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Principles of Business 2

Total questions: 60

Worksheet time: 30mins

Name
Class
Date
1.
What is marketing?
a)
The four basic marketing strategies, called the four Ps:  product, place, price, and promotion
b)
the process of planning, pricing, promoting, selling, and distributing products to satisfy customers' needs and wants
2.
What is a good? 
a)
Tangible items that have monetary value and satisfy your needs and wants
b)
Intangible items that have monetary value and satisfy your needs and wants
3.
What is a service?  
a)
Tangible items that have monetary value and satisfy your needs and wants
b)
Intangible items that have monetary value and satisfy your needs and wants
4.
What is a marketing concept?
a)
Understanding the economic principles and concepts that are basic to marketing
b)
Idea that a business should strive to satisfy customer's needs and wants while generating a profit for the firm
5.
What is a market?  
a)
All people who share similar needs and wants and who have the ability to purchase a given product
b)
the process of planning, pricing, promoting, selling, and distributing products to satisfy customers' needs and wants
6.
A consumer market consists of consumers who purchase goods and services for personal use.
a)
False
b)
True
7.
Industrial market is that includes all businesses that buy products for use in their operations
a)
True
b)
False
8.
A companies market share is its percentage of the total sales volume generated by all companies that compete in a given market.  
a)
False
b)
True
9.
What is a target market? 
a)
a clear picture of their target market
b)
a group that is identified for a specific marketing program
10.
Promotional advertising is 
a)
when the goal is to increase sales
b)
tries to create a favorable image for a company and foster goodwill in the marketplace
11.
Media are the agencies, means, or instruments used to convey advertising messages to the public
a)
False
b)
True
12.
Print media includes:  
a)
advertising in newspapers, magazines, direct mail, signs, and billboards
b)
can be found on public transportation
13.
Product, price, promotion, and place is called the....
a)
Marketing Mix
b)
Mix Marketing
c)
The Four Ps
14.
Market research is when you research the market to see what the consumer wants and needs.  
a)
True
b)
False
15.
Which of the following is a disadvantage of private enterprise
a)
Periods of unemployment 
b)
Elimination of poverty
c)
Careful use of resources
d)
Equal distribution of income
16.

A system involving the exchange of goods depending on the double coincidence of wants is called

a)

Money

b)

Barter

c)

Specialization

d)

Equal Exchange

17.

which of the following is NOT a function of money?

a)

Not Divisible

b)

Store of value

c)

Measure of Value

d)

Medium of Exchange

18.

From which of the following commercial organizations might any member of the public be allowed to purchase shares?

a)

Co-operatives

b)

The Central Bank

c)

Private Companies

d)

Government Agencies

19.

in which department of a manufacturing business would you MOST likely to find a engineer ?

a)

Production

b)

Personnel

c)

Marketing

d)

Financial

20.

A hotel gives voucher for meals to its employee. This form of incentive is BEST described as?

a)

Reward

b)

Bonus

c)

Fringe Benefit

d)

Motivational Scheme

21.

An Authoritarian is leader who

a)

Makes decision without consultation

b)

Allow workers to plan their own work

c)

Consults with those likely to be affected by the decision

d)

Takes suggestions from employees

22.

Paul wins a sum of money in lottery and decided to invest it in a business. Paul buys fruits and sells them to earn money. In which type of production is he involved?

a)

Secondary

b)

Subsistence

c)

Primary

d)

Tertiary

23.

The workers in a large organization are dissatisfied with the working conditions. the trade union representatives FIRST likely action will be to

a)

Have discussions with the personnel officers

b)

Encourage employees to adopt go slow tactics

c)

Encourage the workers to take actions

d)

Request a meeting with board of directors

24.

A trait associated with entrepreneur is

a)

Taking risk

b)

Fair of failure

c)

Acceptance of loss

d)

Opposition of change

25.

Which of the following documents should be used to indicate to a business department that supplies of certain goods are needed?

a)

Invoice

b)

Quotation

c)

Stock Card

d)

Requisition Order

26.

The advantage which a firm may achieve by significantly increasing the size of its output is known as

a)

Economic of scale

b)

Risk-bearing Economies

c)

Economies of concentration

d)

Effects of large scale production

27.

the abbreviation for f.o.b. means

a)

Fee on board

b)

Freight on board

c)

Free on board

d)

Freeze on board

28.

