Practice Quiz One Flash Cards
Which of these sample designs draws data from the knowledge of experts: A. Judgment sampling B. Referral sampling C. Simple random sampling D. Systematic random sampling (IM, 47, 2021)
Answer: A
Q: The purpose of depositing large bills in drop boxes upon receipt is to prevent what? Why I chose this: I got it wrong and thought it was a good fact to know. (no code, 8, answer write test)
Answer: A ( A robbery) Depositing large bills in drop boxes prevent robbery. They do not prevent fraud, burglary or pilferage.
Q: Which of these can a sales forecast predict sales? Why I chose this: I did not know what the options were. (MP, 56, 1182 Area Mkt Cluster)
Answer: A (A specific geographic area) Sales forecasts are defined as predictions of what a firm's sales will be during a specific future time period using a certain marketing plan. In addition to being able to predict sales for a specific geographic area, businesses can forecast sales for a specific product, an entire line of products, a target market, and the firm's total market.
What statement is true about technology in relation to channel management? A. Because technology continues to evolve, vertical conflict among channel members is occurring less often. B. Some businesses have the capacity to distribute most or all of their products through the Internet. C. Technological advancements generally require businesses to increase the number of intermediaries they use. D. Technology makes it more difficult to monitor the channel members' activities in most situations. (CM, 5, 2021)
Answer: B
When a business obtains primary data by manipulating several variables within a controlled environment, it is what? A. Ensuring positive results B. Conducting experimental research C. Analyzing focus-group feedback D. Making marketing decisions (IM, 46, 2021 Mkt CLuster)
Answer: B
Q: What type of promotional media might a statewide chain of supermarkets use in order to reach a large number of potential customers in its geographic area? Why I chose this: This one was hard for me because I I knew it was either b or c and it was a 50-50 but I guessed wrong. (no code, 21, answer write test)
Answer: B (Suburban newspapers) All other answers besides this one were not in this geographic area?
A society in which group ties are very loose is known as what? A. Collectivist society. B. "Feminine" society. C. Individualist society. D. Uncertainty-avoiding society. (EC, 20, 2021)
Answer: C
Q: Which of these examples illustrates the use of the cause and effect method of a format for structuring oral presentations? Why I chose this: I thought oral presentation meant a word of mouth presentation, but it doesn't. (no code, 4, answer write test)
Answer: D (The use of toxic chemicals in the environment can result in the extinction of many species of waterfowl) I am not sure why, Answer Wright Test does not give explanations as to why the correct answer is correct.
Q: Customers buy products to benefit what? Why I chose this: I thought this one was obvious, but I got it wrong so thought it would be a good one to know. (no code, 22, answer write test)
Answers: D (Retailers) Customers buy products to benefit retailers not themselves.
Q: A research study participant providing incorrect information on a questionnaire is an example of a? Why I chose this: I think i just blanked on this one I think I can get this right next time. (no code, 31, answer write test)
Answer: D (response error) If it is giving incorrect info it is an error.
Q: What a brand is and stands for, as well as how it behaves and the qualities it projects, are embodied in its what? Why I chose this: I guessed on this one. (no code, 18, answer write test)
Answer: A (Personality) Personality is how a brand behaves and the qualities it projects. Not identity, logo or equity.
Q: The purpose of legal procedure is to ensure that each party receives what? Why I chose this: I wasn't completely sure. (no code, 39, answer write test)
Answer: B (Consistent treatment) Consistent treatment over ongoing advice, a reasonable verdict, or an indictment in this situation.
Q: Which of these is an example of a business creating possession utility. Why I chose this: What is possession utility? (EC, 15, 1213 State Mkt Cluster)
Answer: B (Frederick's Furniture Store offers installment credit plans to its customers) Possession utility is the usefulness created when ownership of a product is transferred from the seller to the user. By offering credit, because the store is providing an option. Extending business hours is a way that businesses create time utility.
Which of these is a true statement about housekeeping in a retail business? Why I chose this: This one just confused me for some reason. (no code, 32, answer write test)
Answer: C (It is an ongoing responsibility) It seems like the only reasonalbe answer out of the options.
Merchants that export fruits and veggies to the country of Uzoo are required to pay to the Uzoo government. This is know as what? A. Domestic fee B. Export tax C. Restriction D. Tariff (BL, 2, 2021)
Answer: D
Q: Brix Beauty Salon used a celebrity's name and photograph in a recent newspaper advertisement, even though the celebrity had not given Brix permission to use her name and likeness. What tort did Brix Beauty Salon commit? Why I chose this: I did not know what any of the terms meant. (BL, 1, 1205 Area Mkt Cluster)
Answer: A (Appropriation) Appropriation-wrongful interference, defamation, and conversion are four kinds of torts. Wrongful interference- consists of predatory behavior undertaken by a business to draw either customers or employees away from a competitor. Defamation- making false, malicious statements about a person or organization. Conversion- occurs when personal property is taken from the owner and given to someone else to use.
Q: A primary reason that employees experience burnout in the workplace is because they do what? Why I chose this one: I though this one was easy but I got it wrong. (no code, 28, answer write test)
Answer: A (Become board with the work) I am not sure why this is the answer since being burnout means like your exgusted not board.
Q: Which of these quality-control methods improves quality by saving time and allowing potential problems to be caught earlier in the product design and development process? Why I chose this: I don't know what the answers are and the question is confusing. (OP, 70, 1182)
Answer: A (Concurrent engineering) Concurrent engineering is a quality-control method in which product design and development are performed simultaneously. House of quality matrix is a quality-control tool that helps managers to determine if a product meets customer needs or not. Lean production focuses on maximizing customer value while minimizing waste. A Pareto chart is a type of bar graph that helps identify which problems need to be addressed first.
