Practice Management

What is marketing?

• The study of the brains.

• The study of luxury brands.

• Human activity named business.

• Human activity aimed for satisfying needs.

Which of the following is NOT one of the 4Ps?

• Price

• Place

• Product

• Packaging

When you see an advertisement for a store and decide to shop there, which element of the marketing mix has succeeded?

• Place.

• Product.

• Promotion.

• Packaging

What was the first era in the evolution of marketing?

• Selling.

• Marketing

• Production

• Relationship

A group of people who are most likely to buy a product. The people in this group have similar wants and needs. The statement refers to ________ .

• demographic

• target market

• marketing mix

• market segmentation

Any amounts owed by a business and reported on the balance sheet are referred to ________.

• profit

• assets

• liabilities

• expenses

What is the MAIN purpose of financial accounting?

• Minimize company taxes.

• Organize financial information.

• Keep track of company expenses.

• Provide useful financial information to outsiders.

When a company sells merchandise on account, their accountant will have a journal entry under which account?

• Cash

• Office equipment

• Account payable

• Account receivable

Which of these is NOT included as a separate item in the basic accounting equation?

• Assets

• Liabilities

• Revenues

• Stockholders equity

Which of the following items would NOT fall under the definition of an asset?

• Land

• Cash

• Machinery

• Owner's equity