Unit 1
The price of gas is $1.00 a gallon. 3 weeks later, the price of gas is $3.50 a gallon.
Which economic indicator has caused the price of gas to increase?
Inflation
How can an express warranty be provided?
1. Tags attached to the product
2. Verbal agreement
3. Written contract
A list of employees and the amount they are to be paid.
Payroll
A person is paid a base salary plus extra for closing sales.
Salary Plus Commission
An estimate of future sales for a specified time period.
Sales forecast
How do sales contribute to a strong national economy?
1. decreased unemployment rate
2. increased national income
3. increased real estate sales
What are the advantages of good business ethics?
1. Long term employees
2. Loyal customers
3. Avoid legal issues
The process used by human resources to find and hire qualified candidates for a specific job.
Recruitment process
What step in the customer buying process is comparing prices and specific product features.
Evaluation of Alternatives
Who is responsible for collecting data about the US population and economy?
US Census Bureau
What type of quantities are sold with Wholesale?
Items sold in large quantities at lower unit prices.
A guarantee that is spoken or written that a service or product will do or perform as promised.
Express warranty
What is included in benefits management?
1. Paid time off
2. Retirement
3. Health insurance
What are 3 examples of External Searches?
1. salespeople
2. friends, coworkers
3. articles written by experts
4. consumer-rating websites
5. product reviews
6. handling and examining a product
What is the number of people who walk in an area?
Foot Traffic
What type of quantities are sold with Retail?
Items sold in small quantities at higher unit prices.
Who is responsible for issuing a certification mark?
outside organizations
An attempt to research someone's history and personal details.
Background check
What buying motive is buying a new home security system?
1. Fear of Loss
2. Safety Needs
What is a particular group of consumers who companies believe are most likely to be interested in a product or service?
Target market
Who buys from Retail?
Consumers
The Fair Packaging and Labeling Act requires labels to have 3 things....
Declaration of....
1. identity
2. responsibility
3. net quantity
What 3 items are included in a Job Description?
1. summary of the job
2. a list of responsibilities
3. a list of requirements
What buying motive is buying a luxury sports car?
1. Esteem
2. Pride and Prestige
A sales forecast helps a business to what?
1. set a realistic budget
2. when to hire staff
3. manage inventory