Q: Which of the following types of business organizations reduces or limits the risk of its stockholders? Why I chose this: I do not know what some of the differences between the answers are. (BL, 2, 1182 Area Mkt Cluster)
Answer: A (Corporation) A partnership usually divides the risk among two or three partners. In a sole proprietorship, the owner generally assumes all of the risk. A franchise is a contractual agreement between a parent company and a franchisee to distribute goods and services.
Q: What type of deposit-taking institution is owned by its members or customers? Why I chose this: I do not know anything about any of these banks? (FI, 39, 1205)
Answer: A (Credit Union) A credit union is a nonprofit financial cooperative set up to provide savings and credit services to its members, who own the credit union.
Kent is going to start his own business. He is concerned that the merchandise he wants to carry will go out of style soon after opening his business. Which type of risk must he prepare for? Why I chose this: I had no clue. (no code, 24, answer write test)
Answer: A (Economic) I am not sure why it is economic but if I just remember I won't need to know why, just the answer.
Q: What level of management is responsible for setting the organization's goals? Why I chose this: I had no clue, guessed and got lucky. (SM, 100, 1213 State Mkt Cluster)
Answer: A (Executive) Executive or top-level managers have the most authority and responsibility within the business structure. Mid-level or middle managers are responsible for implementing the goals set by executive managers. First-line or supervisory managers carry out the actions and plans that are developed by middle managers, which are based on the goals set by the executive managers.
Q: What are the characteristics of dissonance-reducing buying behavior? Why I chose this: What is dissonance-reducing buying behavior? (MK, 49, 1213 State Mkt Cluster)
Answer: A (Expensive, infrequent purchase with high buyer involvement and few perceived differences) Some items, such as carpeting for your home or office, are expensive items that are not purchased frequently. These types of goods involve a lot of thought and consideration, but many buyers do not perceive great differences among brands.
Q: What type of government policy involves manipulating the business cycle by raising or lowering taxes? Why I chose this: What do these options mean? (EC, 18, 1213)
Answer: A (Fiscal) A government's fiscal policy sets levels of government spending and taxation. Monetary policy influences the amount of money that will be in circulation as well as interest-rate levels. Social policies are government actions that influence the welfare or living conditions of the country's citizens. Trade policies are the guidelines that a government sets for the country's imports and exports.
Q: The business owner carried insurance on the building, office equipment, and inventory. This is an example of what type of operating cost? Why I chose this: I didn't know most of what the options meant. (OP, 70, 1205)
Answer: A (Fixed Expense) The costs of doing business that do not fluctuate with changes in sales volume are known as fixed expenses. Payments for such items as insurance, taxes, and interest are fixed amounts that the business owner must pay on a regular basis.
Q: Being enthusiastic about your job is an example of what type of behavior that builds positive working relationships? Why I chose this: I got it wrong and disagree with the right answer and want to see why my answer is wrong. (EI, 33, 1182)
Answer: A (Having a good attitude) Being enthusiastic about your job is an example of having a good attitude in the process of building positive working relationships. A positive attitude on the job means many things, including being enthusiastic, being optimistic and cheerful, and refusing to grumble or complain.
Q: A company decides to spend $5,000 on new office furniture instead of putting that money toward the marketing budget. What is the opportunity cost of this decision? Why I chose this: I don't know what opportunity cost is and didn't really understand the question. (EC, 16, 1182 Area Mkt Cluster)
Answer: A (Lost benefits of additional marketing) Opportunity cost is the benefit that is lost when you decide to use scarce resources for one purpose rather than for another. The opportunity cost of the company's decisions is the lost benefits from additional marketing. Office furniture, $5,000, and lost benefits of new furniture are not considered opportunity costs in this situation.
What communication channels is a corporation's public-relations department most likely to use to maintain positive relationships with shareholders? Why I chose this: I thought that because the question had the word positive it would be the sponsor option but it wasn't. (no code, 33, answer write test)
Answer: A (Newsletters, annual reports, and the company's web site) I am not sure why.
Q: What is an indirect, mechanical-observation data-collection method that a business can use to obtain accurate information about the specific types of products that its customers are buying? Why I chose this: I don't know what an indirect, mechanical-observation data-collection method(s) is. (IM, 51, 1182)
Answer: A (Point-of-sale scanners) The point-of-sale scanner records all of the customers' purchases, a business can use the device to (indirectly) "observe" its customers' purchasing habits on an ongoing basis. The business can use the data to determine its fast-moving items and its customers' brand preferences. Manual equipment is too broad a term to specifically address how marketing researchers collect data.
Q: A project is officially authorized to begin by the what? Why I chose this: I thought it was an interesting fact to know and I got it wrong and wanted to learn what is right. (OP, 67, 1182 Area Mkt Cluster)
Answer: A (Project Character) An official document that is similar to (but more formal than) the statement of work. Registration documents and Initiation Papers are not common documents used in project management.
Q: This is written on the back of a check: "For deposit only; Maria Evans; Account #285655." This is an example of a(n) __________ endorsement. Why I chose this: I didn't know what any of the answers options meant in this sentence. (FI, 40, 1182 Area Mkt Cluster)
Answer: A (Restrictive) Banks require checks to be endorsed before processing. Endorsement involves signing the back of the check, which allows the funds to be transferred from the check source to the payee. A restrictive endorsement limits how the check can be processed. A general endorsement allows the endorser to cash the check or deposit it into the account of his/her choice—there are no restrictions placed on the funds transfer. Open and congruent endorsements are fictitious terms.
Q: The largest store you sell to wants to exchange the merchandise it purchased four months ago because it hasn't sold any of the items from that shipment. Your company's selling policy states that refunds or exchanges must be made within 90 days. How should you handle this situation? Why I chose this: I don't understand why the answer I picked was wrong. (SE, 95, 1213)
Answer: A (Talk to your supervisor about the situation) In this situation, being flexible may help you satisfy your largest customer and keep the business. By stating that you did not set the policy, you are not offering the client assistance at all. Spending time selling the client something else does not resolve the current problem. Enforcing the current policy offers no type of solution or assistance.
