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Marketing Comprehensive Review

Total questions: 131

Worksheet time: 1hrs 20mins

Name
Class
Date
1.
What's ethics all about?
a)
An ethnic minority
b)
A person who's a bit daft
c)

Morally correct behavior

d)
Making lots of money out of customers, bleeding them dry!
2.
Business do not have the responsibility to treat their employees fairly.
a)
True
b)
False
3.
In the long run, ethical integrity will keep customers coming back to a business.
a)
True
b)
False
4.
Customers associate a socially responsible business with trust and integrity, so they are more comfortable dealing with such a business.
a)
True
b)
False
5.
The government agency that is responsible for enforcing safety regulations in the workplace is
a)
CDC
b)
OSHA
c)
DOT
d)
FAA
6.
Safety is the responsibility of?
a)
Owner of the facility
b)
 Veterinary Technician
c)
Veterinarian
d)
Everyone
7.
Employees who act ethically have the traits
a)
Honest, late, irresponsible, trustworthy
b)
Confidential, dependable, trustworthy, prompt.
c)
Get along with others, late, honest, respect others property
8.
Taking money from a cash register, taking goods from a store without paying for them, using company money to pay for personal items or entertainment on a business trip would be considered ________
a)
Ethical
b)
Unethical
9.
Treating your employer, coworkers, customers fairly, openly and with honesty would be considered _________
a)
Ethical
b)
Unethical
10.
What is a consequence of treating workers unfairly?
a)
Low morale
b)
High production
c)
Low turnover rate
d)
Creating more profits
11.
An act of an employee exposing an employer’s wrongdoing to outsiders.
a)
Ethical Issue
b)
Plagiarism
c)
Consumerism
d)
Whistleblowing
12.

A situation in which an individual has competing interests or loyalties is called

a)

Tough luck

b)

Business ethics

c)

Conflict of interest

13.
To be effective, managers need
a)
Technical skills
b)
Interperonal skills
c)
Conceptual Skills
d)
All of the above
14.
Technical skills don't include which of the following
a)
preparing invoices
b)
accounting software
c)
solving problems
d)
employee relations
15.
Conceptual skills are most important for
a)
Top level management
b)
Mid-level management
c)
Supervisory management
d)
Front line employees
16.
Management functions include
a)
Staffing
b)
Resourcing
c)
Organizing
d)
Controlling
17.
A code of ethics is
a)
adopted by a company to specify the difference between right and wrong
b)
a document covering legal issues
c)
an agreement for the government
d)
mandatory for a business
18.
The people who work to produce goods and services are known as
a)
Capital
b)
Human Resources
c)
Raw Materials
d)
Facilities
19.
A job specification is an explanation of 
a)
the skills, knowledge, and characteristics required for a job.
b)
the responsibilities and tasks associated with a job.
c)
where a job is located within the company's facility.
d)
who manages the department where a job position is open.
20.
A commision or bonus is an example of a form of
a)
assistance program
b)
benefit
c)
compensation
d)
employee contract
21.
Making sure a company follows laws and regulations describes the HR mngt activity of
a)
staffing
b)
compliance
c)
compensation and benefits
d)
training and development
22.
Safety and Health fall under which function of HR?
a)
Training and developement
b)
Compensation and Benefits
c)
Compliance
d)
Staffing
23.

Which of thes options best describes opportunity cost?

a)

The price of taking a chance

b)

The alternative you have to go without in a choice of two things

c)

The cost of opportunity

d)

The price you pay when you make a choice

24.

Which of these are external factors that influence financial decisions?

a)

Price

b)

Personal

c)

Cultural

d)

Marketing

e)

Finance

25.

Which best identify Internal factors influencing financial decisions?

a)

Age

b)

Gender

c)

Occupation

d)

Social Influences

e)

Marketing

26.

A bus fare is $2.00 in the morning rush hour, but only $1.50 during the afternoon. The morning fare can be explained by the fact that the demand for morning bus rides is

a)

Price Elastic

b)

Price Inelastic

27.

