Principles Of Business: Marketing And Finance Quiz! Trivia

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  • 1/50 Questions

    Evaluating TV ratings is an example of media research.

    • True
    • False
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Marketing And Finance Quizzes & Trivia
About This Quiz

Explore key business concepts with the 'Principles Of Business: Marketing and Finance Quiz! Trivia'. This quiz assesses knowledge on economic cycles, trademarks, copyrights, business ownership types, and basic financial concepts, essential for students and professionals in business fields.

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  • 2. 

    Determining customer needs involves listening to the customer to see what their needs are.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Determining customer needs involves actively listening to the customer in order to understand and identify their specific needs and requirements. This process allows businesses to tailor their products or services to meet the customer's expectations and provide a satisfactory experience. By listening attentively, businesses can gather valuable insights and feedback from customers, enabling them to make informed decisions and improvements in their offerings. Therefore, the statement "Determining customer needs involves listening to the customer to see what their needs are" is true.

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  • 3. 

    Determining customer needs are a critical aspect toward preparing the prospect for close.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Determining customer needs is important because it helps salespeople understand what the customer is looking for and tailor their approach accordingly. By identifying and addressing the customer's specific needs, salespeople can effectively demonstrate how their product or service can meet those needs and provide value. This understanding also allows salespeople to build rapport and trust with the customer, increasing the likelihood of a successful close. Therefore, it can be concluded that determining customer needs is indeed a critical aspect in preparing the prospect for close, making the statement "True" the correct answer.

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  • 4. 

    Which of the following are ways to earn interest?

    • Bank savings account

    • Government bonds

    • Money market funds

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    All of the options mentioned, including bank savings accounts, government bonds, and money market funds, are ways to earn interest. Bank savings accounts offer interest on the balance maintained in the account. Government bonds are fixed-income securities that pay interest over a specific period. Money market funds are investment vehicles that invest in short-term debt securities and offer interest to the investors. Therefore, all of these options provide opportunities to earn interest.

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  • 5. 

    Assets are items of value your company owns.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Assets are items of value that a company owns. This means that assets can include physical items such as equipment, property, and inventory, as well as intangible items such as patents, trademarks, and copyrights. These assets are important because they contribute to the overall value and financial health of the company. By recognizing and properly managing assets, a company can make informed decisions about its resources and investments. Therefore, the statement "Assets are items of value your company owns" is true.

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  • 6. 

    Employment law covers all aspects of the employer and the employee relationship.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement is true because employment law encompasses a wide range of legal regulations and protections that govern the relationship between employers and employees. It includes laws related to hiring, termination, wages, benefits, discrimination, workplace safety, and more. Employment law ensures that both employers and employees are aware of their rights and responsibilities, and it provides a framework for resolving disputes and addressing any violations.

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  • 7. 

    Which is more powerful?

    • Simple interest

    • Compound interest

    Correct Answer
    A. Compound interest
    Explanation
    Compound interest is more powerful than simple interest because it not only earns interest on the initial principal amount, but also on the accumulated interest over time. This means that the interest is compounded, leading to exponential growth of the investment. In contrast, simple interest only calculates interest on the initial principal amount and does not take into account any accumulated interest. Therefore, compound interest has the potential to generate higher returns and is considered more powerful in terms of earning potential.

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  • 8. 

    Economic resources are also called factors of production.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Economic resources, such as land, labor, capital, and entrepreneurship, are commonly referred to as factors of production. These resources are essential in the production of goods and services in an economy. They are utilized to create wealth and generate income. Therefore, it is correct to say that economic resources are also known as factors of production.

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  • 9. 

    Customer needs will always be clear.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement suggests that customer needs will always be clear, but the correct answer is false. This means that customer needs are not always clear and can vary depending on the situation. Customer needs can be influenced by various factors such as personal preferences, changing trends, and evolving market conditions. Therefore, it is important for businesses to continuously gather feedback and conduct market research to understand and meet customer needs effectively.

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  • 10. 

    What does EDLP stand for?

