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Entrepreneurship I Final Review

Total questions: 72

Worksheet time: 36mins

Name
Class
Date
1.
Which of the following is an example of an ultimate consumer
a)
A teenager buying her/his first car
b)
A manager buying office supplies
c)
A farmer buying seed for crop that will be sold at market
d)
A restaurant owner buying a new oven for the restaurant’s kitchen
2.
What type of intermediary would purchase baseball bats from one producer, mitts from another, and balls from still another, and then sell an assortment to sporting goods stores
a)

Agent

b)

Producer

c)

Retailer

d)

Wholesaler

3.
Which of the following services would be distributed by a producer to agent to consumer channel
a)
Health care
b)
Income tax preparation
c)
Travel planning
d)
Vehicle repair
4.
Top-Notch Wheels buys mountain bikes from The Great Colorado Mountain Bike Company and sells them to bike shops. Top-Notch Wheels is an example of a(n)
a)
agent
b)
retailer
c)
producer
d)
wholesaler 
5.
Which of the following intermediaries never actually owns the products it promotes and sells
a)
Agents 
b)
Retailers 
c)
Industrial users
d)
Wholesalers
6.
What help Travelers reach Destinations to use different tourism services?
a)
Travel Agent
b)
Tour Operator
c)
Intermediaries
d)
Package
7.
What distribution channel is used for high-priced industrial goods when the producer does not have its own sale force
a)
Producer to agent to user
b)
Producer to industrial distributor to user
c)
Producer to industrial user
d)
Producer to agent to industrial distributor to user
8.
Wal-Mart, Domino’s Pizza, and Avis Rent-a-Car are examples of
a)
agents
b)
industrial distributors
c)
retailers
d)
wholesalers
9.
What is the most common channel of distribution for large industrial goods?
a)
Producer to retailer to consumer
b)
Producer to wholesaler to retailer to consumer
c)
Producer to agent to industrial distributor to user
d)
Producer to industrial user
10.
An advantage for producers in using the producer to wholesaler to retailer to consumer distri-bution channel is that
a)
wholesalers do not take title to the goods
b)
it enables them to control channel activities
c)
wholesalers usually buy in large quantities
d)
it enables them to reach large retailers directly
11.
Where does a channel of distribution begin
a)
With the industrial user
b)
With the ultimate consumer
c)
With the producer
d)
With the intermediary
12.
Channel that involves one or more middlemen
a)
Direct Channel
b)
Indirect Channel
13.

This is an intermediary that does not own the goods that they are selling

a)

Retailer

b)

Wholesaler

c)

Sales Agent

d)

Consumer

14.
The use of intermediaries enables producers to make larger profits because intermediaries
a)
help to reduce the per-unit costs of goods
b)
enable producers to use direct distribution
c)
increase the number of retailer-to-producer contacts
d)
may sell more than the producer could sell on its own
15.
Path a product takes from producer or manufacturer to final user  
a)
Channel of Distibution
b)
Retailer
c)
Intermediaries
d)
Wholesaler
16.
Sell goods to the ultimate consumer through their own stores
a)
Retailer
b)
Wholesaler
c)
Manufacturer
d)
Producer
17.
Goods or services sold from producers directly to the final user, no middlemen
a)
Indirect channel
b)
Direct Channel
18.

This is the Channel that goes from Producer to Consumer

a)

Direct

b)

Indirect

c)

Sales Agent

d)

None of the above

19.

Operating costs are also know as ___________

a)

overhead

b)

problems

c)

management

d)

marketing

20.

How/where a product will be distributed

a)

Price

b)

Place

c)

Promotion

d)

Product

21.
Which of the following is a benefit of channels of distribution
a)
We can more easily obtain products from all over the world
b)
Producers must spend more money
c)
Retailers must spend more money
d)
We spend more time looking for products we want
22.
What is a stakeholder?
a)
Someone who has an interest in the company
b)
Someone who eats lots of meat
c)
Someone who stabs people with sticks
d)
A vampire slayer
23.
Rules based on moral principles about how businesses and employees ought to conduct themselves. 
a)
Guidelines
b)
Employee Handbook
c)
Laws
d)
Business Ethics
24.

What has become the most crucial element of responsibility to businesses across the globe?

a)

Put customers before company

b)

Provide plenty of benefits to employees

c)

Customer is always right

d)

Protecting the Environment

25.
Which of the following is a direct channel of distribution for consumer goods and services
a)
Producer to industrial user
b)
Producer to retailer to consumer
c)
Producer to ultimate consumer
d)
Producer to distributor to consumer
26.

What jobs have unwritten codes of Ethics?

a)

Professional Gamer

b)

Teacher

c)

Doctor

d)

People who commit identity theft

27.

What are three examples of citizenship?

a)

Don't deceive, cheat, or steal

b)

Contribute to the community

c)

Protect the environment

d)

Cooperate whenever feasible

28.

Most businesses’ approach to operating costs is to

a)

keep them as low as possible.

b)

spare no expense on quality.

c)

eliminate them completely.

d)

focus on variable expenses rather than fixed ones.

29.

When attempting to reduce costs, most businesses will first cut __________ costs.

a)

operating

b)

fixed

c)

production

d)

variable

30.

The term behavioral segmentation refers to:

a)

divided in terms for customers think and believe.

b)

divided based on consumers

c)

divided according to geographical location.

d)

divided according to customers behavior pattern as they interact with a company.

31.

Sales commissions are a __________ expense.

a)

variable

b)

fixed

c)

capital

d)

one-time

32.

Operating costs that fluctuate with changes in production are called __________ expenses.

a)

variable

b)

fixed

c)

capital

d)

total

33.

