WorksheetsPBMF: Semester Review Units 1-9
Total questions: 77
Worksheet time: 55mins
Place the following steps to the supply chain in the correct order.
Producer
Processor
Manufacturer
Intermediary
Consumer
Match the following work activities to the descriptions.
Change raw goods into a more finished
form for product development
Processors
Move finished goods from one business to
another
Intermediaries
Change raw or processed goods into
finished goods
Manufacturers
Develop products from raw goods for
distribution
Producers
Which department of a business carries out the promotion of goods and services?
Marketing
Production
Finance
Management
Which of the following is defined as a business in which partners have an unequal share and liability in the business?
Limited partnership
Franchise partnership
General partnership
Sole partnership
A system used to record and report financial transactions of a business is known as which of the following?
Accounting
Production
Decision making
Management
Which of the following lists each part of the business cycle?
Growth, Peak, Recession, Trough
Growth, High, Decrease, High point
Growth, Rise, Recession, Trough
Fall, Growth, Trough, Explosion
Which of the following carries out the employment process?
Partnership
Human resources
Marketing
Distribution
Place the following ethical decision-making steps in the correct order.
Defining the problem
Listing and evaluating all solutions
Selecting the best solution
Implementing the solution
Evaluating the decision
(a) is a set of written guidelines which govern behavior based on ethical values.
Title VII of the Civil Rights Act focuses on protections against discrimination with regards to __________.
Low-paying jobs
Underage workers
Americans with disabilities
Race, color, religion, sex and national origin
Layla’s son had to have major surgery and he will need her care while he is recuperating. Which of the following legislative acts provides Layla the right to take unpaid leave to take care of her son?
Family and Medical Leave Act
Privacy Act
Americans with Disabilities Act
Federal Trade Commission Act
Which of the following is NOT one of the three main types of economic systems?
Mixed
Diverse
Market
Centrally planned
Which of the following describes the number of goods producers are able and willing to sell at various prices during a specific period?
Price
Supply
Demand
Cost
Which of the following is an incentive for businesses to produce goods and services consumers are willing to purchase?
Government involvement
Loss
Competition
Profit
Which type of economic system allows full freedom to make decisions about employment, expenditures, savings and capital?
Mixed economic systems
Centrally planned economic systems
Tradition economic systems
Market economic systems
Supply and demand are (a) related.
Gross domestic product is the (a) of an economy’s output.
Hakeem is studying the theories, principles and models which deal with the production, distribution and consumption of goods and services. What subject is Hakeem studying?
Economics
History
Finance
Profits (a) entrepreneurs to take risks.
Drag the symbols to the correct position to create a true statement about calculating profit & loss.
total revenues (a) total expenses (b) profit or loss
The United States of America practices __________.
Communism
Strict governmental controls
Capitalism
Select all of the following which are characteristics of specialization.
Allows for global trading
Allows companies to fine-tune production
Can measure the economy’s output
Can increase productivity
__________ create products and services used by other businesses and individuals.
Service businesses
Intermediaries
Professional activities
Producers
__________ are any regulation which restricts international trade.
Political relations
Trade barriers
Exports
Imports
Which of the following are the two major processes which facilitate world trade?
Tariffs and quotas
Cultural forces and economic conditions
Geographical conditions and political forces
Importation and exportation
Which of the following represents the flow of goods and services through varying means of transportation within a single country?
International trade
World trade
Global trade
Domestic trade
Select all the following which are impacts of exports on the United States economy.
Increased productivity of workers
Raised incomes
Decreased unemployment rates
Increased production costs
Which role is China facilitating if they send clothing materials to the United Kingdom for sale?
Exporter
Regulator
Financier
Importer
Select all the following which are advantages of international business for corporations.
Variety of quality and prices
Greater cultural diversity
Improved cultural skills and sensitivity
More choices
__________ are used to punish and deter the behavior of opposition countries without resorting to military force.
Quotas
Tariffs
Subsidies
Embargoes
Match the following types of businesses to their descriptions.