Which of these are more representative of Price Elastic

a)

Fresh fruit and vegetables

b)

Milk, Eggs and Bread

28.

What is a cost-benefit analysis?

a)

The taxes that people pay when they buy something.

b)

A process that allows businesses and individuals to analyze where to spend money.

c)

The amount of money required to have or do something

29.

What are consequences?

a)

something that is possible but is not yet real

b)

money charged to do something for a service

c)

task that demands time and effort to complete

d)

the results (positive or negative) of an action or decision

30.

The opportunity cost of Australian households moving away from coal-powered energy to solar-powered energy includes:

(i) the loss of jobs in the coal industry,

(ii) a cleaner environment,

(iii) reduced coal production.

a)

(i), (ii) and (iii)

b)

(ii) and (iii)

c)

(iii) only

d)

(i) and (iii)

31.
What is a cost?
a)
the item you receive after you pay
b)
giving up one thing for another
c)
the amount of money paid for something
32.
What is a benefit?
a)
the item you receive after you pay for it
b)
giving up one thing for another
c)
the amount of money paid for something
33.
What is a trade-off?
a)
the item you receive after you pay
b)
giving up one thing for another
c)
the amount of money paid for something
34.
You want to buy a new video game and a new pair of sneakers. You only have enough money to buy one of them. If you buy the video game, what is your trade-off?
a)
The money you spend on the video game
b)
The video game
c)
The sneakers
35.
Which do people compare in order to make choices?
a)
Costs & Benefits
b)
Supply & Demand
c)
Buying & Selling
d)
Apples & Oranges
36.
What is it called when a product loses value over time?
a)
Depreciation
b)
Inflation
c)
Assets
d)
Growth
37.

People who go into business know that the business may not succeed. This possibility is referred to as business

a)

risk

b)

retention

c)

downsizing

d)

economizing.

38.

The general classifications of business risks are

a)

hazard, operational, strategic, and financial.

 

b)

competitive, strategic, financial, and operational.

 

c)

production, hazard, operational, and strategic.

 

d)

strategic, production, competitive, and hazard

39.

A hurricane that destroys a business is an example of a(n) __________ risk.

a)

hazard

b)

operational

 

c)

financial

d)

  strategic

40.

A garden store customer tripped over a plant, fell, and sued the store for damages. This is an example of a(n) __________ risk.

a)

hazard

b)

  strategic

 

c)

operational

d)

  financial

41.

A union strike that stops production at a manufacturing plant is a(n) __________ risk.

a)

operational

 

b)

financial

c)

  strategic

d)

  hazard

42.

What category of business risk includes production problems and incompetent employees?

a)

  Operational

 

b)

Hazard

c)

  Strategic

d)

  Financial

43.

When a rival’s product on the market reduces sales of your company’s product, your company is experiencing strategic risk caused by

a)

competition.

b)

  regulatory and political issues.

 

c)

  obsolescence.

d)

changing customer needs.

44.

Financial loss from investing time and money to comply with accounting standards is an example of which strategic risk?

a)

Regulatory and political issues

b)

  Reputation damage

c)

  Changing customer needs

d)

  Obsolescence

45.

Which of the following is a pure business risk:

a)

Robbery

b)

  Obsolescence

c)

  Competition

d)

  Inflation

46.

Which of the following is an example of a business risk that cannot be covered by insurance:

a)

Increase in interest rates

b)

  Goods lost in transit

c)

  Destruction of building by fire

d)

  Injury of employee on the job

47.

The act of reducing or removing risks by shifting the risk factor to another person or business is referred to as __________ risk.

a)

transferring

b)

  retaining

c)

  avoiding

d)

  controlling

48.

Having well-planned buildings and providing effective employee training are ways that a business can __________ business risks.

a)

prevent or control

b)

  transfer

c)

  insure against

d)

  retain

49.

Management decides to hold its annual meeting in one U.S. city rather than another because of crime in that city. This is an example of __________ the risk.

