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Study Resources (Business Management)

    51.Rack jobbers furnish racks or shelves full of merchandise to retailers and keep title to these goods until they are sold.          52.Rack jobbers sell goods on consignment, splitting the profits from their sales with a retailer.          53.Although drop shippers own merchandise they have shipped to buyers, they do not actually handle, stock,.
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    111.Coupons, contests, and sampling are examples of sales promotion activities.          112.Internal sales promotion programs are targeted to reach the firm's internal auditors as well as external customers.          113.Internal sales promotion efforts include training for salespeople and participation at trade shows where salespeople can meet potential customers.          114.Internal sales promotion efforts target salespeople and.
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  310.What is utility? What are the major types of utility? Give an example of how marketing intermediaries can provide each type of utility.          311.What is a wholesaler? Describe the difference between merchant wholesalers and agents and brokers. Identify three types of limited-function wholesalers.      312.Retail distribution strategies can take three different forms. Identify.
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  True / False Questions  1.Accounting is an easy subject for people to understand because almost everyone is exposed to basic accounting concepts in their everyday life.          2.Although managers who work for large firms must know something about accounting, people who run small businesses only need to know the basics of bookkeeping.          3.It is.
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    291.The two basic types of warehouses are:    A.public and private.   B.railside and portside.   C.storage and distribution.   D.seasonal and long-term.         292.__________ warehouses are used to gather and redistribute products.    A.Storage   B.Distribution   C.Wholesale   D.Merchandising         293.__________ warehouses are used to hold products for a relatively long time.    A.Storage   B.Public   C.Seasonal   D.Distribution         294.Logistics is concerned:    A.with flows of materials, finished products, and information.   B.only with the flow of information, not the.
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    41.The popularity of infomercials has declined in recent years.          42.When marketers advertise on a big online search engine like Bing or Google, they can reach the people they most want to reach.          43.One of the benefits of advertising on the Internet is that it provides a way to link firms and customers.
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    121.The Barkley Company's balance sheet shows: what the business owns, minus what the business owes, equals the book value (or, net worth) of the business.    Assets [what the firm owns], minus liabilities [what the firm owes], = the owners' equity [its net worth].       122.One important source of financing for most small businesses.
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    101.One fact that marketers must keep in mind is that publicity can be either positive or negative.          102.Compared to advertising, publicity offers a firm greater control over when and how often the message is communicated.          103.Publicity works and is often used only if the media finds the information interesting or newsworthy.          104.The first.
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    171.The main difference between storage warehouses and distribution warehouses is that storage warehouses are relatively small, specialized facilities used to store one particular type of good for short periods while distribution warehouses are large facilities used to store a wide variety of goods for longer periods of time.    Storage warehouses are.
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    281._________ involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit.    A.Export management   B.Multi-level marketing   C.Logistics   D.Shipping control management         282.__________ brings raw materials, packaging, other goods and services, and information from suppliers to producers.    A.Freight forwarding   B.Inbound.
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    101.Rent, salaries, insurance and depreciation are examples of the cost of goods sold.          102.Gross profit represents profit after the deduction of cost of goods sold, and before the deduction of all other selling expenses, general expenses, and tax expense.          103.Rents, salaries, utilities and insurance are examples of operating expenses.          104.The two major classes.
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    31.Delivery, installation, and follow-up services are the most common ways that marketing intermediaries provide information utility.          32.One way that marketers can provide utility is by making sure the good is available at a location that is convenient for consumers.          33.Salespeople can be important providers of information utility.          34.Form utility has become the most.
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    71.Warehouse clubs compete with enhanced service to customers and seldom try to compete on price.          72.Discount stores compete in the retail market mainly on the basis of price.          73.A category killer is an extremely successful product that kills the sales of other products in its category in a retail store.          74.Specialty stores use.
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    81.Bark Three Times Pet Store recently hired an accountant to make sense of each day's transactions, and keep better financial records for the business. The accountant showed the owner that the ledger in a computerized accounting system would automatically take entries and post them to the correct accounts in the.
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    91.An effective public relations program informs the public that the firm is responsive to their needs.          92.To be effective and maintain its independence, the public relations department should avoid establishing close relationships with the media, community leaders, and other corporate stakeholders.          93.Using effective public relations involves establishing a dialogue with customers so.
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    301.Which of the following activities would be most closely associated with inbound logistics?    A.Arranging equipment on the factory floor so that materials move smoothly and efficiently from one work station to the next   B.Evaluating various shipping methods to find the most efficient way to transport goods to the final customer   C.Establishing a program.
