Economics, General Marketing & Math Written Event

An Economic good or service that is scarce is one that is

Your answer:
not test-marketed
in limited supply
not made in america
readily available

Which of the following items would be consideded a noneconomic want:

Your answer:
New clothing
Nutritious food
A car
A walk

Why is it important for businesses to monitor customer purchases?

Your answer:
To promote slow-selling merchandise
To block consumers' economic votes
To classify their products
To satisfy consumers' needs and wants

Is a computer a consumers' good?

Your answer:
Yes, it can be used to satisfy personal wants.
Cannot be answered with information given.
No, it is an industrial good.
Yes, it can be used in operating a business.

A characteristic of the human resource activities required to produce and distribute goods and services is that they

Your answer:
do not require capital goods.
include mental and physical activities.
create natural resources.
are limited to physical activities.

Items that are used to produce goods and services are

Your answer:
noneconomic resource.
natural resource.
capital good.
human resources.

When a stove is used in a restaurant kitchen, it is considered a

Your answer:
noneconomic resource.
capital good.
human resources.
natural resource.

Two factors involved in determining the value of a resource, good, or service are

Your answer:
productivity and opportunity costs.
availability and trade-offs.
demand and desires.
availability and demand.

Which of the following is the best reason for studying economics:

Your answer:
To prepare for effective decision making and responsible citizenship
To learn how to envest money and express social responsibility
To determine in which occupations you are interested
To find the best use for resources and supplies

A circual flow of resources, goods, services, and money occurs when producers, consumers, and the owners of resources____________money payments.

Your answer:
distribute
exchange
consume
produce

Which of the following groups of words best describes wants:

Your answer:
Limited, changing, and compesating
Limited, unchanging, and competing
Unlimited, unchanging, and compensating
Unlimited, changing, and competing

Ahich of the following is likely to add form utility to a good:

Your answer:
Retailer
Marketer
Producer
Agent

Which of the following prodcuts would have time utility during May:

Your answer:
Mothers Day flowers
Halloween Candy
Valentines Day presents
Christmas decorations

Determine the type of utility being described in the following situation: The clothing and equipment shop at an area ski resort carries a wide variety of boots, skis, and sweater.

Your answer:
Form
Time
Possession
Place

Producers are willing to manufacture more of a product when

Your answer:
its price is decreased.
demand for the product is decreased.
production costs are increased.
its price is increased.

What factor affects a product's utility to the individual customer?

Your answer:
Number of consumers
Consumer's age
Number of producers
Price of other goods

Which of the following factors may influence supply:

Your answer:
Number of consumers
Personal selling
Standard of living
Natural disasters

Which of the following is an external factor that affects market price:

Your answer:
Consumer buying power
Available credit terms
Location of item in store
Number of items in stock

What usually happens to the demand for a good or service when the price increases?

Your answer:
It increases.
It decreases.
It stays the same.
It comes to an end.

The price consumers are willing to pay for a product indicates their estimte of a product's

Your answer:
advertising.
markup.
profitability.
value.

An entrepreneur is most likely to own the business's land, builking, and equipment in a____________economy.

Your answer:
laissez-faire
market
communist command
traditional

Which of the following types of economic systems adopts the fewest new ideas or improvements:

Your answer:
Socialist command
Traditional
Market
Command

An example of a country that has a socialist command economy is

Your answer:
Great Britain.
China.
North Korea.
Japan.

What action do consumers take that determines what will be produced in a market economy?

Your answer:
Produce products
Comparison shop
Apply for jobs
Cast economic votes

An important economic concept which determines what will be produced and how cuch it is, is the law of

Your answer:
producersand consumers.
market price.
supply and demand.
equilibrium price.

A reason that government requires some businesses to have licenses is that the businesses

Your answer:
are owned by several people.
are locatedin metropolitan areas.
have more than 20 employees.
could affect the public welfare.

Which of the following is NOT an objective of the federal Trade Commission:

Your answer:
Promoting free comptition
Regulating false advertising
Preventing price discrimination
Patenting new products

Which of the following regulatory agencies might be involved in settling a strike:

Your answer:
Food and Drug Administration
Federal Trade Commission
Consumer Product Safety Commission
National Labor Relations Board

One of the advantages of a market economy is

Your answer:
absence of taxes.
assinged occupations.
government control.
freedom of competition.

