022819 MKTG APPLICATIONS - 3.0 POP QUIZ (through 3.08) PJ

What are the main components of a budget?

• Assets and Liabilities

• Cash Flow and Net Worth

• Income and Expense

• Profit and Loss

By regularly reviewing its budget, a business is able to determine if it is performing which activity?

• Following their financial plans

• Receiving discounts from vendors

• Offering loans to employees

• Paying interest to customers

Why would a business use its budget to estimate income?

• To increase shrinkage

• To develop services

• To plan purchases

• To increase losses

Which is a situation for a business to plan its budget carefully?

• Supplies may be scarce

• Money is limited

• Regulations are limited

• Time is limited

A business uses its budget to estimate how it will perform which activity?

• File their taxes

• Calculate their assets

• Spend their money

• Depreciate their assets

How is a budget like a tree?

• A budget requires care and nurturing, like a young tree.

• A budget is divided into categories and subcategories similar to tree branches.

• A budget is supported by strong sales like a tree is supported by strong roots.

• A budget changes from season to season

What is the most important factor with the success of a great business idea?

• business model 
• funding 
• timing
• execution

All are situations in which salespeople are good sources for new ideas EXCEPT

• listening to customers problems
• Customers suggesting ways to improve a product
• Customer buys a product
• hearing complaints from customers

All are examples of customer complaints that lead to a new business idea EXCEPT

• Food being under-cooked at a fast food restaurant and the customer tells the manager about it
• Customer is satisfied with a purchase and writes a comment on the web site
• Customer bought a must-have toy and some of the parts were broken when the box was opened; customer returned the item
• Customer found a piece of hair in their bowl of soup at a restaurant; the manager discovered servers were not wearing required hair net

Which is an ADVANTAGE of generating ideas in a group setting?

• Arguing or debating too much
• Constructive criticism from a group member
• One person doing all the ideating
• Loss of focus