    • Each Day Last Price

    • Early Day Lowest Price

    • Every Day Low Price

    • Each Day Low Price

    Correct Answer
    A. Every Day Low Price
    Explanation
    EDLP stands for Every Day Low Price. This refers to a pricing strategy where a retailer offers consistently low prices on their products instead of relying on frequent sales or discounts. This approach aims to attract customers by providing them with affordable prices on a regular basis, rather than relying on temporary promotions. This strategy is often associated with large retail chains that prioritize volume sales and customer loyalty over maximizing profit margins on individual items.

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  • 11. 

    Which of the following would NOT be considered a fixed source of income?

    • Income from work

    • Donating plasma

    • Alimony

    • Child support

    Correct Answer
    A. Donating plasma
    Explanation
    Donating plasma would not be considered a fixed source of income because it is not a consistent and reliable source of money. Unlike income from work, alimony, and child support, which are regular and predictable sources of income, donating plasma is a one-time or sporadic activity that does not provide a stable income stream.

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  • 12. 

    Capital is wealth in the form of money or property?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The correct answer is true because capital refers to wealth in the form of money or property. It represents the financial resources that individuals or businesses possess, which can be used to generate income or invest in various assets. Capital is an essential factor in economic growth and development as it enables individuals and businesses to fund their operations, expand their businesses, and create more wealth. Therefore, the statement that capital is wealth in the form of money or property is accurate.

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  • 13. 

    Angel investors are wealthy individuals who seek high returns through private investments.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Angel investors are indeed wealthy individuals who invest their own personal funds into early-stage businesses in exchange for equity ownership. They typically provide financial support to startups and small businesses that have high growth potential. In return for their investment, angel investors expect significant returns on their investment, making this statement true.

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  • 14. 

    The why set of questions

    • Help a salesperson determine why their prospect wants to buy a new product

    • Help a salesperson determine how their prospect will use their products

    Correct Answer
    A. Help a salesperson determine why their prospect wants to buy a new product
    Explanation
    The why set of questions helps a salesperson determine the underlying reasons or motivations behind a prospect's desire to buy a new product. By understanding why the prospect wants to make a purchase, the salesperson can tailor their approach and pitch to address those specific needs and concerns. This allows them to effectively demonstrate how their product can fulfill those needs and provide value to the prospect.

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  • 15. 

    A customer need is different from a customer want because a need is something the customer is directly searching for.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A customer need refers to something that a customer requires or desires in order to fulfill a specific purpose or solve a problem. It is something that the customer actively seeks out. On the other hand, a customer want is something that the customer may desire or wish for, but it is not necessarily something they are actively searching for. Therefore, the statement that a customer need is different from a customer want because a need is something the customer is directly searching for is true.

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  • 16. 

    The Uniform Commercial Code (UCC) governs the sale of goods.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The explanation for the given correct answer is that the Uniform Commercial Code (UCC) is a set of laws that governs commercial transactions, including the sale of goods. It provides a standardized set of rules and regulations that both buyers and sellers can rely on when conducting business. Therefore, it is true that the UCC governs the sale of goods.

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  • 17. 

    Conditions of supply and demand interaction include

    • Surpluses

    • Shortages

    • Equilibriums

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    The conditions of supply and demand interaction include surpluses, shortages, and equilibriums. Surpluses occur when the quantity supplied exceeds the quantity demanded, resulting in excess supply. Shortages occur when the quantity demanded exceeds the quantity supplied, resulting in excess demand. Equilibrium is the state where the quantity demanded and quantity supplied are equal, resulting in a balance between supply and demand. Therefore, all of the above options are correct as they represent different outcomes of the supply and demand interaction.

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  • 18. 

    What does the P stand for in the simple interest formula?

    • Price

    • Procurement

    • Principal

    • Party

    Correct Answer
    A. Principal
    Explanation
    The correct answer is "principal." In the simple interest formula, the P stands for the principal amount, which is the initial amount of money that is borrowed or invested. It is the original sum on which interest is calculated.

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  • 19. 

