CHAPTER 3 TEST: SPORTS & ENTERTAINMENT MARKETING

An economic impact is the effect produced by decisions made by consumers and businesses.

• True

• False

The study of how goods and services are produced, distributed, and consumed is called marketing.

• True

• False

Because people have limited time and money to spend on entertainment, they must make decisions about how to spend their limited resources.

• True

• False

Improving the physical characteristics of a product or service is called form utility.

• True

• False

Possession utility results from the value a consumer places on owning and using the product or service.

• True

• False

Building a company without outside assistance is often referred to as crowdsourcing.

• True

• False

Risks can be classified as controllable, insurable, and involving gain or loss.

• True

• False

Building a company without outside assistance is often referred to as bootstrapping.

• True

• False

Risk retention means purchasing insurance to cover possible losses.

• True

• False

The preparation for an unexpected emergency is called risk management.

• True

• False