STS 2830 CH_10_11_12_13_14

2. _____ research is research gathered to answer a specific marketing question. A. Primary B. Post secondary C. Secondary D. Consumer

A. Primary

20. _____ is a concession which covers the time while you prepare your location prior to opening. A. Rent-free use period B. Leasehold improvement C. Construction allowance D. Tenant improvement allowance

A. Rent-free use period

19. Which of these tools is useful in conducting a situation analysis? A. SWOT analysis B. Marketing research C. Sales forecasting D. Ethnographic research

A. SWOT analysis

2. Your _____ is the segment(s) you select to concentrate your marketing efforts. A. target market B. CRM C. customer vector D. value proposition

A. target market

6. Which of following is the most expensive survey method? A. Mail B. Phone C. In-person D. On line

C. In-person

19. What becomes a standard against which performance can be measured, once it has been established? A. Budget B. Liquidity C. Balance sheet D. Statement of cash flows

A. Budget

2. Which of the following accounting concepts makes it possible to separate business transactions from personal transactions? A. Business entity B. Costs and expenses C. Going concern D. Accounting equation

A. Business entity

15. Identify the budget that is a schedule of the amounts and timings of payments of cash out of a business. A. Cash disbursements budget B. Comprehensive budget C. Cash receipts budget D. Cash budget

A. Cash disbursements budget

16. Which of the following data gives you the particulars on your customers? A. Contact data B. Performance data C. Product data D. Service data

A. Contact data

15. Which of the following can be exercised only when presented with specified shipping documents? A. Documentary drafts B. Letter of credit C. Airway bill D. Bill of lading

A. Documentary drafts

Scenario: Super Sports Fred Fike has served as a guide for adventure sports such as kayaking and rock climbing, and is an active climber and a professional bicycle racer. He has decided to venture into the business of high-end bicycles under the banner Super Sports, Inc. Fred needs to explore the idea of location, marketing, and financing. He has a pretty good idea of location, so he concentrates on marketing issues. 22. 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? A. Marketing research B. Profit forecasting C. Market segmentation D. Location analysis

A. Marketing research

22. Which of these most commonly used accounting systems may be useful for Barb to keep records? A. Peachtree B. TaxCut C. TurboTax D. Checkpro

A. Peachtree

23. _____ 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. A. Press kits B. The promotional mix C. Flyers D. Business stationery

A. Press kits

20. What is the term for the activities used to establish and promote a favorable opinion by the media? A. Press relations B. Cognitive dissonance C. Press release D. Public recognition

A. Press relations

1. For small business location issues, there are two basic "where" questions to be considered A. Where are my customers? Where should I be? B. Where are my customers? Where are my suppliers? C. Where are the raw materials? Where are the finished products? D. Where are the sales? Where are the profits?

A. Where are my customers? Where should I be?

28. Which of the following would be the fastest way for Harry to build his client base? A. Word-of-mouth B. Full-scale advertising C. Personal selling D. Point-of-sale

A. Word-of-mouth

10. . The _____ is also called the Statement of Financial Position. A. balance sheet B. income statement C. cash flow statement D. statement of retained earnings

A. balance sheet

16. When an existing firm with the correct manufacturing capabilities makes your product for you, it is called A. contract manufacturing. B. sheltered workshops. C. e-tailing. D. freight forwarding.

A. contract manufacturing.

Scenario: Simulate Strategy While teaching strategy at ABC University, Jessica developed an interactive strategy simulation game to teach and reinforce the strategy concept to students in her class. She saw that students were able to grasp the concepts much better playing the game, rather than from reading the book. Jessica tinkered with the game for two years in her class to perfect it and remove the glitches. Her thought was that if her students were learning more efficiently with this game, then could other students at other universities benefit as well? The result was the launch of Simulate Strategy, Inc. 22. 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 A. direct marketing. B. going international. C. using middlemen. D. wholesaling.

A. direct marketing.

20. Using methods to appear to be paying bills on time, when in fact payment is being delayed or avoided is called: A. gaming the payment process. B. growth trap. C. charge back. D. cash-to-cash cycle.

A. gaming the payment process.

3. Dividing the market into different segments using certain cities or neighborhoods refers to _____ segmentation. A. geographic B. economic C. demographic D. cultural

A. geographic

24. 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. A. income statement B. balance sheet C. cash flow statement D. depreciation statement

A. income statement

14. Exporting using middlemen such as agents or export management companies is referred to as A. indirect exporting. B. freight forwarding. C. e-tailers. D. high credit risk exporting.

