Marketing Research Process Quiz Questions
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A disadvantage of a general partnership is that each partner
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Is liable for the business's losses.
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Invests the same amount of capital
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Performs limited management duties.
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Has responsibility for preparing the annual report
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This quiz assesses knowledge in marketing research processes, including problem-solving in staff meetings, understanding financial documents, demographic analysis for marketing, and professional etiquette. It is designed to enhance decision-making and strategic thinking in business environments.
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- 2.
What type of market exists when a large supply of a product and a small demand have resulted in low prices?
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Monopolistic
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Productive
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Buyer's
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Competitive
Correct Answer
A. Buyer'sExplanation
A buyer's market exists when there is a large supply of a product and a small demand, resulting in low prices. In this type of market, buyers have the advantage as they have more options to choose from and can negotiate lower prices. This is the opposite of a seller's market, where there is high demand and low supply, giving sellers the advantage to set higher prices.Rate this question:
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- 3.
The president of the Acme Company identifies the jobs to be accomplished and assigns responsibility for completing those jobs to specific departments. What management function is the president performing?
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Planning
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Organizing
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Staffing
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Controlling
Correct Answer
A. OrganizingExplanation
The president of the Acme Company is performing the management function of organizing. Organizing involves determining the tasks that need to be done and assigning responsibilities to specific departments or individuals. In this case, the president is identifying the jobs that need to be accomplished and assigning them to specific departments, which is a key aspect of the organizing function.Rate this question:
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- 4.
One reason food marketing businesses usually are unable to enter into legally binding contracts with minors is because those under the legal age
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Do not have sufficient funds to make payments.
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May not understand the consequences of their actions.
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Are unable to make basic decisions.
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Cannot make promises to do something for others.
Correct Answer
A. May not understand the consequences of their actions.Explanation
Minors may not understand the consequences of their actions, which is why food marketing businesses are usually unable to enter into legally binding contracts with them. This is because minors are not considered to have the same level of maturity and understanding as adults, and they may not fully comprehend the long-term implications and responsibilities that come with entering into a contract. Therefore, it is important to protect minors from potentially harmful or disadvantageous agreements by limiting their ability to enter into legally binding contracts.Rate this question:
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- 5.
Which of the following is a product-related problem about which consumers have complained to government officials:
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Lack of product brands
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Lack of product information
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Lack of product promotion
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Lack of product technology
Correct Answer
A. Lack of product informationExplanation
Consumers have complained to government officials about the lack of product information. This means that consumers have expressed concerns or grievances to government authorities regarding the insufficient or inadequate details provided about a particular product. This could include issues such as missing or misleading labeling, incomplete product descriptions, or a lack of information about potential risks or side effects.Rate this question:
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- 6.
The scope of the Internet can be described as
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Regional.
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Secure.
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Worldwide.
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Proprietary.
Correct Answer
A. Worldwide.Explanation
The correct answer is "worldwide" because the Internet is a global network that connects millions of devices and allows people from all over the world to communicate, share information, and access resources. It transcends geographical boundaries and is accessible to anyone with an internet connection, regardless of their location.Rate this question:
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- 7.
Businesses hope that individuals who are favourably impressed with the business will tell others about it so that the business will receive __________ publicity.
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Specialty
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Sponsored
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Word-of-mouth
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Point-of-purchase
Correct Answer
A. Word-of-mouthExplanation
Businesses hope that individuals who are favourably impressed with the business will tell others about it so that the business will receive word-of-mouth publicity. Word-of-mouth publicity refers to positive recommendations and reviews that are shared by individuals to their friends, family, and acquaintances. This type of publicity is highly effective as it is based on personal experiences and trust. It can significantly impact the reputation and success of a business, leading to increased customer base and sales.Rate this question:
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- 8.
Whenever Melissa has to make a difficult decision, she considers how her actionsmight affect other people and their feelings. As a result, she has developed higher
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Productivity.
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Ethics.
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Wages.
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Profit margins.