Private enterprise is based on the idea that everyone is better served when

Your answer:
government determines where individuals will work.
individuals are free to set their own goals.
economic resources are controlled by the government.
businesses regularly increase their prices.

Businesses own the goods or services they produce. This is an example of which characterstic of free enterprise?

Your answer:
profit motive
Limited government control
Private property
Competition

In a private enterprise economic system, success or failure of a businesses is largely determined by

Your answer:
market strategy.
the government.
the marketplace.
promotion.

Which of the following is an example of an operating expenses for a business:

Your answer:
Employees' withholding
Revenues
Cost of goods
Utilities

Businesses might use creative displays, special sales, and extra advertising in an attempt to increase profits by

Your answer:
increasing production.
increasing sales.
decreasing expenses.
decreasing demand.

Obsolescence, a change in local conditions, and government spending policies are examples of business risks that are classified as

Your answer:
transferable.
human.
economic.
natural.

One way a business can transfer the risk of losses due to fire, theft, or destruction is by____________insurance.

Your answer:
property
liability
transportation
personal injury

Risks that may result in a loss, no change, or a gain are

Your answer:
avoidable
insurable.
unimportant.
uninsurable.

Our government may allow a monopoly to exist but closely monitor its activities. This is an example government

Your answer:
financing.
regulation.
payoffs.
competition.

What would probably be the result if businesses were allowed to fix prices?

Your answer:
Higher rates of employment.
Higher prices for consumers.
More consumer products.
More customer services.

Because of comptition, people in our society enjoy

Your answer:
fewer changes in existing goods or services
a narrower selection of goods or services
government control of our economic system and businesses.
a higher standard of living whan people in many other countries.

Which of the following is most likely to be a result of competition:

Your answer:
Alteration fees are greatly increased.
A business offers free gift wrapping.
Customer identification rules are changed.
Free delivery service is eliminated.

To compute net profit, which of the following is subtracted from gross profit:

Your answer:
Operating expenses
Cost of goods
Total income
Total expenses

Improved efficiency in the workplace usually increases

Your answer:
selling prices.
productivity.
unemployment.
labor costs.

Melanie's supervisor made changes in some of Melanie's tasks so that she could finish them more easily. The technique the supervisor used is

Your answer:
job orientation.
job simplification
flextime.
mass production.

Technological advances may increase the chance of job obsolescence. For workers, this is a(n)_________labor specialization.

Your answer:
scope factor in
reason for support
advantage of
disadvantage of

An employee of a fast-food restaurant prepares French fries, while another cooks hamburgers, and still another takes customer orders. This is an example of labor specialization by

Your answer:
trade or profession.
stages of production.
job task.
geographic region.

The use of robots in assembly-line work is a form of specialization involving

Your answer:
Capital Goods
Capitalism
Natural Resources
Human Resources

Unions whose members are workers with particular skills are referred to as ________________ unions

Your answer:
Craft/Trade
Agency Shop
Industrial
Closed Shop

An advantage to companies of unionization is

Your answer:
assistance in recruitment
promotion based on seniority
more fringe benefits
union assistance in decision making

One of the principal objectives of labor unions is

Your answer:
Reduced labor costs
Improve worker efficiency
Retained managerial authoirity
Increased wages

Which of the following is a technique that management can use to overcome the barriers to organizational change

Your answer:
Encourage company loyalty
Eliminate required training
Provide advance information
Promise career development

Which of the following is an example of helpful, printed informaiton that businesses often give new employees during orientation:

Your answer:
Promotional Brochure
Company Handbook
Annual Report
Application form

Variable expenses increase in direct proportion to the increased rate of

Your answer:
Production
Competition
Automation
Motivation

Personal appearance should be important to a business's employees because

Your answer:
it makes them attractive to others
workers with a good appearance get promotions
unattractive workers are unlikely to be hired
their image affects company image

Which of the following is a behavior which would be characteristic of an honest employee:

Your answer:
Ignores dishonesty of others
Mismarks resale goods
Handles funds with care
Covers for a fellow employee

Creative people usually prefer to work with__________supervision.