Q: Which of these is a benefit of whole-life insurance? Why I chose this: I had no clue and missed most "FI's." (FI, 41, 1205)
Answer: A (The policyholder can borrow the policy's cash value) A whole-life insurance policy builds cash value as the policyholder pays premiums at regular intervals.
Q: Why does the Gross Domestic Product include only finished goods? Why I chose this: I am not sure what the options meant. (EC, 21, 1205)
Answer: A (To avoid double counting) To avoid including these intermediate goods in the GDP count, thereby inflating actual GDP, the intermediate goods are only included in the GDP count when they become components of their finished goods.
When Brandon lost his job due to downsizing, the government sent him an unemployment check to help him cover his living expenses until he found another job. What is Brandon's source of income? Why I chose this: I did't know what the answer options meant/were. (no code, 17, answer write test)
Answer: A (Transfer payment) This question's answer is transfer payment, not rebate, refund, or wage garnishment.
Q: A memorandum is typically used for communication that takes place where? Why I chose this: I don't know what a memorandum is. (CO, 12, 1182 Area Mkt Cluster)
Answer: A (Within a business) Memorandums are a frequently used form of brief, written communication exchanged by people within an organization. Memorandums are rarely used among competitors or between friends.
Q: A large online seller partners with a credit card company to leverage each other' brand values, share marketing expertise and research, and exchange skills, these two companies are involved in what? Why I chose this: what do the answer options mean? (CM, 7, 1213)
Answer: A (infinity marketing) Affinity marketing is a partnership between multiple businesses to provide goods in exchange for access to a new market. Affiliate marketing is the process of promoting and selling another business's products in exchange for a sales commission. Cross-linking is promoting your company on another company's website and allowing them to promote their company on your website.
Q: The negative effect of slotting fees is that they often limit a small producer's ability to do what? Why I chose this: I don't know what slotting fees means. (no code, 40, answer write test)
Answer: A (introduce new items in the marketplace) I am not sure was slotting fees are so I am not sure why this is correct.
Q: Trevor owns a small business. Last month, the business's income exceeded its operating expenses by $4,000. To improve the business's efficiency, Trevor decided to use the $4,000 to purchase new computer software. In this situation, Trevor applied __________ in an effective way. Why I chose this: What is slack resources (EC, 16, 1213)
Answer: A (slack resources) The extra $4,000 are known as slack resources—resources that go above and beyond what is needed to run the business.
A marketing survey that contains questions that are to be answered on a scale of 1 to 5, with 1 being the worst and 5 being the best, is an example of what? A. Tabulating B. Coding C. Sorting D. Marking (IM, 51, 2021)
Answer: B
A person planning a budget for living on his/her own most likely needs to conduct research to calculate what? A. the interest his/her bank pays on savings B. the cost of his/her future expenses C. his/her current income D. how much s/he has in savings (FI, 36, 2021)
Answer: B
Amira is trying to choose a financial institution. She likes to do her banking in person, and she wants to make sure she selects an institution that's customer friendly. She wants good interest rates and low fees, and she'd also prefer to invest with a not-for-profit institution. Amira should invest her money in what? A. Internet bank B. Credit union C. Commercial bank D. Investment bank (FI, 39, 2021)
Answer: B
An important part of a company's overall business plan is the ________ plan? A. Credit B. Marketing C. Emergency D. Training (MP, 54, 2021 Mkt Cluster)
Answer: B
An orchard sells fruit to a fruit warehouse, then the warehouse sell the fruit to local stores. The fruit is following which channel of distribution? A. Producer to agent to consumer B. Producer to wholesaler to retailer to consumer C. Producer to agent to wholesaler to consumer D. Producer to retailer to consumer (CM, 4, 2021)
Answer: B
If a business doesn't want to pay to set up operations overseas, it might choose to expand through what? A. Joining a strategic alliance. B. Exporting to foreign countries. C. Establishing a multinational firm. D. Creating a wholly owned subsidiary. (EC, 17, 2021)
Answer: B
If a company want to come out with a new product by teaming up with another company, how should they accomplish this? A. Create a partnership B. Execute a joint venture C. License the other company's name D. Create a franchise under the other companies name (BL, 1, 2021 Area Mkt Cluster)
Answer: B
Pedro received a check in the amount of $432.87 from the Tabor Corporation, a company in which he is a stockholder. This source of income is referred to as what? A. Wages C. Interest B. Dividends D. Inheritance (FI, 35, 2021 Mkt Cluster)
Answer: B
Q: One way that some businesses obtain new products to add to their product line is by what? Why I chose this one: I didn't know what any of the answer options meant. (PM, 74, State Mkt Cluster)
Answer: B (Acquisition) Some firms acquire new products by taking over a company that is already making a product in which they are interested. These businesses are constantly on the lookout for such opportunities. In many cases, acquisition of other firms can be less expensive than developing and producing a new product. Consolidation is the joining of two or more companies to form a new company. Implementation is the process of doing or taking action. Businesses do not obtain new products to add to their product line by syndication.
Q: Which area of promotion will pricing affect? Why I chose this: I just guessed on this #. (PI, 77, 1182 Area Mkt Cluster)
Answer: B (Advertising budget) Companies that sell low-priced items will not have as large an advertising budget as companies with higher priced items. Place decisions, including consideration of transportation channels and market location, as well as product decisions, such as selection of production materials, are not areas of promotion.
Q: Donald owns a small photography business. He wants to project a warm, friendly image to the public, so he makes sure his website, marketing efforts, and employees are all welcoming and approachable Donald is concerned with what? Why I chose this: I thought I had this one but got it wrong and want to know why the right answer is right. (Mk, 52, 1205 Area Mkt Custer)
Answer: B (Branding) He has branding goals geared toward projecting a certain image to the public. Donald wants to control how his company is perceived in consumers' minds.