Correct Answer
A. Ethics.Explanation
Melissa's consideration of how her actions might affect other people and their feelings indicates that she prioritizes moral values and principles. This suggests that she has developed a strong sense of ethics, which guides her decision-making process. This ethical approach likely leads to higher productivity as she takes into account the impact of her actions on others, fostering a positive work environment and promoting teamwork and collaboration.Rate this question:
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- 9.
A business should conduct environmental scans on a continuous basis so that itcan
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Control the external environment.
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change customers' attitudes.
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Save money.
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Respond to opportunities and threats quickly.
Correct Answer
A. Respond to opportunities and threats quickly.Explanation
A business should conduct environmental scans on a continuous basis in order to respond to opportunities and threats quickly. By regularly monitoring the external environment, the business can identify potential opportunities for growth and development, as well as potential threats that may impact its operations. This allows the business to adapt and make informed decisions in a timely manner, ensuring that it can take advantage of favorable circumstances and mitigate any risks or challenges that may arise.Rate this question:
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- 10.
A video store tells customers that a certain DVD will be in stock, but on the release date, it has no DVDs available. This is an example of which negative action companies should avoid taking:
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Using high-pressure sales techniques
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Not keeping promises
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Delivering low-quality goods and services
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Responding inappropriately to crises
Correct Answer
A. Not keeping promisesExplanation
This situation of the video store not having the DVD available on the release date demonstrates the negative action of not keeping promises. The store had informed customers that the DVD would be in stock, but they failed to fulfill their promise. This is an example of a company not following through on their commitments and can lead to customer dissatisfaction and loss of trust.Rate this question:
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- 11.
Which of the following is a product-related problem about which consumers have complained to government officials:
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Lack of product brands
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Lack of product information
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Lack of product promotion
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Lack of product technology
Correct Answer
A. Lack of product informationExplanation
Consumers have complained to government officials about the lack of product information. This suggests that consumers are not receiving sufficient details or specifications about the products they are purchasing. This can lead to confusion, dissatisfaction, and potential harm if consumers are unaware of any potential risks or hazards associated with the product. It is important for consumers to have access to accurate and complete information in order to make informed decisions and protect their rights.Rate this question:
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- 12.
Packaging jewelry in a biodegradable or recyclable container is one way a channel member can participate in the ethical concept of
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Social awareness.
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Green marketing.
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International marketing.
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Consumer protection
Correct Answer
A. Green marketing.Explanation
Packaging jewelry in a biodegradable or recyclable container aligns with the principles of green marketing, which involves promoting and selling products that are environmentally friendly. By using sustainable packaging, the channel member demonstrates their commitment to reducing waste and minimizing the impact on the environment. This practice resonates with consumers who prioritize sustainability and helps to create a positive brand image.Rate this question:
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- 13.
I'm tired of the government's telling me what to do. They made me become a teacher, they determine my salary, and they even control where I can live," the worker complained. What type of economic system is this person complaining about?
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Free enterprise.
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Communist Command.
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Traditional.
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Market.
Correct Answer
A. Communist Command.Explanation
The person is complaining about a Communist Command economic system because they mention that the government determines their profession, salary, and place of residence. In a Communist Command system, the government has control over all aspects of the economy and makes these types of decisions for individuals.Rate this question:
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- 14.
"Your money back if not satisfied" is an example of a
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Recourse.
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Strategy.
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Warranty.
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Guarantee.
Correct Answer
A. Guarantee.Explanation
The phrase "Your money back if not satisfied" indicates that if the customer is not happy with the product or service, they will receive a refund. This implies a promise or assurance that the customer's satisfaction is guaranteed. Therefore, "Your money back if not satisfied" exemplifies a guarantee.Rate this question:
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- 15.
When a clothing designer decides to create an infomercial to advertise a new clothing line, it can maximize its customer response rate by requesting a call to action __________ the infomercial.
