Principles Of Business: Marketing And Finance Quiz!
Questions and Answers
- 1.
Which of the following is not an economic system that operates in markets?
- A.
Capitalism
- B.
Socialism
- C.
Foreignism
- D.
Communism
- E.
Market Economy
Correct Answer
C. ForeignismExplanation
Foreignism is not an economic system that operates in markets. The other options listed, such as capitalism, socialism, communism, and market economy, are all economic systems that operate within market structures. Foreignism is not a recognized economic system and does not have a specific definition or set of principles associated with it.Rate this question:
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- 2.
Deciding how much a product or service will cost the consumer.
- A.
Value
- B.
Pricing
- C.
Sales
- D.
Barter
Correct Answer
B. PricingExplanation
The correct answer is Pricing because pricing refers to the process of determining the cost of a product or service for the consumer. It involves considering various factors such as production costs, competition, demand, and perceived value in order to set a price that is both profitable for the business and attractive to the consumer.Rate this question:
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- 3.
Marketing communications that inform, persuade, and remind customers of a product’s benefits.
- A.
Sales
- B.
Value
- C.
Promotions
- D.
Producers
Correct Answer
C. PromotionsExplanation
Promotions refer to marketing communications that inform, persuade, and remind customers of a product's benefits. This can include activities such as advertising, public relations, sales promotions, and personal selling. Sales, value, and producers are not directly related to the communication aspect of marketing, making promotions the correct answer.Rate this question:
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- 4.
The process of exchanging products and services; does not involve a monetary exchange.
- A.
Value
- B.
Distribution
- C.
Sales
- D.
Barter
Correct Answer
D. BarterExplanation
Barter is the correct answer because it refers to the process of exchanging products and services without involving a monetary exchange. In a barter system, goods and services are traded directly between parties without the need for money. This was a common practice in ancient societies before the invention of currency.Rate this question:
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- 5.
Diversity, education, e-commerce, and capitalism are the important trends that affect the workforce of the 21st century.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because diversity, education, e-commerce, and capitalism are not the only important trends that affect the workforce of the 21st century. There are several other trends such as technological advancements, globalization, automation, remote work, and changing demographics that also significantly impact the workforce. Therefore, it is incorrect to claim that only these four trends are important.Rate this question:
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- 6.
Seven key activities that must occur in order to make a product or service available to consumers.
- A.
Portfolio
- B.
Self-Aware
- C.
Marketing Functions
- D.
Barter
Correct Answer
C. Marketing FunctionsExplanation
The correct answer is Marketing Functions. Marketing functions refer to the activities that need to be carried out in order to make a product or service available to consumers. These activities include market research, product development, pricing, promotion, distribution, and customer service. These functions are essential for effectively reaching and satisfying the target market, creating awareness and demand for the product or service, and ultimately making it available to consumers.Rate this question:
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- 7.
People or companies who use resources to create products of value.
- A.
Producers
- B.
Pricing
- C.
Promotions
- D.
Satisfaction
Correct Answer
A. ProducersExplanation
Producers are individuals or companies who utilize resources to create products or services that hold value for consumers. They play a vital role in the economy by transforming raw materials into finished goods or offering intangible services. Producers are responsible for the entire production process, from acquiring resources to manufacturing and distributing the final product. They aim to meet consumer demands and generate profits by providing valuable offerings.Rate this question:
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- 8.
Which of the following is not an example of advertising?
- A.
Walking down the street yelling for free.
- B.
Television Commercials
- C.
Newspaper Ads
- D.
Billboards
Correct Answer
A. Walking down the street yelling for free.Explanation
Walking down the street yelling for free is not an example of advertising because it does not involve any form of communication or promotion of a product, service, or idea to a target audience. Advertising typically involves using various mediums such as television commercials, newspaper ads, and billboards to reach a wide audience and persuade them to take a specific action or purchase a product.Rate this question:
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- 9.
The four eras in the evolution of the U.S market economy are Sales Era, Marketing Era, Production Era, and Relationship Marketing Era.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because it correctly identifies the four eras in the evolution of the U.S market economy. The Sales Era refers to a time when businesses focused primarily on selling products and increasing sales. The Marketing Era shifted the focus to understanding and meeting customer needs through market research and segmentation. The Production Era emphasized mass production and efficiency. Finally, the Relationship Marketing Era emphasizes building long-term relationships with customers through personalized experiences and customer loyalty. These four eras represent the different stages in the development of the U.S market economy.Rate this question:
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- 10.
Direct contact with potential customers to determine their needs and satisfy those needs.
- A.
Distribution
- B.
Exchange
- C.
Pricing
- D.
Sales
Correct Answer
D. SalesExplanation
The given correct answer is "Sales". Sales involves direct contact with potential customers to determine their needs and satisfy those needs. This process includes activities such as prospecting, lead generation, pitching, negotiating, and closing deals. Sales professionals interact with customers to understand their requirements and offer suitable products or services to meet those needs. This helps in building relationships, increasing customer satisfaction, and ultimately driving revenue for the company.Rate this question:
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- 11.
