Business Ownership
Finance
Business Plans
Marketing 1
Marketing 2
100
Generally, the legal form of business enterprise having the most difficulty in obtaining capital is a _____. a. sole proprietorship b. partnership c. cooperative d. corporation
What is a. sole proprietorship?
100
The concept that identifies the difference between revenue and expenses is called ______. a. gross margin b. cost of goods sold c. net income d. retained earnings
What is c. net income?
100
The document that describes the chain of command of a business is the _____. a. marketing plan b. organization chart c. business summary d. financial plan
What is b. organization chart?
100
All of the following are examples of sales promotion except _____. a. newspaper advertisements b. in-store product demonstrations c. coupons d. free samples
What is a. newspaper advertisements?
100
Businesses can choose to compete on the basis of factors that are not related to price which include all of the following except the _____. a. quality of product b. service and financing of the product c. cost and markup of the product d. reputation of the product
What is c. cost and markup of the product?
200
One of the advantages of a corporation is _____. a. secrecy b. easy start-up c. continuous life d. unlimited liability
What is c. continuous life?
200
Total assets minus total liabilities equals _____. a. gross margin b. net profit c. net sales d. net worth
What is d. net worth?
200
The first step in developing a written business plan is to _____. a. describe your qualifications for becoming an entrepreneur b. define the business you intend to conduct c. analyze the competition d. set goals for the enterprise
What is b. define the business you intend to conduct?
200
Free newsworthy information is called _____. a. publicity b. intermediaries c. promotion d. marketing
What is a. publicity?
200
Determining accessibility and traffic patterns and the number and size of competing businesses are all things to consider when _____. a. trading international goods b. choosing suppliers c. setting a price for the goods d. selecting a business site
What is d. selecting a business site?
300
Legal agreements to begin a new business in the name of a recognized company are referred to as _____. a. articles of partnership b. franchises c. leasehold agreements d. charters
What is b. franchises?
300
Commercial banks and other lending agencies emphasize which of the following before making a loan? a. friends and family history b. collateral, capital and capability to repay c. bank statements d. organizational chart
b. collateral, capital and capability to repay
300
A business plan is _____. a. a set of pro forma statements b. a road map of expected outcomes c. a statement reflecting what the business is worth d. a previous blueprint of business activities
What is b. a road map of expected outcomes?
300
A word, symbol, design, or combination of these that a business uses to identify itself or something it sells is a ______. a. patent b. copyright c. goodwill d. trademark
What is d. trademark?
300
The marketing mix is _____. a. product, purchasing, selling and competition b. promotion, place, purchasing, and price c. product, price, place and promotion d. promotion, price, marketing, and purchasing
What is c. product, price, place and promotion?
400
Articles of incorporation are filed with a state to start which of the following types of organizations? a. sole proprietorship b. partnership c. corporation d. limited partnership
c. corporation
400
Which of the following is not a source of equity capital? a. relative's savings b. partner's savings c. personal savings d. shareholder's savings
a. relative's savings
400
The part of total sales that an individual company controls is called the _____. a. target market b. market segment c. market share d. sales potential
What is c. market share?
400
Dividing the total market into smaller groups of people who share specific needs and characteristics is called _____. a. market segmentation b. target market c. market research d. marketing mix
What is a. market segmentation?
400
The correct order of the selling process is _____. a. sales approach, sales presentation, and sales close b. sales presentation, sales approach, and sales close c. sales close, sales approach, and sales presentation d. sales approach, sales close, and sales presentation
What is a. sales approach, sales presentation, and sales close?
500
Which type of business is formed by an agreement between two or more parties? a. partnership b. corporation c. charity organizations d. trust fund
a. partnership
500
Which of the following is not a source of debt capital? a. bank loans b. credit union loans c. credit from suppliers d. shareholder's savings
d. shareholder's savings
500
The purpose of the business plan is to _____. a. obtain financing, guide the opening and maintain the successful operation of the business b. provide vital information to the shareholders and business partners c. determine the type of business you will operate d. determine the profit of the business
What is a. obtain financing, guide the opening and maintain the successful operation of the business?
500
The systematic gathering, recording and analyzing of information about problems related to the marketing of goods and services is called _____. a. test marketing b. marketing research c. product research d. sales research
What is b. marketing research?
500
When introducing a new product or business, the recommended pricing strategy is _____. a. short-term profit strategy b. loss leader pricing strategy c. status quo pricing strategy d. market penetration strategy
What is d. market penetration strategy?
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