Q: Because Ying Li would like to be an engineer someday, she has set several goals for herself. Which of these would be a long-term goal? Why I chose this: I thought that her doing engineering programs to become an engineer would be better than getting a degree possibly not even regarding engineering. (PD, 71, 1205 Area Mkt Cluster)
Answer: B (Complete a degree at a four-year university) Long-term goals will take a year or more to reach, such as attending a university for four years. Getting educational info, finding a job, and visiting universities are short-term goals- they can be completed in a matter of weeks.
Q: Predatory pricing is an unethical business practice because it can create economic conditions making? Why I chose this: I had no clue and went with what I thought it could be. (PI, 77, 1205 Area Mkt Cluster)
Answer: B (Consumers have fewer choices) Predatory pricing is the practice of pricing goods extremely low with the goal of driving the competition out of business. If a company forces its competitors out of business, consumers have fewer items from which to choose or fewer places to purchase goods.
Which of these economic laws is a business following when it stops hiring after its current employees achieve a certain level of productivity? Why I chose this: I don't know what economic laws meant. (no code, 35, answer write test)
Answer: B (Diminishing returns) I have no clue why this is correct.
Q: When a group reaches consensus, it means that all of the members agree but they usually do what? Why I chose this: Not sure what consensus means and did not fully understand what it was asking. (EI, 30, 1205 Area Mkt Cluster)
Answer: B (Do not vote) Consensus building is the group's process of coming to an agreement. However, the members do not vote because voting involves being for or against a decision. The side with the greater number of votes wins. In consensus building, no one wins because all of the members come to an agreement.
Q: Which of the following is an internal factor that affects a business's selling policies? Why I chose this: Wasn't sure what most of the answers meant. (SE, 95, 1182 Area Mkt Cluster)
Answer: B (Financial resources) Many factors affect how a business structures its selling policies. An internal factor that affects a business's selling policies is its financial resources—the sources of money (e.g., sales, dividends) a business has. Generally, the more money that a business has, the more flexible it can be with its selling policies. Having sufficient financial resources often allows the business to extend credit options to customers. Competitors, customers' wants, and government regulations are external factors that affect a business's selling policies.
Q: A basic reason for the formation of a trade association is to what? Why I chose this: I had not clue. (PD, 75, 1182 Area Mk Cluster)
Answer: B (Find solutions for common problems) A trade association's members can collectively find solutions to common problems) that they might have difficulty handling as individuals. Trade associations are formed and disbanded according to the changing needs of the members. Some trade associations may promote goodwill or educate consumers, but those are not basic purposes of their formation.
Channels of distribution benefit businesses by doing what? Why I chose this: I had no clue. (no code, 9, answer write test)
Answer: B (Getting their products to consumers more efficiently) Channels of distribution benefit businesses by getting their products to customers more efficiently. Not by lowering the prices of all industrial goods, raising their profits each year or allowing them to avoid all channel tasks.
Q: What does continuously monitoring internal marketing information enable businesses to do? Why I chose this: Got this section wrong a lot and wanted to work on it. (IM, 38, 1213 State Mkt Cluster)
Answer: B (Identify problems) Internal marketing information that businesses monitor includes inventory reports, customers' sales records, customers' feedback from surveys, etc.
Q: One of the reasons that having a positive attitude is essential to improving and maintaining good human relations skills is that positive people what? Why I chose this: I thought it was D and not sure why it's B. (EI, 30, 1205)
Answer: B (Know how to disagree tactfully) The fact that they may come in contact with many people is not an essential factor.
Which of these financial services providers is most likely to provide a small, local coffee shop with business loans, checking and savings accounts, and overdraft protection? Why I chose this: I had no clue and no idea of how to know this. (no code, 14, answer write test)
Answer: B (Marley and Winston Commercial Break) There is no explanation as to why this is correct, I also don't know why it is correct so I have no clue as how to know this question.
Timeliness is aterm-43n advantage of which promotional media? Why I chose this: Got it wrong and not sure why it's wrong. (PR, 89 1213 State Mkt Cluster)
Answer: B (Newspaper) Most newspapers are printed on a daily or weekly basis. They provide a way for businesses to reach consumers with a message at the time when it will be most effective. Most magazine and directory advertisements must be prepared well in advance. Outdoor media are not timely because the cost and effort needed to change ads means they cannot be changed frequently.
Q: What is one of the advantages to businesses of using direct-response marketing? Why I chose this: I thought I got it right and wanted to see why the right answer was right. (PR, 92, 1205)
Answer: B (Often generates an immediate sale) Being convenient for customers is an advantage to the customers rather than to businesses.
Q: Which of these is often a factor that a business considers when evaluating a vendor's performance? Why I chose this: I missed a lot of "Op's" in a clump and wanted to work on them. (OP, 69, 1205 Area Mkt Cluster)
Answer: B (Order accuracy) Businesses evaluate their vendors' strengths and weaknesses to determine if changes should be made. One factor that businesses evaluate is the accuracy of a vendor's orders.
Q: The marketing function that helps sellers to provide information to buyers about the seller's products is what? Why I chose this: I forgot. (no code, 27, answer write test)
Answer: B (Promotion) Promotion is promoting your business, which fits the question.
Q: In public relations activities, communication channels are used to what? Why I chose this: I got it wrong and thought it was valuable to know. (PR, 93, 1205)
Answer: B (Provide information) A communication channel is a path or means used to provide information to others. Public relations activities are ways of providing information to others.
