Marketing
Which of the following best describes initiative:
A. Personal trait
B. Coding language
C. Collaborative software
D. Life motto
A. Personal trait
Northbridge University purchases books only to sell them again at its bookstore. This process is known as
A. renting.
B. donating.
C. resale.
D. buying
C. resale.
A company has current assets of $90,000 and current liabilities of $45,000. What is its current ratio?
A. 0.5:1
B. 1:1
C. 2:1
D. 3:1
C. 2:1
Supply chain networks maximize efficiency and productivity through a process called network
A. operation.
B. optimization.
C. deviation.
D. mitigation
B. optimization.
Which document outlines a business's goals, target market, operations, and financial projections?
A. Balance sheet
B. Press release
C. Business plan
D. Purchase order
C. Business plan
What are the four Ps of the marketing mix?
A. Product, price, place, promotion
B. Planning, people, process, profit
C. Product, profit, publicity, people
D. Price, production, planning, placement
A. Product, price, place, promotion
What is the main goal of guest recovery in the hospitality industry?
A. To turn a bad experience into a positive one and regain the guest’s trust
B. To offer the highest refund possible without checking what went wrong
C. To identify and properly discipline the employee who made the mistake
D. To strictly enforce rules so the guest doesn’t complain again
A. To turn a bad experience into a positive one and regain the guest’s trust
A business buying certain office products from a specific vendor that delivers at predetermined times and guarantees a set price for one year is an example of using the __________ purchasing method.
A. competitive-bid
B. lowest-bidder
C. standing-order
D. blank-check
C. standing-order
Which organizational structure groups employees by specialized functions such as marketing, finance, and human resources?
A. Functional structure
B. Geographic structure
C. Matrix structure
D. Product structure
A. Functional structure
What is a person who starts and operates a business while assuming financial risk called?
A. Shareholder
B. Entrepreneur
C. Creditor
D. Consume
B. Entrepreneur
Feels on Wheels, a therapy and rideshare company, drives out its competitors and becomes the only provider of therapy and ridesharing services in the city. Since there is no competition, the company hikes up its prices and greatly increases its profits. This is an example of a(n)
A. public sector provider.
B. oligopoly.
C. private enterprise system.
D. monopoly.
D. monopoly.
Why has information management become increasingly important and complex for modern businesses?
A. Increased geographical distribution of employees and smaller workforces
B. Higher employee turnover and increased inflation
C. Increased use of AI and decreased cybersecurity management
D. Increased number of electronic documents and outsourcing
D. Increased number of electronic documents and outsourcing
If three employees have the same level of ability and competence, what factor might a business use to decide which one to promote?
A. Gender
B. Age
C. Seniority
D. Tenure
C. Seniority
Which principle requires a business to protect its employees and customers from foreseeable harm?
A. Intellectual property law
B. Antitrust regulations
C. Duty of care
D. Contract law
C. Duty of care
A business sells 400 units at $25 each. What is its total revenue?
A. $1,000
B. $8,000
C. $10,000
D. $12,500
C. $10,000
Cream Fresh makes and sells dairy products to local retailers. However, it routinely avoids or falsifies standard food safety inspections to dodge fees and paperwork. Cream Fresh is likely violating the regulations of which of the following agencies:
A. Federal Trade Commission (FTC)
B. Food and Drug Administration (FDA)
C. Occupational Safety and Health Administration (OSHA)
D. Consumer Product Safety Commission (CPSC)
B. Food and Drug Administration (FDA)
Hotels collect vast amounts of unstructured data, such as guest feedback and email inquiries. If a hotel lacks a system to organize and utilize this information, what is the primary risk?
A. The hotel will fail data compliance audits.
B. The system will automatically delete old data.
C. Actionable insights will be lost or overlooked.
D. Unauthorized users will access the private records.
C. Actionable insights will be lost or overlooked.
Which financial statement reports revenues and expenses over a period of time?
A. Balance sheet
B. Income statement
C. Statement of cash flows
D. Owner's equity statement
B. Income statement
A political pundit is often criticized for sharing false information intended to mislead others and attract viewers to their show. This is an example of
A. disinformation.
B. half-truths.
C. misinformation.
D. transparency
A. disinformation.
While working as a server, Delia came up with an idea for an automated payment system for restaurants. This is an example of how
A. it is unethical to copy another business's model.
B. economic trends can help you identify opportunities.
C. work experience can lead to new business ventures.
D. entrepreneurs should focus on completely new industries.
C. work experience can lead to new business ventures.
A brand charges a high price for a premium product to communicate exclusivity and superior perceived value. Identify the pricing strategy.
Premium pricing.
A restaurant receives repeated complaints about slow service. What should management analyze first to identify where delays occur?
Analyze the service workflow or process to locate bottlenecks and delays.
A company earns $200,000 in sales and $24,000 in net profit. Calculate its net profit margin.
12%
A business has declining employee morale and increasing turnover. Identify one management strategy that could improve employee motivation and explain why it would help.
Offer recognition, professional development, or employee participation in decisions to improve engagement and job satisfaction.
Before launching a new product, a startup interviews potential customers and tests a prototype. What is the primary purpose of this process?
To validate customer demand, test assumptions, and determine whether the product meets market needs.