    A _________________ is the right or license to sell a company's product or service at a designated location, an example would be McDonalds(R).

    • Corporation

    • Sole Proprietorship

    • Franchise

    • Partnership

    Correct Answer
    A. Franchise
    Explanation
    A franchise is the right or license to sell a company's product or service at a designated location. In the case of McDonald's, they grant individuals or companies the permission to operate a McDonald's restaurant and sell their products. This allows the franchisee to benefit from the established brand, marketing strategies, and operational systems of McDonald's, while McDonald's receives a portion of the profits in return.

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  • 20. 

    When conducting a market analysis you should forecast the next

    • 1 to 3 years

    • 3 to 5 years

    • 5 to 8 years

    • 8 to 10 years

    Correct Answer
    A. 3 to 5 years
    Explanation
    When conducting a market analysis, it is important to forecast the next 3 to 5 years because this time frame allows for a reasonable projection of market trends and changes. It strikes a balance between short-term and long-term planning, providing enough time to identify and adapt to emerging opportunities and challenges. Forecasting beyond 5 years may be too speculative and less reliable due to uncertainties and unforeseen events that could significantly impact the market. On the other hand, limiting the forecast to just 1 to 3 years may not capture long-term trends and potential shifts in the market.

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  • 21. 

    Money can be expressed in non-monetary terms

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Money can indeed be expressed in non-monetary terms. This means that the value of money can be represented or measured in ways other than its physical form. For example, money can be expressed in terms of its purchasing power, its ability to buy goods and services, or its relative value compared to other currencies. Additionally, money can also be expressed in terms of its economic impact, such as its ability to stimulate economic growth or its role in inflation and deflation. Therefore, the statement "Money can be expressed in non-monetary terms" is true.

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  • 22. 

    Using an opinion poll is an example of attitude research.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Using an opinion poll is an example of attitude research because it involves collecting data from a sample of individuals to understand their opinions, beliefs, and attitudes towards a particular topic or issue. Opinion polls are commonly used in research to measure public opinion and gather information about people's attitudes and preferences. By analyzing the data collected from opinion polls, researchers can gain insights into the attitudes of a larger population and make informed decisions based on the findings. Therefore, it is correct to say that using an opinion poll is an example of attitude research.

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  • 23. 

    The rule of 72 is a rough estimation of how long it will take you to ____________ your money.

    • Triple

    • Homerun

    • Lose all of

    • Double

    Correct Answer
    A. Double
    Explanation
    The rule of 72 is a formula used to estimate the time it takes for an investment to double in value. It is calculated by dividing 72 by the interest rate or growth rate. Therefore, the correct answer is "double" because the rule of 72 is used to estimate how long it will take for money to double.

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  • 24. 

    Words, symbols, names or devices used to specify goods and to differentiate them from others are called?

    • Domain names

    • Copyrights

    • Trademarks

    • Secured

    Correct Answer
    A. Trademarks
    Explanation
    Trademarks are words, symbols, names, or devices used to specify goods and differentiate them from others. They serve as a unique identifier for a particular brand or product, helping consumers easily recognize and distinguish it from competitors. Trademarks provide legal protection to the owner, preventing others from using similar marks that may cause confusion in the market. This exclusive right allows businesses to establish and maintain their brand identity and reputation.

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  • 25. 

    Name four types of business ownership?

    • Total output, income, employment, trade

    • Peak, recession, trough, expansion

    • Sole proprietorship, partnership, corporation, franchise

    • Franchise, corporation, Sole proprietorship, investors

    Correct Answer
    A. Sole proprietorship, partnership, corporation, franchise
    Explanation
    The correct answer is Sole proprietorship, partnership, corporation, franchise. These are the four main types of business ownership. A sole proprietorship is a business owned and operated by one individual. A partnership is a business owned by two or more individuals who share the profits and losses. A corporation is a legal entity separate from its owners, and it offers limited liability to its shareholders. A franchise is a business model where the owner (franchisor) grants the rights to operate a business to another party (franchisee) in exchange for fees and royalties.

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  • 26. 

