Marketing EOP Study Guide
All of the following are included in a memo to someone except:
How:
A 16 year old is scheduled to work until 11:30p.m. on a Monday night.
Illegal
A pregnant female employee is fired when she can no longer lift at her job.
Illegal
In an interview, a person is asked whether or not they ever intend to get married.
Illegal
The proper way to address someone in a business setting is ______ and then their name.
Mr, Mrs, Miss
An employee often comes in under the influence of alcohol and is not terminated.
Unacceptable
The United States owns the Tennessee Valley Authority and Amtrak. In this role, they would be
a competitor
Carey works on computers. He likes to find the problem in the most efficient, effective way which also saves the customer money. Carey would be considered to be
a problem solver
Trey gets done early with his work almost every night. Trey asks his boss if he can learn how to work the cash register so that he can help with customers at the end of the night. Trey is demonstrating
a willingness to learn/initiative
Money that is owed to a business by its customers is called
accounts receivables
Which of the following is a demographic characteristic of market segmentation?
age
All of the following are examples of professional trade organizations except:
alcoholics anonymous
Mary has a job at a local vet office where she does not get paid, but she learns skills that could give her job experience. This is an example of
an internship
Ginger needs to send out some information to everyone in her business quickly. In this situation, what would be the best format to use?
an interoffice memo
Buildings, inventory, store fixtures, and equipment are _________ of a business.
assets
The financial record that is the summary of a business's assets and liabilities and indicates the financial condition of that business is called a
balance sheet
Susan bought a car from a local dealership. She has had major problems with the car and the dealership refused to address her concerns. Who can she report her concerns to?
better business bureau
The amount of sales needed to cover all of a business's cost is known as the ________ point.
break-even
A bank statement that a person gets to balance their checkbook is similar to a(n)
cash flow statement
Paul is in charge of the payroll at his job. He tells his friends what some of the workers make. Paul is not demonstrating which important work habit?
confidentiality
Before Johnson and Johnson produces a new product such as diapers, it has to be inspected to be sure it is safe and has the proper labeling. The agency that monitors this is the
consumer product safety commission
Sally is continuously evaluating the performance of her business and her employees. This is an example of the ________ management function.
controlling
Activities that the Federal Trade Commission monitors include
copyright violations
In this type business ownership, stocks are sold to raise money and there is a board of directors who help run the organization:
corporation
When doing problem-solving, what should be the first step?
define the problem
Information about the ethnic background, education, age, income, and occupations of a population is called
demographics
Bill buys a new dump truck to use in the operations of his business. Every year the value of the dump truck is less than the year before. On his financial sheets, Bill has to count this as
depreciation
Jeff assigns responsibilities for his staff and directs their work on a day-to-day basis, this would be an example of:
directing
Paul has paid all of his bills for the month. He decides to use the money that he has leftover to go out to eat and to the movies. This money would be considered his ______________ income.
discretionary
JcPenney's has most of their merchandise delivered to their store by semi-trucks. This decision is based on which of the marketing functions?
distribution
All of the following are financial goals of a business except:
doing something you like
Sara needs to send her boss at another location a copy of her sales numbers on her computer. What would be the best way to send the information?
Competition in an area and high unemployment rates are examples of what types of risk for a business?
economic
McDonald is not allowed to discriminate based on ethnicity or gender when they hire their employees. The Act that establishes these rules is the
equal opportunity act
The method of primary research where you observe the results of changing one or more variables while keeping other variables constant is
experimental method
Bob went to a bank and got a loan to start his new business. This is a marketing function known as
financing
Expenses that remain constant over time such as rent and salaries are called
fixed expenses
An income statement can be used by a business to
forecast a business's performance
K-Mart offers assembly for their bicycles for a small fee to their customers. This would be an example of utility.
form
Barry works for a sporting goods company where they have different self-managing teams over each department. This is an example of _____________ organization.
horizontal
An employee who steals from their job and a customer who shoplift are both examples of this type of risk:
human
In this main activity of a business, the hiring, retirement, and health insurance is administered:
human resources
Management is the process of achieving goals through the use of _____, _____, and _______.
human resources, technology, and material resources
The financial record that summarizes a business's income and expenses during a specified period of time is called
income statement
Action Realty having brochures in a small box in front of the houses they are selling is an example of what utility?
information
Bob accidentally fails to count all of the inventory in one electronics box and the numbers at the end of the night for that department come up short. Bob fails to tell anyone about his mistake. In this situation Bob is not demonstrating
integrity
The amount of money that a business owes to its creditors are called
liabilities
All of the potential customers who are willing and able to buy a product or service are called a
market
The point where both the customer and supplier are happy with the price of a product is called the
market price (equilibrium point)
A procedure designed to identify solutions to a specific marketing problem by systematically gathering and analyzing information is known as
market research
Dividing the total market into smaller groups of people who share specific needs and characteristics is called
market segmentation
A belief that to be profitable, a business must work to meet the needs and wants of its customers is called the
marketing concept
Mrs. Harris took a survey of the seniors to see what senior shirt design they liked the best. This would be an example of what marketing function?
