7.00 Unit Test Review

What marketing activity is taking place when a car dealership promotes their newest vehicle on the radio?

• Communicating with customers

• Finding out about customers

• Offering the products customers want

According to the marketing concept, which option demonstrates customer orientation?

• finding out what a buyer wants

• researching a firm's competitors

• convincing a buyer to buy

• advertising the features of a product

Which would probably result if a business reduced its marketing costs?

• increased costs of production

• decreased variety of consumer goods

• increased consumer awareness of goods and services

• decreased need for customer contact with businesses

Each year, more than 500,000 people watch the Soccer World Cup sponsored by Adidas. What is being marketed by Adidas?

• places

• goods

• ideas

• services

The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?

• partnership

• cooperative

• corporation

• proprietorship

A type of business ownership in which one or more of the owners does not have full liability is called a:

• general partnership.

• limited partnership.

• sole proprietorship.

• service organization.

A characteristic of a sole proprietorship is that the owner:

• has access to unlimited funds.

• receives all the profit.

• transfers all the risk.

• delegates all functions.

Which type of ownership gives a business an exclusive territory, training and support during start up, and a competitive edge in the market?

• corporation

• franchise

• partnership

• sole proprietorship

José is opening a fish tank cleaning service. He has potential investors, but decides he would prefer to structure the business ownership so that he is ultimately responsible for the success or failure of the business. Which type of business ownership should José select?

• cooperative

• corporation

• partnership

• sole proprietorship

John says that his job duties include planning what will be done, organizing and directing workers, and solving problems related to worker productivity. His job can best be described as a:

• manager

• broker

• cashier

• bookkeeper