Final Test Answers

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

Which of the following is an example of secondary data?A.Your company observes the behavior of people who visit your Web site.B.Your company conducts a customer profile survey.C.Your company collects and analyzes data from the U.S. census.D.Your company collects credit card information from customers.

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

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

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

What is data mining?A.A promotion strategyB.Entering primary data into a CRM database software programC.Collecting primary and secondary dataD.Analyzing data to detect patterns of shared characteristics

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 type of liability?A.A revenue streamB.A liquid assetC.Accounts payableD.Accounts receivable

A __________ is when you take money out of the bank.A.DepositB.TransferC.BranchD.Withdrawal

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.

Which of the following is likely to increase the value of a country's currency?A.The country's imports are higher than its exports.B.The country has high inflation.C.The country has a lot of debt.D.The country has a high interest rate.

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

What is the opportunity cost of an investment?A.The combined values of the other opportunities availableB.The value of the next most valuable opportunityC.The marginal benefit of the investmentD.The volatility of the investment

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