Take This Quiz To Test Your Network Marketing IQ
Are you aware of network marketing? If you think you know it well, take this Network Marketing IQ test to check your understanding of the topic. Network marketing is basically a business model that works according to person-to-person sales, which independent representatives usually do. Even if you miss out on something, we will help you. This test will help you recall everything about network marketing. All the best! You can also share the quiz with other business people and help them test their knowledge.
- 1.
What type of product typically produces the most sales & income in the Network Marketing Industry?
- A.
Unique products, i.e. travel, vacation packages, etc.
- B.
Consumable products, i.e. essential oils, skin care, weight loss/management, etc.
- C.
High-tech products, i.e. tv's, electronics, home alarms, computer, etc.
- D.
All of the above
Correct Answer
B. Consumable products, i.e. essential oils, skin care, weight loss/management, etc.Explanation
Unique and high-tech products normally require more salesmanship and a larger $$$$ investment. .Since 95% of the population is "non-sales" types, you may find it difficult to prospect for people interested in building a business with you. With consumable products, even if an associate can't sell, they can at least consume. Since your bonus check and overrides are based on volume; consumables will constantly pay you royalties.Rate this question:
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- 2.
The process of locating new customers & distributors is known as the?
- A.
Presentation
- B.
Qualification
- C.
Advertising
- D.
Prospecting
Correct Answer
D. ProspectingExplanation
Prospect produces your business inventory therefore prospecting is a necessary activity for anyone wishing to be successful in the Network Marketing industry.Rate this question:
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- 3.
When is the best time to get referrals?
- A.
Just after signing up
- B.
After a successful experience
- C.
When turned down
- D.
All of the above
Correct Answer
B. After a successful experienceExplanation
Referrals = $$$. Anytime is a good time to get referrals, but it's even easier right after a customer has experienced a successful experience. This person is also more likely to want to become a product representative. Most "new" distributors fail to ask for referrals from their customers!Rate this question:
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- 4.
Which category of products accounts for the majority of multi-level marketing sales volumes in America?
- A.
Cleaners & Chemicals
- B.
Health & Fitness
- C.
Cosmetics & Beauty Aids
- D.
All of the above
Correct Answer
B. Health & FitnessExplanation
Health and fitness products can be found in 99% of american homes. They have also found themselves accounting for between $50.00 and $100.00 of the household budget each month.Rate this question:
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- 5.
Which profession statistically makes the most successful multi-level distributors/associates?
- A.
Business owners
- B.
Salesmen
- C.
Stay at home Moms
- D.
None of the above
Correct Answer
C. Stay at home MomsExplanation
75% of all network marketing distributors are women. Stay at home Moms have proven to be able to devote more time to recruiting, training and sales during the normal workday hours. They normally are constantly seeking a means to supplement the household income. Each new mouth to feed requires additional resources.Rate this question:
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- 6.
This is when we work for one hour and get paid a certain amount for that hour's work. This example represents 95% of the working class.
- A.
Active
- B.
Passive
- C.
Residual
- D.
None of the above
Correct Answer
A. ActiveExplanation
There are many people who get paid vast amounts of money to become the CEO of a company, play professional sports, or star in a movie. Earning a high active income is often a lot of hard work and requires a dedication beyond most of us. It’s also limited because no matter how much money you get paid you still need to show up to work to earn your money.Rate this question:
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- 7.
What is the number one concern of new distributors?
- A.
Training
- B.
Product pricing
- C.
Recruiting leads
- D.
All of the above
Correct Answer
A. TrainingExplanation
Available training boosts a new distributor's self-confidence. No matter how good the product is priced, or how many leads are available, if the distributor feels unqualified to try, nothing happens. All High earning Network Marketing professionals are trained and coached by other professionals!Rate this question:
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- 8.
Which perk has been found to be the highest motivator for Network Marketing professionals?
- A.
New Car
- B.
Exotic Trip
- C.
Cash
- D.
None of the above
Correct Answer
A. New CarExplanation
Imaging the look on your neighbors face when you drive up in a new BMW, Mercedes or Lexus...Yes, its the car! Cash is quickly spent (many times on household bills) and forgotten. Travel, i.e. cruises and weekend excursions last but a few days. A car is an everyday reminder of the benefits of multi-level marketing for both yourself and potential customers.Rate this question:
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- 9.
Which skill is the most necessary for success in Network Marketing?
- A.
Ability to meet new people
- B.
Ability to Sell
- C.
Ability to analyze a product or person
- D.
All of the above
- E.
All of the above
Correct Answer
A. Ability to meet new peopleExplanation
This one is too easy.This a a people business, you must therefore enjoy meeting and engaging with strangers. To many representatives in MLM waste valuable time tying to analyze products, compensation plans, etc when all they need do is engage with a person and present their product or opportunity.Rate this question:
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- 10.
This type of income represents royalties from books, movies, real estate, or business investments where you don’t actually have to be present to earn it. This is also the #1 draw to the Network Marketing Industry. This type of income is known as?
- A.
Passive
- B.
Residual
- C.
Active
- D.
Lifetime
Correct Answer
B. ResidualExplanation
To create residual income, you need to create something that people will continue to buy on a regular basis long after you’ve created it (such as a downline). Residual income needs to have products or services that are sold over and over again rather than trading the business owner’s time for money.Rate this question:
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- 11.
