BUS- final exam review ACTUAL UPDATED Questions and CORRECT Answers
C
Terms in this set (30)
Entrepreneurs are often both owners and ______ _. B) employees
A) creditors
B) employees
C) customers
D) suppliers
Why do consumers benefit from free trade and the B) Competition tends to drive down prices and improve quality
resulting competition between businesses?
A) competition drives away entrepreneurs who use
resources most widely
B) competition tends to drive down prices and improve
quality
C) competition offers consumers fewer choices and
makes the marketplace less confusing
D) competition reduces choices to consumers
Entrepreneurs look at five basic ways of opportunity for D) raising prices in an existing market
business ideas. Which is not one of those five?
A) developing a new market for an existing product
B) producing products more cheaply
C) finding new ways to use existing technology
D) raising prices in an existing market
Bankers and other potential investors will often refuse to A) complete business plan
see an entrepreneur who does not have a _ _.
A) complete business plan
B) sales forecast
C) resume
D) marketing plan
The four factors that form marketing mix are A) product, price, promotion, place
A) product, price, promotion, place
B) product, place, politics, price
C) product, packaging, promotion, price
D) product, price, promotion, public opinion
Cash flow ______ be negative before debt and equity A) can, cannot
infusions ______ be negative after them.
A) can, cannot
B) cannot, cannot
C) cannot, can
D) can, can
, A factor to consider when selecting a physical location is D) all of the above
__________.
A) nearby university
B) wage rates
C) work force availability
D) all of the above
The business definition has three elements: B) offer, target market, production/delivery capability
A) target market, potential customers, production
capability
B) offer, target market, production/delivery capability
C) offer, acceptance, consideration
D) business definition, target market, market analysis
Which item below is not a competitive advantage? B) offering free samples during a two week promotion
A) using a new patented manufacturing process that
reduces manufacturing costs by 25%
B) offering free samples during a two week promotion
C) consistently providing better customer service than
competition
D) reducing operating costs by 7%
For a business to be successful, a competitive advantage C) sustainable
must be _______ _.
A) expensive
B) legal
C) sustainable
D) profitable
What is the average unit of sale for a restaurant that C) $16.25
serves $3,250 per day of meals to 200 customers per
day?
A) $32.50
B) $20.00
C) $16.25
D) $15.84
The most important thing you should do before A) thoroughly research the market
launching your product or service is ____ _.
A) thoroughly research the market
B) raise enough capital
C) design a logo
D) hire the right employees
Which of the following is a step in determining how D) all of the above
customers decide to buy a product?
A) determine the need it meets
B) analyze the buying process
C) think about who might actually buy it
D) all of the above
C
Terms in this set (30)
Entrepreneurs are often both owners and ______ _. B) employees
A) creditors
B) employees
C) customers
D) suppliers
Why do consumers benefit from free trade and the B) Competition tends to drive down prices and improve quality
resulting competition between businesses?
A) competition drives away entrepreneurs who use
resources most widely
B) competition tends to drive down prices and improve
quality
C) competition offers consumers fewer choices and
makes the marketplace less confusing
D) competition reduces choices to consumers
Entrepreneurs look at five basic ways of opportunity for D) raising prices in an existing market
business ideas. Which is not one of those five?
A) developing a new market for an existing product
B) producing products more cheaply
C) finding new ways to use existing technology
D) raising prices in an existing market
Bankers and other potential investors will often refuse to A) complete business plan
see an entrepreneur who does not have a _ _.
A) complete business plan
B) sales forecast
C) resume
D) marketing plan
The four factors that form marketing mix are A) product, price, promotion, place
A) product, price, promotion, place
B) product, place, politics, price
C) product, packaging, promotion, price
D) product, price, promotion, public opinion
Cash flow ______ be negative before debt and equity A) can, cannot
infusions ______ be negative after them.
A) can, cannot
B) cannot, cannot
C) cannot, can
D) can, can
, A factor to consider when selecting a physical location is D) all of the above
__________.
A) nearby university
B) wage rates
C) work force availability
D) all of the above
The business definition has three elements: B) offer, target market, production/delivery capability
A) target market, potential customers, production
capability
B) offer, target market, production/delivery capability
C) offer, acceptance, consideration
D) business definition, target market, market analysis
Which item below is not a competitive advantage? B) offering free samples during a two week promotion
A) using a new patented manufacturing process that
reduces manufacturing costs by 25%
B) offering free samples during a two week promotion
C) consistently providing better customer service than
competition
D) reducing operating costs by 7%
For a business to be successful, a competitive advantage C) sustainable
must be _______ _.
A) expensive
B) legal
C) sustainable
D) profitable
What is the average unit of sale for a restaurant that C) $16.25
serves $3,250 per day of meals to 200 customers per
day?
A) $32.50
B) $20.00
C) $16.25
D) $15.84
The most important thing you should do before A) thoroughly research the market
launching your product or service is ____ _.
A) thoroughly research the market
B) raise enough capital
C) design a logo
D) hire the right employees
Which of the following is a step in determining how D) all of the above
customers decide to buy a product?
A) determine the need it meets
B) analyze the buying process
C) think about who might actually buy it
D) all of the above
