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WorksheetsFinal Exam Review
Total questions: 80
Worksheet time: 48mins
What is the purpose of performing a SWOT Analysis?
Identifies internal and external factors that may affect the business future performance
Evaluates whether the business venture is a good idea
Access an organization's performance
Gives the management team a broader view on the potential opportunity
Tells you who your customer is by providing information about their age, gender, education level, income level, etc.
demographics
geographic
psycholgraphic
target marketing
Information about your customers' interests, hobbies, attitudes, beliefs, values, etc.
demographics
geographics
psycholgraphics
behaviors
Promotion means -
any form of communication that is used to inform, persuade, and/or remind people to buy a company's product
to move from one place to another
advertising only
product research and development
Newspapers, TV, radio, magazines, billboards, etc. are examples of...
Advertising
Publicity
Sales Promotion
Personal Selling
Coupons, contests, rebates, free samples, displays, etc. are examples of...
Advertising
Publicity
Sales Promotion
Personal Selling
Which is the BEST example of a public relations activity?
Target donates 1 million to education
Nike releases a new sneaker
Macy's creates an improved training program for new employees
Starbucks updates the inside of its stores
Quitting your job with a firm to start your own business would be an example of a _____________.
Function of management
Risk
Ethical dilemma
Conflict of interest
What kind of material can be covered on "Copyright"?
Books and plays
photographs and movies
Music and dances
All of the above.
What is this symbol for?
Copyright
Creative Commons
Trademark
Patent
Laws protecting intellectual property from unauthorized copying.
Licensing
Patent
Trademarks
Copyright
Exceptions to copyright law that allow copying in certain limited circumstances.
Educational Fair Use
Fair Use
Copyright Laws
AN exclusive right granted for an invention, which is a product or a process that provides a new way of doing something.
Copyright
Trademark
Copyleft
Patent
What is this a symbol for?
Copyright
Trademark
Copyleft
Patent
______________is a word, phrase, symbol, and/or design that identifies and distinguishes the source of the goods of one party from those of others.
Service Mark
Trademark
Patent
Copyright
How long does a copyright last?
Owner's death + 70 years
20 years
15 years
Doesn't expire
How long does a trademark last?
Owner's death + 70 years
20 years
15 years
Doesn't expire
What does a trademark cover?
Unique Plants
A logo
Unique look of a manufactured item. (Pontiac grille)
Creation of a new product
Copyright infringement is
the same as patent pending
Trademarking your brand
a violation of copyright law
an embargo
What is business ethics?
Diversity in the workplace
Functions of management
Standards of right and wrong in the workplace
Profitablity of a company
Recently an employee of Coca-Cola released training materials to the public that were considered racist in nature. This practice is known as what?
Ethical Dilemma
Plagiarism
Copyright Infringement
Whistleblowing
Stacy is a teacher that also runs a small business in her home. Several times a month she collects paper clips, post-it-notes, and other office supplies from the office to take to her home business. Which action is the best ethical decision for Stacey?
Purchase office supplies needed for home business
Only take supplies once a month
Continue to take the office supplies home only if there are plenty of supplies at work
Take the supplies home as long as they are in open packages
A set of guidelines for maintaining ethics in the workplace.
Code of Ethics
Code of Conduct
Customer Service Policies
Code of Honor
A conflict between self-interest and a professional obligation.
Obligation
Conflict of Interest
Problem Solving
Rule Enforcement
Property (as an idea, invention or process) that derives from the work of mind or intellect
Defamation
Fair Use
Intellectual Property Agreement
Intellectual Property
Which of the following is NOT a benefit of the perpetual inventory system
Assists in the re-ordering of inventory
Stock losses and gains can be detected quickly
Fast and slow moving inventory can be identified
employees are kept busy counting inventory
What chocolate business has the highest market share?
Ferrero
Mars
Lindt
Hersheys
Deciding how much inventory to produce or buy:
Product strategy
Price strategy
Place strategy
Promotion strategy
____________ relates to distribution of products.
Product strategy
Price Strategy
Place Strategy
Promotion Strategy
Creating a new commercial would be:
Product Strategy
Price Strategy
Place Strategy
Promotion Strategy
Why might it be difficult for a small retailer to gain market share in the women's clothing market?
The market is saturated
There is not enough competition in the market
It is impossible to compete with big chain retailers
A market is not allowed to have more than 5 companies
What is price skimming?
An initially high price charged to customer which will reduce over time
An initially low price charged to customer which will increase over time
A steady price charged to customer regardless of product age
What is Loss Leader pricing?
