1) Marketing mix includes the 4Ps, which are: a) Product, Price, Production, Promotion b) Product, Price, Place, Promotion c) Production, Promotion, Price, People d) Price, Production, Profit, Place 2) What type of business has multiple owners, benefits from individuals combining resources, but whose liability isn’t limited to the amount of their investment? a) General Partnership b) S Corp c) Limited Liability Company d) C Corp 3) If you own part of a C Corp, you are known as a ______________. a) unit holder b) stockholder c) chief executive d) key manager 4) This type of business ownership doesn’t sell shares to the general public, and is usually owned by a small group of people, and experiences double taxation. a) Limited Liability Company b) C Corp c) Private Corporation d) S Corp 5) These items are impacted differently, based on the type of business structure chosen by a business owner: a) tariffs and limits of liability b) how the business is taxed and limits of liability c) limits of liability and products the company sells d) how the business is taxed and tariffs 6) A hybrid business structure, where it combines the operational characteristics of a sole proprietorship or partnership, while limiting the liability of the investors, and where the tax liability is passed through directly to each owner, and it can raise money by selling “units” to “members”. a) Limited Partnership b) Private Corporation c) Limited Liability Company d) General Partnership 7) What type of business has one owner, is easy to get started, where the owner has complete control, and where the owner is personally and fully responsible (liable) for any debts and any other damages that might be caused by the business. a) Limited Partnership b) Sole Proprietorship c) Limited Liability Company d) S Corp 8) This type of business ownership sells shares to the general public and reports its financial information to the public. a) Non-Profit Corporation b) S Corp c) Franchise d) C Corp 9) When a company’s cost of goods sold increases, they will usually: a) increase advertising expenditures b) feel pressure to increase prices to maintain profit margin c) conduct a competitive analysis d) all the above 10) When companies selling discount products lower their prices to attract customers, instead of spending advertising dollars, this is an example of how pricing affects: a) product b) place c) supply d) promotion 11) The four stages of the Product Life Cycle in order are as follows: a) Introduction, Target, Growth and Maturity b) Target, Growth, Maturity, Merger c) Introduction, Growth, Maturity, and Decline d) Product, Price, Place and Promotion 12) If you sell the Climber brand of bicycles and you find out the store across the street also sells the Climber brand, but at a lower price, if all other things like customer service are equal: a) your sales should grow 10% per year b) your sales should grow at the same rate as other stores who sell the Climber brand of bicycles c) sales of other items in your store will likely decrease d) sales of Climber bicycles will likely decrease 13) You run a bicycle shop and sold a Climber bicycle to a customer for $89.00. This price would be called the: a) retail price b) selling price c) wholesale price d) discount price 14) High end designer brands sold at Neiman Marcus stores aren’t normally found at Walmart stores. This is because: a) high end products have higher margins b) designer brands are manufactured in the U.S.A. c) Walmart has longer hours of operation d) pricing affects the place items are sold 15) Very often, a new company, or an existing company with a new product, may discount their new product to draw attention, grow sales, and gain market share. This is called: a) a sales-oriented pricing strategy b) a profit-oriented pricing strategy c) picking your target market d) the exchange price 16) Inspiring, motivating, influencing and maximizing the efforts of people towards a common purpose is: a) membership b) repetitive c) leadership d) procedural 17) A manager’s ability to empathize with people and understand them and their current situation, while also effectively influencing, communicating, and interacting with them is: a) people skills b) procedural skills c) complex skills d) basic skills 18) A manager’s ability to make good trade-offs with limited resources, as well as to effectively handle difficult and/or complex business challenges is: a) people skills b) procedural skills c) front-line skills d) problem-solving skills 19) Widgets Co. store managers have set a goal to increase their customer base by 10% over the next three months. The managers have determined that to meet their goal they will need to hire at least five new salespeople. Recruiting, interviewing, and hiring these new employees is: a) planning b) controlling c) staffing d) organizing 20) Based on the Equal Employment Opportunity Act, an interviewer is prohibited from asking a potential employee which of the following questions? a) What is your proudest achievement? b) How long did you work at your last job? c) What country are you originally from? d) How many employees have you managed? 21) Which of the following areas of HR focuses on searching for appropriate candidates to fill a position? a) recruiting b) onboarding c) professional development d) performance management 22) Which of the following combines employee feelings about their work with how it motivates them to serve the company’s mission? a) job descriptions b) compensation c) company culture d) terminations 23) The explanations and expectations of duties and responsibilities are known as which of the following? a) employee orientation b) employee benefits c) company culture d) job descriptions 24) What measures the gain or loss generated on an investment, compared to the amount of money invested? a) KPI (key performance indicators) b) ROI (return on investment) c) CPA (cost per action) d) CPL (cost per lead) 25) The number of unique people who view an advertisement is referred to as: a) reach b) broadcasting c) leads d) impressions

MKT2 Midterm Review Questions

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