STS Quiz 3

assumptive

"I will just need your credit card for payment" represents which of the following closing techniques?

just-in-time inventory

A _____ is having just enough product on your shelves to meet the immediate purchases; this usually requires frequent shipment from your supplier.

depreciation statement

Barb will need all of these commonly used financial statements EXCEPT

is the point at which total costs equal gross revenue

Breakeven point

identifying the target market

In developing his marketing plan, Fred should know that ___ should be his first step.

secondary data

The numbers and data offered to Fred by the Chambers of Commerce and Department of Economic Development are called

All values listed in a balance sheet are historical values.

Which of the following statements is true regarding the balance sheet?

undifferentiated

Which of the following strategy is ideal while selling bottled water on a beach, on a hot summer day?

word-of-mouth

Which of the following would be the fastest way for Harry to build his client base?

foregoing receivables

Which of these is NOT a technique to increase cash inflows?

Plan

Which of these is NOT one of the 4Ps?

balance sheet

Which of these is a statement of what a business owns, what it owes to others, and how much value the owners have invested in it?

differentiated

A(n) ____ strategy is used when there is more than one market segment likely to need a product or service.

deciding on product

AIDA in the presentation component of personal selling includes all of the following EXCEPT

taking on noncore paying projects

All of the following provides savings in cash outflows EXCEPT:

receivables

Amounts that are owed to a business for merchandise that was sold on credit refers to:

publicity

Information about your company and its activities that is disseminated to the public in order to get their good opinion is known as

the deposits you have made after bank closing

Information that the bank knows about your account that you do not know includes all of these EXCEPT:

stock options

The most common noncash incentive(s) is/are:

low levels of customer loyalty in new customers

The proof of a CRM effort is seen in all of the following EXCEPT

2.0

The rule of thumb for evaluating the current ratio is that the minimum acceptable ratio is

unexpected increases in taxes

The small business owners in the NFIB Foundation poll reported that all of these were causes of cash flow problems EXCEPT:

cash-to-cash cycle

The time that is required for a business to acquire resources, conver them into a product, sell the product, and receive cash from the sale refers to:

commercial paper

The two forms of short-term financing are short term debt and:

it is a sub-discipline of direct marketing

Which of the following statements about buzz marketing is false?

In terms of a three-year lease, with a one-year cap you are obligated to pay one year's more rent

Which of the following statements about handling an early termination is false?

They are unaffected by changes in output

Which of the following statements is true about fixed costs?

using personal money

Which of these is the number one strategy employed by small businesses for handling money shortages?

Peachtree

Which of these most commonly used accounting systems may be useful for Barb to keep her records?

assets = liabilities + owner's equity

Which of these represent the accounting equation?

discussing the target market

Which of these represent the first step of a marketing plan?

balance sheet

Which of these statements would describe what Barb's Bakery owns, what it owes to others, and how much value Barb has invested in it?

offering discounts for deferred payments

Which of these techniques is not one that Tammy can use to increase her cash inflows?

SWOT analysis

Which of these tools is useful in conducting a situation analysis?

income statement

Which statement lists revenues and expenses, and shows the amount of profit a business makes for a specified period of time?

a fulfillment center

With direct marketing, one option to consider when you are doing quantity shipping is

agent

A middleman business which represents a manufacturer's products or services to other business-to-business middleman firms is called a(n)

charge back

A reduction in the bank account of a merchant by a credit card company refers to:

liability

A(n) ___ is something you owe someone else.

it makes it difficult for others to acquire your business

Accounting is important to a small business for all of these reasons EXCEPT

the service provider records the gross amount of each credit card sale

Accounting payments by credit card causes significant differences between the bank and book balances due to all of the following reasons EXCEPT

payables

Accounts owed to vendors for merchandise or services purchased on credit is called:

accounts receivable records

Accurate and timely ___ are essential for making decisions concerning the extension of credit. They also help produce accurate billing of customers, and thus help to maintain good customer relations.

operating

Activities involved in producing and selling goods and service are called ___ activities.

receivables

Cash is composed of all of these forms of money that can be immediately used to make payments EXCEPT:

indirect competition

Companies that provide alternatives that are dissimilar to your product/service that consumers might choose to meet a similar need are called

geographic

Dividing the market into different segments using certain cities or neighborhoods refers to ___ segmentation.