Q: Whenever Ty needs to buy office supplies, he always goes to the same store. There are other stores in the area, but Ty doesn't want to spend time or effort comparing prices or quality. He sticks with the same store every time because he prefers what? Why I chose this: What is customer advocacy, touch points, corporate culture, and relationship buying. (CR, 14, 1213 State Mkt Cluster)
Answer: B (Relationship buying) RB-shopping somewhere bc you feel most comfortable with them. Customer advocacy is word-of-mouth promotion and referrals from a business's current customers to its potential customers. Touchpoints are all the opportunities that businesses have to connect with customers and reinforce their brand value.
Q: Business ethics involve considering issues about what is? Why I chose this: I just don't understand how c (safe and unsafe) is wrong. (EC, 19, 1182 Area Mkt Cluster)
Answer: B (Right and wrong) Ethics are the basic principles that govern an individual's behavior. In business, ethics involves how a business behaves in its dealing with other businesses, customers, and employees. Businesses consider issues about what is right and wrong when they decide how to operate and how to treat others. It is a matter of considering what is the right way to act and what is the wrong way to act. It does not involve considering what is legal or illegal, although some actions that are unethical are also illegal. Business ethics does not involve considering issues about what is safe and unsafe, or what is positive and negative.
Q: What is the primary goal of viral marketing? Why I chose this: I got it wrong and thought it was important to know. (PR, 91, 1205)
Answer: B (Sharing) Sharing. Viral marketing is a promotional tactic that involves sending or forwarding promotional messages over the Internet to generate buzz about a brand, company, or product.
Q: Which of the following is an example of how all small businesses directly strengthen a nation's economy? Why I chose this one: Not sure why B is right. (EC, 20, 1213)
Answer: B (Small businesses are the building blocks of large corporations) All small businesses consume supplies and services which provides business opportunities for large corporations. Many small businesses control their operating costs (which can increase profits) without directly strengthening a national economy.
Q: Which of these is a true statement about sample size? Why I chose this: This was a confusing one for me and I also got it wrong. (no code, 16, answer write test)
Answer: B (The larger the sample size, the better) I think this is correct because the customer will be able to decide faster/more likely to buy if the sample is bigger.
Q: When assessing risks associated with an upcoming event, sport/event organizations should acquire input from all levels of management and ......? Why I chose this: I had no clue and I am always getting the SM's wrong. (SM, 100, 1182 Area Mkt Cluster)
Answer: B (Vertical staff members) Vertical staff members refers to all employees who are not in management. For example, sales personnel can provide information regarding shoplifting and its risks. By gathering as much info as possible from staff members, ext. they can conduct comprehensive risk assessments in many areas and develop appropriate procedures to handle each situation or issue. Public relations agencies are hired by a business to develop and manage public relations activities for the business. Financial consultants are hired by a business to manage the business's financial matters.
Avery, who manages a silk-screening and embroidery business, has set a goal of increasing sales by 15% in the next six months. To reach his goal, he has increased the business's advertising budget. This is an example of the __________ function of management. A. Organizing B. Directing C. Planning D. Controlling (SM, 100, 2021 Mkt Cluster)
Answer: C
Kevin is reviewing his annual credit report. Ever since he misplaced an important tax document containing his Social Security number, he is especially cautious about protecting his identity. Which is most likely to be a red flag for potential identity theft? A. Incorrect or outdated address and employer information B. "Soft" inquiries from the credit card companies that Kevin applied to C. Accounts in Kevin's name that he doesn't remember opening D. Negative information outside the credit reporting time limit (FI, 38, 2021)
Answer: C
Rashid's business always puts the customer first. All of the company's decisions are made to satisfy customer wants and needs. Rashid's company is using the ________ concept. A. Customer B. Utility C. Marketing D. Relative (EC, 16, 2021 Mkt Cluster)
Answer: C
Salespeople are often better able to answer customers' questions about the business's products if they regularly read what? A. Economic reports B. Consumer magazines C. Company promotions D. Marketing textbooks (SE, 98, 2021)
Answer: C
To take advantage of work-related networking opportunities, a businessperson might benefit by? A. Developing a creative résumé and cover letter B. Participating in an online social network C. Joining a professional organization D. Planning a meeting with a sales trainer (PD, 74, 2021 Mkt Cluster)
Answer: C
What is an advantage of using spreadsheet software programs to track and evaluate sales? A. Identifies potential customers B. Easily generates purchase orders C. Quickly analyzes numerical data D. Creates future sales contracts (SE, 97, 2021 Mkt Cluster)
Answer: C
Which is an activity that must take place within a channel of distribution? A. Delivering products to customers' homes B. Making payments to retailers C. Promoting products D. Preparing detailed marketing reports (CM, 3, 2021 Area Mkt Cluster)
Answer: C
Which situation might a business decide to increase its sales forecast from $10 million to $12 million for the coming year? A. Inflation rate increases by 3% B. Demand for products is leveling off C. One major competitor leaves the market D. Population of market area decreases by 5% (MP, 55, 2021)
Answer: C
Q: A business buys 100 scooters for $35 each and sells them for $55 each. What is the business's net profit if it has operating expenses of $1,425? Why I chose this: I am not sure what I need to do to get my answer. (EC, 20, 1205)
Answer: C ($575) Net profit is the amount of money that is left after operating expenses are subtracted from gross profit. In order to calculate gross profit, first determine the total cost of goods sold ($35 X 100 = $3,500) and the total income from sales ($55 X 100 = $5,500). Then, subtract cost of goods sold from income to determine gross profit ($5,500 - $3,500 = $2,000). Subtract operating expenses from gross profit to find net profit ($2,000 - $1,425 = $575).
Q: The ZRB Company promises to ship LST Inc. 200 units of product by a certain date, and LST Inc. promises to pay ZRB $25,000 for the product within 14 days of receipt. This is an example of what? Why I chose this: I did not know what any of the choices were. (BL, 2, 1205)
Answer: C (Bilateral contract) Bilateral contract- a mutually beneficial agreement between two parties in which both parties promise to perform certain activities. Executed agreement- an agreement or contract that has already occurred.
