays a claim is
    • A. 

      Self-insurance

    • B. 

      A premium

    • C. 

      A deductible

    • D. 

      A claim

  • 48. 
    Laws that require you to carry certain types of automobile insurance before your car can be licensed are
    • A. 

      Financial Responsibility Laws

    • B. 

      Compulsory Insurance Laws

    • C. 

      Insurance laws

  • 49. 
    The amount of permanent life insurance coverage that was originally purchased and that will be paid upon the death of the insured is...
    • A. 

      Cash value

    • B. 

      Premium value

    • C. 

      Face value

  • 50. 
    In the "Why Study Business"?  info. at the beginning of the semester, you learned that business is made up of some of the following departments: Sales, Research and Development, Production, Customer Service, etc. Which of the following skills is least necessary for Customer Service Dept.?
    • A. 

      Take and follow up on order

    • B. 

      Handle billing and shipping problems

    • C. 

      Ability to meet schedules and quotas

    • D. 

      Resolve problems

  • 51. 
    Which of the following financial statements list the assets, liabilities, and owner's equity?
    • A. 

      Income Statement

    • B. 

      Balance Sheet

    • C. 

      General Ledger

    • D. 

      General Journal