demographic

Dividing the market into different segments using income, age, or religion refers to ___ segmentation.

primary

Ethan is a marketing research executive for Coca Cola. Recent sales figures suggest that the sales for Coke have fallen drastically in Cincinatti, Iowa. The regional manager wants Ethan to conduct a market research in Cincinnati. Which of the following research should Ethan use?

how will you solve employee grievances

Examining the current situation includes all of the following EXCEPT

indirect exporting

Exporting using middlemen such as agents or export management companies is referred to as

direct marketing

Knowing the market of professors at other universities well, Jessica has decided to approach them for her product sales. This method can be described as

as a measure of how much debt a business can support

Lenders use operating income specifically

market expansion

Name the strategy whose goal is growth, based on selling in areas or to groups previously not served by the business.

Ethnographic

Noel is a management student who needs to conduct primary data for his project on "Retail Marketing." He goes to a local department store and observes customers. He makes a note of the different products the customers choose, and the time they spend in making decisions in choosing different products. Which of the following best explains this type of research?

knowing what your sales will be

One of the most important pieces of the marketing plan that determines your profitability and ultimately whether you will stay in business or not is

start at the end and work your way up by asking each link from whom they buy

One suggestion for finding out which distribution channel is correct for your product is to

deciding

Process of personal selling includes all of the following EXCEPT

power

Public interest includes all of the following EXCEPT

which employees do we send?

Putting together an export strategy involves answering all of the following questions EXCEPT

cash-to-cash cycle

Tammy needs to know that the time that is required for her to acquire resources, convert them into craft products, sell the products, and receive cash from the sale is called:

company book balance

The ___ is the name given to the sum of cash inflows and cash outflows recorded in the firm's accounting records.

balance sheet

The ____ is also called the Statement of Financial Position

payables

The amount owed to vendors from whom Tammy purchased the craft merchandise on credit is called:

guerilla marketing

The use of creative and relatively inexpensive ways to reach your customers with techniques such as door-knob hangers and flyers under windshield wipers is called

availability float and processing float

There are two primary causes of float:

Multichannel marketing

This form of marketing allows your customers to contact you in the way they feel the most comfortable.

succinct message

To develop a(n) ____, one should try to think of three to five key words that would describe their business to anyone.

certainty situation

To make good decisions, we need all of these EXCEPT

target market

Your ___ is the segment(s) you select to concentrate your marketing efforts.

$5 to $25 a square foot

"Tenant improvement allowances" or "construction allowances" are rent dollars typically

bot

A Web-based program that uses artificial intelligence technique to automate tasks such as searches is called a(n)

microinventory

A _____ is a set of goods or services that consists of only one or a few items

overdraft

As Tammy always ended up writing more checks than the money she had in her checking account, her son recommended that she establish with her bank to ___ her account so that her checks could be paid.

it is the bakery industry requirement

Barb needs to know that accounting is important to her business because of all these EXCEPT

cost potential

For high customer contact businesses, which of the following is NOT a critical site selection consideration?

Where are my customers? Where should I be?

For small business location issues, there are two basic "where" questions to be considered

marketing research

Fred has received various different numbers from the local Chamber of Commerce and Economic Development office on how big the potential market is. Which of these can verify the size of the potential market for Fred?

E-mailing

Given that Jessica has a very limited budget, which of the following forms of direct mail might be least expensive?

business stationary

Harry just received in mail several boxes of __ which puts his name and message in front of potential clients, existing clients, suppliers, and others.

cash disbursements budget

Identify the budget that is a schedule of the amounts and timings of payments of cash out of a business.

open-ended

If Fred decides to conduct a survey to collect data, compare groups, and statistically analyze data, which of these questions should he avoid?

open-ended

If Fred wants to find new niches and perfect his services before he opens Super Sports, he should focus on which of these questions?

can be run off rather inexpensively at many copy centers

If Harry wants to develop brochures for his company's services, he needs to know that they

direct response advertising

If Jessica places an advertisement in "Chronicle of Higher Education," a leading publication for University professors about her product with her e-mail and contact information, it can be described as

opening paragraph

In developing a press release for his company, Harry needs to include the five Ws and one H in the

open-ended

Questions that allow respondents to express themselves as they choose are called ___ questions.