A. indirect exporting.

18. Breakeven point A. is the point at which total costs equal gross revenue. B. is the point at which fixed costs equal variable costs. C. is the point at which total costs equal profit. D. is the point at which variable costs equal gross revenue.

A. is the point at which total costs equal gross revenue.

10. 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 A. knowing what your sales will be. B. regulations that affect your business. C. estimating the human resource need. D. having the succession plan in place.

A. knowing what your sales will be.

8. Questions that allow respondents to express themselves as they choose are called _____ questions. A. open-ended B. categorical C. dichotomous D. scalar

A. open-ended

14. Activities involved in producing and selling goods and services are called _____ activities. A. operating B. investing C. financing D. marketing

A. operating

23. The amount owed to vendors from whom Tammy purchased the craft merchandise on credit is called: A. payables. B. demand deposits. C. receivables. D. inventory.

A. payables.

4. Amounts that are owed to a business for merchandise that was sold on credit refers to: A. receivables. B. demand deposits. C. payables. D. charge back.

A. receivables.

12. One suggestion for finding out which distribution channel is correct for your product is to A. start at the end and work your way up by asking each link from whom they buy. B. ask the competitors. C. explore what regulations are required from the small businesses. D. ask the customers who do they prefer buying the products from.

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

12. Accepting payments by credit card causes significant differences between the bank and book balances due to all of the following reasons EXCEPT: A. the service provider records the gross amount of each credit card sale. B. the service provider takes up to three working days to actually make the deposit to your account. C. the credit card service provider deposits to your account the sale amount less the credit card service fee. D. credit card clearing services also will reduce the amount deposited in the event of fraud.

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

9. 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. A. word-of-mouth B. full-scale advertising C. personal selling D. point-of-sale

A. word-of-mouth

19. _____ "Tenant improvement allowances" or "construction allowances" are rent dollars typically A. $1 to $10 a square foot. B. $5 to $25 a square foot. C. $10 to $50 a square foot. D. $15 to $75 a square foot.

B. $5 to $25 a square foot.

12. The rule of thumb for evaluating current ratio is that the minimum acceptable ratio is A. 3.0. B. 2.0. C. 1.0. D. 4.0.

B. 2.0.

3. Which of these represent the accounting equation? A. Liabilities = Assets + Owners' Equity B. Assets = Liabilities + Owners' Equity C. Assets = Liabilities - Owners' Equity D. Owners' Equity = Assets + Liabilities

B. Assets = Liabilities + Owners' Equity

11. 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? A. Income statement B. Balance sheet C. Cash flow statement D. Statement of retained earnings

B. Balance sheet

25. 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? A. Income statement B. Balance sheet C. Statement of retained earnings D. Statement of owner's equity

B. Balance sheet

13. Which of these represent the first step of a marketing plan? A. Examining the current situation B. Discussing the target market C. Creating a detailed marketing strategy and objectives D. Addressing the 4 P's

B. Discussing the target market

18. Which of the following statements about HVAC is false? A. It can be the most expensive type of repair. B. For any type of equipment, you want the landlord to at least guarantee the first six months of operation. C. It is one of the types most likely to go wrong. D. If the location has a central air system so everyone shares the same air

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

6. Which of the following is NOT a requirement of the national law related to e-mailing? A. Do not in any way falsely misrepresent who you are. B. For direct e-mailing, sender must use harvested e-mail addresses. C. All emails should allow recipient the opportunity to "opt-out." D. Do not in any way falsely misrepresent where the e-mail is from.

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

16. Which of these is NOT a technique to increase cash inflows? A. Taking deposits and progress payments. B. Foregoing receivables. C. Asking for your money. D. Taking on noncore paying projects.

B. Foregoing receivables.

4. Which of the following is a problem with secondary data? A. It may not be economical B. It may not be timely C. It may be too user-friendly D. It may be competitive

B. It may not be timely

9. This form of marketing allows your customers to contact you in the way they feel the most comfortable. A. Guerilla marketing B. Multichannel marketing C. Internet marketing D. Direct sales

B. Multichannel marketing

12. _____ means cleaning up your list to remove potential clients that are unable or unlikely to buy your product. A. CRM B. Pre-qualifying C. Cognitive dissonance D. Closing

B. Pre-qualifying

8. 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? A. Promotional novelties B. Sales packets C. Business cards D. Brochures

B. Sales packets

16. Which of the following statements is true about fixed costs? A. They can be assigned to a specific item sold or manufactured. B. They are unaffected by changes in output. C. Fixed cost per item increases as the number of units produced increases. D. They include expendables.