A post-dated cheque is one which is dated

a)

no later than six month ago

b)

to agree with the date of the document requesting payment

c)

by the bank on the day the cheque is presented for payment

d)

for payment at a future date

29.

What should a bank teller do when a customer presents a check with a general crossings?

a)

Ask for identification

b)

Pay the amount stated

c)

Request that the cheque be deposited

d)

Refer the customer to the drawer's bank

30.

capital as a factor of production refers to

a)

money that issued to produce goods

b)

goods that are used to produce other goods

c)

assets that are owned by a firm

d)

goods purchase for resale

31.

Primary production is concerned with the

a)

distribution of the goods

b)

provision of services

c)

manufacture of goods

d)

provision of raw materials

32.

which of the following is NOT a primary industry?

a)

Mining

b)

Fishing

c)

Building

d)

Farming

33.

Which of the following LEAST affect the location of an industry?

a)

Proximity to source of raw materials

b)

Availability of an abundant labour supply

c)

Proximity to large shopping areas

d)

The presence of good roads and drainage

34.

Which of the following activities carried out in a firm will NOT be under the supervision of the marketing manager?

a)

Packaging

b)

Advertising

c)

Distribution

d)

Purchasing

35.

Which of the following documents gives the name of the ship and full particulars of the shipment of goods?

a)

Bill of Sales

b)

Bill of Lading

c)

Airway Bill

d)

Brokers Bill

36.

Which of the following BEST describe 'loss leader'?

a)

An item which the retailer give away to customer

b)

A product which is sold cheaply

c)

A good which has no real market value

d)

A Product which the retailer is unable to locate

37.

which of the following is a MAJOR function of consumer organization?

a)

Providing goods and services for consumers

b)

Educating consumers about their rights and privileges

c)

Setting price control for certain commodities

d)

Acting as price inspectors

38.

A house wife buys meat from a local butcher in her neighborhood. what type of distribution does this represent?

a)

A retail outlet

b)

A single channel

c)

A direct channel

d)

An indirect channel

39.

which of the following is a function of commercial bank?

a)

Refusal of deposits

b)

Lending of depositors fund

c)

barring of long term financing

d)

Making the various

40.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
41.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
42.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
43.
What is a major advantage of a business that is a partnership rather than a sole proprietorship?
a)
The responsibility for the business is shared
b)
The business is easy to set up
c)
The partners are not responsible for business debts
d)
The business is easy to sell
44.
What is a business owned by stockholders/investors but operated by others?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
45.
What is a business owned and operated by two or more people?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
46.
What is ONE advantage of a sole proprietorship?
a)
You make ALL the decisions
b)
Easy to raise money
c)
You have to share profits
47.
What is ONE advantage of a Corporation?
a)
Difficult to start
b)
Make all of the decisions
c)
Easy to raise money!
48.
Which is ONE disadvantage of Sole Proprietorship?
a)
Less direct control
b)
Disagreements
c)
Hard to raise money
49.
Disadvantages include limited life and
the potential for conflict between partners
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
50.
Characteristics include owned by two or more people and may be general or limited
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
51.
Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership. 
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
52.
Which of the following is NOT a business organization?
a)
Sole Proprietorship
b)
Corporation
c)
Perfect Competition
d)
Partnership
53.
What is a disadvantage of partnerships?
a)
ease of formation
b)
owners share responsibilities
c)
limited liability
d)
possibility of personality conflict
54.
Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?
a)
corporation
b)
partnership
c)
sole proprietorship
55.

A business with one owner is known as a:

a)

Company

b)

Sole trader

c)

Partnership

56.

The two forms of business ownership with unlimited liability are:

a)

Sole trader

b)

Public company

c)

Partnership

d)

Private company

57.

Which is not an economic system?

a)

Capitalism

b)

Mutualism

c)

Communism

d)

Socialism

58.

Cooperation is encouraged over competition in which system?

a)

Capitalism

b)

Socialism

59.
That which can be touched
a)
Goods
b)
Services
c)
Marketing
d)
Tangible
60.
A symbol used to represent a brand or company
a)
price
b)
product
c)
target market
d)
logo

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