WorksheetsPBMF Review Fall 2021
Total questions: 19
Worksheet time: 9mins
Clay's Sandwich Shop is very busy during lunch. The line of customers runs out of shop and down the sidewalk from noon to 1pm. Many people leave without ever being able to buy one of this sandwiches before their lunch break ends. Considering this information, which situation would BEST increase Clay's chances of increasing his profits?
Hire More employees
buy better ingredients
moving to a new location
changing the store hours
The action or business of promoting and selling products or services, including market research and advertising is known as ___________.
Distribution
Marketing
Selling
Advertising
The way you package and present your product is important. Why?
It affects customer perception.
It is a good way to reinforce your marketing message.
It can represent your personality.
All of the above.
Which of the following is a sign of a strong economy?
An increase in GDP (Gross Domestic Product)
A decrease in spending power (can't buy as much stuff)
A shrinking economy (GDP is going down)
An increase in unemployment (more people without jobs)
When you receive a loan, the money the lender gives you is called the ________.
Interest (the amount you pay the bank for borrowing the money)
Line of credit (how much you are allowed to borrow)
Principal (the amount the lender gives you when you take out a loan)
Collateral (a car title or some other form of an asset the bank can take if you don't pay your loan)
Which of the following is an example of a conflict of interest?
A competitor interferes with another company's contract.
A manufacturing company hires many employees.
A lawyer represents the plaintiff and the defendant.
A worker has two jobs at unrelated companies.
A __________ is when you take money out of the bank.
Branch (a bank location)
Transfer (when you move money between accounts)
Withdrawal
Deposit (when you put money into your account)
The daily costs of running a business are called ___________. (Select the best answer.)
Operating expenses (day to day expenses)
Cash flow
Fixed costs
Startup costs (these are to start the business)
Mark the example as ethical behavior, unethical behavior, or conflicts of interest:
Ziyad is an employee of Donut Palace who knows his company's secret tricks to making its doughnuts especially fluffy. He goes to work at Sugar Dough, one of the Donut Palace's competitors.....
Conflict of Interest
Ethical Behavior
Unethical Behavior
The following example is of people who are producers of either goods or services. Classify the example as providing either a good or a service.
Monica is a veterinarian who treats cats and dogs.
Services
Goods
A producer is someone who _____________. (Select the best answer.)
Receives a commodity from a business
Is in the market for a commodity
Makes a commodity available for sale or exchange
Buys or trades in order to receive a commodity
Which of the following is a sign of a weak economy? (Select the best answer.)
An increase in unemployment
An increase in GDP
A decrease in spending power
If a disease infects and destroys a large amount of the nation's supply of tomatoes, what is likely to happen to the price of tomatoes? (Select the best answer.)
The price will go up.
The price will go down.
The price will remain the same.
The reasons people buy a product are known as _________.
Quantative
Buying motives
Patronage motives
Emotional motives
Promoting the product is also known as ______.
Public relations
Selling functions
Buying motive
Which of the following type of advertising has the advantage of being especially affordable?
Billboards
Infomercials
Magazines
Internet advertising (Facebook, Youtube, Tiktok)
Eggs, toilet paper, and candy bars are examples of ______________.
Convenience goods
Shopping goods
Specialty goods
Unsought goods
What is monopolistic competition?
one company selling the identical product under different names
one company selling several different products under different names
a very few companies selling identical products
many companies selling similar but not identical products
Money that your company has in the bank in case of unexpected financial needs or in case sales slow down is called ____________. (Select the best answer.)
An asset fund
Insurance
A Cash Reserve
Equity