Correct A

a)

avoiding

b)

  retaining

c)

  preventing or controlling

  transferring

d)

  transferring

50.

Carefully selecting goods or services to sell is an example of handling business risks by __________ the risk.

a)

preventing or controlling

b)

  avoiding

c)

  transferring

 

d)

retaining

51.

If a risk is small in terms of money, a business may decide to __________ the risk.

a)

retain

b)

  transfer

c)

  avoid

d)

  control

52.

Contractual agreements such as guarantees, surety bonds, and leases are examples of business risks being handled through

a)

transfer.

 

b)

management.

 

c)

avoidance.

 

d)

prevention or control.

53.

Businesses can protect themselves from the risk associated with lost shipments by

a)

purchasing transportation insurance.

 

b)

inspecting shipments of goods.

 

c)

training receiving personnel.

d)

  selecting resale items carefully.

54.

Careful screening of credit customers is an example of handling business risks through

a)

prevention.

b)

  management.

c)

  training.

d)

  retention.

55.

When a business keeps a risk because management is unaware of it, the business is __________ the risk.

a)

retaining

 

b)

avoiding

c)

  preventing or controlling

 

d)

transferring

56.

Requiring a contractor to purchase a surety bond is an example of handling business risk by __________ the risk.

a)

transferring

 

b)

retaining

c)

  reducing

d)

  preventing

57.

A classmate is having trouble finishing a report. He'll pay you to finish it for him. What is the ethical thing to do?A classmate is having trouble finishing a report. He'll pay you to finish it for him. What is the ethical thing to do?

a)

Decline to do it, but ask for the money anyway or you'll tell the teacher.

b)

Decline to do it, explaining that you don't have time.

c)

Agree to do it since you have time. But decline the money because it's wrong.

d)

Agree to do it. You could use the money.

58.

The U. S. Supreme Court hears cases that involve ____________.

a)

Constitutional cases

b)

Civil cases

c)

Criminal cases

d)

Tort cases

59.

Local laws passed councils are called ____________.

a)

Qualification

b)

Propositions

c)

Ordinances

d)

Ratifications

60.

A cashier gives you more change then she should have. The ethical choice is to ____________.

a)

Donate the money to a worthy cause

b)

Return the extra money

c)

Keep the money

d)

Spend the money

61.

A precedent law:

a)

is made by a legislature

b)

Oversees an agency

c)

is based on customs

d)

is determine by a court case

62.

_______ protects the name and identifying symbol of a product or company.

a)

Trade secret

b)

Patent

c)

Trademark

d)

Copyright

63.

The exclusive right granted to an inventor to manufacture, use, or sell an invention is a(n) ____________.

a)

Patent

b)

Trademark

c)

Trade secret

d)

Copyright

64.

After work John is planning to do some of his job tasks at home to get back on schedule. But he needs some office supplies at home. To save time and a trip to the store, he decides to take the supplies from work. Is John's action ____________.

a)

Ethical

b)

Unethical

c)

Illegal

65.

Laws passed by legislatures are called ____________.

a)

Statutory laws

b)

Common laws

c)

Ordinances

d)

Precedent laws

66.

A business organization that has members is a(n) ________.

a)

Corporation

b)

Partnership

c)

Sole proprietorship

d)

LLC

67.

Difficult and costly to start

a)

Corporation

b)

Sole Proprietorship

c)

Partnership

68.

Easiest form to start and most common form of business

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

69.

Unlimited legal and financial responsibility is shared

a)

Partnership

b)

Corporation

c)

Sole Proprietorship

70.

Requires an agreement to start

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

71.

Requires a charter filed with the government to start

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

72.

Owner keeps all the profits

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

73.

Double Taxation

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

74.

Businesses must name a board of directors

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

75.

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

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

76.

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

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

77.

Owners are called shareholders

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

78.

Must publish annual reports

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

79.

Conflict between owners can be a common problem

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

80.

Limited Liability

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

81.

No fringe benefits provided to owners

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

82.

Owner makes all the decisions

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

83.

