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BF Review Part 1

Total questions: 100

Worksheet time: 58mins

Name
Class
Date
1.

The company you work for is selling more and more smart watches each month. Applying the law of supply and demand, what do you expect to happen to the price and supply of these smart watches over the next few months?

a)

The price will increase, and supply will decrease.

b)

The price will increase, and supply will increase.

c)

The price will decrease, and supply will decrease.

d)

The price will decrease, and supply will increase.

2.
Which represents a natural risk for the owner of a delivery service?
a)
Snowstorm
b)
Accident
c)
Rising prices
d)
Government intervention
3.

Demand for a good is more likely to be elastic when the good is

a)

essential

b)

necessary for survival

c)

inexpensive

d)

a luxury

4.
Which is a problem associated with communist command economies?
a)
There is no competition.
b)
There are high taxes.
c)
Supply and demand control what will be produced.
d)
Individuals run the risk of losing their businesses.
5.

When the price of a good or service is high consumer demand will usually be ...

a)

High

b)

Unpredictable

c)

Low

d)

Average

6.

When there is a shortage the price will usually?

a)

Rise

b)

Fall

c)

Remain the same

d)

Equilibrium

7.

Which of the following could cause the demand for airline travel to decrease?

a)

The price for traveling by airplane decreases

b)

The price of traveling by airplane remains the same

c)

The price for traveling by airplane increases

d)

None of the choices

8.

Kelly is ready to buy a new car, and she has saved up enough money to buy the model she has always wanted. Which of the following describes the quantity that Kelly is prepared to buy:

a)

Supply

b)

Demand

c)

Elasticity

d)

Want

9.

Most businesses strive to supply goods and services in direct proportion to

a)

Demand

b)

Cost of Production

c)

Supply

d)

Price

10.

The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is

a)

Law of Supply

b)

Demand

c)

Supply

d)

Law of Demand

11.

After conducting research, marketers of a popular gaming product expect prices to increase substantially in the future. What might they do?

a)

Increase production now

b)

Decrease prices now

c)

Ship move product to stores

d)

Keep products off the market

12.
Which is an example of a speculative business risk?
a)
A special promotion fails to increase sales.
b)
A supplier's shipment is lost in transit.
c)
A cashier gives unauthorized discounts to friends.
d)
A customer is injured at a business and sues the company.
13.

One reason why the supply of certain products has been eliminated is because of

a)

technology

b)

cost of production

c)

buying power

d)

elasticity

14.

Which condition would lead to the highest prices?

a)

Low supply, high demand

b)

High supply, high demand

c)

High supply, low demand

d)

Low supply, low demand

15.

Darcy owns a local clothing boutique. To determine how much changes in price per product will affect her businesses, sales, Darcy would need to evaluate:

a)

Opportunity cost

b)

Equilibrilam price

c)

Elasticity

d)

Market Price

16.

Gas prices continue to get higher however, people may not be able to stop commuting to work, taking their kids to school, or driving to the store. This is an examples of:

a)

Excess demand

b)

Inelastic demand

c)

Elastic demand

d)

Increasing demand

17.

What determines the prices of goods and services?

a)

Supply

b)

Demand

c)

Supply and demand

d)

Goods

18.
Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?
a)
Demand for gasoline will decrease 
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
19.
Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as which type of state?
a)
Military
b)
Capitalist
c)
Consumer
d)
Welfare
20.
When businesses need to formalize the information provided to employees, customers, or other businesses, they often use which type of communication?
a)
Upward
b)
Lateral
c)
Written
d)
verbal
21.

Carl has saved $13,000 to spend on a new SUV. He found a SUV that cost $14,800, but he did not think the car was worth more than $12,000. The dealer told Carl that he has not been able to sell this model because other customers have expressed the same opinion as Carl. Does demand for this car exist?

a)

Yes, because consumers like the car but don’t buy it.

b)

Yes, because consumers think the car is worth $12,000.

c)

No, because consumers do not have the buying power to purchase this car.

d)

No, because consumers are not willing to pay the price being asked for this car.

22.
In a private enterprise economic system, the interaction of supply and demand primarily determines:
a)
Government regulation
b)
Economic choices
c)
The extent of pollution
d)
Product prices
23.
You speak to your supervisor about a problem you are having with a co-worker. Together you have come up with a plan to send an email to the co-worker calmly explaining your concern and make sure your supervisor gets a copy of the email without letting the co-worker know. What feature of email should you use?
a)
CC
b)
BCC
c)
Reply All
d)
Vacation Response
24.
In business terms, what is profit?
a)
A risky venture
b)
A good investment
c)
A holiday bonus
d)
A monetary reward
25.
The basic role of the United States government is to:
a)
Limit business startups
b)
Maintain control of prices
c)
Increase production
d)
Protect U.S. citizens
26.

