Business I Test

Fill in the blank: The 'S' in SMART Goals stands for ________ and means to clearly state what you will do.

• Specific

• Simple

• Strategic

• Sensible

Which of the following is NOT a reason why Customer Relations Management (CRM) matters?

• Keeps customers loyal

• Increases sales and referrals

• Builds trust and reputation

• Decreases communication with customers

Fill in the blank: CRM is how a business builds and maintains relationships with customers before, during, and after a sale—through ________, problem-solving, and follow-ups.

• communication

• advertising

• negotiation

• competition

Which field examines how individuals and organizations allocate scarce resources to meet their needs and desires?

• Economics

• Physics

• History

• Mathematics

Fill in the blank: ________ occurs when there are not enough resources (money, time, materials) to produce everything people want, forcing choices to be made.

• Scarcity

• Abundance

• Inflation

• Barter

Fill in the blank: ________ refers to the desire and ability of consumers to purchase a good or service at a specific price.

• Supply

• Demand

• Revenue

• Profit

Fill in the blank: ________ is the quantity of a product or service that producers are willing and able to offer for sale at a specific price.

• Supply

• Demand

• Profit

• Expense

Fill in the blank: ________ is the price at which the quantity supplied equals the quantity demanded — where buyers and sellers agree on a fair value.

• Market Price (Equilibrium Price)

• Wholesale Price

• Retail Price

• List Price

What are goods? Goods are physical items that can be seen or touched, such as clothing, phones, or _____.

• food

• music

• ideas

• dreams

Which of the following is an example of a service? Services include things like teaching, cleaning, or _____

• plumbing

• books

• furniture

• buildings