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WorksheetsSports and Entertainment Marketing Chapter 3
Total questions: 30
Worksheet time: 5mins
An economic impact is the effect produced by decisions made by consumers and businesses.
True
False
The study of how goods and services are produced, distributed, and consumed is called marketing.
True
False
Because people have limited time and money to spend on entertainment, they must make decisions about how to spend their limited resources.
True
False
Improving the physical characteristics of a product or service is called form utility.
True
False
Possession utility results from the value a consumer places on owning and using the product or service.
True
False
Building a company without outside assistance is often referred to as crowdsourcing.
True
False
Risks can be classified as controllable, insurable, and involving gain or loss.
True
False
Building a company without outside assistance is often referred to as bootstrapping.
True
False
Risk retention means purchasing insurance to cover possible losses.
True
False
The preparation for an unexpected emergency is called risk management.
True
False
An ethical dilemma occurs when a person has to choose between what is right and wrong to do.
True
False
An ethical dilemma occurs when an individual has to choose between two possible options, neither of which is completely acceptable.
True
False
A person who exhibits consistent ethical behavior is said to have integrity.
True
False
Integrity is a strong, voluntary, and consistent adherence to behavior that is honest and moral
True
False
An activity that will produce money is called a
revenue stream
possession utility
economic utility
profit motive
The major reason for being in business is
the challenge
the profit motive
the tax write off
the lack of competition
Tickets to the Super Bowl or the World Cup are a scarce resource, so demind for tickets is
high
low
never sold out
not affected
The amount satisfaction that people believe they receive from the entertainment is referred to as
form utilitiy
economic utility
place utility
time utility
Forecasting involves
purchasing and promotion
pricing and ticket sales
predicting costs and revenue
planning, distribution, price, and advertising
Bringing a new professional team to a major city is an example of an
speculative risk
controllable risk
insuranable risk
uncontrollable risk
The possibility of financial gain, loss, or personal injury.
Profit
Risk
Insurance
Utility
Risk retention involves
buying insurance
assuming the cost of an uninsurable risk
stopping the activity that involves risk of loss
the possibility of loss or gain
When a business is legally responsible for losses suffered by an injured person, it is said to be
liable
ethical
avoiding risk
risk averse
Ethical behavior involves
making easy routine decisions
always making decisions that produce the greatest financial profits
deciding between right and wrong in a reasoned and impartial manner
all of the above
The study of how goods and services are produced, distributed, and consumed.
Risk
Management
Economics
Resources
The amount of satisfaction a person receives from the consumption of a particular product or service.
economic utility
form resources
time utiltiy
space utility
__________ are a system of deciding what is right or wrong in a reasoned and impartial manner.
Ethics
Risk
Capital
Assets
The rules and codes of conduct on which ethical behavior is based are referred to as _____________.
profit
principles
resources
responsibility
An example of risk at an amusement park such as Disney might be
injury from rides
food poisoning
liability for action of employees
all answers are correct
Ethical behavior involves
making easy routine decisions
always making decision that produce the greatest financial profits
acting in a mature, responsible manner
all of the above