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  Multiple Choice Questions  Mini-Case"We've got a number of important issues to discuss today," began Dee Stribyute as she opened the weekly marketing manager's meeting for Lite Bite Foods. Lite Bite is a producer of low fat, low calorie snack foods. The other managers attending the meeting were her two top assistants,.
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    71.Validation refers to the process of determining whether a potential customer has the need for a product, the authority to buy, and the willingness to listen to a sales message.          72.The first step in the selling process involves prospecting for potential customers and choosing those most likely to buy.          73.The purpose of.
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    141.In the evaluation of the promotion, it's best to establish a promotional strategy that can reach multiple targets rather than developing a separate promotion mix for each target group.          142.Personal selling provides the most efficient element of the promotion mix for a firm attempting to reach a large, homogeneous group of.
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    161.The combination of advertising, personal selling, public relations, and sales promotion activities traditionally used by an organization represents its:    A.marketing communications system.   B.marketing mix.   C.public relations package.   D.promotion mix.         162.________ combines all the promotional tools employed by a firm into one comprehensive and unified promotional strategy.    A.A market unification plan   B.Integrated marketing communication   C.A push promotional program   D.A target.
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    21.Most marketing intermediaries have survived in the past because consumers were unaware of how much these companies add to the cost of distributing goods.    Even though intermediaries are profit-seeking organizations, they survive because they usually perform distribution functions faster and at lower cost than producers or consumers could, thus reducing the.
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    11.Some economists would say that intermediaries add costs to the channel of distribution and need to be eliminated.          12.Marketers claim that intermediaries add value to the channel of distribution that outweighs the cost.          13.Marketing costs make up less than 25 percent of the total cost of the goods consumers buy.          14.The activities performed.
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    151.Best Pick, a home electronics superstore, knows the value of reassuring their current customers that they made the right choice when they decided to give Best Pick their business. Testimonials would be an effective promotional activity to confirm the purchase decisions of Best Pick's customers.    Testimonials are normally used to attract.
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    21.Advocacy advertising is advertising that supports a particular view of an issue such as gun control.          22.When a manufacturer advertises to wholesalers and retailers in an attempt to encourage them to carry its products, it is engaging in institutional advertising.          23.The purpose of institutional advertising is to create an attractive image for.
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    141.Bark Three Times Pet Store established a line of credit with its local banker and used (borrowed) $85,000 against it to purchase its first year's inventory. Since it is required to repay the money before the end of its fiscal year, the company's accountant lists this liability with the current.
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    131.While testimonials effectively promote products to new customers, they are not effective in reaching existing customers.          132.Online chat rooms and bulletin boards offer opportunities for positive and negative word-of-mouth promotion.          133.Any word-of-mouth promotion that puts a company's product in the public's attention is good promotion.          134.A blog is an online diary that looks.
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    61.Garden.com uses interactive promotion by allowing customers to chat with each other online about gardening.    Interactive promotion allows marketers to go beyond a monologue, where sellers try to persuade buyers to buy things, to a dialogue in which buyers and sellers work together to create mutually beneficial exchange relationships. Garden.com's answer.
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    301.Use the fundamental accounting equation to solve the following: Assets minus liabilities equals:    A.net income.   B.gross margin.   C.owners' equity.   D.cash reserves. Owners' equity is the residual claim of the owners on the assets of the business. After the creditors have made their claims against the assets of the firm, the remaining assets belong to the.
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    281.The value of resources the firm owns, minus the amount of money the firm owes to others = ___________.    A.liabilities   B.liquidity   C.leverage   D.owners' equity         282.The _____ account on the Balance Sheet shows profits that the firm has reinvested in the company.    A.retained earnings   B.stockholder's equity   C.intangible assets   D.notes payable         283.Revenue, minus cost of goods sold = ____________.    A.retained earnings   B.fundamental accounting equation   C.gross.
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    11.The development of a unified promotional strategy that uses each element of the promotion mix to create a favorable brand image is the goal of a primary promotional process.          12.Phil's activities as a salesperson for Marquette Publishing are part of Marquette's promotion mix.    Advertising, personal selling, public relations, and sales promotion are.
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    311.During a period of rising prices, using FIFO (first in, first out) inventory valuation method will result in ________ net income figures than would LIFO (last in, first out).    A.higher   B.lower   C.the same   D.less accurate During periods of rising prices, using FIFO, the cost of goods sold is based upon older, less expensive merchandise. Using.
