BUS100 Midterm Exam – All Possible Questions with 100% Correct Answers

Question 1
4 out of 4 points

The _____ is the business entity in a franchise relationship that allows others to operate a business using resources it supplies in exchange for money and other considerations

• Question 2
4 out of 4 points

_____ is the contractual relationship in which an established firm supplies another business with unique resources in exchange for payment and other considerations.

• Question 3
4 out of 4 points

The party in a franchise relationship that pays for the right to use resources supplied by another business entity is known as the

• Question 4
4 out of 4 points

A nonprofit corporation enjoys the benefit of
r

• Question 5
4 out of 4 points

From the standpoint of an owner, a major advantage of the sole proprietorship is the:

• Question 6
4 out of 4 points

A company must register as a foreign corporation if they

• Question 7
4 out of 4 points

Not all corporations are large. In recent years, about 24 percent of corporations have reported less than _____ in total sales revenue.

• Question 8
4 out of 4 points

The federal government runs a budget deficit when its

• Question 9
4 out of 4 points

Changes in the PPI can predict changes in the Consumer Price Index (CPI) because

• Question 10
4 out of 4 points

An economic system is a structure for

• Question 11
4 out of 4 points

In _____, many firms compete by selling differentiated products.

• Question 12
4 out of 4 points

In the broadest sense, economics studies the choices that

• Question 13

4 out of 4 points

The amount of goods and services produced by an economy divided by the amount of resources used to make those goods and services, measures economic

• Question 14
4 out of 4 points

_____ are people willing to take the risk of starting, owning, and operating a business.

• Question 15

4 out of 4 points

The majority of new small business owners rely heavily on _____ to finance their start-ups.

• Question 16
4 out of 4 points

For research purposes, the Small Business Administration (SBA) defines small business as companies with up to _____ employees.

• Question 17
4 out of 4 points

_____are small segments within a market that can offer profit potential to entrepreneurs who know how to serve them.

• Question 18
4 out of 4 points

_____ provide funds to small businesses with high growth potential in exchange for a share of ownership in the company.

• Question 19
4 out of 4 points

A(n) _____ is a formal document that describes a business concept and outlines the core business objectives while detailing the strategies and timelines for achieving those objectives.

• Question 20
4 out of 4 points

Nonprofit organizations are not in the business of

• Question 21
4 out of 4 points

_____ refers to the quality and quantity of products and goods available to a population at a given time.

• Question 22

4 out of 4 points

The hard sell or aggressive persuasion designed to separate consumers from their cash emerged during the

• Question 23
4 out of 4 points

The four major categories of factors of production are

• Question 24
4 out of 4 points

In 1995, a renegotiation of the General Agreement on Tariffs and Trade (GATT) took bold steps to lower tariffs and to reduce trade restrictions. A tariff is a

• Question 25
4 out of 4 points

Natural resources include

Set 2

• Question 1
4 out of 4 points

According to the textbook, using scanner data from retail sales is an example of

• Question 2
4 out of 4 points

_____ is the process of continually collecting information from the external marketing environment.

• Question 3
4 out of 4 points

_____ refers specifically to how people act when buying goods and services for personal consumption.

• Question 4
4 out of 4 points

The successful marketing campaign “What happens in Vegas stays in Vegas” is an example of

• Question 5
4 out of 4 points

_____ describes how people act when buying products to use directly or indirectly to produce other products.

• Question 6
4 out of 4 points

The two main approaches used in primary marketing research are

• Question 7
4 out of 4 points

A product _____ is a group of products offered by a firm that are closely related to each other, either in terms of how they work, or the customers they serve.

• Question 8
4 out of 4 points

_____ integrates advertising of branded products into interactive games.

• Question 9
4 out of 4 points

As a distinctive concept attached to one particular product, the _____ is a phrase that is typically based on either a rational or an emotional premise.

• Question 10
4 out of 4 points

_____ consist(s) of small ticket items that businesses consume on an ongoing basis but are not needed to develop a final product.

• Question 11
4 out of 4 points

Sponsorships are one of the

• Question 12
4 out of 4 points

_____ is the paid integration of branded products in movies and on television.

• Question 13
4 out of 4 points

One characteristic of good business writing is that it

• Question 14
4 out of 4 points

_____ refers to a negative preconception or prejudice directed toward a specific group.

• Question 15
4 out of 4 points

People normally think at the rate of _____ which is significantly _____ words per minute than they can listen.

• Question 16
4 out of 4 points

When delivering a presentation, it is critical to grab the attention of the audience in the beginning with a hook. Which of the following is NOT an effective hook?

• Question 17
4 out of 4 points

_____ uses state-of-the-art equipment to provide people in a variety of locations the opportunity to participate interactively in a presentation, while providing a high degree of channel richness.

• Question 18
4 out of 4 points

Listening is a critical factor, but many have a hard time completely engaging in active listening. The primary reason for this lack of engagement stems from

• Question 19
4 out of 4 points

Jason was having even more trouble than usual concentrating on his economics professor’s lecture because the classroom was too hot and the chair he was sitting in was uncomfortable. The heat and uncomfortable chair are both _____ barriers to communication.

• Question 20
4 out of 4 points

_____ offer goods to business customers. These business customers are too small to merit a sales call from the distributor’s representative.

• Question 21
4 out of 4 points

_____ is the method used to determine the number of units a firm must sell at a specific price to cover all costs.

• Question 22
4 out of 4 points

_____ takes legal possession of the goods being distributed, while _____ do not take title of the goods.

• Question 23
4 out of 4 points

Companies like McDonald’s, who place their stores in as many location as possible, are using a strategy called

• Question 24
4 out of 4 points

The career field called _____ involves planning and coordinating the flow of goods—from the raw materials to the final consumers.

• Question 25
4 out of 4 points

_____ is the positive difference between revenue and costs.