    Bait-and-switch advertising is legal in most states.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Bait-and-switch advertising is a deceptive practice where a business attracts customers with a tempting offer but then tries to sell them a different, usually more expensive, product or service. This practice is generally considered illegal in most states as it misleads and deceives consumers. Therefore, the statement that bait-and-switch advertising is legal in most states is false.

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  • 27. 

    What is the formula for simple interest?

    • I=P*R*T

    • I=P+R+T

    • I=P*R/T

    • F'(x)=0

    Correct Answer
    A. I=P*R*T
    Explanation
    The formula for simple interest is I = P * R * T, where I represents the interest, P is the principal amount, R is the rate of interest, and T is the time period. This formula calculates the amount of interest earned or paid on a principal amount over a certain period of time.

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  • 28. 

    Protectons provided to authors of original work?

    • Domain Names

    • Trademarks

    • Mentors

    • Copyrights

    Correct Answer
    A. Copyrights
    Explanation
    Copyrights are legal protections provided to authors of original work. They give the creators exclusive rights to reproduce, distribute, and display their work. This includes literary, artistic, musical, and other creative works. Copyrights ensure that authors have control over their creations and can prevent others from using or copying their work without permission.

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  • 29. 

    What is a union?

    • A group formed by employees to negotiate with the employer

    • A specialized group of employees

    • A group which is illegal in most states

    • A group devoted to similar religious practices

    Correct Answer
    A. A group formed by employees to negotiate with the employer
    Explanation
    A union is a group formed by employees to negotiate with the employer. This group represents the collective interests and concerns of the employees, and works towards achieving better working conditions, wages, and benefits through collective bargaining with the employer. Unions play a crucial role in protecting the rights and welfare of workers, ensuring fair treatment and representation in the workplace.

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  • 30. 

    What is the Equal Employment Opportunity Commission (EEOC)?

    • Federal organization which controls the equality of power

    • State organization founded to deal with employment problems

    • Federal organization which oversees most employment discrimination law including the Equal Pay Act and the Americans with Disabilities Act of 1990

    • Local organization which works closely with the police department

    Correct Answer
    A. Federal organization which oversees most employment discrimination law including the Equal Pay Act and the Americans with Disabilities Act of 1990
    Explanation
    The Equal Employment Opportunity Commission (EEOC) is a federal organization that is responsible for overseeing most employment discrimination laws, including the Equal Pay Act and the Americans with Disabilities Act of 1990. They ensure that employers do not discriminate against individuals based on factors such as race, color, religion, sex, national origin, age, disability, or genetic information. The EEOC investigates complaints of discrimination, enforces the laws, and provides guidance and education to employers and employees regarding their rights and responsibilities.

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  • 31. 

    Management profiles do NOT include which of the following:

    • A list of community relations

    • A description of their function in an organization

    • A list of industry relations

    • A description of family

    Correct Answer
    A. A description of family
    Explanation
    The management profiles include a list of community relations, a description of their function in an organization, and a list of industry relations. However, they do not include a description of family. This is because family information is usually considered personal and not relevant to the professional context of management profiles.

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  • 32. 

    Determining customer needs involves a small amount of listening to the customer.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because determining customer needs requires a significant amount of listening to the customer. By actively listening to their concerns, preferences, and feedback, businesses can better understand what their customers want and tailor their products or services accordingly. This helps in improving customer satisfaction and loyalty.

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  • 33. 

    Who first identified cyclical patterns in the economy and created what is often referred to as "The business cycle"?

    • William Trough

    • James Peak

    • Clemente Juglar

    • Joseph Aggregate

    Correct Answer
    A. Clemente Juglar
    Explanation
    Clemente Juglar is credited with being the first to identify cyclical patterns in the economy and developing what is now known as "The business cycle". His work focused on the observation that economic activity tends to go through periods of expansion and contraction, and he identified specific time frames for these cycles. Juglar's research laid the foundation for further study and understanding of economic cycles, and his work continues to be influential in the field of economics.

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  • 34. 

    Which is not a type of interest?