Owners assume all the risk of the business
Sole proprietorships
Are managed by a board of directors
Corporations
Are commonly used to partner with local
business to enter foreign markets
Joint ventures
Do not allow creditors to go after an
individual's personal assets or income if a
partnership fails
Limited liability partnerships
The __________ is the business owner who is licensed to operate a franchise.
Franchisor
Franchot
Francophile
Franchisee
Which of the following would be the most likely driving factor for a company pledging to practice environmental responsibility and engage in ethical behaviors?
Service businesses
The U.S. economy
Business ownership
Corporate Social Responsibility
Nonprofit organizations are designed to better the communities in which they serve.
True
False
Match the following types of research to the descriptions.
Research done first-hand for the first time
Primary Research
Exploratory, in-depth research involving
flexible, open-ended questions
Qualitative Research
Past research which has already been
performed and often published
Secondary Research
Structured research which uses the
scientific method and standardized
questions to make generalizations and
predictions
Quantitative Research
__________ is the activity of promoting and selling a product or service to satisfy a customer’s needs or wants.
Financing
Selling
Distributing
Marketing
Which of the four tools of the marketing mix relates to shipping a product?
Promotion
Price
Place
Product
The most expensive marketing research for a business to engage in is __________.
Primary
Quantitative
Secondary
Surveys
Chen has decided to focus his marketing efforts on people who work in large metropolitan areas. Which method of segmentation is Chen using?
Psychographics
Demographics
Geography
Consumer behavior
What are the four tools of the marketing mix used to sell a product or service to meet consumer wants or needs?
Product, process, price, place
Product, price, place, promotion
Product, price, process, promotion
Product, place, promotion, process
If a business decides to focus marketing efforts on people who love playing baseball, which method of segmentation did they use?
Psychographics
Demographics
Consumer behavior
Geography
Which of the following is considered the Fifth P and includes service-based organizations?
Product
People
Promotion
Place
(a) is the process of managing the identity and perception of a product or service to set it apart from others with an identifiable name, logo or phrase.
Advertising and marketing are the same and should be used synonymously.
True
False
Which of the following statements best describes the distribution function?
Providing customers with products or services to satisfy their needs or wants
Storing and positioning products or services
Gathering data to understand the market
Communicating the value of products or services
Which of the following represents an additional customer group with characteristics which make them potential users of the product or service?
Market identification
Secondary target market
Primary target market
Mass marketing
Which of the following is the process of dividing a broad target market into distinct groups based on specific characteristics?
Market mitigation
Market segmentation
Market dedication
Market separation
Melody loves the way she looks when she uses a certain brand of hair products. She loves the packaging and branding of the business, and it makes her prefer these products over others. Which of the following market forces is Melody displaying?
Branding
Competition
Customer preference
Supply and demand
The core customer group most likely to engage with and benefit from the product or service is known as which of the following?
Primary target market
Secondary target market
Customer favorites
Core income group
Which of the following target market categories divides customers into segments based on technology use?
Demographics
Psychographics
Technographics
Behavior
Which of the following target market categories divides customers into segments based on personality and lifestyle?
Psychographics
Demographics
Geographics
Behavior
Which of the following is the primary objective of defining target markets for businesses?
Limiting marketing efforts to mass marketing strategies
Reaching a broad and undifferentiated audience
Ignoring specific demographics
Identifying specific segments with unique needs
A home décor store is offering a versatile and affordable furniture line which appeals to a broad customer base. Which of the following types of marketing are they employing?
Mass marketing
Niche marketing
Target marketing
Market segmentation
Which of the following segmentation approaches involves categorizing consumers based on factors such as age, gender, income or education?
Geographic segmentation
Demographic segmentation
Psychographic segmentation
Behavioral segmentation
Gloria asks her customers to complete a survey after each order. Which of the following types of market research is she employing?