Q: The data needed for sales volume analyses and market share analyses come from? Why I chose this: I had no clue. (IM, 49, 1182)
Answer: C (Company sales reports) The data needed for sales volume analyses and market share analyses come from the facts and figures in sales reports. Expense reports let a company know how much money is being spent on employees' food, lodging, travel, etc. Sales invoices don't show sales in relation to goals, budgets, prior time periods, etc. Customer records don't include sales data for the entire company.
Q: Tatiana is a project manager who is ready to close a project, and has scheduled a "lessons learned" meeting with the project team. What will Tatiana most likely include on her meeting agenda? Why I chose this one: I thought that you would want to include the purpose of the project over the challenges you faced but apparently not. (no code, 38, answer write test)
Answer: C (Discussion of specific challenges encountered) You want to include a discussion of specific challenges encountered rather than a exlanation of the stakeholders' expectations, the definition of the project's purpose, or the distribution of project resources allocated.
Q: A grocery store chain recently started stocking a new brand of ice cream after noticing the brand's popularity at competing grocery stores. The grocery store chain's decision to stock the new ice cream brand was motivated by __________ factors. Why I chose this: What is interpersonal and individual in ITM mean? (SE, 99, 1213)
Answer: C (Environmental) Environmental factors drive people or organizations to make purchases driven by the current business, social, or government environments. Individual factors, like reward valence, personal needs, and personal relevance, can also drive people or organizations to make purchases.
Q: You inspect your credit history and find a mistake. Which credit legislation gives you the right to have the mistake corrected? Why I chose this: I had no clue and didn't recognize any of these acts. (FI, 36, 1205)
Answer: C (Fair Credit Reporting Act) Fair Credit Reporting Act. gives consumers the right to inspect and correct, if necessary, the files of their credit history. The Truth-in-Lending Act requires businesses to give customers specific credit information. The Equal Credit Opportunity Act prohibits the denial of credit based on the applicant's race, color, religion, national origin, sex, marital status, age, or public assistance status. The Fair Credit Billing Act gives businesses that extend credit specific deadlines by which they must respond to customer complaints about billing errors.
Q: What synectics technique compares a problem with something else that is unrelated? Why I chose this: I don't know what synetics techniques are. (PM, 81, 1182 Area Mkt Cluster)
Answer: C (Forced Analogies) A forced analogy is a synectics technique that compares a problem with something totally unrelated. Arbitrary metaphors, discretionary comparisons, and deliberate allegories are not terms widely used to describe a synectics creative-thinking method.
Q: One of the benefits of setting goals that will help you in your relationships with others is that setting goals? Why I chose this: I thought I got this right but didn't and want to see why. (PD, 71, 1182 Area Mkt Cluster)
Answer: C (Helps you understand yourself) Goal setting helps you understand yourself, and understanding yourself helps you understand other people. Goal setting helps you stay on task, raises your level of self-esteem, and gives you a way to measure your progress, but these benefits do not necessarily help you in your relationships.
Q: Electronic billing, purchase-order verification, bar-code technology, and image processing are examples of what? Why I chose this: I had no clue and I was struggling on the CM group. (CM, 4, 1182)
Answer: C (Integrated data between channel members) The technology of electronic billing, purchase-order verification, bar coding, and image processing enable channel members to integrate data. Vertical and horizontal channel integration are methods of organizing distribution channels. The finance department may utilize the methods to share data, but the methods are not unique to that department.
Q: What must Preston Enterprises pay to the insurance company to maintain its business liability insurance? Why I chose this: What is a stipend and commission and premium? (FI, 34, 1213 State Mkt Cluster)
Answer: C (Premiums) Insurance premiums are the fees that the insured pays to the insurer to obtain insurance coverage. A commission is a percentage of the total sale amount paid to the individual or business that makes the sale.
Q: Advertisers that use concept testing to obtain feedback from potential customers are conducting what? Why I chose this: I had no clue. (no code, 11, answer write test)
Answer: C (Primary market research) Advertisers that use concept testing to obtain feedback from potential customers are conducting primary market research. Not target readership evaluation, focus group analysis, or pretest idea measurement.
Q: The Skintastic Cosmetic Company implemented a challenging sales promotion in which its independent sales consultants could earn bonuses, prizes, and vacations. This is an example of a company using what as a sales incentive? Why I chose this: Not sure what cooperative advertising, sweepstakes, or push money meant. (PR, 90, 1213)
Answer: C (Push money) Push money-incentive programs to motivate their independent sales consultants or distributors. Sweepstakes- involve games of chance in which customers win prizes.
Q: Although implementing slotting fees can help a business offset risks and cover stocking costs, it can become an ethical issue if it what? Why I chose this: I didn't know why my answer was wrong. (CM, 5, 1205)
Answer: C (Reduces competition) The purpose of a slotting fee is to cover expenses (e.g., labor, pricing) associated with carrying the product. Because slotting fees can be very expensive, small vendors with limited financial resources often cannot afford to pay slotting fees, which can limit or reduce competition.
Q:. Which of the following is a primary purpose of data mining? Why I chose this: What is data mining? (NF, 57, 1213 State Mkt Cluster)
Answer: C (To identify patterns) Data mining is the process of analyzing large amounts of information to find patterns, identify outliers, and predict outcomes.
Q: Taylor works for a company that needs to order 500 boxes of paper. The kind of business she should contact is a what? Why I chose this one: Similar questions keep coming up and I want to be able to get it right every time. (EC, 18, 1205 Area Mkt Cluster)
Answer: C (Wholesaler) This kind of business provides goods used by businesses in their day-to-day operations. Taylor would go to a retailer if she was buying paper for herself.
Q: Text-message advertising is most likely to be successful when the ads are what? Why I chose this: I thought I got it right and wanted to see why it was wrong. (PR, 90, 1205 Area Mkt Cluster)
Answer: C (delivered to the smartphones of people interested in the product) All ads, regardless of their type, are the most successful when they are targeted at interested people. However, this is especially true with text- message advertising because it is illegal to send unsolicited commercial text messages.