Your answer:
close
direct
authoritative
minimal

A high degree of self-understanding will help an individual to

Your answer:
control others' behavior.
select an appropriate career.
ensure success on the job.
satisfy unmet needs.

Which of the following is a factor that often affects the choices people make.

Your answer:
Psychographics
Physical appearances
Demographics
Previous decisions

A daily list of activities to be completed is referred to as a_________list.

Your answer:
goal
master
work
to-do

Individuals who are interested in certain occupations should also find out if they have the necessary

Your answer:
behavior.
attitudes.
patience.
aptitudes.

What do public relations professionals strive to create for their companies?

Your answer:
Artistic displays
Excellect service
Positive image
Strategic goals

Which of the following actions should you take after an interview in which you were told that you would NOT be hired:

Your answer:
Send a letter to thank the interviewer for meeting with you.
Ask if there are any other job openings for which you could apply.
Phone the interviewer later to see if his/her decision has changed.
Tell your friends not to interview at the business.

Which of the following is the correct procedure to follow in listing references in a job resume:

Your answer:
use initials rather than first names.
Put personal friends at the top of the list.
List your references with your work experience.
Obtain the permission of the people whose names you use.

Why do many employees continue their training or education after obtaining their first jobs?

Your answer:
To change occupations frequently
To impress friends and coworkers
To obtain basic job information
To move up the career ladder

One of the purposes of professional organizations is to provide members with

Your answer:
up-to-date information.
fringe benefits.
supplementary incentive plans.
quota plans.

A business that sells inexpensive goods probably would use which of the following promotional media:

Your answer:
Radio
Videos
Television
Magazines

Which of the following is a procedure developed by advances in technology that many businesses are using to attach prices to products:

Your answer:
Magnetic transferring
Digital processing
Electronic marking
Optical scanning

Knowing that demand for specific products is inelastic should cause the person responsible for pricing the products to

Your answer:
feel free to change prices.
agree with competitors to set prices.
ask the government to regulate prices.
avoid changing prices.

The first step in the new-product development process is

Your answer:
concept testing.
product screening.
idea generation.
commercialization.

Two characteristics of a good guarantee are that it should be

Your answer:
unconditional and understandable.
unconditional and difficult to collect.
conditional and understandable.
conditional and easy to implement.

Which of the following is a way that grades and standards can be used:

Your answer:
To indicate which media will be used for promotion
To develop product brands
To identify employee benefits
To determine how products can be used

Which of the following is a way that grades and standards can be used:

Your answer:
To identify employee benefits
To determine how products can be used
To indicate which media will be used for promotion
To develop product brands

Each individual good, service, or idea that a business offers for sale is known as a product

Your answer:
mix.
item.
line.
width.

The ultimate objective of the business is using brand manes or slogans is to

Your answer:
create awareness.
obtain a sponsor.
identify the retailer.
encourage sales.

In order to be effective, promotional messages need to be

Your answer:
repeated frequently.
rewritten frequently.
used sparingly.
hard to remember.

An item costs $12.32, transportation charges are $1.32, and all other related expenses are $3.23. In order to make a profit, the seller must set the price at more than

Your answer:
$14.21
$16.87
$13.64.
$15.55.

To calculate break-even for a product, you must know its total costs. compute the total costs for a product given the following information: Total fixed costs= $30.00 Total variable costs= $1.50 per product Total units sold= 40

Your answer:
$90.00
$121.50
$31.50
$70.00

Merchandise shipped July 15 was billed at $2,500 with terms of 2/10, n/30, full freight allowed. The bill was paid on the day the cash discount expired. On what date was the bill paid, and what was the amount of the check?

Your answer:
July 25, $2,500
August 15, $2,450
August 15, $2,500
July 25, $2,450

A company purchased a product with a list price of $220, less 25%, less 15%. What is the invoice price?

Your answer:
$132.00
$42.50
$165.00
$140.25

A business wants to sell products in a $1,200 price line. How much can it afford to pay for the products and maintain a 28% markup?

Your answer:
$336.00
$515.00
$787.00
$864.00

A product was purchased for $40 per unit, and the resale price was marked at $85 per unit. What is the percentage of markup based on the cost per unit?

Your answer:
112.5%
212.5%
11.25%
52.9%

A line of items originally priced at $225 is now marked down to $175. The percentage of markdown is__________percent.