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At the beginning of
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Several times during
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At the end
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In the middle of
Correct Answer
A. Several times duringExplanation
When a clothing designer decides to create an infomercial to advertise a new clothing line, requesting a call to action several times during the infomercial can maximize its customer response rate. By including multiple prompts throughout the infomercial, the designer increases the chances of capturing the viewers' attention and encouraging them to take action, such as making a purchase or visiting the designer's website. This repetition helps reinforce the message and ensures that the call to action is not easily overlooked or forgotten by the viewers.Rate this question:
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- 16.
Developing a pricing structure that encourages customers to buy additional services that they don't need in order to obtain the original product is often a(n) __________ tactic.
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Accepted
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Unethical
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Predatory
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Illegal
Correct Answer
A. UnethicalExplanation
Developing a pricing structure that encourages customers to buy additional services they don't need in order to obtain the original product is considered unethical. This tactic takes advantage of customers by pressuring them into purchasing unnecessary services, which goes against ethical business practices. It prioritizes profit over the well-being and satisfaction of customers, leading to a negative perception of the company's integrity.Rate this question:
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- 17.
Which one do you like?
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Option 1
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Option 2
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Option 3
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Option 4
Correct Answer
A. Option 1Explanation
The question asks for the preferred choice among the given options. The answer states "Option 1" without providing any further context or reasoning.Rate this question:
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- 18.
Brands appeal to consumers on both __________ levels.
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Good and evil
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Rational and emotional
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Physical and spiritual
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Black-and-white
Correct Answer
A. Rational and emotionalExplanation
Brands appeal to consumers on both rational and emotional levels. This means that brands not only provide logical reasons for consumers to choose their products or services (rational appeal), but also tap into the emotions and desires of consumers to create a deeper connection and loyalty (emotional appeal). By appealing to both aspects, brands can effectively communicate their value proposition and create a strong bond with consumers.Rate this question:
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- 19.
The operations manager schedules quarterly reviews of office equipment whether there have been recent problems or not. This is an example of
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Safety precautions.
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Preventive maintenance.
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Installation.
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Corrective maintenance.
Correct Answer
A. Preventive maintenance.Explanation
The given scenario describes the practice of scheduling quarterly reviews of office equipment, regardless of whether there have been recent problems or not. This approach aims to prevent any potential issues or breakdowns by proactively inspecting and maintaining the equipment. It falls under the category of preventive maintenance, which involves regularly scheduled tasks to keep equipment in good working condition and prevent unexpected failures.Rate this question:
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- 20.
Rafael, a business-services employee, was assigned to greet a group of Latin American business travelers. Five minutes after their arrival, he walked up to within two feet of them, smiled while making eye contact, and politely said "Good afternoon. How can I be of service?" What did he do wrong?
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He stood too close to the guests.
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He did not greet the travelers in a prompt manner.
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He did not indicate a willingness to help.
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He gave the impression that he was being interrupted.
Correct Answer
A. He did not greet the travelers in a prompt manner.Explanation
Rafael did not greet the travelers in a prompt manner. Although he approached them within two feet, smiled, and made eye contact, he took five minutes to do so. Greeting the guests promptly is important in providing good customer service, and a delay of five minutes can give the impression of indifference or lack of attentiveness.Rate this question:
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- 21.
Which of the following is demographic information that businesses might monitor when making marketing decisions:
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Traits
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Opinions
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Income
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Values
Correct Answer
A. IncomeExplanation
Businesses might monitor income as demographic information when making marketing decisions because it helps them understand the purchasing power and spending habits of their target audience. Income level can indicate the affordability of products or services, allowing businesses to tailor their marketing strategies accordingly. By analyzing income data, businesses can identify potential customers who are more likely to be interested in their offerings and adjust their pricing or promotional tactics to effectively reach and engage this specific demographic segment.Rate this question:
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- 22.
The process of coding is part of which step of the marketing research process?