A product is sold at production cost price
A product is sold at less than cost price
A product is sold to make a small profit
What is an advantage of price skimming?
Gains market share
Covers costs and breaks even
Allows an organisation to make the largest profit possible
What is Promotional pricing?
When a business offers different prices to different customers
When a business reduces price to below production cost to clear stock
When a business offers a short term special offer such as buy one get one free to gain interest and increase sales
What is the selling price of an item which costs $5 to make and has a 50% mark up (profit added)?
$7.50
$5.00
$10.00
$25.00
What is meant by psychological pricing strategy?
Items are offered at an uneven number to appear cheaper encouraging sales ($9.99)
Items are sold using a special promotional offer which is brightly coloured and attracts attention
Items are sold at production cost price to attract customers into the store and increase purchases
What is Direct Distribution?
The product goes from the manufacturer to the consumer
The product is distributed intensively
The product stops a intermediaries before it reaches the consumer
The product is sold from an agent instead of a manufacturer
Which is considered indirect distribution?
Manufacturer to wholesaler to retailer to consumer
Manuacturer to agent to consumer
Manufacturer to consumer
Manufacturer to retailer to consumer
The ______________ inventory system only keeps enough inventory to keep the business operational.
Perpetual
Periodic
Just in time
"We gladly accept unworn, unaltered merchandise purchased within 30 days with a receipt in exchange for a store credit" is an example of what?
Ethical dilemma
Code of ethics
Code of contact
Customer service policy
Kelsey only shops online. This is an example of a ___________.
Demographic
Behavior
Psychographic
Branding decisions are considered ____________.
Product strategy
Pricing strategy
Place strategy
Promotional strategy
Explain the RED model (from the Hawks case study)
Bailey's Boutique is having a promotional sale on bracelets. The regular cost of the bracelet is $25. They will have a 20% markdown. What will the new price of the bracelet be?
$30.00
$20.00
$15.00
$12.50
The total sales for boutiques in Small Town America were $567,000 for quarter 2. Bailey's Boutique had $137,622 of those sales. What is Bailey's Boutique market share?
429,378
76%
24%
More information is needed to determine market share
How you differ from competitors is a ____________. (check all that apply)
differentiator
unique value proposition
opportunity recognition
product strategy
Which is NOT a part of AIDA?
Action
Intensive
Attention
Desire
What is the formula for ROI?
(investment gain/investment) x 100
(investment-profit) x 100
(assets-liabilities)/100
(Revenue-expenses)/revenue
The statement used to determine net profit is _________.
Balance sheet
Income statement
Cash-flow statement
Which is NOT a variable expense?
Employee salaries
Hourly wages
Utilities
Materials used to produce goods/services
Which is the formula for break even point?
(investment gain/investment) x 100
profit/cost
investment/profit
fixed costs/contribution Margin
Sally makes necklaces that she sells for $12.00. If the chain costs $3.00 per necklace, the beads cost $0.40 per necklace; production labor is $1.60 per necklace; and a sales commission of 15% is paid to her salesperson, what is the total variable costs of each necklace Sally sells?
$5.00
$6.80
$3.20
$5.20
Which is NOT considered a liability?
Loans payable
Accounts payable
Taxes payable
Capital investment
Sally initially invested $350 in her jewelry business. After 3 months, she had a net profit of $422. What is her ROI?
17%
141%
21%
83%
Sally's fixed costs for her jewelry business are $178 a month. Her contribution margin per necklace is $5.80. How many necklaces does Sally need to sell to break even?
1,032
96%
3%
31
Joe has $300 in cash; $67 in accounts receivable; $160 in inventory; and $2,500 worth of equipment. Joe has $275 in accounts payable and $1600 for loans payble. What is Joe's owner's equity?
1200
$992
$1267
152%
Willy's Wonka Company had $5,000 in Assets, and $3,000 in Liabilities on their Balance Sheet. Willy borrows $10,000 from the Golden Ticket Finance Company. What are the Liabilities on the Balance Sheet now?
$13,000
$3,000
$8,000
($7,000)
Which of the following are items of Expenses?
salaries, utilities, inventory, discount allowed
salaries, utilities, insurance, discount allowed
salaries, utilities, interest received, discount allowed
salaries, utilities, loan, discount allowed
A firm’s financial obligations to short-term creditors, which must be repaid within one year.
Current Assets
Current Liabilities
Accounts Receivable
Accounts Payable
Which of the following included in the Balance Sheet?
Sales
Assets
Taxes
Rental cost
Liability