Your answer:
22
20
70
27

A company that was going out of business marked down its entire stock by 50%. If the value of the stock was $345,000 and it was all sold at the markdown price, how much income did the business reciece from the sale?

Your answer:
$177,000
$182,000
$172,500
$173,000

Calculate the adjusted base price of a product that sells for $825 if the business advertises a 15% promotional discount and a $50.00 rebate

Your answer:
$700.50
$710.75
$625.15
$651.25

What is the adjusted base price of a $300 product shipped from New York to Los Angeles based on the following information: $10 per $100 value from New York throughout the eastern half of the country, and an additional $2.50 per $100 value for shipment to the western half of the country.

Your answer:
$325.00
$337.50
$330.00
$345.50

A local newspaper's advertising rate is $15 per column inch. An advertisement that is eight columns wide and 10 inches deep would contain____________column inches and cost.

Your answer:
18; $270
80; $120.
18; $150.
80; $1,200.

If a newspaper's display ads cost $150 and the cost per thousand is $.50, what size is the newspaper's target audience?

Your answer:
75,000 people
250,000 people
450,000 people
300,000 people

A business buys a one-page, four-color advertisement in a national magazine for $134,310, pays an additional 15% in bleed charges, and $12,200 for the ad to appear on the second cover. Calculate the price of the ad if the business receives a 2% cash discount.

Your answer:
$166,656.50
$160,274.63
$163,323.37
$165,082.10

If a business signs a contract with a local newspaper to buy 25,000 inches of advertising per year, what will the cost to the business be if it receives a 45% discount off the per inch rate of $34.80?

Your answer:
$487,600
$434,800
$478,500
$425,300

Calculate the amount a business will budget for promotional activities next year if it spends 15% of sales on promotions, this year's sales are $680,000, and next year's sales are expected to increase by 5%.

Your answer:
$102,000
$108.500
$107,100
$110,600

A business has yearly sales of $1.75 million and spends 12% of that on promotions, while its main competitor spends $250,000 a year. By what amount does it need to increase its promotional budget in order to equal its competitors level of spending?

Your answer:
$40,000
$50,000
$45,000
$35,000

What is the dollar value of the prmotional allowance if a business purchases 2,000 items at $3.50 each and receives a 25% discount from the manufacturer in exchange for advertising the products?

Your answer:
$1,650
$1,750
$1,950
$1,350

A local business spends $375,000 for advertising with 60% of it being spent on newspaper advertising and the remainder being spent on radio and television. If a national manufacturer agrees to pay 50% of the local business's advertising costs, what amount will it contribute to radio and television advertising?

Your answer:
$150,000
$187,500
$50,000
$75,000

Calculate the total amount due from the customer, including 4% sales tax, for 4 times at $1.29 each and 7 items at $.99 each.

Your answer:
$12.57
$6.90
$16.57
$18.42

A customer has selected two items priced @ $20.98 each and two different items @ $12.75 each. Determine the total amount due including a 5% sales tax.

Your answer:
$70.38
$70.83
$67.46
$69.24

A customer has purchased $25.50 worth of flowers at the florist shop. The state sales tax rate is 5 1/2%. What is the amount of the tax?

Your answer:
$1.27
$1.14
$1.40
$1.50

A sales check has three items @ $7.95 each, one item @ $49.95, and two items @29.95 each. The total sale before tax is

Your answer:
$117.80.
$133.70.
$176.75.
$103.75.

An office employee has lunch in a restaurant and purchases a carry-out lunch for a fellow worker. The restaurant lunch consists of a chef's salad, $3.95 and iced tea, $.60. The carry-out lunch consists of a sandwich, $2.25; potato chips, $.49; and soft drink, $.59. If the state tax rate is 5% on meals eaten on the premises, what is the total amount of the check?

Your answer:
$8.27
$8.11
$8.10
$7.88

If a states sales tax rate is 4% and the subtotal of a bill is $65.46, what is the total amount of the sales check?

Your answer:
$68.08
$64.50
$61.46
$65.46

Which of the following is one of the original forles that government was intended to have in business

Your answer:
Conserve Resources
Enforce Laws
Collect Taxes
Protect Consumers