What is likely to happen if the price of a new pair of sneakers went up?

a)

Demand for the sneakers would increase

b)

Demand for the sneakers would decrease

c)

Merchants would begin offering sales on the sneakers

d)

It would be impossible to find a pair in stores

27.
A major characteristic of a market economy is which type of ownership of property?
a)
Monopolistic
b)
Limited
c)
Government
d)
Private
28.

What might happen if the demand for a new type of XBOX began rising quickly?

a)

The manufacturer would begin making fewer new XBOXs

b)

Microsoft would raise the price of the new XBOXs

c)

Microsoft would stop selling the new XBOX

d)

Microsoft would lower the price of the new XBOX

29.
A main goal of customer experience management is creating:
a)
Innovative technology
b)
Higher employee salaries
c)
New Products
d)
Word-of-mouth promotion
30.
As Kevin edits a professional report, he is not sure whether to italicize or underscore a book title. To obtain the correct information, Kevin should:
a)
refer to the appropriate publisher's style manual.
b)
ask his coworker for advice.
c)
look up the information in a current dictionary.
d)
identify the readers' preferences.
31.
Customers tend to look at a business as a whole despite the number of ______________ they experience.
a)
Complaints
b)
Feedback surveys
c)
Touch points
d)
Purchases
32.

In a(n) _____________, someone could be harmed.

a)

dilemma

b)

problem

c)

situation

d)

ethical dilemma

33.

The following information appears at the end of all of Molly's outgoing e-mails. This information is Molly's e-mail?

a)

carbon copy.

b)

attachment.

c)

signature.

d)

etiquette.

34.
Who decides how goods and services will be marketed in a private enterprise economic system?
a)
Legislators
b)
Business people
c)
Competitors
d)
Consumers
35.

River Oaks, a small housing community has lots of houses for sale at a low price, but the demand for these houses is low. What kind of market most likely exists in the neighborhood?

a)

Inelastic

b)

Seller's

c)

Buyer's

d)

Elastic

36.

Hotspot changes the price of one of their products and this price change leads to a major change in the number of people who purchase the product. This means that demand for Hotspot's product is

a)

constant

b)

inelastic

c)

elastic

d)

relative

37.

In some small communities, people do not produce a surplus of goods to sell. They harvest enough food to sustain themselves and their families. They use excess to barter for things they cannot produce on their own. The economy described in the text is MOST LIKELY which of the following?

a)

a mixed economy

b)

a traditional economy

c)

a market economy

d)

a command economy

38.

In what way do mixed economies reflect elements of both market and command economies?

a)

Both the prices of goods and the workers' income are determined by market forces.

b)

Both the public and private sectors play important roles in directing economic activity.

c)

Both consumers and producers are told what to do by the government.

d)

Both large and small businesses are competitive in most markets.

39.

Which people MOST LIKELY live in a country with a traditional economy? Select all that apply.

a)

Jeremy only grows enough food on his farm to feed himself and his family. Fareed works as a fisherman just like his father and grandfather before him.

b)

Sasha determines the types of clothing she sells based on consumer demand.

c)

Hakim opens a coffee shop in his hometown and is able to quickly earn a profit.

d)

Amira is placed in a job with a government-run oil and natural gas company.

40.

What is the biggest factor or factors affecting the answers to these questions in a market economy?

a)

popular votes

b)

custom and habit

c)

government planning

d)

supply and demand

41.

Which of the following is no longer a consideration in customers’ buying decisions for many products:

a)

Store location

b)

Price

c)

Quality

d)

Customer service

42.
A business that writes letters to customers to confirm their orders or requests should make sure that the letters contain:
a)
product ratings and grades.
b)
all the necessary information.
c)
exchange rates.
d)
a map of all business locations.
43.
Which is a formatting characteristic of a full-block business letter?
a)
double-spacing within the paragraph
b)
no paragraph indents
c)
indented first paragraph
d)
using a right justification for all paragraphs
44.
Which would customers need to present at the time of purchase to get money taken off the purchase price of the item?
a)
Discount coupons
b)
Rebate certificates
c)
Refund checks
d)
Sales receipts
45.
The primary reason customers give for not returning to a business is a lack of:
a)
courtesy from salespeople.
b)
available parking.
c)
advertised merchandise.
d)
customer-service personnel.
46.
A vendor is extending credit to the Jones Company in return for the Jones Company's agreement to use the vendor as the sole source of its supplies. What federal act is the vendor and the Jones Company violating?
a)
Celler-Kefauver Act
b)
Clayton Act
c)
Sherman Act
d)
Robinson-Patman Act
47.
What is a business's net profit if it has $762,750 in income, $291,400 in operating expenses, and $238,930 in cost of goods?
a)
368730.0
b)
232420.0
c)
471350.0
d)
523820.0
48.
It is easier for employees to develop positive customer/client relations if employees understand that each customer is:
a)
a possible problem.
b)
a unique individual.
c)
in a hurry.
d)
like most others.
49.