marketing information management
This level of vertical management implements the decisions of the CEO or president and then communicates with supervisory managers what needs to be done:
middle management
All of the following are ways to get professional development in a job except:
movies
The difference between a company's assets and liabilities is their
net worth and owner's equity
In this type of research method the actions of people are watched and recorded:
observation method
Fred had some chemicals that were mislabeled at his business. The agency that may fine his business if they come in and find this error is the
occupational safety and health administration
Office supplies and salaries are two of the __________ expenses that it takes to operate a business.
operating
Joe is the manager of the Tractor Supply Store. One of his jobs is to set up the way that a business's work will get done each day. This would be an example of
organizing
Jim's t-shirt company has decided to sell its custom t-shirts at American Eagle. What type of marketing decision was this?
place
Willy looks ahead to see what the needs of his business are going to be and then bases his decisions on this analysis. This is an example of the ________ management function.
planning
All of the following are economic resources that a business may use except:
politics
Wendy's allows customers to pay by cash, check, and credit card. This is an example of what utility?
possession
Training employees well and having good safety measures are examples of ___________ risks.
preventing or controlling
To be competitive, Joey is charging $12 for his line of CD's. This is an example of what part of the marketing mix?
price
Information that is collected for the first time to analyze a specific situation is called
primary data
Traditional sources of secondary data include all but which of the following?
survey
Focusing all marketing decisions based on the specific group of people you want to reach is called
target marketing
All of the following are factors that may affect the price of a product except:
the job outlook
All of the following are things that could be included in a job description except
the names of the people you will work with
Kerry is getting ready to interview some job applicants about a position. All of the following are questions that he should not ask the interviewee except
their qualifications
Big Lots has Easter items out in March and April. This is an example of what utility?
time
All of the following are times when a purchase order is used except
to micromanage employees
Mary does the long-range strategic planning for her company and sets goals for the company and its employees to reach. Mary would be an example of _________________ management.
top
Reducing or removing the risk by buying insurance is an example of _________ the risk.
transferring
This type of business typically buys the products and stores them and resells them to a business-like Wal-Mart:
wholesaler
The key elements of marketing: product, price, promotion, place are referred to as the
4 P's of marketing
All of the following are components of the Americans with Disabilities Act except: a. businesses with 5+ employees must accommodate handicapped workers. b. businesses with 15 + employees must accommodate handicapped workers. c. all businesses open to the public must provide access to all people. d. businesses cannot discriminate against people with disabilities.
A. businesses with 5+ employees must accommodate handicap workers
An employee is supposed to work and does not call in and is fired by his boss.
Acceptable
What is the calculation to figure what your net sales are?
Total sales - returns and allowances = net sales
Mike has designed some new boxes for his glassware products to better protect them from breakage. This illustrates which marketing function?
product/service management
The main reason why people are willing to face possible business risks is because of
profit
Bob developed some radio advertisements to let customers know about his new line of car parts. This represents what part of the marketing mix?
promotion
Providing roads, bridges, military, and Medicare are all examples of our government's role as a
provider of services
The Bass Pro Shops sends their catalogs to customers who like to hunt and fish. This would be an example of what type of market segmentation?
psychographics
Bobby always arrives on time for work and usually leaves his home so that he is 10-15 minutes early in case there are traffic delays. In this case, Bobby would be considered to be
punctual
Property damage and injury to a customer in the business place are both examples of what types of risks?
pure (insurable)
The Occupational Safety and Health Administration (OSHA) goes out and inspects businesses to make sure that their employees have safe practices while on the job. This is the government's role as a
regulator
The minimum amount you want to keep in your business's inventory is the _______ point.
reorder
Ray treats all of his fellow employees the way that he wants to be treated because he likes to get along with everyone and it makes his work environment pleasant. Ray is demonstrating the work habit called
respect
Billy is a very good worker. He always gets his work done and his supervisor never has to tell him twice to do something. His supervisor decides to reward him for his __________ by giving him a raise and promoting him to a supervisory position.
responsibility
The total amount of sales that a business does for the whole month is referred to as its
revenue
Tommy has an angry customer that comes through his lane at Wal-Mart. The customer is mad because the soda that he wanted was sold out. Instead of getting mad back at the customer, Tommy apologizes for the inconvenience. Tommy would be demonstrating
self-discipline
Lily's job is to assist customers in finding makeup that matches their skin type. Which of the functions of marketing does this demonstrate?
selling
All of the following are ways that an employee may receive feedback on their job except:
sensitivity meetings
Mary takes her car to the car wash once a month to get it detailed. This is an example of a(n)
service
In this type of business ownership, the person accepts all of the risks and has to make all of the decisions:
sole proprietorship
What type of software program would a business owner need to use when using formulas for their income statement calculations?
spreadsheet software
The one-time only expenses paid to establish a business are ___________ costs.
start-up