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Chapter 8 Sports & Entertainment Marketing Review Quiz

Total questions: 17

Worksheet time: 9mins

Name
Class
Date
1.

_______ is the study of how goods and services are produced/distributed, and consumed

a)

Business

b)

Economics

c)

Marketing

d)

Supply Chain Management

2.

___________ is the relationship between the quantity of a product that consumers are willing and able to purchase and the price

a)

Demand

b)

Equilibrium

c)

Supply

d)

Pricing

3.

_____________ is the relationship between the quantity of a product the producers are willing and able to provide and the price

a)

Demand

b)

Equilibrium

c)

Supply

d)

Pricing

4.

_____________ are the ups and downs of the economy.

a)

Business Cycle

b)

Recession

c)

Recovery

d)

Trends

5.

_____________ is the economic practice where consumers and business make their own decisions in regards to purchases and production

a)

Closed Enterprise System

b)

Free Enterprise System

c)

Marketing

d)

Pricing

6.

During a ________________ consumers cut spending because it is difficult for them to afford multiple events

a)

Business Cycle

b)

Recession

c)

Recovery

d)

Pricing Period

7.

During the __________ phase of the business cycle, demand and production increase.

a)

Business Cycle

b)

Recession

c)

Recovery

d)

Pricing Period

8.

________ is the amount customers pay for products/services

a)

Cash

b)

Credit

c)

Price

d)

Promotion

9.

________ is the amount customers pay for products/services

a)

Cash

b)

Credit

c)

Price

d)

Promotion

10.

Salespeople use the ________ _____ _____________ practice when a product is advertised for a lower price but is out of stock so they sell a higher

a)

Bait and Switch

b)

Price discrimination

c)

Price fixing

d)

Trade-in allowance

11.

The _________ ___________ are all costs associated with running a business in addition to the cost of merchandise.

a)

Income statement

b)

Markup pricing

c)

Operating Expenses

d)

Price model

12.

Which pricing policy allows all customers pay the same price for a product ?

a)

Flexible pricing policy

b)

Geographic pricing

c)

One-price policy

d)

Tiered pricing

13.

Which pricing policy allows customers to negotiate within a price range?

a)

Flexible pricing policy

b)

Geographic pricing

c)

One-price policy

d)

Tiered pricing

14.

Which pricing policy creates multiple prices based on location?

a)

Flexible pricing policy

b)

Geographic pricing

c)

One-price policy

d)

Tiered pricing

15.

Which pricing strategy involves a retailer charging low prices due to buying in bulk from supplier?

a)

Prestige Pricing

b)

Psychological Pricing

c)

Trade-In Allowances

d)

Volume Pricing

16.

Which pricing strategy entails retailers charge higher than average prices for merchandise and target customers who seeking status and high quality?

a)

Prestige Pricing

b)

Psychological Pricing

c)

Trade-In Allowances

d)

Volume Pricing

17.

Which one of the following is NOT a way that the government regulates pricing?

a)

Antitrust Laws

b)

Consumer Protection Laws

c)

Issuing Bonds

d)

Taxation