Social listening
Data analysis
Supply and demand
Customer feedback
Which of the following is a space or mechanism where buyers and sellers come together to engage in the exchange of goods and services?
A supply
A demand
A market
A product
Clothing, electronics and food are all examples of which of the following?
Services
Products
Buyers
Sellers
Which of the following are standalone webpages, created by companies specifically for marketing and advertising purposes?
Newsletters
Emails
Affiliate search pages
Landing pages
__________ establishes relationships where companies will advertise products from other companies on their social media accounts and websites.
Social media marketing
Advertising
Affiliate marketing
Influencer marketing
The __________ is the ratio of profit to cost and it measures a company’s revenue after subtracting all associated costs.
Breakeven point
Supply
Profit margin
Equilibrium
Match the following pricing terms to their descriptions.
Psychological pricing method stating
certain prices are more appealing to buyers
Odd-Even Pricing
Multiple products are grouped together at a
single price point, rather than being sold
individually
Bundle Pricing
Price is set at or slightly above the average
cost of production
Average-Cost Pricing
Price is adjusted due to location
Geographical Pricing
Match the following terms to their descriptions.
When the supply is greater than the
demand
Surplus
When the demand is greater than the
supply
Shortage
Amount of goods and services available in
the marketplace
Supply
Amount of goods and services consumers
are willing and able to buy
Demand
Select all the following which are content marketing strategies.
Competition
Video marketing
Infographics
Podcasts
Which of the following is a marketing tool used to communicate the value of an offering to a consumer and to influence the consumer to purchase the product?
Price
Promotion
Participation
Product
Which of the following is the point at which sales equal expenses and no revenue is made?
Breakeven point
Profit margin point
Consumer margin
Equilibrium
__________ utilizes real people to promote, speak for and tell the story of a product, service or brand.
Influencer marketing
Advertising
Retargeting
Search engine optimization
Match the following terms to their descriptions.
Someone who sells products to customers
in a store setting
Retailer
Accounts for the purchasing of goods
directly from the manufacturer, often at
lower prices than offered by retailers
Wholesale
Locations where manufacturers distribute
and sell goods through retailers
Retail outlets
Purchasing of goods from a retailer or
vendor who is not the manufacturer
Retail
Match the following terms to their descriptions.
Open-air markets, more commonly found in
areas with warmer climates
Street markets
Involves a salesperson traveling from door
to door attempting to sell a product
Door-to-door retailing
Daily business operated out of a van or
truck includes food trucks and ice cream
trucks
Van retailing
Person hosting an event at a location to
show off products they are attempting to
sell
Party retailing
Select all of the following which are examples of direct marketing channels.
Face-to-face interactions
Social media accounts
Personal websites
Brick-and-mortar stores
Select all of the following which are the goals and objectives of a marketing strategy.
Establishment of a fair price
Creation of identical products
Establishment of a target market
Continuous review and improvement of the plan
Which of the following is a method of buying and selling goods and services using the internet?
Specialty markets
Chain stores
E-commerce
Supermarkets
Which of the following is a strategy for targeting previous visitors of a website who have yet to purchase the productor service?
Content design
Search engine optimization
Retargeting
Content marketing
__________ sell groceries, convenience products and household goods.
Supermarkets
Chain stores
Department stores
Clothing and apparel stores
__________ includes the utilization of content writing, infographics, podcasts and video marketing.
Search engine optimization
Email marketing
Advertising
Content marketing
Which refers to a specific group of customers a company aims to capture?
Intermediaries
Physical distribution
Target market
Manufacturers
Which of the following is the collection and analysis of data about consumers, competition and the environment of a particular target market?
Wholesaling
Direct marketing
Indirect marketing
Market research
__________ is the process of increasing the number of visitors to a company’s website by making the website more visible to search engines.
Content marketing
Retargeting
Search engine optimization
Social media marketing