Monetary reward a business owner receives for taking the risk involved in investing in a business

a)

Cash

b)

Profit

c)

Expenses

d)

$1000

50.
Gertrude is the personnel manager of a company with 200 employees. She wants to inform the staff of a permanent change to the company's benefit policy. What would be the BEST way to communicate this information to employees?
a)
by memo
b)
in person
c)
by phone
d)
by letter
51.
There has been a fire at one of your suppliers. You have enough of their parts in inventory that it will not change your production schedule. However, depending on how long it takes them to get back to making the parts, it may require some temporary layoffs for your company. You wish to inform your employees of this negative message. Your message should: 
a)
be joking and light-hearted so your employees will not be nervous.
b)
tell your employees that they have nothing to worry about.
c)
tell your employees there might be layoffs but they are not allowed to discuss it at work or they will be fired.
d)
use a firm but empathetic tone and write straight to the point to provide essential information in a direct manner.
52.
You have finished revising an email to your boss requesting a raise. Your next step should be to:
a)
carefully proof read to make sure there are no errors and then send.
b)
hit send.
c)
have the program do a spell check and then send.
d)
send it to everyone in the company.
53.
A business selects goods or services to sell. Which type of risk is this business using?
a)
Transferring risk
b)
Controlling risk
c)
Bypassing risk
d)
Avoiding risk
54.
The primary reason the business benefits when salespersons practice good customer relations is that it:
a)
develops repeat customers.
b)
prevents customer objections.
c)
promotes quality service.
d)
segments the business's market.
55.
Which is a characteristic of good customer service?
a)
asking many questions
b)
offending people
c)
offering quality service
d)
taking a long time to reply
56.
When manufacturers give back part of the purchase price of an item to the customer, the manufacturers are engaged in:
a)
Price fixing
b)
Non-price competition
c)
Clearance sales
d)
Offering rebates
57.
When a business evaluates its business processes to make them more efficient and effective, it can improve its relationship with customers. This process is called:
a)
Employee training
b)
Organizational structuring
c)
Continuous improvement
d)
Business process management
58.
When a business communicates customer-centric values and ideals to its employees on a consistent basis, it is developing its:
a)
Corporate culture
b)
Organizational structure
c)
Technology
d)
Trademarks
59.
Many people make the mistake of thinking that customer relationship management refers solely to:
a)
Technology
b)
Strategies
c)
Processes
d)
People
60.
The project manager sent a memo to her/his team outlining the project goals and task items to achieve the goals. Which aspect of business written communication is being used?
a)
Indirect
b)
Information
c)
Persuasive
d)
results oriented
61.
Which of the following is an example of a customer relationship management initiative:
a)
A “frequent-shopper” program
b)
New accounting software
c)
Expansion of the product-development budget
d)
A new bonus system for the sales staff
62.
In the past, customer relationship management was used mainly as a way to:
a)
Increase customer loyalty
b)
Assist business decision-making
c)
Track customer information
d)
Help employees perform more efficiently
63.
The accounting department at the shoe store has not received payment from a customer. Which would be the best form of business communication to use in this situation?
a)
conversation in person
b)
letter
c)
memo
d)
phone
64.
In the modern business world, a growing number of interactions between businesses and customers are taking place:
a)
Over the phone
b)
Online
c)
In Stores
d)
Through the mail
65.

You are trying to decide whether or not to plagiarize a paper for school. This is an example of an ethical

a)

value

b)

principle

c)

dilemma

d)

moral

66.

Thaddeus feels that his job doesn't pay him enough, so he feels like he deserves to take money out of the register every once in a while. Thaddeus is motivated by

a)

conflicting values

b)

the desire to provie himself

c)

bad role models

d)

greed

67.
A business’s organizational structure can sometimes have a negative effect on customer relationship management because:
a)
The marketing department has the most power
b)
CEOs do not like dealing with customers
c)
Customers will only deal with one department
d)
Different departments have different methods
68.
You are an administrative assistant and you need to arrange a meeting between a client and two members of the design department. How should you communicate with the people involved?
a)
by text message
b)
by email
c)
by letter
d)
in person
69.

Mara's ethical belief don't change, whether she's at her part-time job or hanging out with her friends. Mara follows

a)

ethical principles

b)

ethical dilemmas

c)

subjective morals

d)

situational beliefs

70.

Money left after the cost of goods expense and operating expense are each subtracted from the total income

a)

Gross Profit

b)

Cash

c)

Net profit

d)

Competition

71.
Our economy has shifted from a service economy to a(n) _____________ economy.
a)
Experience
b)
Entertainment
c)
Manufacturing
d)
Agricultural
72.

