Entrepreneurship Objective 12.00 Part 2 Mrs. Mercs

1 2 3 4 5 100 200 300 400 500

100 1 26. What are marketing objectives? A. Goals B. Products C. Sales 100 1 26. What are marketing objectives? A.  Goals B.  Products C.  Sales D.  Strategies Answer

100 1 A.  Goals Main Page

100 Topic 2 27. What step BEST describes the development of a marketing strategy?  A.  Marketing mix B.  Pricing C.  Purchased product D.  Sharing ideas Answer

100 Topic 2 A.  Marketing mix Main Page

100 Topic 3 28. What is the covering, wrapper, or container in which merchandise is placed for retail sale?  A.  Boxing B.  Labeling C.  Packaging D.  Wrapping Answer

100 Topic 3 C.  Packaging Main Page

100 Topic 4 29. Most businesses use what customer complaint slogan?  A.  "No receipt – No refund" B.  "Sorry, it is not my department." C.  "The customer is always right." D.  "The customer is never to be trusted Answer

100 Topic 4 C.  "The customer is always right." Main Page

100 Topic 5 30. Which type of inventory system would a small produce store use for a quick inspection?   A.  Just-in-time B.  Partial C.  Perpetual D.  Visual Answer

100 Topic 5 D.  Visual Main Page

200 – 1 31. What financial statement tells an entrepreneur what his/her business is worth at a given time?   A.  Balance sheet B.  Cash flow statement C.  Ledger D.  Profit and loss statement Answer

200 1 A.  Balance sheet Main Page

200 Topic 2 32. The cash flow statement describes the flow of cash:   A.  Between wholesale and retail price. B.  From outside the business. C.  Into and out of a business. D.  Within a business. Answer

200 Topic 2 C.  Into and out of a business. Main Page

200 Topic 3 33. What is NOT used to construct a cash flow statement?   A.  Expenses B.  Inventory C.  Net income (or loss) D.  Revenues Answer

200 Topic 3 B.  Inventory Main Page

200 Topic 4 34. If a $10 item is marked up 100%, what is the selling price?   A.  $12 B.  $15 C.  $20 D.  $25 Answer

200 Topic 4 C.  $20 Main Page

200 Topic 5 35. If an item costs $5 to produce and the markup is 50%, what is the selling price?   A.  $6 B.  $7.50 C.  $9.00 D.  $10.00 Answer

200 Topic 5 B.  $7.50 Main Page

300 Topic 1 36. What formula expresses markup?   A.  Cost – markup = price B.  Cost – price = markup C.  Cost + price = markup D.  Cost + markup = price Answer

300 Topic 1 D.  Cost + markup = price Main Page

300 Topic 2  37. Using a 100% markup and taking off one cent to give the impression of bargain prices, what is the RETAIL price of an item whose wholesale cost is $20.00?   A.  $40.00 B.  $39.99 C.  $30.00 D.  $29.99 Answer

300 Topic 2 B.  $39.99 Main Page

300 Topic 3 38. What is the amount added to the cost of an item to cover expenses and ensure profits?   A.  Markup B.  Prestige pricing C.  Price skimming D.  Profit Answer

300 Topic 3 A.  Markup Main Page

300 Topic 4 39. When making sales projections based on a NEW product or service:  A. Always estimate high to be prepared for product or service: B.  Always estimate high to be prepared for demand. C.  Always estimate low to control inventory. D.  There are many pricing variables. Answer

300 Topic 4 C.  Always estimate low to control inventory. Main Page

300 Topic 5 40. When operating a school-based business, the target customers are USUALLY:  A. Administration and faculty. B.  Cafeteria and custodial staff. C.  Faculty and students. D.  Members of the school community. Answer

300 Topic 5 C.  Faculty and students. Main Page

400 Topic 1 41. Who are the people to whom a business plans to sell its products?  A.  Administrators B.  Consumers C.  Sales staff D.  Target customers Answer

400 Topic 1 A D.  Target customers Main Page

400 Topic 2 42. What expenses will stay constant with the number of items produced? A.  Break even point B.  Fixed costs C.  Liabilities D.  Variable costs Answer

400 Topic 2 B.  Fixed costs Main Page

400 Topic 3 43. What can happen if inventory management is poorly planned? A.  Easier record keeping B.  Fewer employees required C.  Increased inventory costs D.  Lower business costs Answer

400 Topic 3 C.  Increased inventory costs Main Page

400 Topic 4 44. Who should the purchasing manager contact if there is something wrong with a shipment or an invoice? A.  Customer B.  Manufacturer C.  Retailer D.  Vendor Answer

400 Topic 4 D.  Vendor Main Page

400 Topic 5 45. What might be a BENEFIT of using a local vendor to purchase goods? A.  Appropriate quantities B.  Better service C.  Higher quality D.  Trade discounts Answer

400 Topic 5 B.  Better service Main Page

500 Topic 1 46. What might be a DISADVANTAGE of purchasing foods from only one vendor?  A. Billing often confusing B.  Costs increase without notice C.  Difficult to find alternate source D.  Often will send excess inventory Answer

500 Topic 1 C.  Difficult to find alternate source Main Page

500 Topic 2 47. What might be an ADVANTAGE of purchasing goods from only one vendor?  A. Easier inventory management B.  Eliminate purchasing mistakes C.  Quantity discounts D.  Visits by sales representative Answer

500 Topic 2 A. Easier inventory management Main Page

500 Topic 3 48. The sales budget is developed from the:   A.  Business plan. B.  Marketing plan C.  Sales forecast. D.  Sales promotions. Answer

500 Topic 3 C.  Sales forecast. Main Page

500 Topic 4 49. A complete picture of a business's prospective customers is a:   A.  Customer needs analysis. B.  Customer profile. C.  Marketing plan. D.  Resource list. Answer

500 Topic 4 B.  Customer profile Main Page

500 Topic 5 50. Which promotes the value of the product or service to the customer? A.  Benefit B.  Feature C.  Opportunity D.  Resource Answer

500 Topic 5 A.  Benefit Main Page