Requires no paperwork other than business licenses/permits to start

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

84.

Owners and managers are generally separate

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

85.

If one partner leaves, the business can still exist

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

86.

Sole control over all business functions

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

87.
A retail employee puts a pair of shoes on a customer and asks how they feel.
a)
Marketing Information Management
b)
Selling
c)
Promotion
d)
Product Management
88.
A retailer decides to mark down all swimsuits in August. 
a)
Product Management
b)
Selling
c)
Distribution
d)
Pricing
89.
A team of workers approach customers in a mall to ask them their opinions about the upcoming political election and the candidates running for office.
a)
Marketing Information Management
b)
Product Management
c)
Selling
d)
Promotion
90.
Apple consistently responds to consumer wants by modifying the iPhone with new features that help their daily lives.
a)
Selling
b)
Product Management
c)
Marketing Information Management
d)
Promotion
91.
A television commercial stresses the benefits of buying a new protein bar.
a)
Marketing Information Management
b)
Selling
c)
Promotion
d)
Product Management
92.
A company uses data from its sales records to reduce its product line by eliminating the products that did not sell well in the last two years. 
a)
Marketing Information Management
b)
Market Planning
c)
Promotion
d)
Product Management
93.
A customer buys a Kindle and books from Amazon.com to get ready for an upcoming vacation.
a)
Distribution
b)
Product Management
c)
Market Planning
d)
Marketing Information Management
94.
A small restaurant upgrades its inventory tracking and menu ordering system in order to better serve their customers and to order the correct food items each week.
a)
Market Planning
b)
Product Management
c)
Marketing Information Management
d)
Distribution
95.
A manufacturer of apparel signs a contract with a company that specializes in trucking and warehousing of imported goods. 
a)
Distribution
b)
Market Planning
c)
Selling
d)
Product Management
96.
The Washington Redskins have a Facebook advertisement to buy apparel, to which they count how many clicks or hits they receive to their official website. 
a)
Promotion
b)
Marketing Information Management
c)
Product Management
d)
Selling
97.
A cell phone company offers an extended warranty to consumers to purchase that covers their phone repairs for 2 years from the purchase date.
a)
Selling
b)
Pricing
c)
Promotion
d)
Product Management
98.
There is a shortage of pumpkins due to a rainy summer, so consumers are charged more per item containing pumpkin puree in the fall.
a)
Market Planning
b)
Marketing Information Management
c)
Selling
d)
Pricing
99.
Which of the following is NOT one of the 4Ps?
a)
Product
b)
Packaging
c)
Place
d)
Price
100.
Deciding how much to make/sell would be: 
a)
Product
b)
Price
c)
Place
d)
Promotion
101.

Disposable income is the money left after paying for basic living necessities such as goods, shelter, and clothing.

a)

True

b)

False

102.

Geographics and psychographics are types of segmentation.

a)

True

b)

False

103.

Hershey's offers "Hershey's Kisses" in special holiday colors.  This is a type of behavioral segmentation.

a)

True

b)

False

104.

An example of place utility would be selling camping gear and clothing through catalogs mailed to people who belong to nature organizations.

a)

True

b)

False

105.

Time Utility involves having a product available at a certain time of year or day.

a)

True

b)

False

106.

Identifying internal strengths and weaknesses is a  function of what type of analysis?

a)

PEST Analysis

b)

Customer Analysis

c)

SWOT Analysis

d)

Company Analysis

107.

The process of dividing a market into distinct groups with distinct needs, characteristics, or behavior, which might require separate marketing mixes, is called__________________.

a)

Target Marketing

b)

Market Positioning

c)

Market Segmentation

d)

Market Research

108.

___________________ utility involves changing raw materials into usable goods or putting parts together to make them more useful.

a)

Form

b)

Time

c)

Place

d)

Possession

109.

Department store displays communicate information, just as packaging and labeling inform consumers about using a product.  What utility is involved?

a)

Form

b)

Time

c)

Information

d)

Selling

110.

