Entrepreneurship I: Objective 3.01 Vocabulary Quiz

Any paid form of nonpersonal presentation of ideas, images, goods, or services.

• Marketing Mix

• Advertising

• Personal Selling

• Media

An advantage consumers receive from using a product.

• Price

• Feature

• Benefit

• Profit

The total amount of money spent on costs of materials, labor, taxes, etc. to manufacture economic goods and services.

• Expenses

• Price

• Cost (of production)

• Profit

The arrangement by which businesses or individuals can purchase now and pay later.

• Profit

• Income

• Credit

• Personal Selling

A deduction from the price of goods.

• Income

• Credit

• Discount

• Profit

The money that a business spends.

• Profit

• Income

• Expenses

• Credit

A fact or characteristic of the product.

• Marketing Concept

• Benefit

• Feature

• Resource

An objective or want that you plan to fulfill.

• Strategies

• Goal

• Tactics

• Value

The money received by resource owners and by producers for supplying goods and services to consumers.

• Income

• Profit

• Price

• Revenue

A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals.

• Marketing

• Marketing Research

• Marketing Mix

• Marketing Concept