    • Complex

    • Simple

    • Compound

    • Market interest rates

    Correct Answer
    A. Complex
    Explanation
    Complex is not a type of interest because interest refers to the amount of money that is charged or earned on a loan or investment, and it is typically calculated based on simple or compound interest rates. Complex interest is not a recognized term in finance or economics. Therefore, it is not a valid type of interest.

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  • 35. 

    What type of utility refers to using raw materials?

    • Possession utility

    • Time utility

    • Form utility

    • Information utility

    Correct Answer
    A. Form utility
    Explanation
    Form utility refers to the value added to a product or service by changing its form or shape. In the context of using raw materials, form utility can be understood as the process of transforming raw materials into finished products. This can involve various manufacturing processes such as cutting, shaping, assembling, or combining different materials to create a final product. Therefore, form utility is the type of utility that refers to using raw materials.

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  • 36. 

    Short term goals cover a time period of 1-2 years.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Short term goals typically cover a time period of less than one year, usually ranging from a few weeks to a few months. Therefore, the given statement that short term goals cover a time period of 1-2 years is incorrect.

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  • 37. 

    Which of the following is not a government role in the U.S. economy?

    • Provides services

    • Supports businesses

    • Regulates by making laws

    • Determines prices

    Correct Answer
    A. Determines prices
    Explanation
    The government's role in the U.S. economy includes providing services, supporting businesses, and regulating by making laws. However, determining prices is not typically a direct role of the government in the U.S. economy. In a market-based economy, prices are generally determined by supply and demand forces in the marketplace, rather than being set by the government.

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  • 38. 

    An advantage of a Roth IRA is

    • The reduction of tax-liability

    • Requires payment of taxes upon withdrawal

    • Does not require payment of taxes upon withdrawal

    • Its high risk factor

    Correct Answer
    A. Does not require payment of taxes upon withdrawal
    Explanation
    A Roth IRA is advantageous because it does not require payment of taxes upon withdrawal. This means that any earnings and contributions made to the account can be withdrawn tax-free, providing a significant benefit for individuals in terms of tax savings. This can be especially advantageous for individuals who expect to be in a higher tax bracket in the future, as they can avoid paying taxes on their retirement savings when they withdraw them. Additionally, since the taxes have already been paid on the contributions made to a Roth IRA, individuals can also withdraw their contributions at any time without incurring a tax penalty.

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  • 39. 

    New small businesses should design a ________________ business structure.

    • Bureaucratic

    • Hierarchical

    • Learning-based

    • None of the above

    Correct Answer
    A. Learning-based
    Explanation
    New small businesses should design a learning-based business structure because it allows for flexibility, adaptability, and continuous improvement. In a learning-based structure, employees are encouraged to acquire new knowledge and skills, share ideas, and collaborate. This promotes innovation, problem-solving, and growth within the organization. Unlike bureaucratic or hierarchical structures, a learning-based structure promotes a culture of continuous learning and development, which is essential for the success of new businesses in a rapidly changing and competitive market.

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  • 40. 

    ________________ banks offer ______________ interest rates when you invest certificates of deposits for a long time.

    • Larger, higher

    • Smaller, higher

    • Larger, lower

    • Smaller, lower

    Correct Answer
    A. Smaller, higher
    Explanation
    When you invest certificates of deposits for a long time, smaller banks offer higher interest rates. This means that smaller banks are willing to provide higher returns on your investment compared to larger banks.

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  • 41. 

    A focus group consist of 15 or more people.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because a focus group typically consists of a small number of people, usually between 6 to 10 individuals. The purpose of a focus group is to gather qualitative data and insights from a selected group of participants, allowing for in-depth discussions and interactions. Having too many people in a focus group can make it difficult for everyone to contribute effectively and can lead to a lack of meaningful conversation and insights.

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  • 42. 

    Employee productivity measures the total goods and services produced in a country.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Employee productivity does not measure the total goods and services produced in a country. Instead, it measures the efficiency and output of individual employees or a group of employees within a company or organization. It is usually calculated by dividing the total output by the total number of employees or hours worked.

