Marketing Cluster Practice Test

When an agent legally acts in the best interests of his/her client, the agent is establishing a(n) __________ relationship.

• authoritative

• fiduciary

• principal

• legislative

Cindy's lemonade stand sells lemonade to customers. The route that the lemonade is taking from the producer to the final consumer is

• roundabout

• indirect

• direct

• intermediary

Your supervisor has asked you to prepare a marketing status report for each of the company's six regional offices. The most appropriate way to organize the information is

• by site location

• by sales function

• in chronological order

• in reverse sequence

Operating expenses are defined as the

• start-up expenses of a business

• salaries paid to managers.

• cost of goods sold.

• costs of running a business

Long-term unemployment may affect an individual by

• improving mental health

• eroding skills

• increasing protectionism

• building savings

"I can't agree to your terms until I discuss the situation with my manager." This is an example of the __________ negotiating strategy.

• limited authority

• good cop/bad cop

• deadline-driven

• bargaining

Which of the following expenses should Charlene categorize as a fixed cost:

• Cost of goods sold

• Delivery charges

• Rent

• Commissions

Real market opportunity occurs when

• supply exceeds demand.

• entrepreneurs brainstorm ideas.

• an identified want exists.

• a good or service can be produced efficiently.

Which of the following is a type of intangible business property that is protected by law:

• Acreage

• Trademark

• Inventory

• Equipment

A 401(k) is an example of a

• defined benefits plan.

• defined contribution plan.

• Social Security benefit.

• profit-sharing plan.