Which night of the week will get the best opportunity for meeting attendance?
- A.
Monday
- B.
Tuesday
- C.
Wednesday
- D.
Thursday
Correct Answer
B. TuesdayExplanation
There's Monday Night Football. Enough said. If you're in the south (especially) Wednesdays are reserved for mid-week prayer services. Thursday is almost the weekend. You certainly wouldn't want to interfere with a prospect's "free time."Rate this question:
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- 12.
An unconscious but lucrative action that 100% of consumers engage in is?
- A.
Retail Sales
- B.
The Stock Market
- C.
Money loaned to friends or relatives
- D.
Network or referral marketing
Correct Answer
D. Network or referral marketingExplanation
100% of consumers have been involved in referral or network marketing but were never compensated for it. An average adult has lost more than $50,000 in referral fees during their lifetime. This represents referrals to movies, dining establishments, sporting events, retail stores, purchase of consumer goods, automobile purchases, etc. Retailers rely on your referrals to acquire new customers... but you are rarely compensated in any form!Rate this question:
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- 13.
Which of the following statement about Network Marketing is true?
- A.
Offers an unlimited income potential
- B.
Normally requires a reasonable monetary investment
- C.
95% of those involved work part-time
- D.
Has no age, race, sex, income or any other social restrictions
- E.
All
Correct Answer
E. AllExplanation
All of the above statements are true. As an independent representative of a Network Marketing company your income is unrestricted and based on your personal sales volume as well as the sales of your team. There are no social restrictions, and most people usually being their business with a small (but reasonable) investment based on their income desires.Rate this question:
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- 14.
Which type of meeting will keep your distributors/associates motivated longer?
- A.
A motivational session
- B.
A social mix gathering
- C.
An instructional event
- D.
All of the above
- E.
All of the above
Correct Answer
B. A social mix gatheringExplanation
A motivational meeting wears off in a couple of days. Instructional meetings remind people too much of going to school. A social mix (pot luck dinners, activities, etc.), however, bond your distributors beyond just the money opportunity. It gives them the opportunity to establish relationships with other distributors and potential customers.Rate this question:
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- 15.
Which is the most important factor in choosing a network marketing company?
- A.
The products
- B.
The compensation Plan
- C.
The company Leadership
- D.
None of the above
Correct Answer
C. The company LeadershipExplanation
Great leadership can always bring in a new product line or change the compensation plan. Leadership that has built previous successful companies, weathered economic downturns and attracted quality personnel should be given second and thirds looks when you're deciding on a company to join.Rate this question:
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- 16.
When assisting a customer with a problem, you should?
- A.
Show the customer how much you know
- B.
Attempt to view the problem as the customer sees it
- C.
Find the mistakes that they have made and point them out
- D.
Research solutions that have worked best for others
Correct Answer
B. Attempt to view the problem as the customer sees itExplanation
You have a responsibility to the customer, the product or service you represent as well as your company. Resolving an issue favorably for the customer must be your objective and can only be accomplished by seeing the problem from their perspective.Rate this question:
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- 17.
Every person who has failed at Network Marketing has made this critical mistake?
- A.
Invested to much money
- B.
Listened to the wrong people
- C.
Missed to many training events
- D.
Simply Quit
Correct Answer
D. Simply QuitExplanation
Quitting at anything is terminal! Network Marketing is an industry that will require an investment of both your time and money. To earn more you will have to become more. Since this industry is also a business it will not necessarily be easy, but studies have show that those that stick with it normally earn high residuals.Rate this question:
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- 18.
Which advertising medium has the best success ratio for recruting?
- A.
Newspapaer
- B.
Internet
- C.
Radio
- D.
Direct mail
Correct Answer
D. Direct mailExplanation
Direct mail is considered to have the best success ratio for recruiting because it allows for targeted and personalized communication with potential candidates. Unlike other advertising mediums, direct mail can be tailored to specific demographics and delivered directly to the intended audience's mailbox. This makes it more likely for the message to be seen and considered by individuals who are actively seeking job opportunities. Additionally, direct mail allows for the inclusion of detailed information and promotional materials, making it a comprehensive and effective method for recruiting.Rate this question:
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- 19.
Which common retailing contest gets the best results?
- A.
Bucket Brigade
- B.
Coupon Royale
- C.
Punchcard Madness
- D.
None of the above
Correct Answer
D. None of the aboveExplanation
This is critical Question. If you are neither teachable or coachable then you are probably destined to be a person constantly trying to reinvent the wheel. This is certain failure!Rate this question:
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- 20.
Which of the following are examples of the Network Marketing process?
- A.
A new restaurant opens in town and you call a friend to tell them about the fabulous food and service
- B.
You received a 20% off coupon in the mail and can get an additional 10% when you visit the store with a friend, so you call Mary and ask her to go along with you
- C.
You loan your neighbor your grocery store loyalty card so they can get a discount on thanksgiving turkeys
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
All of the above are examples of Network Marketing. Sadly, 85% of our population refers or markets for clothing stores, food stores, gas stations, etc daily and never receive one dime for their efforts.Rate this question:
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