Every business produces a product or service and that product or service must be made available and attractive to potential customers?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
In order for a business to succeed, it needs to make its product or service available to potential customers. This means ensuring that the product or service is easily accessible and appealing to the target market. Without making the product or service available and attractive, the business will struggle to attract customers and generate sales. Therefore, it is true that every business needs to make its product or service available and attractive to potential customers.Rate this question:
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- 12.
A transaction in which two parties trade something of value for what the other has to offer.
- A.
Barter
- B.
Exchange
- C.
Monetary
- D.
Sales
Correct Answer
B. ExchangeExplanation
The given correct answer is "Exchange". This term refers to a transaction in which two parties trade something of value for what the other has to offer. It can involve the exchange of goods, services, or even money. In an exchange, both parties benefit by receiving something they value more than what they are giving up. This term is commonly used in economics and commerce to describe the process of trading and transferring ownership of assets or resources between individuals or entities.Rate this question:
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- 13.
Getting product and services to customers in the most efficient way.
- A.
Sales
- B.
Marketing
- C.
Distribution
- D.
Market Economy
Correct Answer
C. DistributionExplanation
Distribution refers to the process of getting products and services from the manufacturer or producer to the end customer. It involves activities such as transportation, warehousing, inventory management, and order fulfillment. The goal of distribution is to ensure that products and services reach customers in the most efficient and timely manner. This includes selecting the appropriate channels, managing logistics, and optimizing the supply chain. Therefore, the given correct answer "Distribution" accurately describes the process of getting products and services to customers in the most efficient way.Rate this question:
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- 14.
The free association of unique individuals who cooperate as equals in order to maximize their freedom and satisfy their desires.
- A.
Pricing
- B.
Relationship Marketing
- C.
Producers
- D.
Individualism
Correct Answer
D. IndividualismExplanation
The given statement describes a group of unique individuals who come together voluntarily to maximize their freedom and fulfill their desires. This aligns with the concept of individualism, which emphasizes the importance of individual freedom, autonomy, and self-interest. In this context, the individuals cooperate as equals to achieve their goals, rather than being controlled or directed by external forces.Rate this question:
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- 15.
The phenomenon of drawing people and business together from across the planet.
- A.
Mass Customization
- B.
Globe Trotting
- C.
Global Village
- D.
Market Economy
Correct Answer
C. Global VillageExplanation
The correct answer is Global Village. This term refers to the idea that advancements in communication and transportation technologies have made the world a smaller place, allowing people and businesses to connect and interact on a global scale. It implies that geographic distance is no longer a barrier, and people from different parts of the world can come together and collaborate.Rate this question:
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- 16.
The U.S. economic system in which market forces such as supply and demand move the economy with some government involvement.
- A.
Marketing
- B.
Marketing Functions
- C.
Market Economy
- D.
Marketing Individualism
Correct Answer
C. Market EconomyExplanation
A market economy is an economic system where the production and distribution of goods and services are determined by supply and demand in the marketplace. In this system, the government has some involvement, but it is limited compared to other economic systems. Market forces such as competition, prices, and consumer preferences play a significant role in shaping the economy. This system allows for individualism and entrepreneurship as individuals are free to make their own economic decisions and pursue their own interests.Rate this question:
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- 17.
The four eras in the marketing evolution of the U.S. are
- A.
Promotion Era, Sales Era, Marketing Era, Revolution Era
- B.
Production Era, Promotion Era, Sales Era, Relationship Marketing Era
- C.
Production Era, Sales Era, Marketing Era, Revolution Era
- D.
Production Era, Sales Era, Marketing Era, Relationship Marketing Era
Correct Answer
D. Production Era, Sales Era, Marketing Era, Relationship Marketing EraExplanation
The correct answer is Production Era, Sales Era, Marketing Era, Relationship Marketing Era. This answer accurately represents the chronological order of the four eras in the marketing evolution of the U.S. The Production Era refers to a time when companies focused on mass production and efficiency. The Sales Era emphasizes aggressive sales tactics and persuasive selling techniques. The Marketing Era marks a shift towards a customer-centric approach and the development of marketing strategies. Finally, the Relationship Marketing Era highlights the importance of building long-term relationships with customers and providing personalized experiences.Rate this question:
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- 18.
GDP stands for Gross Domestic Produce.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The given statement is false. GDP stands for Gross Domestic Product, not Gross Domestic Produce. GDP is a measure of the total value of goods and services produced within a country's borders in a specific time period. It is used to assess the economic health and growth of a country.Rate this question:
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- 19.
The process of pricing, promoting, and distributing ideas, goods, and services to create satisfactory exchanges.
- A.
Market Economy
- B.
Marketing
- C.
Satisfaction
- D.
Sales
Correct Answer
B. MarketingExplanation
Marketing is the correct answer because it involves the pricing, promotion, and distribution of ideas, goods, and services to create satisfactory exchanges. Market economy refers to an economic system where decisions regarding production, investment, and distribution are based on supply and demand. Satisfaction refers to the feeling of contentment or fulfillment. Sales refers to the process of selling goods or services in exchange for money.Rate this question:
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- 20.
