1. Entrepreneurship Objective 12.00 Part 2
Mrs. Mercs

2. 1 2 3 4 5
100
200
300
400
500

3. 100 1 26. What are marketing objectives? A. Goals B. Products C. Sales
26. What are marketing objectives?
A.  Goals
B.  Products
C.  Sales
D.  Strategies
Answer

4.
A.  Goals
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5. 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

6. 100 Topic 2
A.  Marketing mix
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7. 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

8. 100 Topic 3
C.  Packaging
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9. 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

10. 100 Topic 4
C.  "The customer is always right."
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11. 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

12. 100 Topic 5
D.  Visual
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13. 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

14. 200 1
A.  Balance sheet
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15. 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

16. 200 Topic 2
C.  Into and out of a business.
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17. 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

18. 200 Topic 3
B.  Inventory
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19. 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

20. 200 Topic 4
C.  $20
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21. 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

22. 200 Topic 5
B.  $7.50
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23. 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

24. 300 Topic 1
D.  Cost + markup = price
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25. 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

26. 300 Topic 2
B.  $39.99
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27. 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

28. 300 Topic 3
A.  Markup
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29. 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

30. 300 Topic 4
C.  Always estimate low to control inventory.
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31. 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

32. 300 Topic 5
C.  Faculty and students.
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33. 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

34. 400 Topic 1
A D.  Target customers
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35. 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

36. 400 Topic 2
B.  Fixed costs
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37. 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

38. 400 Topic 3
C.  Increased inventory costs
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39. 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

40. 400 Topic 4
D.  Vendor
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41. 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

42. 400 Topic 5
B.  Better service
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43. 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

44. 500 Topic 1
C.  Difficult to find alternate source
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45. 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

46. 500 Topic 2
A. Easier inventory management
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47. 500 Topic 3 48. The sales budget is developed from the:
  A.  Business plan.
B.  Marketing plan
C.  Sales forecast.
D.  Sales promotions.
Answer

48. 500 Topic 3
C.  Sales forecast.
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49. 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

50. 500 Topic 4
B.  Customer profile
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51. 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

52. 500 Topic 5
A.  Benefit
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