Marketing
Which of the following is an example of an open-ended question:
A. How did you come to this conclusion?
B. Can I take an early lunch?
C. Are you able to work next Saturday?
D. Did you finish the annual report?
A. How did you come to this conclusion?
Abel was recently hired as a customer service representative for a technology company. The majority of his interactions with customers will be over the phone. Which of the following techniques should he follow when answering incoming calls:
A. Put customers on hold immediately
B. Thank the customers for calling
C. Use slang terms to build rapport with customers
D. Use a monotone voice throughout calls
B. Thank the customers for calling
Which of the following attributes best characterizes a master budget:
A. Unchanging
B. Rolling
C. Simplistic
D. Dynamic
A. Unchanging
Discouraging information hoarding is a good way to follow which technique for collaborating effectively on a project?
A. Be a good team player
B. Set goals together
C. Carefully choose team members
D. Create a safe environment
A. Be a good team player
Which of the following is a question marketers must ask about the product element of the marketing mix:
A. How often should ads be delivered?
B. Which brands should be used?
C. How do we raise a product's value?
D. Where will products be available to buy?
B. Which brands should be used?
Which of the following statements best describes a buyer's market:
A. It is the best time for producers to sell.
B. It is typically caused by excess demand.
C. It is characterized by high demand and low supply.
D. It is the best time for consumers to buy.
D. It is the best time for consumers to buy.
Scott is responsible for issuing orders for production to start. This best describes which of the following production activities:
A. Planning
B. Purchasing
C. Dispatching
D. Scheduling
C. Dispatching
Nani has $500 in an emergency fund, $2,000 in savings, and $500 on a high-interest credit card. Based on her current situation, what financial goal should she tackle first?
A. Save $500 for a down payment on a home.
B. Pay off her credit card by the end of the year.
C. Add more money to her emergency fund.
D. Sign up for a lower interest credit card in six months.
B. Pay off her credit card by the end of the year.
Directing occurs at every level and in all departments throughout an organization. This means that everyone from the CEO to first-line managers direct their staff. This best describes how directing is
A. pervasive.
B. continuous.
C. people-focused.
D. creative.
A. pervasive.
Utilities like water and electricity for an office building are __________ costs.
A. potential
B. one-time
C. recurring
D. opportunity
C. recurring
Which of the following is an example of unethical behavior in inventory management:
A. Sandra takes her friend on a ride in the forklift after company hours.
B. Neal knows a washing machine has a faulty feature but decides to list it for sale anyway.
C. Marcus plays games on his company computer when he should be calling customers.
D. Suzanne consistently notices that the office door is left unlocked but says nothing.
B. Neal knows a washing machine has a faulty feature but decides to list it for sale anyway.
Katelyn has been a dentist for nearly two decades. Whenever she encounters a difficult decision, she leans on her experience and expertise to help her make the right decision. This scenario best demonstrates
A. knowledge.
B. a trade secret.
C. a fact.
D. data.
A. knowledge
Which of the following careers likely falls within the securities and investments industry:
A. Appraiser
B. Regulatory reporting specialist
C. Mutual fund manager
D. Capital expenditure manager
C. Mutual fund manager
A hotel guest complained to the manager that the beds were unmade, there were no towels, and the trash had not been taken out when they arrived at their room. Who should the hotel manager address this issue with?
A. Front desk
B. Accounting
C. Maintenance
D. Housekeeping
D. Housekeeping
Eddie and his family enjoyed everything about their experience at a barbecue restaurant during their vacation to Hilton Head. When they returned home, Eddie told his friends and coworkers about the restaurant and encouraged them to try it if they ever visit Hilton Head. This is an example of __________ marketing.
A. guerrilla
B. affiliate
C. word-of-mouth
D. direct
C. word-of-mouth
For a contract to be considered legally binding, it typically needs to contain two key elements. What are they?
A. A judge agrees to an offer from one party and one party must benefit over the other.
B. A judge agrees to an offer from one party and something of value must be exchanged.
C. All parties must be in agreement and one party must benefit over the other.
D. All parties must be in agreement and something of value must be exchanged.
D. All parties must be in agreement and something of value must be exchanged.
6. An education organization aims to help society, and its income is used to fund programs and cover operational expenses. This best describes what type of corporation?
A. Private
B. Subchapter "S"
C. Nonprofit
D. Public
C. Nonprofit
Isaac works for a produce company that is considering switching the pesticide it uses. The current pesticide costs a total of $2,000 per year, while the new one would cost $3,200 per year. What is the differential cost?
A. $2,000
B. $3,200
C. $1,200
D. $5,200
C. $1,200
Which of the following is a way in which salespeople, rather than a business, benefit from building and maintaining a reliable customer base:
A. Increased earnings
B. Higher customer turnover
C. Reduced selling costs
D. More word-of-mouth advertising
A. Increased earnings
Which of the following is a way to ensure compliance is implemented in an organization:
A. Conducting training programs
B. Avoiding the use of technology
C. Discussing compliance with customers
D. Guaranteeing employee raises for compliance
A. Conducting training programs
Annaka and Kofi are fitness gurus and have decided to create their own exercise machine to manufacture and sell. Annaka will handle designing the machine, while Kofi will create the prototype. They work together by designing and building the prototype at the same time. This best describes which of the following quality-control methods:
A. Concurrent engineering
B. Process performance management
C. Lean production
D. Taguchi method
A. Concurrent engineering
Which of the following accurately describes data mining:
A. A process of predicting user trends by pulling location and browsing data
B. A process of converting large amounts of data into useful information
C. A means of collecting cryptocurrency data for personal investment
D. A method of fragmenting large data chunks to protect information
B. A process of converting large amounts of data into useful information
Calais is working on a budget to project how cash will move in and out of his company. Calais is building a __________ budget.
A. cash flow
B. master
C. financial
D. cash conversion
A. cash flow
Which of the following scenarios best illustrates a key characteristic of service marketing:
A. A company offers a one-size-fits-all product with no customer interaction.
B. A customer purchases a software subscription that includes 24/7 customer support.
C. A retailer sells a physical product that can be returned and resold if unused.
D. A customer buys a product based on its shelf-life and resale value.
B. A customer purchases a software subscription that includes 24/7 customer support.
A car manufacturer dedicates years to training its employees in battery technology, software development, and artificial intelligence before eventually developing electric vehicles. The car manufacturer best illustrates how
A. innovation sparks change.
B. learning sparks innovation.
C. change sparks learning.
D. change sparks innovation.
B. learning sparks innovation.