Quiz: Questions About The General Business Elements
Choose the correct answer.
- 1.The upper limit to the amount that can be charged for a specific good or service is a:
- A.
Price Ceiling
- B.
Price Range
- C.
Price Strategy
- D.
Equilibrium Price
- 2.People in an organization that make decisions and interpret policies are called:
- A.
Marketing
- B.
Management
- C.
Advertising
- D.
Human Resources
- 3.An amount of money charged for the use of borrowed money or credit:
- A.
Budget
- B.
Loan
- C.
Bank Fee
- D.
Interest
- 4.What term means all of the following: planning, designing, selling, promoting, and servicing of products?
- A.
Management
- B.
Marketing
- C.
Advertising
- D.
Finance
- 5.What type of business is owned by the stockholders?
- A.
Partnership
- B.
Corporation
- C.
Sole Proprietorship
- D.
Cooperative
- 6.Which economic system allows the means for production and distribution to be privately owned?
- A.
Socialism
- B.
Marxism
- C.
Capitalism
- 7.What do you call a statement that is attached to a product giving information about its contents?
- A.
Libel
- B.
Label
- C.
Packaging
- D.
Warranty
- 8.Pilferage is another name for?
- A.
The age of a pilfer
- B.
Employer Compensation
- C.
Employee Theft
- 9.An actual count of the merchandise in stock is called?
- A.
Physical Inventory
- B.
Physical Distribution
- C.
Merchandising
- 10.A salesperson who meets the customers face to face and persuades them to buy, is involved in what type of selling?
- A.
Organizational Selling
- B.
Telemarketing
- C.
Personal Selling
- D.
Team Selling
- 11.The person to whom a check is written is called the?
- A.
Payee
- B.
Payer
- C.
Checker
- D.
Checkee
- 12.When two or more people operate a business and share the profits and losses, they own what type of business?
- A.
Corporation
- B.
Partnership
- C.
Franchise
- D.
Cooperative
- 13.Name the diagram that shows the positions, responsibilities, and reporting lines of personnel in a business?
- A.
Balance Sheet
- B.
Company Code of Conduct
- C.
Organizational Chart
- D.
The Diagram of Doom
- 14.What is the term that means, "Let the buyer beware."
- A.
Caveat Emptor
- B.
Caveat Venditor
- C.
E pluribus unum
- D.
Veni, vidi, vici
- 15.Name the person who buys the merchandise that a retail store carries in stock.
- A.
Employee
- B.
Retailer
- C.
Consumer
- D.
Customer
- 16.When an individual or business has debts that are greater than their assets and cannot be paid, they are in a state of?
- A.
Profit
- B.
Bankruptcy
- C.
Growth
- D.
Expansion
- 17.A report that tells the financial status of a business?
- A.
Balance Sheet
- B.
Income Statement
- C.
Quarterly Earnings Report
- D.
Individual Expense Report
- 18.A system of recording that shows a retailer the goods he has on hand, the items he has sold and their value?
- A.
Physical Inventory
- B.
Inventory Control
- C.
Return on Investment
- D.
Record Keeping
- 19.The arrangement of the Advertising copy and art on the printed page?
- A.
Layout
- B.
Heading
- C.
Copy
- D.
Text
- 20.A sale that the retailer uses to remove leftover items from the selling floor?
- A.
Lost Leader
- B.
Liquidation Sale
- C.
Clearance Sale
- D.
Seasonal Sale
- 21.A system by which assortments of similar merchandise are offered at the same prices, for example, $100, $150, and $200 suits?
- A.
Price Fixing
- B.
Brands
- C.
Product Lines
- D.
Price Lines
- 22.Products that carry the label of the retailer who sells them rather than the manufacturer's brand name is called what?
- A.
Private Brands
- B.
Family Brands
- C.
Service Brands
- D.
Corporate Brands
- 23.You have limited liability when you invest in this type of business?
- A.
Sole Proprietorship
- B.
Partnership
- C.
Franchise
- D.
Corporation
- 24.A person who assumes the responsibility and the risk for starting and operating a business?
- A.
Manager
- B.
Entrepreneur
- C.
Administrator
- D.
Stockholder
- 25.The continuous striving of businesses to gain larger shares of their respective markets?
- A.
Market Share
- B.
Market Potential
- C.
Competition
- D.
Market Vulnerability
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