Final Test Answers

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The spoken version of your company's purpose is called _____________.

A
An elevator pitch
B
A vision statement
C
Your values
D
Differentiation
3

Which of the following types of ads is most likely to feel personal?

A
A newspaper advertisement that includes the company logo
B
A brightly colored magazine ad
C
A billboard with a photo of a celebrity
D
A radio ad that is read by a trusted radio host
4

Which of the following is regulated by the FLSA?

A
Affirmative action
B
Health and safety procedures
C
Labeling of food products
D
Minimum wage
6

Which of the following describes a saturated market?

A
The prices of competitors are very high.
B
Many people want this product and haven't purchased it yet.
C
Most potential buyers have not heard of the product and don't know it exists.
D
Most potential buyers already have a product that satisfies this need or want.
7

Which of the following is a variable cost for a company that makes bread?

A
The rent for a warehouse
B
Bread ingredients
C
An oven
D
A salaried worker
8

Which two factors and their interaction regulate the market economy?

A
Goods and services
B
Producers and consumers
C
Product-based and service-based businesses
D
Public and private sectors
9

If your company uses a nonprice competition strategy, what should you focus on?

A
Lower prices
B
Differentiation
C
Create direct competitors
D
Partner with the public sector
10

If you use credit, what are you creating?

A
A line of credit
B
Debt
C
Collateral
D
A default
11

In a contract, what is consideration?

A
Exchanging things of value
B
Breaching the contract
C
A business tort
D
The minimum age for the contract
13

What does a wholesaling company do?

A
Sell products to individual consumers
B
Sell products to companies that plan to resell them
C
Manufacture products and sell them to retail companies
D
Transform land into capital
14

As a unit of measure, money makes it easier for consumers to do what?

A
Compare prices of different products.
B
Make a bigger profit from their income.
C
Have a better exchange rate with other currencies.
D
Get more unearned income.

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