MODULE 1 QUIZ

Today companies are focusing on ___ which involves building, maintaining, and enhancing interactions with customers and other parties so as to develop long-term satisfaction through mutually beneficial partnerships.

relationship management

What is the primary difference between a good and a service?

A good is tangible and a service is intangible.

Which of the following statements about strategic alliances is true?

A strategic alliance is sometimes called a strategic partnership.

Thom Nielssen owns 500 acres of woodland. His forest is an example of which factor of production?

Natural resources.

___ is the amount of money remaining from a firm's sales revenue after it deducts production costs, interest costs, and taxes.

Profit

Curtiss Anaya is planning to sell kites on the beach this summer to pay for next year's school expenses. ___ refers to the potential that Curtiss will lose money and waste his time and end up at the end of the summer with not enough money to cover his expenses.

Risk.

Which of the following is the best example of a good?

The birthday candles you purchased to go on your sister's birthday cake.

Which of the following words best describes the business environment?

dynamic.

Archer Daniels Midland Co. (ADM) has joined Baron Spices and Seasonings to market spices, seasonings, and herbs to the food service industry. ADM will provide the raw materials, and Baron will act as the distributor and use its already existing relationships with participants in the food service industry to make a success of this:

strategic alliance.

Which of the following is the BEST example of a non-for-profit business?

the American Cancer Society.