B. They are unaffected by changes in output.

21. Which of these is the number one strategy employed by small businesses for handling money shortages? A. Borrowing B. Using personal money C. Adjusting scheduled purchases D. Laying off employees

B. Using personal money

25. 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 A. freight forwarders. B. born international. C. a middleman. D. an exporter.

B. born international.

11. A Web-based program that uses artificial intelligence technique to automate tasks such as searches is called a(n) A. e-tailer. B. bot C. blogger. D. tag identification.

B. bot

2. The time that is required for a business to acquire resources, convert them into a product, sell the product, and receive cash from the sale refers to: A. seasonal sales. B. cash-to-cash cycle. C. hard-to-soft circle. D. charge back cycle.

B. cash-to-cash cycle.

8. The two forms of short-term financing are short term debt and: A. cash equivalent. B. commercial paper. C. marketable security. D. demand deposit.

B. commercial paper.

9. The _____ is the name given to the sum of cash inflows and cash outflows recorded in the firm's accounting records. A. bank ledger balance B. company book balance C. clearing house D. bank available balance

B. company book balance

8. 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 A. multichannel marketing. B. guerilla marketing. C. direct sales. D. direct mail.

B. guerilla marketing.

26. In developing his marketing plan, Fred should know that _____ should be his first step. A. conducting a situation analysis B. identifying the target market C. addressing the 4 Ps D. detailing the marketing strategy and objectives

B. identifying the target market

4. A(n) ______ is something you owe someone else. A. asset B. liability C. owners' equity D. cash flow

B. liability

25. 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. A. partial close B. overdraft C. demand deposit D. float

B. overdraft

6. Cash is composed of all of these forms of money that can be immediately used to make payments EXCEPT: A. currency. B. receivables. C. demand deposits. D. traveler's checks.

B. receivables.

19. The most common noncash incentive(s) is/are: A. autonomy. B. stock options. C. added vacation days. D. compensating time off.

B. stock options.

5. To develop a(n) _____, one should try to think of three to five key words that would describe their business to anyone. A. advertisement B. succinct message C. public relations piece D. press kit

B. succinct message

18. All of the following provides savings in cash outflows EXCEPT: A. trade discounts. B. taking on noncore paying projects. C. barter. D. use of temporary agencies.

B. taking on noncore paying projects.

1. 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 A. press kits. B. value proposition. C. trendiness. D. segmentation.

B. value proposition.

13. "I will just need your credit card for payment" represents which of the following closing techniques? A. Trial B. Urgency C. Assumptive D. Threatening

C. Assumptive

17. For high customer contact businesses, which of the following is NOT a critical site selection consideration? A. Traffic B. Customer ease C. Cost potential D. Competition

C. Cost potential

12. Which of the following is also known as competitive advantage? A. Marketing strategy B. Sales forecasting C. Differential advantage D. Marketing research

C. Differential advantage

23. Given that Jessica has a very limited budget, which of the following forms of direct mail might be least expensive? A. Brochures B. Sales letters C. E-mailing D. Post-cards

C. E-mailing

21. Which of the following statements about handling an early termination is false? A. The bailout clause lets you out of the lease if sales do not meet an agreed-to level. B. If your business falters, you are obligated to continue paying your monthly rent and fees for the duration of the lease. C. In terms of a three-year lease, with a one-year cap you are obligated to pay one year's more rent. D. In terms of a three-year lease, if you close down after only six months, you are obligated to pay 30 more months' rent.

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

8. Which statement lists revenues and expenses, and shows the amount of profit a business makes for a specified period of time? A. Balance sheet B. Statement of retained earnings C. Income statement D. Cash flow statement

C. Income statement

7. Which of the following statements about advertising is false? A. The key for effective advertising is reinforcing the name and what it stands for in the consumer's mind. B. For effective advertising, approaches which provide the highest level of certainty possible in reaching the target market should be used. C. It is a method where it is easy to discern feedback. D. Advertising can be done in print ads in newspapers, magazines, and other print media.

