Marketing Ch. 5 Quiz

Businesses stress quality of products, services, and financing when engaging in nonprice competition.

• True

• False

Intellectual property rights for inventions are known as: _______.

• copyrights

• design plans

• trademarks

• patents

A _______ exists when a company has sole control over a product or the means of producing it.

• free enterprise

• market economy

• monopoly

• oligopoly

Business Risk is:

• Potential for loss or failure

• Success

• Monopoly

• Marketing

Profit is the money earned from conducting business after all costs and expenses are paid

• True

• False

Supply is

• The amount of goods producers are willing to make or sell

• The need for a product

• Surplus

• Deficit

Business ownership by ordinary people, not the government is

• Supply

• Demand

• Monopoly

• Private Enterprise

All are the main functions of business EXCEPT?

• Production

• Marketing

• Management

• Profitability

Red Cross and the Girl Scouts of America are considered what kind of organization?

• for-profit

• non-profit

• public

• universal

As noted in the chapter, all are Federal Government roles in our economy except:

• service provider

• marketer

• enforcer of free enterprise

• regulator to protect consumers and business