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Exp Business/Marketing State Test Review

Total questions: 55

Worksheet time: 41mins

Name
Class
Date
1.

The part of the profits of a corporation that each shareholder receives.

a)

Dividends

b)

Price

c)

Close

d)

Mass media

2.

A brief, written account of personal, educational, and professional qualifications and experience prepared by an applicant for a job

a)

Patent

b)

Resume

c)

Budget

d)

Survey

3.

Assets = Liabilities + Shareholder Equity

a)

Accounting Equation

b)

Opportunity Cost

c)

Commission

d)

Compound Interest

4.

Tasks that business performs for consumers.

a)

Scarcity

b)

Demographics

c)

Price

d)

Services

5.

Amount of money a company receives during a specific period.

a)

Marketing

b)

Supply

c)

Patent

d)

Revenue

6.

Set of documents prepared by a company to summarize its objectives and who how they will achieve it.

a)

Corporations

b)

Private Company

c)

Income Statement

d)

Business Plan

7.

The process of working collaboratively with a group of people in order to achieve a goal. This is often a crucial part of a business.

a)

Vision

b)

Teamwork

c)

Liability

d)

FBLA

8.

Financial statement that measures a company's financial performance over a specific accounting period. Compares revenue and expenses.

a)

Public relations

b)

Income Statement

c)

Mission Statement

d)

Time Value of Money

9.

Business owned by two or more people who operate the business as co-owners.

a)

Target Market

b)

DECA

c)

Partnership

d)

Non-profit organization

10.

Liabilities are the amounts owed to lenders and suppliers.

a)

True

b)

False

11.
The law of demand states that if the price of CD’s rise, consumers will
a)
Buy more CDs
b)
Buy fewer CDs
c)
Quantity demanded will not change
12.
The law of supply states that if the price of CD’s rise, suppliers will
a)
Supply more CDs
b)
Supply fewer CDs
c)
Quantity supplied will not change
13.

Resource

a)

a service or other asset used to produce goods and services that meet human needs and wants.

b)

a gap between insufficient resources and the many theoretical needs

c)

land, labor, capital, and entrepreneurship.

d)

is concerned with the optimal production and distribution of scarce resources.

14.

The process of developing, promoting, and distributing products to satisfy needs and wants.

a)

Marketing

b)

Emotional buying

c)

Rational buying

d)

Promotion

15.

A business owned and managed by a single individual.

a)

Promotion

b)

Partnership

c)

Sole Proprietorship

d)

Corporation

16.

A business in which two or more persons combine their assets and skills

a)

Partnership

b)

Sole Proprietorship

c)

Franchise

d)

None-Profit

17.

The 4Ps of marketing are Product, Price, Promotion, Place

a)

True

b)

False

18.

The Marketing Mix is NOT the same as the 4 Ps

a)

True

b)

False

19.

Physical, tangible products are called

a)

Demand

b)

Services

c)

Supply

d)

Goods

20.

Partnership is the relation which subsists between persons who have agreed to combine their property,

labour or skill in some business and to share the profits there from between them.

a)

True

b)

False

c)

Partly true

d)

None of the above

21.

_______ are things the people make or use to satisfy needs or wants.

a)

Resources

b)

Services

c)

Goods

d)

Producers

22.

___________are activities that satisfy people's needs and wants.

a)

Resources

b)

Services

c)

Goods

d)

Producers

23.

_______ used to produce goods and services.

a)

Resources

b)

Services

c)

Goods

d)

Producers

24.

Materials that come from nature

a)

capital resources

b)

natural resources

c)

human resources

25.

People working to produce goods and services.

a)

capital resources

b)

natural resources

c)

human resources

26.

Goods made by people and used to produce other goods and services.

a)

capital resources

b)

natural resources

c)

human resources

27.

_______ are people who use goods ans services.

a)

consumers

b)

producers

c)

services

d)

goods

28.
What type of corporation combines the benefits of a partnership and a corporation?
a)
Limited Liability Company
b)
Trust
c)
Company
29.
McDonald's and Burger King are examples of....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
30.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
31.
This type of business is owned by two or more people.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
32.
This type of business is owned by many people called stockholders.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
33.
This type of business is a contractual agreement with a parent company to sell its products/services in an area.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
34.
What question (s) should you ask yourself whenever you are faced with an ethical dilemma?
a)
Is it legal
b)
Is it balanced/fair
c)
Is it right
d)
All of these
35.

Behaving ethically means doing

a)

what your friends do.

b)

only what’s legal.

c)

the right thing.

d)

what benefits you the most.

36.

Which of the following is an ethical issue:

a)

Deciding whether to have French fries or a salad

b)

Choosing between buying a new shirt or a new book

c)

Deciding whether to lie to a friend or not

d)

Choosing which movie to see this weekend

37.
Ashley decided to _____________ her paper for class by copying and pasting from Wikipedia and saying she wrote it.
a)
Plagiarize
b)
Sell
c)
ignore
d)
re-write
38.

A ______ is a word, letter, or symbol linked with a specific company or product.

a)

trademark

b)

patent

c)

consideration

d)

checkmark

39.

A _____ protects the creative work of authors, composers, and artists.

a)

checkmark

b)

trademarks

c)

copyrights

d)

patents

40.

A law that protects your control over the creative work you make so that people must get your permission before they copy, share, or perform your work.

a)

Creative Work

b)

Copyright

c)

Creative Commons

d)

License

41.
This leader encourages group members to participate, but retains the final say over the decision-making process.
a)
Autocratic
b)
Democratic
c)
Laissez-Faire
42.
Provides clear expectations for what needs to be done and how it should be done.
a)
Autocratic
b)
Democratic
c)
Laissez-Faire
43.
Generally, the most effective leadership style.
a)
Autocratic
b)
Democratic
c)
Laissez-Faire
44.
This leader offers little or no guidance and leaves decision- making up to the group.
a)
Autocratic
b)
Democratic
c)
Laissez-Faire
45.
Which of the following is NOT one of the 4Ps?
a)
Product
b)
Packaging
c)
Place
d)
Price
46.
What is meant by 'place' in business?
a)
Where a business is
b)
Where a business sends products
c)
Where a business owner lives
d)
Where customers live
47.
Creating a new commercial would be: 
a)
Product
b)
Price
c)
Place
d)
Promotion
48.

Place

a)

An element of the marketing mix related to how to get the product from the producer to the customer

b)

The location of the business

c)

The positioning of a particular business within a geographical area

d)

The development of online sales

49.
Tangible goods, such as a baseball, or a cellphone.
a)
services
b)
wants
c)
product
d)
needs
50.
The possibility of losing some or all of a particiular investment.
a)
risk
b)
index
c)
industry
d)
profit
51.
Represents shares of ownership in a company.
a)
stock
b)
portfolio
c)
volume
d)
industry
52.
A sum of money paid to shareholders of a corporation out of its earnings.
a)
index
b)
dividend
c)
profit
d)
invest
53.

A time when stock prices are RISING is called

a)

transaction

b)

bear market

c)

bull market

54.

a place where stocks and bonds are sold

a)

coporation

b)

bull market

c)

bear market

d)

stock exchange

55.

A time when stock prices are falling

a)

bull market

b)

transaction

c)

bear market

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