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

10. Which of the following statements about buzz marketing is false? A. It has aspects of network marketing in that you tell one person who tells another who tells still another. B. The phrase is most commonly used in reference to using electronic media to pass the message along. C. It is a sub-discipline of direct marketing. D. In buzz marketing, if your product is relevant and appealing, it is likely to be picked up and sent along via e-mail, blog, or a social networking site.

C. It is a sub-discipline of direct marketing.

24. If Fred decides to conduct a survey to collect data, compare groups, and statistically analyze data, which of these questions should he avoid? A. Scalar B. Dichotomous C. Open-ended D. Categorical

C. Open-ended

25. If Fred wants to find new niches and perfect his services before he opens Super Sports, he should focus on which of these questions? A. Scalar B. Dichotomous C. Open-ended D. Categorical

C. Open-ended

9. _____ questions can help you find new niches and perfect your product or service before you introduce it. A. Categorical B. Dichotomous C. Open-ended D. Scalar

C. Open-ended

7. Which of the following are the two major types of questions used in surveys? A. Formal and informal B. Primary and secondary C. Open-ended and close-ended D. Personal and professional

C. Open-ended and close-ended

3. Ethan is a marketing research executive for Coca Cola. Recent sales figures suggest that the sales for Coke have fallen drastically in Cincinnati, Iowa. The regional manager wants Ethan to conduct a market research in Cincinnati. Which of the following research should Ethan use? A. Post secondary B. Secondary C. Primary D. Closed

C. Primary

17. Which among the following is a variable cost? A. Lighting B. Security C. Shipping D. Cleaning

C. Shipping

19. Which of the following Acts lets you contact people with whom you have done business by asking customers' permission to e-mail them? A. The Communications Act B. The Do-Not-Call Implementation Act C. The CAN-SPAM Act D. The Junk Fax Prevention Act

C. The CAN-SPAM Act

15. What is the key to CRM? A. Tracking sales by purchase basis B. Follow-through and follow-up C. The data on current or prospective customers D. Press release and press kit

C. The data on current or prospective customers

3. What is perhaps the greatest challenge of the direct mail approach? A. The need for adequate preparation before selling B. The need for writing and photography skills C. The need to find the right market for your offering D. A way to get customers' attention

C. The need to find the right market for your offering

2. _____ is usually the first technique an entrepreneur uses to get customers. A. Internet B. Guerilla marketing C. Word-of-mouth D. Telemarketing

C. Word-of-mouth

10. With direct marketing, one option to consider when you are doing quantity shipping is A. the retailer. B. the U.S. Postal Service. C. a fulfillment center. D. the wholesaler.

C. a fulfillment center.

15. 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. A. recorded B. cataloged C. aged D. classified

C. aged

11. A middleman business which represents a manufacturer's products or services to other business-to-business middleman firms is called a(n) A. retailer. B. wholesaler. C. agent. D. supplier.

C. agent.

9. Lenders use operating income specifically A. as a measure of how well management achieved sales. B. as an indication of future sales. C. as a measure of how much debt a business can support. D. as an indication of a business's ability to control costs.

C. as a measure of how much debt a business can support.

5. The financial state of having more debt than assets means, you are A. rich. B. profitable. C. bankrupt. D. solvent.

C. bankrupt.

Scenario: Howard Homes Harry Howard, a successful real estate broker, has established his own real estate company in western Pennsylvania. He gained his on-the-job experience working at a very large real estate company where he had a whole staff supporting the brokers' work. Now on his own, with two secretaries, Harry is building his dream of owning and growing his own business. He wants to mainly focus on middle-to-upper-income homeowners and is exploring what type of promotional material he needs to have. 26. Harry just received in mail several boxes of _____ which puts his name and message in front of potential clients, existing clients, suppliers, and others. A. brochures B. sales packets C. business stationery D. flyers

C. business stationery

27. If Harry wants to develop brochures for his company's services, he needs to know that they A. are sales document to be posted or handed out, typically printed on sheets of colored paper or printed in color on white stock of paper. B. are standard blank papers typically imprinted with his company's name and contact information. C. can be run off rather inexpensively at many copy centers. D. give less information about his firm and products than his business card.

C. can be run off rather inexpensively at many copy centers.

24. 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. A. cash flow from operations B. cash from financing C. cash flow from subsidies D. cash flow from investing

C. cash flow from subsidies

14. The basis to 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: A. cash disbursements budget. B. comprehensive budget. C. cash receipts budget. D. cash budget.

