Could You Pass This Marketing Exam? Quiz

43 Questions | By Tcarteronw | Updated: Apr 21, 2022 | Attempts: 238

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Could You Pass This Marketing Exam? Quiz - Quiz

Questions and Answers

1.

The output of goods and services produced by labor and property located within a country is GNP.
- A.
  
  True
- B.
  
  False
2.

Which economy would best describe that of the U.S.?
- A.
  
  Mixed economy
- B.
  
  Traditional economy
- C.
  
  Socialist economy
- D.
  
  Command economy
3.

If you lived in a socialist country you would pay _________taxes than if you lived in the U.S.
- A.
  
  Lower
- B.
  
  Higher
- C.
  
  Just the same
- D.
  
  None of the above
4.

The following are political philosophies
- A.
  
  Traditional, market, command
- B.
  
  Specialization, scarcity, mixed
- C.
  
  Capitalism, communism, socialism
- D.
  
  None of the above
5.

What 3 broad categories do economists use to classify all economic systems?
- A.
  
  Mixed, capitalism, specialization
- B.
  
  Capitalism, socialism, market
- C.
  
  Command, traditional, socialism
- D.
  
  Traditional, market, command
6.

What 3 factors affect the business cycle?
- A.
  
  Consumers, foreign countries, businesses
- B.
  
  Businesses, consumers, the government
- C.
  
  Businesses, competitors, foreign trade
7.

Which of the following best describes the political and economic philosophy characterized by marketplace competition and private ownership of businesses?
- A.
  
  Communism
- B.
  
  Capitalism
- C.
  
  Socialism
- D.
  
  Reformism
8.

A market economy is different than a command economy because
- A.
  
  There is no government involvement in economic decisions
- B.
  
  It is a traditional economic system
- C.
  
  Businesses cannot decide how much goods to produce
- D.
  
  It is a mixed economy
9.

A healthy economy has 3 goals; they are
- A.
  
  Increase productivity, increase unemployment, increase interest rates
- B.
  
  Decrease unemployment, increase prices, increase interest rates
- C.
  
  Increase productivity, decrease unemployment, maintain stable prices
- D.
  
  Maintain prices, graduate students, decrease productivity
10.

Businesses lower a product's price when the supply of the product exceeds the demand for it, according to the laws of supply and demand.
- A.
  
  True
- B.
  
  False
11.

Competition stops a company from acting without regard for the customer.
- A.
  
  True
- B.
  
  False
12.

What is the term for the struggle between companies for customers?
- A.
  
  Profit
- B.
  
  Promotion
- C.
  
  Surplus
- D.
  
  Competition
13.

What is the group that decides whether or not a business will survive?
- A.
  
  The consumers
- B.
  
  The owners or board of directors
- C.
  
  The government
- D.
  
  The competing businesses
14.

The balance sheet contains the following:
- A.
  
  Assets, employee names
- B.
  
  Competitors, owners' equity, liabilities
- C.
  
  Assets, liabilities, owners' equity
- D.
  
  Liabilities, Sporting KC revenue, assets
15.

What is a nonprofit organization?
- A.
  
  An organization that cannot make a profit
- B.
  
  An organization that cannot generate income
- C.
  
  An organization that has no employee on payroll
- D.
  
  An organization that functions like a business, but reinvests the money it makes in the cause it supports
16.

_____________ are prohibited in a free enterprise system because they prevent competition.
17.

Nebraska Furniture Mart price matches or advertises that it is "never undersold"; as a result, it is engaging in _____________ competition.
18.

PacSun's financials for 2012 are below. How much are the Assets? Balance Sheet Assets ???? Liabilities $242.03M Owners' Equity $113.1M
19.

According to the textbook, the PLACE is the means of getting the product into the consumer's hands.
- A.
  
  True
- B.
  
  False
20.

"Buy one get one free" is an example of promotion.
- A.
  
  True
- B.
  
  False
21.

People who share similar needs and wants and who can purchase your products are called a market.
- A.
  
  True
- B.
  
  False
22.

The owner of a miniature golf business provides her customers with?
- A.
  
  A promotion
- B.
  
  A good
- C.
  
  An exchange
- D.
  
  A service
23.

Which of the following utilities is not directly related to marketing?
- A.
  
  Information utility
- B.
  
  Form utility
- C.
  
  Place utility
- D.
  
  Possession utility
24.

An ONW student that buys a drink out of the vending machine for himself/herself is considered...
- A.
  
  A customer
- B.
  
  A consumer
- C.
  
  A target market
- D.
  
  Both customer and consumer
25.

During the last 3 months of the year, Price Chopper stocks its shelves with plenty of canned pumpkin in order to increase the pumpkin's _______________ utility.
- A.
  
  Price
- B.
  
  Information
- C.
  
  Distribution
- D.
  
  Time