How can ill-designed questionnaires affect survey participants? A. Can make them take their time to complete the survey B. Can make them question the survey's purpose C. Can decrease their desire to answer personal questions D. Can decrease their response rate (IM, 50, 2021)
Answer: D
One of the leading computer manufacturers has decided to produce software cases of high quality and high price. Who will ultimately decide if the price is too high? A. Manufacturer B. Government C. Competition D. Consumers (EC, 18, 2021)
Answer: D
Q: Which of these would probably use a longer channel of distribution than the others? Why I chose this: I wasn't sure what the question was really asking. (CM, 3, 1182 Area Mkt Cluster)
Answer: D (A bottle of shampoo) A bag of oranges is perishable and needs to use short channels. A printing press is highly technical, requires installation, and is quite heavy; therefore, it would rely on short channels. An airplane is technical and quite heavy and would probably use a direct route from the producer to the industrial user.
Q: One reason customers who pay for products with a credit card usually want to know the interest charges is because those charges what? Why I chose this: I wasn't completely sure so it was a 50-50 and I got it wrong. (no code. 7, answer write test)
Answer: D (Add to the cost of the purchase) Interest charges add to the cost of the purchase not calculated on a yearly basis.
Q: What type of law is violated when a supplier requires intermediaries to enter into tying agreements? Why I chose this: I got it wrong and wasn't sure why. (SM, 4, 1205 Area Mkt Cluster)
Answer: D (Antitrust) To protect individuals and businesses, many governments develop regulations known as antitrust laws that protect individuals and businesses from unfair practices that restrain trade and competition. Probate laws involve estate issues. Zoning laws regulate property uses. Infringement laws address intellectual property issues.
Q: When filing a tort against a business, the plaintiff must establish that the defendant? Why I chose this: I did not know what the key words meant. (BL, 5, 1182)
Answer: D (Breached the duty of care) The duty of care is the basic principle that expects all individuals and businesses to exhibit socially responsible behavior by using caution to prevent harm and by watching out for one another. A tort is a private wrongdoing that potentially harms another person or entity. The plaintiff must have grounds or proof that establishes that the business or its employee (defendant) has committed a wrongful act, thereby breaching the duty of care.
Q: . Gift-giving and entertaining are considered ethical issues in selling because they risk crossing into which of the following legal problems? Why I chose this: What is slander, and misrepresentation? (SE, 96, 1213 State Mkt Cluster)
Answer: D (Bribery) It's illegal to give a bribe. In some companies or industries, gifts and entertaining are considered standard parts of the relationship building process. But in other companies or industries, these acts could be considered favoritism or bribery.
Q: A department store sells clothing from brands like Levi's, but it also sells its own private brands of clothing, also known as __________ brands. Why I chose this: I guessed on this one and thought it could be important. (PM, 87, 1182)
Answer: D (Distributor) Distributor brands are owned by the retailer or wholesaler that sells the brands, rather than the manufacturer. Store brands and private brands are two types of distributor brands. Corporate brands are all the combined customer impressions and experiences associated with a particular company. Value and business brands are not terms typically used to refer to distributor brands.
Q: What type of computer program helps protect digital business information from the negative effects of malware? Why I chose this: What is cookies, spywhere, ect: (OP, 59, 1213 State Mkt Cluster)
Answer: D (Firewalls) Firewalls are types of computer programs that combat these types of dishonest activities and protect a business's digital information.
Q: The exchange rate between U.S. dollars and Canadian dollars, which is determined by the unimpeded interaction of supply and demand in the foreign exchange market, is a __________ exchange rate. Why I chose this: What do the answers mean? (EC, 19, 1213)
Answer: D (Floating) A floating exchange rate (also known as a free- floating exchange rate) is determined by the unimpeded interaction of supply and demand in the foreign exchange market with no government intervention. A fixed exchange rate is established and maintained at a specific level by the government. A pegged exchange rate is similar to a fixed one—government intervention directly influences the exchange rate. A cross exchange rate is the rate of two currencies that are not directly quoted against each other.
Q: Which of the following statements is true regarding the regulation of promotional activities? Why I chose this: I got it wrong and thought I should know why the right answer is right. (PR, 91, 1182 Area Mkt Cluster)
Answer: D (Governmental restrictions in regard to promotional activities vary by country) Because each government is structured differently, regulation varies from country to country. Consumer advocate groups are organizations that work to influence industry and government policies on behalf of the consumer. The ability to sue a company is dependent on the individual country's laws and policies. Many promotional activities are subject to regulation, including media venues (television, radio, print); telemarketing; contests; and sweepstakes.
Q: What part of a print advertisement is often noticed first? Why I chose this: I got this section wrong a lot and wanted to work on it (PR, 91, 1213)
Answer: D (Illustration) The illustration is a photograph, drawing, painting, or graphic that attracts attention and creates interest. The subheadline is in smaller type than the headline and is used to continue the thought expressed in the headline.
Cathie and Jane are being considered for employee of the month. Their boss has decided to let their productivity for the previous month determine who will be selected. Cathie worked 178 hours and processed 52,000 orders. Jane worked 170 hours and processed 50,000 orders. Who will be named as employee of the month? Why I chose this one: I got it wrong and don't know why it's wrong. (EC, 17, 1213)
Answer: D (Jane, because she outproduced Cathie by two orders.) Productivity is determined by dividing the outputs of the employee by the inputs. Jane's productivity was 294 orders per hour (50,000 / 170 = 294), and Cathie's was 292 orders per hour (52,000 / 178 = 292).