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Presentation
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Collection
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Analysis
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Preparation
Correct Answer
A. AnalysisExplanation
Coding is the process of assigning labels or codes to data in order to categorize and organize it for analysis. It involves transforming qualitative data into quantitative data, which can be easily analyzed using statistical methods. Therefore, coding is a crucial step in the analysis phase of the marketing research process. It helps researchers identify patterns, themes, and trends in the data, which ultimately leads to valuable insights and informed decision-making.Rate this question:
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- 23.
The three-way light bulbs that supermarkets sell are all made with the same size base. This is an example of a production process that uses __________ parts.
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Segmented
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Branded
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Graded
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Standardized
Correct Answer
A. StandardizedExplanation
The fact that three-way light bulbs sold in supermarkets are all made with the same size base indicates that the production process uses standardized parts. Standardized parts refer to components that are designed to be interchangeable and uniform, allowing for efficient manufacturing and easy replacement. In this case, the use of standardized parts ensures that the bulbs can fit into any compatible socket, providing convenience for both the producers and consumers.Rate this question:
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- 24.
Which of the following is an example of an economic activity:
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Buying new company equipment
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Conducting a meeting
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Complimenting a coworker
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Developing an advertising budget
Correct Answer
A. Buying new company equipmentExplanation
Buying new company equipment is an example of an economic activity because it involves the purchase of a tangible asset that is expected to generate future economic benefits for the company. This activity involves the allocation of resources (money) to acquire the equipment, which is a fundamental aspect of economic decision-making. Additionally, the purchase of new equipment can contribute to the growth and productivity of the company, making it a key economic activity.Rate this question:
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- 25.
An important step in the process of purchasing equipment and supplies for the business is
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selecting vendors.
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reviewing revenues.
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Monitoring competitors.
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visiting trade shows.
Correct Answer
A. selecting vendors.Explanation
When purchasing equipment and supplies for a business, selecting vendors is an important step because it determines the quality, cost, and reliability of the products or services being acquired. By carefully choosing vendors, the business can ensure that they are working with reputable and trustworthy suppliers who can meet their specific needs and requirements. This includes factors such as price negotiations, delivery schedules, product warranties, and customer support. Therefore, selecting vendors plays a crucial role in ensuring the smooth and efficient procurement process for the business.Rate this question:
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- 26.
Which one do you like?
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Option 1
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Option 2
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Option 3
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Option 4
Correct Answer
A. Option 1Explanation
The given question asks for the respondent's preference among the four options provided. The correct answer, Option 1, indicates that the respondent likes the first option the most.Rate this question:
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- 27.
Which one do you like?
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Option 1
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Option 2
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Option 3
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Option 4
Correct Answer
A. Option 1Explanation
This question is asking for the preferred choice among the given options. Since the answer states "Option 1," it indicates that the person prefers Option 1 over the other options.Rate this question:
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- 28.
In which stage of the product life cycle would a service business decide to discount its products to appeal to a different market segment, if sales have been steadily decreasing?
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Maturity
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Decline
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Withdrawal
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Alteration
Correct Answer
A. DeclineExplanation
In the decline stage of the product life cycle, sales are steadily decreasing. At this point, a service business may decide to discount its products in order to appeal to a different market segment. By offering discounts, the business aims to attract new customers and stimulate sales in a declining market. This strategy allows the business to remain competitive and potentially extend the product's life cycle before it reaches the withdrawal stage.Rate this question:
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- 29.
One of the benefits to auto-parts stores of regularly evaluating the performance of vendors is the opportunity to
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Identify and correct problems.
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Obtain a lot of information.
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Analyze the volume of work.
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Purchase discounted goods.
Correct Answer
A. Identify and correct problems.Explanation
Regularly evaluating the performance of vendors allows auto-parts stores to identify and correct problems. By assessing the performance of vendors, the stores can identify any issues or deficiencies in the products or services provided by the vendors. This evaluation helps the stores to address these problems and ensure that the vendors meet their expectations and standards. It also allows them to make improvements and adjustments to their vendor selection and management processes, resulting in better overall performance and customer satisfaction.Rate this question:
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- 30.