C. cash receipts budget.

21. AIDA in the presentation component of personal selling includes all of the following EXCEPT A. getting prospect's attention. B. stimulating interest. C. deciding on product. D. customer taking action.

C. deciding on product.

4. Dividing the market into different segments using income, age, or religion refers to _____ segmentation. A. geographic B. economic C. demographic D. cultural

C. demographic

16. When you divide your total market based on age and income, it is called A. personality segmentation. B. benefit segmentation. C. demographic segmentation. D. geographic segmentation.

C. demographic segmentation.

18. A(n) _____ strategy is used when there is more than one market segment likely to need a product or service. A. undifferentiated B. concentrated C. differentiated D. cost-leadership

C. differentiated

1. Examining the current situation includes all of the following EXCEPT A. what your existing competition is doing. B. how you define your product or service. C. how will you solve employee grievances. D. to whom will you sell.

C. how will you solve employee grievances.

20. Companies that provide alternates that are dissimilar to your product/service that consumers might choose to meet a similar need are called A. direct competition. B. simulators. C. indirect competition. D. promotional marketers.

C. indirect competition.

Scenario: Barb's Bakery Barb Bowman fell into the baking business. It used to be a hobby. She made and sold cakes and cookies for birthdays and family events in the neighborhood and for friends' parties. Now, having opened the bakery, the business has taken off and Barb is wondering what sort of records she needs to keep. 21. Barb needs to know that accounting is important to her business because of all of these EXCEPT A. it provides easy to understand plans for business operations. B. it shows how much her business is worth. C. it is the bakery industry requirement. D. she can't know what her business is doing without it.

C. it is the bakery industry requirement.

1. Accounting is important to a small business for all of these reasons EXCEPT A. banks, creditors, development agencies, and investors require it. B. it provides easy-to-understand plans for business operations. C. it makes it difficult for others to acquire your business. D. it proves what your business did financially.

C. it makes it difficult for others to acquire your business.

18. The proof of a CRM effort is seen in all of the following EXCEPT A. higher levels of customer loyalty in existing customers. B. higher levels of purchasing from your existing customers. C. low levels of customer loyalty in new customers. D. more tracked prospects making initial purchases from you.

C. low levels of customer loyalty in new customers.

4. A _____ is a set of goods or services that consists of only one or a few items. A. customer-managed inventory B. vendor-managed inventory C. microinventory D. just-in-time inventory

C. microinventory

22. The five Ws and one H of the story should be presented in the _____ of the press release. A. headline B. closing paragraph C. opening paragraph D. middle of the body

C. opening paragraph

29. In developing a press release for his company, Harry needs to include the five Ws and one H in the A. headline. B. closing paragraph. C. opening paragraph. D. middle of the body.

C. opening paragraph.

3. Amounts owed to vendors for merchandise or services purchased on credit is called: A. receivables. B. demand deposits. C. payables. D. charge back

C. payables.

5. The difference between revenue and expense is called: A. sales. B. interest. C. profit. D. overhead.

C. profit.

25. Information about your company and its activities that is disseminated to the public in order to get their good opinion is known as A. a mat release. B. a succinct message. C. publicity. D. public interest.

C. publicity.

11. Information that the bank knows about your account that you do not know includes all of these EXCEPT: A. the amount of service charges taken from your account. B. the amount of any direct payments made to your account by your customers. C. the deposits you have made after bank closing. D. the amount of any interest received or charged.

C. the deposits you have made after bank closing.

14. Which of these is the final step of a marketing plan? A. Examining the current situation B. Discussing the target market C. Creating a detailed marketing strategy and objectives D. Addressing the 4 P's

D. Addressing the 4 P's

6. _____ is often used to support the corporate identity and value propositions that are established through _____ efforts. A. Personal selling; point of sale B. Public relations; advertising C. Advertising; personal selling D. Advertising; public relations

D. Advertising; public relations

13. Which of the following statements is true regarding the balance sheet? A. It has a limited impact on financial ratios. B. It contains an exhaustive list of a business's assets and liabilities. C. The balance sheet contains exact figures. D. All values listed in a balance sheet are historical values.

