1) What does production do? a) Only obtains products and services b) To obtain, transport, and store products c) Creates or obtains products and services 2) What does operations function do? a) It maintains daily activities and resources of the business b) Makes ongoing activities designed to support the primary function of a business and keep it operating c) It takes the raw materials and changes it forms d) All of the above 3) What does the Accounting and finance function do? a) Develops implements, and evaluates business plans b) seganam emocni dan sesnepxe dna sniatniam laicnanif sdrocer. c) exchanges products and services with customers d) All of the above 4) What does the manage function do? a) develops, implements, and evaluates business plans b) Manages income and expenses and maintains financial records c) It produces most of the products you, your friends, your family, and business consumes d) All of the above 5) What does marketing function do? a) Exchanges products and services with customers b) products offered produced or manufactured c) It creates and provides services d) All of the above 6) Distribution a) Determines the best methods and procedures to use so prospective customers are able to locate, obtain, and use the products and services of an organization.   b) the value customers sacrifice to benefit from receiving and using a good or service. c) marketing communication used to inform target audiences of the relative merits of a product, service, and brand d) All of the above 7) Production and service management a) the continuing process to identify, analyze, evaluate, and treat loss exposures and monitor risk control and financial resources to mitigate the adverse effects of loss. b) involves all the personal and impersonal activities that are involved in finding, securing, and developing a demand for a good or service c) Assisting in the design and development of products and services to meet the needs of customers. d) advertising and marketing budgets 8) Whats Pricing? a) Identifies and understands the markets a company wants to serve and develop effectively. b) Establishing and communicating the value of products and services to prospective customers. c) Provides security for products, workers, and customers, and reducing the risks associated with marketing decisions and activities. d) All of the above 9) Whats Market Planning? a) Identifying and understanding the markets a company wants to serve and developing effective marketing strategies for each market. b) Obtaining, Managing, and using market information to improve decision making and the performance of marketing activities.  c) channel management d) All of the above 10) What is promotion? a) asking any financial institution (bank, credit union, finance company) or another person to lend you money that you promise to repay at some point in the future. b) the process of making a product or service available for the consumer or business user who needs it, c) the flow of goods and services from the producer or manufacturer to the buyer or consumer. d) Communicating information to prospective customers through advertising and other promotional methods to encourage the to purchase. 11) what is Risk Management? a) The creation and maintenance of satisfying exchange relationships b) A location where people bring products to be conveniently exchanged. c) Providing security for products, workers, and customers, and reducing the risks associated with marketing decisions and activities. d) All of the above 12) What is Specialization of labor? a) Establishing the use of currency as a recognized medium of exchange. b) Exchanging products or services with others by agreeing on their values. c) Using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service. d) Concentrating on one thing or a few related activities 13) What is the marketing concept a) To identify what will satisfy customers needs b) To operate profitably c) The use of needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service d) All of the above 14) Whats a market? a) The 4 p's b) A description of a unique group of prospective customers a business wants to serve and their location. c) the blending of four marketing elements. d) All of the above 15) Ethic definition a) A set of standards or rules that guide ethical business behavior. b) Moral principles or values based on honesty and fairness. 16) Code of ethic definition a) A set of standards or rules that guide ethical business behavior. b) Moral principles or values based on honesty and fairness. 17) Self-sufficient definition a) it means you do not rely on others for the things you need to survive. b) not having or showing the necessary skills to do something successfully. 18) What is a central market? a) A location where people bring products to be conveniently exchanged. b) a concentrated area of commercial activity, including surrounding local communities and public institutions. 19) What is bartering a) Exchanging products or services with others by agreeing on their values. b) Anything offered to a market by the business to satisfy needs, including physical products, services, and ideas. 20) What is Social responsibility a) Concern about the consequences of actions on others. b) the organized actions of groups of consumers seeking to increase their influence on business practices

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