A midpriced automobile company provides customers with free transportation while their cars are being repaired. What attribute is the company using to gain the competitive advantage?
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Service
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Loyalty
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Performance
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Safety
Correct Answer
A. ServiceExplanation
The company is using the attribute of service to gain a competitive advantage. By providing customers with free transportation while their cars are being repaired, the company is offering an additional service that sets them apart from their competitors. This extra convenience and support for customers can lead to increased satisfaction and loyalty, ultimately giving the company an edge in the market.Rate this question:
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- 31.
What is the total cost to the customer of an item priced at $17.99 if both a 4% state sales tax and 1% county sales tax are charged?
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$18.89
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$18.71
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$18.95
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$18.17
Correct Answer
A. $18.89Explanation
The total cost to the customer of an item priced at $17.99 can be calculated by adding the state sales tax and the county sales tax to the original price. The state sales tax is 4% of $17.99, which is $0.72. The county sales tax is 1% of $17.99, which is $0.18. Adding these amounts to the original price gives a total of $18.89.Rate this question:
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- 32.
In a market economic system, it is often unlawful for businesses to participate in distribution activities that
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Control profit margins
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Restrain free trade
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Maintain a competitive environment
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Encourage importing and exporting
Correct Answer
A. Restrain free tradeExplanation
In a market economic system, businesses are typically not allowed to engage in distribution activities that restrain free trade. This means that businesses cannot engage in practices that limit competition or hinder the free flow of goods and services in the market. This is because free trade is considered essential for a healthy and competitive market environment, where businesses can freely compete and consumers have access to a wide range of choices. Restraining free trade can lead to monopolies or unfair advantages for certain businesses, which goes against the principles of a market economic system.Rate this question:
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- 33.
When should you record bank transactions in your check register?
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When checks bounce
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When bank statements are received
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As bank statements are reconciled
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As soon as each check is written
Correct Answer
A. As soon as each check is writtenExplanation
The correct answer is "As soon as each check is written". Recording bank transactions in the check register as soon as each check is written helps to maintain an accurate and up-to-date record of the transactions. It allows for better tracking of expenses, helps to avoid overdrawing the account, and ensures that the check register reflects the correct balance. By recording transactions promptly, individuals can also identify any discrepancies or errors early on and take appropriate actions to rectify them.Rate this question:
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- 34.
When the manager of a large supermarket supply company takes potential customers out for lavish dinners and buys them expensive gifts, it might appear as if the manager is engaging in the unethical practice of
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Fraud.
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Puffery.
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Bribery.
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Slander.
Correct Answer
A. Bribery.Explanation
The manager's actions of taking potential customers out for lavish dinners and buying them expensive gifts indicate a form of bribery. Bribery involves offering or giving something of value to influence the actions or decisions of someone in a position of power or influence. In this case, the manager is using these extravagant gestures to sway potential customers into doing business with the company, which is an unethical practice.Rate this question:
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- 35.
In a weekly staff meeting, Morgan presents a set of new procedures that she believes will improve the department's productivity levels. Jacob disagrees with Morgan's approach and provides an alternative for improvement. Although Morgan agrees with a couple of Jacob's points, she still thinks her plan will be better for the company in the long run. How can Morgan effectively defend her idea for improvement?
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Tell Jacob that most of his ideas are weak and restate her suggestions
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Present supporting research for her suggestions in an unbiased way
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Request that the group meet again, so she has time to come up with new ideas
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Ask the other members of the group for their input and ideas
Correct Answer
A. Present supporting research for her suggestions in an unbiased wayExplanation
Morgan can effectively defend her idea for improvement by presenting supporting research for her suggestions in an unbiased way. By providing evidence and data that backs up her proposed procedures, Morgan can demonstrate the potential benefits and effectiveness of her plan. This approach allows her to present a logical and objective argument, which can help to persuade others, including Jacob, of the validity and value of her ideas.Rate this question:
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- 36.