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    171.A firm that takes on too much debt could experience problems repaying its lenders or meeting promises made to stockholders.          172.Leverage ratios are concerned with the extent to which a firm relies on borrowed funds in its operations.          173.The debt to owners' equity ratio is a common type of liquidity ratio.          174.Profitability ratios.
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    51.The primary emphasis of advertising today is to move from regional approach in global markets to a total globalist approach.          52.When advertising in global markets it is important to remember that brand names and promotional campaigns can often be translated differently from what the marketer attempts to say.          53.Green Space is an.
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    31.Internet advertising is rapidly growing and now ranks third in terms of total advertising expenditures.          32.Direct mail, broadcast and cable television, and newspapers are the top three advertising media when ranked by total expenditures.          33.The number one advertising medium in terms of total dollar expenditures is newspapers.          34.Because TV advertising is so expensive,.
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    111.The statement of cash flows shows a firm's revenues, costs of goods sold, expenses, and net income.          112.The equipment a firm owns and the money it has in its bank account are considered assets.    Firm's hold current assets and fixed assets. Cash, accounts receivable, and inventory are examples of current assets. Property.
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    11.Accounting involves both the recording and the interpreting of financial events.          12.In an effort to maintain a competitive advantage, firms do not share accounting information with people outside of the firm.    Accounting is the measurement and reporting of financial information to users inside and outside of the organization. People outside the firm.
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    291.Expenses a firm incurs for insurance, office salaries, and rent are classified as:    A.Selling expenses on an income statement.   B.General expenses on an income statement.   C.Current liabilities on a balance sheet.   D.General expenses on a cash flow statement.         292.Debts owed by a business are called __________.    A.revenues   B.liabilities   C.equities   D.assets         293.FIFO and LIFO are two common:    A.depreciation strategies.   B.ways to structure a.
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    161.Financial ratios are used to analyze a firm's financial condition and financial performance.          162.Liquidity ratios are of particular importance to stockholders, but have little relevance for creditors.          163.The purpose of liquidity ratios is to indicate the degree to which a firm relies on borrowed funds in its operations.          164.Liquidity refers to how fast.
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    91.A firm's balance sheet reports its financial condition on a specific date.          92.The balance sheet reports revenues and selling costs for a period of time.          93.An income statement reports what a company owns and owes on a certain day.          94.Assets are reported on the firm's balance sheet.          95.Liabilities are reported on the income statement.          96.Assets.
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    41.Frank Crimmins was driving on Interstate 85 in eastern Alabama when he noticed he was running low on fuel. Frank was relieved when he found a gas station open at the next exit just 2 miles ahead. This is an example of the value place utility provides to a consumer.    Marketing.
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    171.Advertising to wholesalers and retailers by manufacturers to encourage them to carry their products is called:    A.retail advertising.   B.trade advertising.   C.business-to-business advertising.   D.institutional advertising.         172.When an organization uses advertising to create an attractive image for itself, this type of advertising is called:    A.retail advertising.   B.trade advertising.   C.comparison advertising.   D.institutional advertising.         173.________ advertising encourages wholesalers and retailers to carry the products.
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  276.Explain how publicity differs from advertising. What are the advantages and disadvantages of publicity in a firm's promotion strategy?      277.Explain the steps in the personal selling process. How does B2B personal selling differ from B2C personal selling?            .
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    151.If the economy began experiencing a prolonged period of deflation in which the prices of most goods are falling, many firms would find that the LIFO method of inventory valuation would result in higher reported profits.    The last in, first out (LIFO) inventory valuation technique would base the cost of goods.
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    True / False Questions  1.As a component of the promotion mix, advertising includes each of the activities marketers use to inform people about products and persuade them to participate in an exchange.          2.A firm's promotion mix refers to the combination of different promotional tools used to persuade consumers to participate in an.
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    131.When an accountant "writes off" the cost of a tangible asset over its estimated lifetime, it is called depreciation.    Depreciation is the write-off each year of part of an asset over its estimated useful life. The government permits firms to depreciate a fixed asset over its lifetime, rather than deduct the.
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    121.As a salesperson for an electrical contractor, Greg is included as part of the target audience for sales promotions from his own company.    It's just as important to get employees enthusiastic about a sale as it is to attract potential customers. The most important internal sales promotion efforts are directed at.
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    61.A full-service wholesaler will provide suppliers with market information they can't afford or can't obtain themselves.          62.Wholesalers may provide market information and business consulting services.          63.Larry and Dale Ingram solicit orders for lumber from area wholesalers and retailers specializing in building supplies and arrange to have the orders shipped directly from nearby.
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