Business Semester Test Flash Cards

Front

What is the simplest form of business ownership?

Back

Sole proprietorship

Front

Who primarily owns a corporation?

Back

Stockholders

Front

What is a disadvantage of a partnership? Options: Limited liability, Shared decision-making, Unlimited liability, Ease of start-up

Back

Unlimited liability

Front

What type of business structure combines the limited liability of a corporation with the tax benefits of a partnership?

Back

Limited liability company (LLC)

Front

Which of the following businesses is owned and operated by members for their mutual benefit? Corporation, Partnership, Franchise, Cooperative

Back

Cooperative

Front

Which of the following is NOT part of the marketing mix? Price, Product, Promotion, Production

Back

Production

Front

A company that markets a luxury car would likely emphasize which element of the marketing mix?

Back

High product quality

Front

Market segmentation divides the market based on:

Back

Shared characteristics of consumers

Front

Example of relationship marketing:

• Offering limited-time discounts
• Launching a new advertising campaign
• Sending personalized thank-you emails to customers
• Reducing production costs

Back

Sending personalized thank-you emails to customers

Front

The main purpose of advertising is to:

Back

Persuade consumers to buy a product