D. All values listed in a balance sheet are historical values.

5. 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? A. Focus group B. Survey C. Secondary D. Ethnographic

D. Ethnographic

6. What do you call a decrease in owners' equity caused by consuming your product or service? A. Opportunity cost B. Cost C. Owners' equity D. Expense

D. Expense

7. 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? A. Television B. Radio C. Newspaper D. Magazines

D. Magazines

14. Name the strategy whose goal is growth, based on selling in areas or to groups previously not served by the business. A. Market penetration B. Product expansion C. Diversification D. Market expansion

D. Market expansion

26. Which of these techniques is not one that Tammy can use to increase her cash inflows? A. Taking deposits and progress payments. B. Asking for her money from customers. C. Taking on noncore paying projects. D. Offering discounts for deferred payments.

D. Offering discounts for deferred payments.

21. Which of these is NOT one of the 4Ps? A. Product B. Price C. Place D. Plan

D. Plan

7. . _____ must be paid in less than one year from the date of the financial statement on which it is reported. A. Commercial paper B. Receivables C. Marketable securities D. Short-term debt

D. Short-term debt

17. Which of the following strategy is ideal while selling bottled water on a beach, on a hot summer day? A. Benefit segmentation B. Concentrated C. Differentiated D. Undifferentiated

D. Undifferentiated

7. 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. A. payroll records B. leasehold records C. accounts payable records D. accounts receivable records

D. accounts receivable records

10. There are two primary causes of float: A. book balance float and bank ledger float. B. bank ledger balance and bank available balance. C. reconciling float and charge back float. D. availability float and processing float.

D. availability float and processing float.

Scenario: Tammy's Craft Corner Working at a local university, Tammy's favorite hobby included anything related to crafts. She could spend hours pouring over the craft books to actually working on and talking to people about craft projects. Tammy was great at what she did and liked to do, but lacked the money management skills. So when Tammy opened her business "Tammy's Craft Corner". Her son, a business major, decided to step in and help mom with managing the money side of the business. 22. 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: A. accounts payable cycle. B. reconciling. C. demand deposits timeframe. D. cash-to-cash cycle.

D. cash-to-cash cycle.

20. To make good decisions, we need all of these EXCEPT A. good information. B. efficient ways to condense information so it is understandable. C. methods to help compare alternatives. D. certainty situation.

D. certainty situation.

13. A reduction in the bank account of a merchant by a credit card company refers to: A. reconciling. B. liquidity. C. overdrafting. D. charge back.

D. charge back.

11. Process of personal selling includes all of the following EXCEPT A. presenting. B. closing. C. prospecting and evaluating. D. deciding.

D. deciding.

23. Barb will need all of these commonly used financial statements EXCEPT A. income statement. B. balance sheet. C. cash flow statement. D. depreciation statement.

D. depreciation statement.

24. 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 A. guerilla marketing. B. telemarketing. C. direct sales. D. direct response advertising.

D. direct response advertising.

17. When a business offers you a discount of 2 percent if you pay the bill in full within 7 days, it is called: A. noncore payments. B. progress payments. C. receivables discount. D. discount for prompt payments.

D. discount for prompt payments.

15. When you divide the market you serve based on regions, such as, Northeast, Southeast, and Midwest, it is called A. personality segmentation. B. benefit segmentation. C. demographic segmentation. D. geographic segmentation.

D. geographic segmentation.

17. You might figure how to better target ads or promotions to particular types of customers A. if you track sales by purchase basis. B. if you look at customer source basis and purchase. C. by tracking sales organized by product and customer satisfaction. D. if you link sales and purchase basis to the type of customer.

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

5. A _____ is having just enough product on your shelves to meet the immediate purchases; this usually requires frequent shipment from your supplier. A. macroinventory B. in-process inventory C. microinventory D. just-in-time inventory

D. just-in-time inventory

24. Public interest includes all of the following EXCEPT A. a good story. B. human interest. C. visuals. D. power.

D. power.

23. The numbers and data offered to Fred by the Chambers of Commerce and Department of Economic Development are called A. open-ended research. B. primary data. C. close-minded figures. D. secondary data.

D. secondary data.

1. The small business owners in the NFIB Foundation poll reported that all of these were causes of cash flow problems EXCEPT: A. difficulty collecting money due from customers. B. seasonal variations in sales. C. unexpected decreases in sales. D. unexpected increases in taxes.

D. unexpected increases in taxes.

13. Putting together an export strategy involves answering all of the following questions EXCEPT A. where should we go? B. whom do we contact over there? C. are we ready? D. which employees do we send?

D. which employees do we send?