The purpose of legal procedure is to ensure that each party receives
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Ongoing advice.
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Consistent treatment.
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A reasonable verdict.
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An indictment
Correct Answer
A. Consistent treatment.Explanation
The purpose of legal procedure is to ensure that each party involved in a legal case is treated fairly and consistently. This means that all parties should have equal access to legal representation, evidence, and the opportunity to present their case. Consistent treatment ensures that the legal process is fair and unbiased, allowing for a reasonable verdict to be reached based on the merits of the case.Rate this question:
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- 37.
A business's goal is to gain 25 percent of its sales through its direct-mail catalog. If the business has an overall goal of $845,600 in sales, and it is halfway through the sales period, how much revenue should the business have earned from its direct-mail catalog sales so far?
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$200, 375
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$211,400
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$155, 450
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$105,700
Correct Answer
A. $105,700Explanation
Since the business's overall goal is $845,600 and it is halfway through the sales period, it means that the business should have earned half of its overall goal by now. To calculate this, we can divide the overall goal by 2, which gives us $422,800. Since the business's goal is to gain 25 percent of its sales through its direct-mail catalog, we can calculate 25 percent of $422,800, which is $105,700. Therefore, the business should have earned $105,700 from its direct-mail catalog sales so far.Rate this question:
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- 38.
Effective strategic planning involves considering the input of
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Board of directors.
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Select customers.
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Several sources.
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The middle management.
Correct Answer
A. Several sources.Explanation
Effective strategic planning involves considering the input of several sources. This is because strategic planning requires gathering information and insights from various stakeholders, such as employees, customers, suppliers, and industry experts. By considering input from multiple sources, organizations can gain a comprehensive understanding of their internal and external environments, identify potential opportunities and threats, and make informed decisions to achieve their strategic objectives. The input from several sources helps in ensuring a well-rounded and inclusive strategic planning process.Rate this question:
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- 39.
Carol would rather have one product but will purchase another one if her favorite item is not available. This is an example of brand
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Insistence.
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Responsiveness.
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Preference.
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Recognition.
Correct Answer
A. Preference.Explanation
This scenario describes Carol's preference for a specific product. She would prefer to purchase her favorite item, but if it is not available, she is willing to buy another product instead. This demonstrates her personal preference and choice in selecting a particular brand or item. Therefore, the correct answer is preference.Rate this question:
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- 40.
Which of the following benefits of warranties and guarantees would benefit customers rather than businesses:
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Availability of service information
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Establishment of clear standards
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Increased profits
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Customer feedback
Correct Answer
A. Availability of service informationExplanation
Availability of service information benefits customers rather than businesses because it allows customers to have access to detailed information about the services provided, which helps them make informed decisions. This benefit ensures that customers are aware of what they can expect from the product or service, enabling them to utilize it effectively and troubleshoot any issues that may arise. In contrast, businesses may view this benefit as a potential risk, as it requires transparency and accountability in their service delivery, potentially leading to increased costs or customer dissatisfaction.Rate this question:
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- 41.
Which of the following is a characteristic of good visions:
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Permanent results
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Concrete situations
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Complicated ideas
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Expensive processes
Correct Answer
A. Permanent resultsExplanation
A characteristic of good visions is that they lead to permanent results. Good visions are not temporary or short-term solutions, but rather long-lasting and impactful. They aim to create lasting change and improvements in a particular area. By focusing on permanent results, good visions ensure that the efforts and resources invested in achieving the vision are not wasted and have a lasting positive effect.Rate this question:
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- 42.
Julianne is going to a chamber-of-commerce luncheon where she will meet several important business leaders in her community. What is the most appropriate clothing for Julianne to wear?
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Black, sequin dress; short jacket; and high-heel shoes
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Colorful blouse, short skirt, and sandals
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Casual pants, long-sleeve t-shirt, and athletic shoes
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Dark pantsuit, blouse, and low-heel shoes
Correct Answer
A. Dark pantsuit, blouse, and low-heel shoes -
- 43.
