WorksheetsMarketing Principles IA2
Total questions: 40
Worksheet time: 20mins
Name
Class
Date
1.
The 5 basic marketing strategies are called the 5 P's. Another name for these strategies is ________. (SA)
a)
marketing mix
b)
marketing matrix
c)
marketing means
d)
marketing motto
2.
Jacob is a marketer at Gamer Way Video Games. He is currently working to develop four different color versions of their latest video game console. Which of the four Marketing Mix strategies is Jacob working on?
a)
product
b)
place
c)
price
d)
promotion
3.
If you are shopping for electronic and see a brand you recognize with a reputation you trust, you are more likely to choose that brand instead of a product with a name you don't recognize. This is called?
a)
Product placement
b)
Brand image
c)
Loyalty
d)
Brand familiarity
4.
Which type of data usually saves time and money by providing fast access to more data than one person or company could realistically collect on it's own?
a)
Primary
b)
Secondary
5.
When a customer buys a product or adds it to a cart, the site suggest other items the customer might like. The site suggest these items based on the analysis of data from purchases made by other customers. This is known as __________.
a)
Data mining
b)
Secondary data
c)
Consumer knowledge
d)
Data segmenting
6.
Which of the following are indirect competitors?
a)
Sony & Nike
b)
Burger King & McDonalds
c)
Taco Bell & Pizza Hut
d)
Apple and Mary Kay
7.
A producer is someone who _____________.
a)
Receives a commodity from a business
b)
Is in the market for a commodity
c)
Buys or trades in order to receive a commodity
d)
Makes a commodity available for sale or exchange
8.
What is likely to happen if the price of a product goes up?
a)
The supply is likely to decrease
b)
The supply is likely to increase
c)
The demand is likely to increase
d)
The demand is likely to cause scarcity
9.
What does scarcity force people to do?
a)
Increase inflation
b)
Make choices
c)
Produce commodities
d)
Consume products
10.
In capitalism, what does competition do for consumers?
a)
It lets consumers create monopolies.
b)
It prevents consumers from being entrepreneurs.
c)
It limits the number of choices consumers have.
d)
It keeps prices fair for consumers.
11.
What type of trend is caused by changes in the characteristics of a population?
a)
A demographic trend
b)
A style trend
c)
A competitive trend
d)
A lifestyle trend
12.
In a company's SWOT analysis, which of the following is an example of a threat?
a)
The company makes a low quality product.
b)
The company's employees have bad morale.
c)
There are many competitors in the market.
d)
The market is not very saturated.
13.
A computer game that can be purchased online and played right away has good ________ utility.
a)
Form
b)
Time
c)
Information
d)
Value
14.
Which of the following is a variable cost for a company that makes bread?
a)
An oven
b)
Rent for a warehouse
c)
Bread ingredients
d)
A salaried worker
15.
Your company buys a car, and its value goes down over time. What is that process called?
a)
Depreciation
b)
A unit of sale
c)
Interest
d)
Leasing
16.
Which of the following is part of the cost of goods or services sold for a company that paints people's homes?
a)
A van to travel o people's homes
b)
Flyers to promote the company
c)
Paint
d)
Fuel for the van
17.
Economies of scale give an advantage to what type of company?
a)
A company with a small number of employees
b)
A service-based company
c)
A company with many variable costs
d)
A company that makes many sales
18.
A company's ________ tells you how much money the company has left over after subtracting all expenses.
a)
Cost of goods sold
b)
Net profit
c)
Gross profit
d)
Revenue
19.
Which type of utility can only be added by the maker of the product?
a)
Possession utility
b)
Form utility
c)
Time utility
d)
Place utility
20.
How is the value of a product determined?
a)
By its variable costs
b)
By how much it cost the producer to make
c)
By the amount a consumer is willing to pay for it
d)
By the number of workers who were involved in making it
21.
Eggs, toilet paper, and candy bars are examples of __________.
a)
Shopping goods
b)
Specialty goods
c)
Unsought goods
d)
Convenience goods
22.
Which of the following business ownership structures is the simplest and easiest to set up?
a)
Sole proprietorship
b)
LLC
c)
C corporation
d)
Partnership
23.
A corn farm, a coal mine, and a fishing company are all part of the _________ industry.
a)
Retailing
b)
Service
c)
Extractive
d)
Manufacturing
24.
Which of the following describes a saturated market?
a)
Many people want this product and haven't purchased it yet.
b)
The prices of competitors are very high.
c)
Most potential buyers have not heard of the product and don't know it exists.
d)
Most potential buyers already have a product that satisfies this need or want.
25.
Your company manufactures children's toys, and you want to keep the prices as low as possible for individual consumers. Which of the following things could you do to keep prices low?
a)
Keep the distribution chain short.
b)
Add companies to the distribution chain.
c)
Add subcontractors to the manufacturing process.
d)
Hire tradespeople.
26.
A company that builds houses and a company that makes cars are part of the __________ industry.
a)
Wholesaling
b)
Retailing
c)
Manufacturing
d)
Extractive
27.
A company is usually unable to take advantage of economies of scale during the __________ stage of the product life cycle.
a)
Maturity
b)
Growth
c)
Saturation
d)
Introduction
28.
A company that is organized by both product and function is using ________ organization.
a)
Hierarchical
b)
Matrix
c)
Market
d)
Flat
29.
Which of the following types of business ownership has the advantages of pass-through taxation and liability protection?
a)
Partnership
b)
LLC
c)
Sole proprietorship
d)
C corporation
30.
A company that is organized by function will group its employees into teams based on what?
a)
The product they make
b)
The type of work they do
c)
The type of customer they serve
d)
The location or branch they work at
31.
If you want to know whether a company had a profit or a loss during a specific period of time, which financial statement would be most helpful?
a)
Balance sheet
b)
Incomes statement
c)
Cash flow statement
d)
Statement of owner's equity
32.
In financial bookkeeping, credits go on the _____ and debits go on the _____.
a)
left, left
b)
right, right
c)
right, left
d)
left, right
33.
The costs of running a business are called ___________.
a)
Cash flow
b)
Operating expenses
c)
Startup costs
d)
Fixed costs
34.
In double-entry accounting, where should you record money that is leaving your company to pay bills?
a)
In the asset column
b)
In the credits column
c)
In the cash flow column
d)
In the debits column
35.
Money that your company has in the bank in case of unexpected financial needs or in case sales slow down is called ____________.
a)
Insurance
b)
An asset fund
c)
A cash reserve
d)
Equity
36.
Which type of risk is most likely to be insurable?
a)
Speculative risk
b)
Pure risk
c)
Equity risk
d)
Investment risk
37.
Which of the following is a type of liability?
a)
A liquid asset
b)
Accounts payable
c)
A revenue stream
d)
Accounts receivable
38.
If your company uses accrual basis accounting, what do you need to pay special attention to?
a)
Money the company owes
b)
Money that is owed to the company
c)
Cash flow
d)
Revenue
39.
Which of the following assets is the most liquid?
a)
Real estate
b)
A piece of equipment
c)
Money in the bank
d)
Inventory
40.
Which of the following tips can hurt your cash flow?
a)
Increase your sales.
b)
Keep a cash reserve.
c)
Offer credit only to low risk borrowers.
d)
Pay your bills early.
100 %
