App Eco 12

What do you call the portion of current income not spent in consumption?

• Savings

• Investment

• Money

• Budget

What do you call the ability to convince people to see your point of view and get them interested in your ideas?

• Risk-taker

• Appeal

• Persuasiveness

• Guessing

What is the primary purpose of a business plan?

• Attract lenders and investors.

• Enable an entrepreneur to take his or her company public.

• Guide a company by plotting a strategy for its success.

• Meet SEC and other legal requirements designed to protect lenders and investors.

What is the primary source of small businesses’ failures?

• Lack of capital

• Poor location

• Management incompetence

• Improper inventory control

A marketing plan should _____.

• Determine customers’ needs and wants through market research.

• Pinpoint specific target markets the company will serve.

• Analyze the firm's competitive advantages and build a marketing strategy around them.

• All of the above.

What is the reason why the majority of customers stop patronizing a particular store?

• The products’ price is too high.

• The products’ quality is too low.

• An indifferent employee treated them poorly.

• It failed to advertise enough.

What can a company do to achieve stellar customer service and satisfaction?

• Listen to customers with the help of suggestion boxes, focus groups, surveys, and other tools.

• Define what "superior service" means so that customers and employees know exactly what to expect and what to provide.

• Hire friendly, courteous sales and service representatives.

• All of the above.

When counting change back to a customer, you should always give the _____ amount of coins possible.

• Correct

• Current

• Best

• Least

Pedro, a Grade-12 student, wants to increase his savings because he wants to buy a motorcycle that can be used to his every day journey in going to school. If you were Pedro, how would you solve the problem?

• Borrow money.

• I will not consume products and services.

• Have a plan on how to save and how much to save.

• Decrease my expenses and try to put my money to my savings account.

What do you call the person who buys the product business offers for sale?

• Competitor

• Consumer

• Business owner

• Firms