value proposition

Small business owners' unique selling points that will be used to differentiate their products and/or services from those of the competition refers to their

born international

Some of Jessica's students suggested that she create a Web site for her product and company. Being a new company immediately starting a Web site, her company can be called

cash flow from subsidies

Tammy insists that cash for her business can come from all of these sources. Her son should point out that ___ is not one of the sources for Tammy's cash needs.

cash receipts budget

The basis of being able to control a business's money is to understand and be able to predict the patterns of cash flows. This is possible by preparing a:

profit

The difference between revenue and expense is called:

bankrupt

The financial state of having more debt than assets means, you are

opening paragraph

The five Ws and one H of the story should be presented in the ___ of the press release.

aged

The key in controlling receivables is to have them ___, by sorting them into groups of those that are 30, 60, 90, and over 90 days past due.

gaming the payment process

Using methods to appear to be paying bills on time, when in fact payment is being delayed or avoided is called:

budget

What becomes a standard against which performance can be measured, once it has been established?

expense

What do you call a decrease in owners' equity cauesd by consuming your product or service?

The need to find the right market for your offering

What is perhaps the greatest challenge of the direct mail approach?

the data on current or prospective customers

What is the key to CRM?

press relations

What is the term fo rthe activities used to establish and provide a favorable opinion by the media?

discount for prompt payments

When a business offers you a discount of 2 percent if you pay the bill in full within 7 days, it is called:

contract manufacturing

When an existing firm with the correct manufacturing capabilities makes your product for you, it is called

For any type of equipment, you want the landlord to at least guarantee the first six months of operation

Which of the following statements about HVAC is false?

It is a method where it is easy to discern feedback.

Which of the following statements about advertising is false?

income statement

When exploring the accounting system software, Barb should know that ___ lists revenues and expenses and shows the amount of profit her business has made for a specified period of time.

word-of-mouth

When it comes to promoting a small business that is just starting out, spreading the news by___ is the fastest way to build a client base.

geographic segmentation

When you divide the market you serve based on regions, such as, Northeast, Southeast, and Midwest, it is called

demographic segmentation

When you divide your total market based on age and income, it is called

shipping

Which among the following is a variable cost?

Magazines

Which form of direct response advertising allows for very specific targeting and offers an appropriate place for direct response advertising for business-to-business selling?

the CAN-SPAM act

Which of the following Acts lets you contact people with whom you have done business by asking cusomers' permission to email them?

business entity

Which of the following accounting concepts makes it possible to separate business transactions from personal transactions?

Open-ended and close-ended

Which of the following are the two major types of questions used in surveys?

Documentary drafts

Which of the following can be exercised only when presented with specified shipping documents?

contact data

Which of the following data gives you the particulars on your customers?

For direct e-mailing, sender must use harvested e-mail addresses

Which of the following is NOT a requirement of the national law related to e-mailing?

It may not be timely

Which of the following is a problem with secondary data?

differential advantage

Which of the following is also known as a competitive advantage?

addressing the 4 P's

Which of the following is the final step of a marketing plan?

In-person

Which of the following is the most expensive survey method?

sales packets

Which of the following provide potential customers an education in your product or service, including stories of customers' whose problems were solved, an FAQ list, as well as a page on your products or services, and a page on you and your firm?

if you link sales and purchase basis to the type of customer

You might figure how to better target ads or promotions to particular types of customers

advertising; public relations

___ is often used to support the corporate identity and value propositions that are established ____ efforts.

pre-qualifying

___ means cleaning up your list to remove potential clients that are unable or unlikely to buy your product.

short-term debt

___ must be paid in less than one year from the date of the financial statement on which it is reported.

primary

___ research is research gathered to answer a specific marketing question.

press kits

___ should include product or service brochures, business cards, product information, and other materials that can provide background material for a reporter; they should include a letter of introduction and may include a brief history of the firm and information about the owner and other key managers.

open-ended

____ questions can help you find new niches and perfect your product or service before you introduce it.

Rent-free use period

_____ is a concession which covers the time while you prepare your location prior to opening.

Word-of-mouth

_____ is usually the first technique an entrepreneur uses to get customers.