Q: What type of thinking involves approaching an issue from new illogical directions and using illogical methods to develop new ideas? Why I chose this: Didn't understand what is was asking. (PM, 78, 1213)
Answer: D (Lateral) Lateral thinking is a process used to solve problems and generate ideas in purposely illogical ways. Brainstorming, free association, forced questioning, and synectics are examples of lateral thinking methods. Programmed thinking is a process used to solve problems and generate ideas in logical, analytical, organized ways.
Q: What do advertising regulations usually require businesses to disclose about the products they advertise? Why I chose this: The questions was confusing and none of the answers seemed to fit for me. (PR, 89, 1205 Area Mkt Cluster)
Answer: D (Limitations) When businesses advertise these products, they are usually required to disclose the limitations so consumers can make an informed decision about whether to buy. Businesses that violate these regulations run the risk of being sued by consumers who were harmed by the products.
Q: What does a business need in order to understand why a successful product is suddenly losing popularity? Why I chose this: I thought my choice was right but it wasn't so I want to learn what and why the right one is right. (IM, 44, 1182 Area Mkt Cluster)
Answer: D (Marketing info) Marketing info is all of the marketing-related data available inside and outside the business. This includes information about customers, competitors, demographics, etc. Businesses need marketing information in order to understand why a product that has been successful is suddenly losing popularity. For example, marketing information might tell a business that the target market for the product is decreasing in size because of age, or that a competitor has introduced a similar product that sells for less.
Q: One of the differences among people that can be difficult to change is their what: Why I chose this: I got it wrong and was shocked by the correct answer. (no code, 30, answer write test)
Answer: D (Mental ability) Your mental ability is the hardest to change out of your education, job position or language use.
Q: Which is an example of a voluntary debtor-creditor relationship? Why I chose this: what is a debtor-creditor relationship? (BL, 1, 1213 State Mkt Cluster)
Answer: D (Obtaining a loan from a bank) It is voluntary because the business (debtor) is seeking to obtain funds from the bank (creditor) by going through a loan application process.
Q: Jamie is constantly running from obligation to obligation, without a second of free time, and feels like he is behind on all of his work. Jamie is most likely to be what? Why I chose this: I thought that the description fit with being bad at time management but I want to make sure I learn why that was wrong. (EI, 28, 1182 Area Mkt Cluster)
Answer: D (Over-committed) Being overcommitted means committing to more than what is possible, necessary, or desirable. People who are overcommitted, like Jamie, have countless obligations, events, and tasks each day.
Q: Business competitors who discuss their costs and the amount of markup on their products may be involved in what? Why I chose this: I had no idea. (PI, 78, 1205)
Answer: D (Price fixing) Price fixing is an illegal business agreement in which businesses agree on prices of their goods or services, resulting in little choice for the consumer. Flexible pricing involves charging different customers different prices.
Q: A wholesaler breaks down a large shipment of a product and sells portions of it to several retailers. The wholesaler is reducing discrepancy of what? Why I chose this: What is a wholesaler, what does discrepancy mean? (CM, 3, 1213 State Mkt Cluster)
Answer: D (Quantity) By breaking down a large quantity of a product into smaller quantities for retailers to buy and sell to final consumers. Reducing a discrepancy of assortment means making a variety of related products available in one place.
Q: The Henry Smith Company wants to select a representative group of consumers to survey. What part of marketing research is it doing? Why I chose this: I thought this was important to know and want to know it for next time. ( IM, 47, 1182)
Answer: D (Sampling) The process of choosing a representative group of consumers to survey is sampling. Observation gathers data, experimentation tests cause and effect, and analyzing interprets the data. They are all important to marketing research but are not part of sampling.
What form of technology are salespeople using that eliminates the need to carry a laptop and personal data assistant while making sales calls? Why I chose this: I thought it was a router because you don't carry a router and I think you can make calls from a router maybe not though, I thought a smartphone counted as a personal data assistant. (no code, 23, answer write test)
Answer: D (Smartphone) I guess the key term was while still making sales calls.
Q: Which of the following is an example of secondary data? Why I chose this: What is secondary data? (IM, 42, 1213)
Answer: D (The information on a sales invoice.) The invoice already exists for a purpose other than the research study at hand. The results of a focus group, the outcome of an experiment, and the answers to a survey are all examples of primary data, gathered from original research performed specifically for the study at hand.
Q: A manufacturer has learned that its market is expanding. How should this information be used? Why I chose this: I thought I got this one right because I figured the bigger the business the more protection risk it's going to need, but apparently not. (no code, 20, answer write test)
Answer: D (To increase production) If your market is expanding, you want to use this info to increase production above all these other options: buy risk protection insurance, drop current product lines, lay off employees.
Q: With a high level of selling ethics, you would typically ask which of these questions in an ethical situation? Why I chose this: I couldn't remember exactly what ethical meant during this text, therefore I got it wrong. (no code, 1, answer write test)
Answer: D (What is the right thing to do) I think because being extremely ethical is also doing the right thing which could also mean doing more than whats required of you.
Q: An entrepreneurial business owner must what? Why I chose this: I put C because I had not clue, but the answer was D and I don't see how that can be the answer. (EI, 34, 1205)
Answer: D (have an adventurous spirit) because they assume a lot of risk and uncertainty, as well as experience excitement and spontaneity. Entrepreneurial business owners should not desire a regular 40-hour work week because entrepreneurs work long and irregular hours.
Q: Every pay period, Amanda places $100 from her paycheck into a savings account that earns 4.5% interest. In this situation, money functions as a what: Why I chose this: I had no clue and the options didn't make sense to me. (FI, 35, 1205 Area Mkt Cluster )
Answer: B (Store of value) Money functions as a store of value when it is saved rather than spent.
Which of the following activities is an aspect of marketing a service? A. Advertising the state of Michigan on television B. Finding out customers' favorite coffee flavors C. Developing a new, improved cell phone D. Determining how much to charge for a haircut (MK, 52, 2021 Mkt Cluster)
Answer: D