The possibility of loss from human error

a)

Natural risks

b)

Human risks

c)

Economic risks

d)

Speculative risks

73.
The main difference between customer relationship management and customer experience management is that CRM focuses on:
a)
The business itself
b)
Customers
c)
Product Development
d)
Investors
74.
Customer relationship management increases sales and profits by increasing:
a)
Prices
b)
Product quality
c)
Customer loyalty
d)
Competition
75.

The money that a business spends

a)

Income

b)

Profit

c)

Expense

d)

Cash

76.

Piper looks up to her new boss and tries to learn from her behavior as much as possible. However, Piper knows that some of her boss's actions are unethical. Piper isn't sure if she should follow her boss's example or not. Piper is facing an ethical dilemma because of

a)

a lack of consequences

b)

a bad role model

c)

greed

d)

pressure from others

77.
Having clear customer relationship management goals before putting a program into place helps businesses to avoid:
a)
Having unsatisfied customers
b)
Having to lay off employees
c)
Purchasing irrelevant technology
d)
Spending any money
78.
Which of the following is a benefit of customer relationship management:
a)
The opportunity to create targeted marketing campaigns
b)
A work force that does not commit errors
c)
A decrease in customer advocacy
d)
The ability to double the business’s profits
79.
Which of the following types of information does a company need customer input to obtain:
a)
Dates of store visits
b)
Suggestions for new products
c)
Types of products purchased
d)
Amount of money spent
80.

Which of the following is a question you should ask yourself to determine whether you're facing a problem or a true ethical dilemma:

a)

could someone be unhappy?

b)

Is there an easy or hard choice?

c)

Could someone be hurt?

d)

Is money at stake?

81.
Customer relationship management can help a business to identify its:
a)
Best-selling products
b)
Most talented employees
c)
Financial strengths and weaknesses
d)
Most valuable customers
82.
A business improves its technology so it can better meet customer wants and needs. This results from a business activity known as:
a)
Employee training
b)
Organizational structuring
c)
Amplified improvement
d)
Business process management
83.

If a business has a monthly income of $5000 with expenses totaling $3000, what is their profit?

a)

$8000

b)

$2000

c)

$5000

d)

$15000

84.

Emma used her textbook to complete a study guide for her midterm exam in Spanish class. What type of source is the textbook?

a)

formal

b)

historical

c)

primary

d)

secondary

85.

The reason businesses obtain information usually is to apply it in order to:

a)

determine a need.

b)

develop a database.

c)

accomplish a task.

d)

evaluate a source.

86.

When e-mailing large files or documents to coworkers or customers, a businessperson sends them:

a)

in codes.

b)

in attachments.

c)

in text boxes.

d)

as reply messages.

87.

Ethical dilemmas involve choosing between what is

a)

right or wrong

b)

easy or hard

c)

opinion or fact

d)

wanted or needed

88.
Which of the following is a common customer relationship management practice:
a)
Developing new products
b)
Training employees
c)
Creating a marketing budget
d)
Managing the sales staff
89.

Neal has a coworker who doesn't think that bribery is wrong. The coworker is from another culture where bribery is much more accepted, and he tries to convince Neal that it isn't a big deal. Neal is facing an ethical dilemma because of

a)

conflicting values

b)

a lack of consequences

c)

greed

d)

transparency

90.

DeMarcus behaves ethically at his job even when no coworkers or supervisors are watching.

a)

transparency

b)

viability

c)

integrity

d)

greed

91.

Nicole considers stealing because she doesn't think anyone will catch her. Nicole is facing an ethical dilemma because of

a)

pressure from others

b)

a bad role model

c)

the desire to prove herself

d)

a lack of consequences

92.

In ethical dilemmas, someone (or something) could be

a)

promoted

b)

hurt

c)

respected

d)

fired

93.

The result of an action

a)

Consequence

b)

Problem

c)

Dilemma

d)

Solution

94.

A risk response strategy that involves choosing not to do something that is considered risky

a)

Delegation

b)

Competition

c)

Avoidance

d)

Profit

95.

You have two jobs offers, and you're trying to decide which one to accept. Each job has its advantages and disadvantages. You're facing a(n)

a)

principle

b)

ethical dilemma

c)

dilemma

d)

value conflict

96.

The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell

a)

Cost of goods

b)

Profit

c)

Competition

d)

Operating expenses

97.

Chances of loss that carry with them the possibility of loss or no loss

a)

Pure risk

b)

Speculative risk

98.

A risk response strategy that involves trying to reduce the chance of loss or the severity of loss

a)

Transfer

b)

Avoidance

c)

Retention

d)

Reduction

99.
What component of customer relationship management often “makes or breaks” a business’s program?
a)
Processes
b)
People
c)
Technology
d)
Strategies
100.

The desire to make a profit, which moves people to invest in business

a)

Profit motive

b)

Oligopoly

c)

Business risk

d)

Competition

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