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  • 43. 

    With what office do you register your business name?

    • Office of Comptroller

    • Secretary of State

    • Small Business Administration

    • Courthouse

    Correct Answer
    A. Secretary of State
    Explanation
    You register your business name with the Secretary of State. This office is responsible for maintaining official records and documents for businesses operating within the state. By registering your business name with the Secretary of State, you ensure that it is legally recognized and protected.

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  • 44. 

    All of the following are acceptable prevention techniques to avoid groupthink except

    • Trained facilitator

    • Personality tests

    • Devils advocate

    • Comparing responses from multiple focus group sessions

    Correct Answer
    A. Personality tests
    Explanation
    Personality tests are not an acceptable prevention technique to avoid groupthink because they focus on individual traits and characteristics, rather than addressing the group dynamics and decision-making processes that can lead to groupthink. Personality tests may provide insights into individual preferences and tendencies, but they do not directly address the collective decision-making challenges that groupthink poses. Instead, techniques such as having a trained facilitator, employing devil's advocate, and comparing responses from multiple focus group sessions are more effective in preventing groupthink by encouraging diverse perspectives and critical thinking within the group.

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  • 45. 

    Common stock differs from preferred stock in

    • Exchange rates

    • Voting rights

    • Liquidity

    • Callable features

    Correct Answer
    A. Voting rights
    Explanation
    Common stock differs from preferred stock in terms of voting rights. Common stockholders have the right to vote on important corporate matters, such as the election of board members and major business decisions. On the other hand, preferred stockholders usually do not have voting rights or have limited voting rights. This means that common stockholders have a say in the company's affairs and can influence its direction, while preferred stockholders have a more passive role and primarily focus on receiving fixed dividends.

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  • 46. 

    What is the purpose of the sales process?

    • To have a chance to close the sale

    • To determine customer's needs

    • To determine customer's wants

    • To determine customer's problems

    Correct Answer
    A. To have a chance to close the sale
    Explanation
    The purpose of the sales process is to have an opportunity to close the sale. This means that the sales process is designed to guide the customer through the various stages of the sales cycle, from initial contact to final purchase, in order to maximize the chances of making a successful sale. By following a structured sales process, salespeople can effectively engage with customers, understand their needs and preferences, and present products or services in a persuasive manner, ultimately increasing the likelihood of closing the sale.

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  • 47. 

    Determining the customer's needs is the ___________ step of the sales process.

    • First

    • Second

    • Third

    • Fourth

    Correct Answer
    A. Third
    Explanation
    The correct answer is "third" because determining the customer's needs is typically the third step in the sales process. This step involves actively listening to the customer, asking relevant questions, and understanding their requirements and preferences. By identifying their needs, salespeople can tailor their approach and offer appropriate solutions, increasing the chances of making a successful sale.

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  • 48. 

    _______________________ explains how a person changes financial position, earnings, consumption and savings throughout the life cycle.

    • Financial evolution

    • Life cycle

    • Portfolio growth

    • Family life cycle

    Correct Answer
    A. Family life cycle
    Explanation
    The family life cycle explains how a person's financial position, earnings, consumption, and savings change over time. It takes into account the different stages of life that a person goes through, such as getting married, having children, and eventually retiring. Each stage has different financial needs and priorities, which impact a person's financial situation. For example, during the early stages of the family life cycle, expenses may be higher due to starting a family and buying a home, while in later stages, expenses may decrease as children become financially independent and retirement savings become a priority.

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  • 49. 

    Which is not a factor that affects family financial decisions throughout the life cycle?

    • Cultural

    • Societal

    • Investment

    • Demographic

    Correct Answer
    A. Investment
    Explanation
    Investment is not a factor that affects family financial decisions throughout the life cycle. While cultural, societal, and demographic factors can influence how families make financial decisions, investment refers to the act of putting money into something with the expectation of achieving a profit or return. This is a separate concept from the factors that influence decision-making.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 07, 2014
    Quiz Created by
    DonCollins

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