Final Test Answers

Which of the following types of promotion is usually the least expensive for a company?A.Personal sellingB.PublicityC.Direct marketingD.Advertising

The spoken version of your company's purpose is called _____________.A.An elevator pitchB.A vision statementC.Your valuesD.Differentiation

Which of the following types of ads is most likely to feel personal?A.A newspaper advertisement that includes the company logoB.A brightly colored magazine adC.A billboard with a photo of a celebrityD.A radio ad that is read by a trusted radio host

Which of the following is regulated by the FLSA?A.Affirmative actionB.Health and safety proceduresC.Labeling of food productsD.Minimum wage

A company's ____________ are the priorities, principles, and beliefs that guide the company.A.StrengthsB.DemographicsC.ValuesD.Opportunities

Which of the following describes a saturated market?A.The prices of competitors are very high.B.Many people want this product and haven't purchased it yet.C.Most potential buyers have not heard of the product and don't know it exists.D.Most potential buyers already have a product that satisfies this need or want.

Which of the following is a variable cost for a company that makes bread?A.The rent for a warehouseB.Bread ingredientsC.An ovenD.A salaried worker

Which two factors and their interaction regulate the market economy? A. Goods and services B. Producers and consumers C. Product-based and service-based businesses D. Public and private sectors Please select the best answer from the choices provided

If your company uses a nonprice competition strategy, what should you focus on? A. Lower prices B. Differentiation C. Create direct competitors D. Partner with the public sector Please select the best answer from the choices provided

If you use credit, what are you creating?A.A line of creditB.DebtC.CollateralD.A default

In a contract, what is consideration?A.Exchanging things of valueB.Breaching the contractC.A business tortD.The minimum age for the contract

A computer game that can be purchased online and played right away has good ________ utility.A.FormB.InformationC.ValueD.Time

What does a wholesaling company do?A.Sell products to individual consumersB.Sell products to companies that plan to resell themC.Manufacture products and sell them to retail companiesD.Transform land into capital

As a unit of measure, money makes it easier for consumers to do what?A.Compare prices of different products.B.Make a bigger profit from their income.C.Have a better exchange rate with other currencies.D.Get more unearned income.

When you receive a loan, the money the lender gives you is called the ____________.A.InterestB.Line of creditC.PrincipalD.Collateral