A business’s rent or mortgage is a __________ expense

a)

fixed

b)

semi-fixed

c)

semi-variable

d)

variable

34.

symbol which identifies a particular source of goods or services from others

a)

Patent Infringement

b)

Trademark

c)

Non Disclosure Agreement

d)

Laws

35.

Gross profit

a)

A company’s revenue after subtracting the costs of the products it has sold

b)

The ongoing, day-to-day expenses of running a business that are not directly related to production

c)

Operating costs that do not increase or decrease with changes in production

d)

An amount a salesperson earns per sale, either a percentage or a flat rate

36.

Fixed cost

a)

Operating costs that do not increase or decrease with changes in production

b)

A company’s revenue after subtracting the costs of the products it has sold

c)

Operating costs that fluctuate with changes in production

d)

Expense which contains both a fixed-cost component and a variable-cost component

37.

Total cost

a)

The sum of the overhead and direct costs required to make a product

b)

Operating costs that fluctuate with changes in production

c)

The ongoing, day-to-day expenses of running a business that are not directly related to production

d)

Operating costs that do not increase or decrease with changes in production

38.

When a company purchases pens, paper, computers, and uniforms they are purchasing for?

a)

Resale

b)

Business Use

c)

Transformation

39.

This refers to how you can uniquely sell your products together with the services that you can provide to your customer.

a)

Value proposition

b)

Marketing concept

c)

Selling proposition

d)

Unique selling proposition

40.

Demographic segmentation is the total market divided according to geographic location.

a)

TRUE

b)

FALSE

41.

Knowledge and awareness are variables to consider in geographical segmentation.

a)

TRUE

b)

FALSE

42.

Which question should be answered by the purchasing function?

a)

How can we inform customers of available merchandise?

b)

How much merchandise should we buy?

c)

How will merchandise be shipped to us?

d)

How can we protect merchandise from pilferage?

43.

Operating costs

a)

The ongoing, day-to-day expenses of running a business that are not directly related to production

b)

An amount a salesperson earns per sale, either a percentage or a flat rate

c)

The sum of the overhead and direct costs required to make a product

d)

Operating costs that fluctuate with changes in production

44.

Segmenting a market based on customers' attitudes, opinions, and interests is called

a)

Demographics

b)

Psychographics

c)

Geographics

d)

Market Segmentation

45.

What are the 3 types of purchasing?

a)

Retail

Wholesale

Manufacturing

b)

Resale

Retail

Wholesale

c)

Resale

Transformation

Business Use

46.

The purchasing manager for Todd's Tools is meeting with various departments to determine what they need to order. Which stage of the purchasing process

a)

Evaluating supplier performance

b)

Creating a purchase agreement

c)

Selecting Suppliers

d)

Identifying needs

47.

The process of dividing a market of potential customers into groups based on different characteristics is called

a)

Market Segmentation

b)

Market Analysis

c)

Demographics

d)

Consumer identification

48.

When a business divides its market on the basis of where its customers live is called

a)

geographic segmentation

b)

demographic segmentation

c)

psychographic segmentation

d)

behavioral segmentation

49.

When one company buys its competitor, it is called a

a)

partnership

b)

corporation

c)

infringement

d)

merger

50.

This divides a market on the basis of its physical and social characteristics, including gender, origin or heritage, religion, socioeconomic status, and life staes.

a)

special events

b)

personality

c)

demographic segmentation

d)

lifestyle

51.

The buying of goods and services for a business.

a)

Purchasing

b)

Bid Analysis

52.

Segmenting a market based on customers' buying habits is an example of

a)

demographic segmentation

b)

psychographic segmentation

c)

behavioral segmentation

d)

geographic segmentation

53.

Mass marketing provides the least possibilities for success at the highest cost.

a)

True

b)

False

54.

_________ refers to the way in which people lead their daily lives as determined by their income, interests, and activities.

a)

Lifestyle

b)

Personality

c)

Influence

d)

Psychographic

55.

Which of these answer includes ONLY examples of psychographics?

a)

Interests, opinions, attitudes

b)

Household income, beliefs, race

c)

Age, geographical location, gender

d)

Ethnicity, age, hobbies

56.

Segmenting a market based on customers' buying habits is an example of

a)

demographic segmentation

b)

psychographic segmentation

c)

behavioral segmentation

d)

geographic segmentation

57.

The particular market segment at which a business aims its products is known as the:

a)

Target Market

b)

Unique Selling Point

c)

Main Market

d)

Market Leader

58.

Owners are called shareholders

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

59.

Which of these types of businesses would typically have the highest risk?

a)

Franchise

b)

Family business

c)

Buying existing business

d)

Starting a new business

60.

One of mass marketing's advantages is that it can be used to communicate a small message to a large audience.

a)

True

b)

False

61.

Which of these are owned by shareholders?

a)

corporation

b)

sole proprietorship

c)

partnership

62.

Easiest form to start and most common form of business

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

63.

Difficult and costly to start

a)

Corporation

b)

Sole Proprietorship

c)

Partnership

64.

Unlimited legal and financial responsibility is shared

a)

Partnership

b)

Corporation

c)

Sole Proprietorship

65.

Owner keeps all the profits

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

66.

Businesses must name a board of directors

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

67.

Sole control over all business functions

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

68.

Owner responsible for all debts and funding can be difficult to obtain

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

69.

Time/Commitment, responsibilities, and profits/losses are shared

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

70.

Limited Liability

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

71.

Requires no paperwork other than business licenses/permits to start

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

72.

If you buy a franchise, you are a(n)

a)

franchisor

b)

franchise

c)

agent

d)

franchisee

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