Which of the following is a situation that is likely to require a company's employees to obtain special training from an external source:
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Interpreting a quarterly sales report
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Understanding the company's policy manual
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Learning a complex computer software program
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Analyzing results of a research project
Correct Answer
A. Learning a complex computer software programExplanation
Learning a complex computer software program is likely to require employees to obtain special training from an external source because it involves acquiring specific technical skills and knowledge that may not be readily available within the company. External training can provide employees with the necessary expertise and guidance to effectively navigate and utilize the software program, ensuring that they can perform their tasks efficiently and accurately.Rate this question:
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- 44.
An effective middle manager in an insurance company would do all of the following on a regular basis except
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make excellent use of his/her time.
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Establish immediate and long-range goals.
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Work alongside subordinates.
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Use his/her abilities to the best advantage.
Correct Answer
A. Work alongside subordinates.Explanation
An effective middle manager in an insurance company would do all of the following on a regular basis except work alongside subordinates. This is because a middle manager's role is to oversee and manage the work of their subordinates, rather than directly working alongside them. They should focus on making excellent use of their time, establishing immediate and long-range goals, and using their abilities to the best advantage to ensure the efficient functioning of the team and achieve organizational objectives.Rate this question:
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- 45.
Juan Rodriguez signed a promissory note for a loan. In this credit arrangement, Juan is the
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Lender.
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Creditor.
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Borrower.
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Depositor.
Correct Answer
A. Borrower.Explanation
In this credit arrangement, Juan Rodriguez signed a promissory note for a loan, indicating that he is the borrower. The borrower is the individual who receives the loan and is obligated to repay the borrowed amount, along with any agreed-upon interest, to the lender. Therefore, Juan Rodriguez is the borrower in this scenario.Rate this question:
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- 46.
Which of the following do many businesses believe to be their most important resource:
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Sales revenue
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Office supplies
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Equipment
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Employees
Correct Answer
A. EmployeesExplanation
Many businesses believe that employees are their most important resource because they are the ones who drive the success of the company. Employees contribute their skills, knowledge, and expertise to achieve the company's goals and objectives. They are responsible for generating sales revenue, managing office supplies, and operating equipment effectively. Without dedicated and talented employees, a business may struggle to compete in the market and achieve sustainable growth. Therefore, businesses prioritize investing in their employees' development, satisfaction, and well-being to ensure long-term success.Rate this question:
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- 47.
Which of the following is a service that a factory representative might provide an auto-parts store in order to help the store sell products:
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Organizing shelf space
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Conducting demonstrations
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Monitoring inventory
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Handling complaints
Correct Answer
A. Conducting demonstrationsExplanation
A factory representative might provide the service of conducting demonstrations to an auto-parts store in order to help the store sell products. By conducting demonstrations, the representative can showcase the features and benefits of the auto-parts to the store's customers, increasing their understanding and interest in the products. This hands-on approach allows customers to see the products in action, potentially leading to increased sales for the store.Rate this question:
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- 48.
Shelley has a $25 gift certificate and is having difficulty making a choice between a sweater and a pair of earrings. If she chooses the sweater, what is the opportunity cost of this decision?
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Sweater
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Earrings
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$25
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Gift Certificate
Correct Answer
A. EarringsExplanation
The opportunity cost of choosing the sweater over the earrings is the value or benefit that Shelley would have gained from choosing the earrings instead. In this scenario, the opportunity cost is the value of the earrings, which is $25. By choosing the sweater, Shelley is forgoing the opportunity to have the earrings, which she could have obtained using the gift certificate.Rate this question:
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- 49.
Which one do you like?
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Option 1
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Option 2
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Option 3
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Option 4
Correct Answer
A. Option 1 -
Quiz Review Timeline (Updated): Jun 17, 2024 +
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Jun 17, 2024Quiz Edited by
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Dec 15, 2014Quiz Created by
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