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Intro to Business - Chapter 22 Test

Total questions: 35

Worksheet time: 35mins

Name
Class
Date
1.
Which term refers to a plan that specifies how resources will be spent?
a)
budget
b)
financial summary
c)
spending limit
d)
audit
2.
Which often has a plain label?
a)
a sale item
b)
a generic product
c)
a used item
d)
a brand-name item
3.
Which is NOT a decision consumers generally make when buying goods and services?
a)
where to buy
b)
when to buy
c)
what to buy
d)
why buy
4.
Which of the following is an example of a discount store?
a)
Macy's
b)
Dillard's
c)
Wal-Mart
d)
Sears
5.

Which type of store sells well-known brand names at bargain prices?

a)

department stores

b)

convenience stores

c)

limited-line retailers

d)

superstores

6.
Which is NOT a factor in determining where to shop?
a)
kinds of services sold
b)
convenience
c)
prices
d)
employees
7.
Which type of store might require customers to become a member to take advantage of benefits?
a)
discount store
b)
limited-line retailer
c)
warehouse store
d)
superstore
8.
Which is NOT something consumers should do when preparing to shop?
a)
study advertisements
b)
read consumer publications
c)
look for sales gimmicks
d)
read labels and warranties
9.
Which is an example of a clearance sale?
a)
end of summer sale on swimsuits
b)
President's Day sale
c)
autumn sale on new skis
d)
day after Christmas sale
10.
When a product is advertised to sell at a less than cost to bring customers into a store.
a)
discount
b)
bargain
c)
loss leader
d)
gimmick
11.
Which term refers to making unplanned purchases?
a)
smart shopping
b)
bargain hunting
c)
discounting
d)
impulse buying
12.

Which term is used to describe an attention-getting promotion used to get people into a store?

a)

clearance sale

b)

sales gimmick

c)

loss leader

d)

impulse buying

13.
Which term refers to a guarantee from the manufacturer?
a)
contract
b)
sales receipt
c)
invoice
d)
warranty
14.

Which is an unwritten guarantee that covers certain aspect of a product and its use?

a)

limited warranty

b)

full warranty

c)

implied warranty

d)

express warranty

15.
A person who selects, purchase, uses, and disposes of goods and services is a              .
a)
buyer
b)
consumer
c)
customer
d)
shopper
16.
The trade name for a product or service produced by a particular company is called a ______ .
a)
brand name
b)
designer label
c)
trademark
d)
store brand
17.
The___________version of an item generally costs less than its brand-name counterpart.
a)
basic
b)
common
c)
generic
d)
standard
18.
A store that offers many lines of brand-name products plus customer service is a  ________________store.
a)
convenience
b)
department
c)
limited-line retailer
d)
specialty
19.

Many people stop at a(n)______________to pick up bread and milk

a)

convenience store

b)

discount store

c)

limited-line retailer

d)

outlet store

20.
A day-care center will often buy snacks in bulk at a store because of the low prices.     
a)
convenience
b)
discount
c)
off-price
d)
warehouse
21.
A store that has only two departments, candles and home accents, is called a              .
a)
department store
b)
limited-line retailer
c)
superstore
d)
convenience store
22.

Web sites and magazines that do product tests and offer ratings are good places to .

a)

begin comparison shopping.

b)

learn about advertising claims.

c)

find coupons and rebate offers.

d)

look for sales.

23.

When a small store has a sale on sunscreen in September, it is most likely a _______________sale.

a)

clearance

b)

promotional

c)

one-day

d)

sidewalk

24.
Promotional sales for turkeys and pumpkin pies would likely occur in ______ .
a)
April
b)
September
c)
June
d)
November
25.

Advertised products that sell at a loss to bring customers into a store are called ___________________________.

a)

bait

b)

teasers

c)

loss leaders

d)

traffic promotions

26.
The act of making unplanned purchases is called ______________buying.
a)
accidental
b)
impromptu
c)
impulse
d)
spontaneous
27.

Products costing ________ or more must make warranties available before the sale.

a)

$5

b)

$25

c)

$15

d)

$50

28.

Writing down the items you plan to purchase before you get to the store is called _______________________.

a)

consumer awareness

b)

making a shopping list

c)

creating a warranty

d)

rational shopping

29.

An example of a generic product is ______________________.

a)

a McRib

b)

an Adidas shoe

c)

a frozen turkey burger

d)

a Yeti cup

30.
An example of emotional advertising would be an ad:
a)
showing the nutrition label
b)
comparing prices of cell phones
c)
indicating that a product has a warranty
d)
where purchasing the product would be helping someone
31.

When would be the best time to buy the item mentioned for the best price?

a)

an air conditioner in July

b)

school supplies in August

c)

a snowboard in June

d)

ice skates in November

32.
All of the following are brand names except
a)
Pepsi
b)
Fossil
c)
USA
d)
Levi's
33.

What is one identifiable way that a pyramid scheme is different from a Ponzi scheme?

a)

Participants pay in money that they may not recover.

b)

Some people will make money and will promote these “winnings” to others.

c)

Participants are often promised income or returns that are misleading.

d)

Participants make money from recruiting other participants.

34.
What are you typically asked to do when you join a pyramid scheme?
a)
Pay money
b)
Teach your recruits to do pay money and recruit new sellers/promoters
c)
Recruit new sellers/promoters
d)
All of these answers are correct
35.
Four decisions that consumers make when they buy goods and services.
a)
what, when where, and how to buy
b)
what, who, how, and why to buy
c)
what, when, how, and why to buy
d)
what, where, which, and how to buy

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