The Good Ol' Barbecue Sauce Company began marketing a new sauce that includes spices often found in Asian cuisine. How is the company segmenting its market?

a)

psychographics

b)

product benefits

c)

geographics

d)

demographics

111.

The marketing environment is divided into ____ and ____.

a)

internal, external

b)

direct, indirect

c)

local, global

d)

micro, macro

112.
A team of workers approach customers in a mall to ask them their opinions about the upcoming political election and the candidates running for office.
a)
Marketing Information Management
b)
Product Management
c)
Selling
d)
Promotion
113.
A retailer decides to mark down all swimsuits in August. 
a)
Product Management
b)
Selling
c)
Distribution
d)
Pricing
114.
Apple consistently responds to consumer wants by modifying the iPhone with new features that help their daily lives.
a)
Selling
b)
Product Management
c)
Marketing Information Management
d)
Promotion
115.

A television commercial stresses the benefits of buying a new protein bar.

a)

Marketing Information Management

b)

Product Service Management

c)

Pricing

d)

Promotion

116.

Making decisions about where to sell the product, how it gets there, and storage for the product.

a)

Distribution

b)

Selling

c)

Promotion

d)

Pricing

117.

A group of individuals that have similar needs and wants and are the most likely to buy a particular product or service.

a)

marketing strategy

b)

target market

c)

marketing orientation

d)

selling

118.

What is a formal written document that directs a company’s activity for a specific period of time?

a)

Segmentation

b)

Marketing Mix

c)

Marketing Plan

d)

None

119.

The money left over after taking out taxes is called ____________.

a)

Christmas Money

b)

Loans

c)

Disposable Income

d)

Discretionary Income

120.

When countries need to exchange goods and services with other countries, they are participating in what?

a)

International Trade

b)

Regional Trade

c)

World Market Trade

d)

Trade Economy

121.

The 3 main types of Trade Barriers are Tariffs, Quotas, and________

a)

Embargos

b)

Taxes

c)

SWOT

d)

Exports

122.
The Washington Redskins have a Facebook advertisement to buy apparel, to which they count how many clicks or hits they receive to their official website. 
a)
Promotion
b)
Marketing Information Management
c)
Product Management
d)
Selling
123.

Which function is this? You walk into a jewelry store. An employee greets you and asks you questions regarding what you are looking for. Next the jeweler shows you some jewelry that has features and benefits that match your needs and wants.

a)

Selling

b)

Promotion

c)

Product Service Management

d)

Pricing

e)

Marketing Planning

124.

When you write a SMART Goal what are the 3 elements that should be in your written statement

a)

Specific

b)

Measurable

c)

Attainable/Actionable

d)

Relevant

e)

Time-Limited

125.

What does it mean to find the product gap?

a)

The time between an old and new trend

b)

The space between 2 pieces of a product

c)

The difference between what products are available and what is needed

d)

The difference in time from when a product is ordered to when it arrives

126.

Before Joe, a Wendy's employee, rings up a customer's order of burger, fries, and a drink, he asks the customer if they would like to "super-size" it. What method is Joe using to sell additional merchandise?

a)

cross selling

b)

promotional selling

c)

relationship selling

d)

up-selling

127.

John purchases Kellogg's Frosted Flakes cereal. What type of product did he purchase?

a)

generic brand product

b)

geographic brand product

c)

national brand product

d)

private brand product

128.

Publix sells a variety of products such as cookies, meat, bread, shampoo, and  much more. Which term describes what all of these products are in relation to the  store?

a)

product line

b)

product mix

c)

product depth

d)

product width

129.

What term describes all decisions a business makes about the production and sale  of its products?

a)

product planning

b)

product bundling

c)

product packaging

d)

product positioning

130.

Which term describes the number of items a company sells in one particular  product line?

a)

product mix

b)

product lines

c)

product depth

d)

product categories

131.

Why do we conducted market research

a)

To gauge consumer opinions

b)

identify gaps in market

c)

Highlight Trends

d)

All the above

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