One key factor that defines capitalism is that individuals are not free to own their own property.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
This statement is false because one of the fundamental principles of capitalism is the protection of private property rights. In a capitalist system, individuals have the freedom to own, control, and transfer property, whether it be land, buildings, or other assets. This ownership is a key aspect of capitalism, as it allows individuals to accumulate wealth and make economic decisions based on their own self-interest.Rate this question:
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- 21.
A very important aspect of a market economy is freedom.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
In a market economy, individuals have the freedom to make their own economic decisions. They can choose what to produce, what to buy, and how to use their resources. This freedom allows for competition, innovation, and entrepreneurship, which are essential for economic growth and development. Without freedom, a market economy would not be able to function effectively as it relies on the voluntary exchange of goods and services based on individual preferences and choices. Therefore, it can be concluded that freedom is indeed a crucial aspect of a market economy.Rate this question:
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- 22.
The outcome of a successful exchange in which the performance of the product or service meets expectations.
- A.
Value
- B.
Satisfaction
- C.
Promotions
- D.
Distribution
Correct Answer
B. SatisfactionExplanation
Satisfaction refers to the feeling of contentment or fulfillment that a customer experiences when their expectations are met or exceeded by a product or service. In the context of the given question, a successful exchange occurs when the performance of the product or service meets expectations, resulting in the customer feeling satisfied. Therefore, satisfaction is the correct answer as it accurately represents the outcome of a successful exchange.Rate this question:
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- 23.
Marketing approach that attracts new customers, keeps current customers, and anticipates customer needs.
- A.
Relationship Marketing
- B.
Producers
- C.
Portfolio
- D.
Individualism
Correct Answer
A. Relationship MarketingExplanation
Relationship Marketing is the correct answer because it refers to a marketing approach that focuses on building and maintaining strong relationships with customers. This approach aims to attract new customers, retain existing ones, and anticipate their needs. Relationship marketing emphasizes the importance of customer satisfaction, trust, and loyalty, and involves strategies such as personalized communication, customer service, and customer feedback. This approach recognizes the long-term value of customer relationships and aims to create a mutually beneficial relationship between the company and its customers.Rate this question:
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- 24.
Fair return or equivalent for something exchanged.
- A.
Pricing
- B.
Value
- C.
Satisfaction
- D.
Exchange
Correct Answer
B. ValueExplanation
Value is the correct answer because it refers to the fair return or equivalent for something exchanged. When we talk about value in the context of pricing, it means the worth or importance that a customer places on a product or service. It is the perceived benefit or satisfaction that a customer expects to receive in exchange for their money or effort. Therefore, value is the most appropriate term to describe the fair return or equivalent in this scenario.Rate this question:
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- 25.
Understanding the various factors that shape your personality and interests.
- A.
Self-Aware
- B.
Global Village
- C.
Mass Customization
- D.
Satisfaction
Correct Answer
A. Self-AwareExplanation
The given answer, "Self-Aware," aligns with the statement "Understanding the various factors that shape your personality and interests." Self-awareness refers to having knowledge and understanding of oneself, including one's personality traits, values, strengths, and weaknesses. By being self-aware, individuals can better understand the factors that influence their personality and interests, such as their upbringing, experiences, and personal preferences. This understanding can help individuals make informed decisions, set meaningful goals, and develop a strong sense of self.Rate this question:
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- 26.
A collection of work samples that represents one’s abilities and accomplishments.
- A.
Promotions
- B.
Self-Aware
- C.
Indiviualism
- D.
Portfolio
Correct Answer
D. PortfolioExplanation
A portfolio is a collection of work samples that showcases an individual's abilities and accomplishments. It is a way for someone to present their skills and experiences to potential employers or clients. A portfolio can include a variety of materials such as writing samples, design projects, or photographs, depending on the field or industry. It allows individuals to demonstrate their expertise and provide evidence of their past work, making it an essential tool for professionals looking to advance their careers.Rate this question:
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- 27.
The process of providing products and services that more closely meet the needs and wants of individual customers.
- A.
Mass Customization
- B.
Mass Marketing
- C.
Global Village
- D.
Global Trotting
Correct Answer
A. Mass CustomizationExplanation
Mass customization refers to the process of providing products and services that are tailored to meet the specific needs and wants of individual customers. It involves combining the advantages of mass production with the benefits of customization, allowing companies to offer a wide range of options and variations to their customers while still maintaining efficiency and cost-effectiveness. This approach enables businesses to provide personalized experiences and products to their customers, enhancing customer satisfaction and loyalty.Rate this question:
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- 28.
Marketing can be defined as the process of making one product more attractive than the other products a person may choose.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Marketing can be defined as the process of making one product more attractive than the other products a person may choose. This definition implies that marketing involves strategies and tactics aimed at differentiating a product from its competitors, highlighting its unique features, and persuading consumers to choose it over other alternatives. By effectively positioning and promoting a product, marketing aims to create a favorable perception and increase its appeal, ultimately leading to higher sales and market share. Therefore, the statement "True" accurately reflects the definition of marketing provided.Rate this question:
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
Jun 09, 2011Quiz Created by
Estone2011
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