ME12 - Teacher Made Test Review #2

"Single parents" and "students" are examples of…

• citizens

• target market

• public

• life stages

What best describes a Lean Business Canvas Model?

• A model of your business office

• A piece of artwork

• One page plan outlining your new business idea

An organized inquiry into the possible success of a business idea or venture

• Acquisition

• Feasibility study

• Market Analysis

• Startup costs

Feasibility studies help owners/managers fully understand the ______ and ______associated with the proposed ventures.

• Risks and benefits

• Employee turnover and employee retention

• Loss and gains

A graphical representation of the flow of authority within an company

• Financial statement

• Organizational chart

• Pie chart

Which of the following is a benefit of channels of distribution:

• We can more easily obtain products from all over the world.

• Producers must spend more money.

• Retailers must spend more money.

• We spend more time looking for products we want.

Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers.

• True

• False

The width, or breadth, of a company's product mix pertains to the number of product lines the company borrows from their competitors. 

• True

• False

Where does a channel of distribution begin?

• With the industrial user

• With the producer

• With the ultimate consumer

• With the intermediary

Operating costs that do not increase or decrease with changes in production are called __________ expenses.

• mixed

• semi-variable

• fixed

• variable