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Ch. 10 The MarketPlace Review

Total questions: 35

Worksheet time: 18mins

Name
Class
Date
1.

What is a marketplace?

a)

Physical location of a retailer

b)

Large, outdoor group of retailers.

c)

Anywhere buyers and sellers meet to exchange goods.

d)

Exterior signage on a storefront.

2.

Which of the following is not a type of promotion?

a)

odd pricing

b)

advertisement

c)

selling

d)

sales promotion

3.

A(n) _____ is a situation in which a buyer and a seller have competing goals.

a)

impasse

b)

conflict of interest

c)

negotiation

d)

haggle

4.

Spending more money than a person can afford to spend is called _____.

a)

bankrupting

b)

under budgeting

c)

overdrawing

d)

overspending

5.

Which best describes the sale of merchandise on television through shopping networks or commercials?

a)

e-commerce

b)

comparison shopping

c)

deceptive advertising

d)

t-commerce

6.

What best describes a printed or electronic offer giving a discount for goods or services bought before a certain date?

a)

rebate

b)

customer loyalty program

c)

coupon

d)

clearance

7.

The _____ of a product is the cost per weight or measure.

a)

unit price

b)

cost

c)

markup

d)

loss

8.

What is a brick-and-mortar store?

a)

retail store that sells construction equipment.

b)

A retail store that sells directly from a physical location.

c)

A retail store that supports the economy of the town in which it is located.

d)

A retail store that also houses corporate offices.

9.

What do nontraditional sellers do?

a)

Nontraditional sellers sell unique and one-of-a-kind goods.

b)

Nontraditional sellers provide goods that are not commonly sold in stores.

c)

Nontraditional sellers provide goods and services without a brick-and-mortar location.

d)

Nontraditional sellers provide services not commonly found at other stores.

10.

Which of the following is not a form of nontraditional selling?

a)

catalogs

b)

telemarketing

c)

online auctions

d)

department stores

11.

Items that do not wear out quickly.

a)

comparison shopping

b)

consumer cooperative

c)

durable goods

d)

express warranty

12.

Completely covers the repair or replacement of any defect in a product.

a)

full warranty

b)

extended warranty

c)

implied warranty

d)

limited warranty

13.

Nonretail association owned and operated by a group of members for their own benefit rather than for profit.

a)

consumer cooperative

b)

buying incentive

c)

comparison shopping

d)

advertising

14.

Guarantee for service, repairs, and replacements only under certain conditions.

a)

extended warranty

b)

full warranty

c)

implied warranty

d)

limited warranty

15.

Special offer by sellers designed to help sell goods and services.

a)

advertising

b)

buying incentive

c)

comparison shopping

d)

consumer cooperative

16.

Clearly stated and can be written or verbal.

a)

express warranty

b)

extended warranty

c)

full warranty

d)

implied warranty

17.

Guarantee that a product will meet certain performance and quality standards.

a)

price

b)

research

c)

review

d)

warranty

18.

Advertising is an announcement promoting the sale of a good or service

a)

True

b)

False

19.

A review is a critical report about an item.

a)

True

b)

False

20.

Covers servicing and repairs that may be required after the initial warranty expires.

a)

express warranty

b)

extended warranty

c)

full warranty

d)

implied warranty

21.

Process of gathering information about products to find the best option among similar products.

a)

buying incentive

b)

comparison shopping

c)

consumer cooperative

22.

______________________________ means something is no longer useful because a newer version exists.

a)

Older

b)

Obsolete

c)

underrated

d)

Done

23.

The sale of merchandise by phone is telemarketing

a)

True

b)

False

24.

A(n) spending plan is a strategy to help an individual make smart choices and get the most out of his or her money.

a)

True

b)

False

25.

Making a purchase without first considering needs, goals, or the consequences of spending money is ______________________________ and can consume a sizable amount of money over time.

a)

impulse buying

b)

trend buying

c)

ultra buying

d)

impulse spending

26.

A(n) ______________________________ is a governmental regulation that requires certain information be placed on labels for certain products.

a)

labeling law

b)

tag law

c)

label tagging

d)

labeling

27.

A(n) ______________________________ is a cash back offer.

a)

rebate

b)

Return

c)

cash option

d)

rebate offer

28.

A(n) ______________________________ is a group or organization that tests products and rates them according to certain criteria.

a)

testing and rating service

b)

Label service

c)

product safety and rating service

29.

An unwritten promise that a product must be fit for any performance or purpose promised by the seller is ______________________________.

a)

implied fitness

b)

implied warranty

c)

implied merchantability

d)

Implied law

30.

Attempting to convince a buyer to make a quick decision is called ______________________________.

a)

high pressure selling

b)

high pressure

c)

selling pressure

31.

Information that purposely misleads a consumer through dishonest claims is ______________________________.

a)

deceptive advertising

b)

deceptive

c)

lies

32.

______________________________ is the process of communicating with potential customers in an effort to influence their buying behavior.

a)

Promotion

b)

Big sale

c)

tent sale

d)

event

33.

In a(n) ______________________________, the participant must wager something to win.

a)

game of chance

b)

game

c)

roulette

d)

wheel of fortune

34.

An unwritten guarantee that a product is what it is called and does what the name implies is ______________________________.

a)

implied merchantability

b)

implied selling

c)

implied warranty

d)

implied offer

35.

Items that are used up immediately in one use or will wear out in fewer than three years are ______________________________.

a)

nondurable goods

b)

durable goods

c)

implied goods

d)

goods