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22 Cards in this Set

  • Front
  • Back
A Rolex is considered an expensive watch
for the wealthy. A Timex is considered an
inexpensive watch for the thrifty.
Sales quotas
A manufacturing plant is forced to layoff
250 employees due to a decrease in sales
revenue. The layoffs result in a decrease in
overall consumer spending throughout the
community.
Natural forces
Why is the amount of tax due to the
government calculated on the net income?
Taxing gross income results in too little
revenue for the government.
If total revenue from sales for the year was
$375,000 and the cost of goods sold was
$190,000, how much gross profit was made
from sales for the year?
$565,000
One disadvantage of using personal savings
as a source of funding is that it:
Allows the owner to retain all of the
profit.
Product development and channels of
distribution are included in which section
of the business plan?
Marketing plan
The proposed business organization,
including the form of business ownership, is
included in which section of the business
plan?
Executive summary
Under which form of business ownership
do owners have limited liability?
Sole proprietorship
Which federal agency provides social and
economic statistics to small businesses?
Small Business Administration
To protect consumers, the government
must place some restrictions on private
companies.
Provider of public goods.
A government agency that uses a
commercial bank to make loans to
businesses and then guarantees up to 90%
of the loan if the business fails is the
HUD.
The value of a life insurance policy on the
life of the business owner is which type of
asset?
Current
Professional fees paid to an accountant or
attorney for occasional work would be
which type of expense?
Accrued
If the gross profit is $200,000 and the total
expenses are $103,300, what is the net
income/profit (before taxes)?
$303,300
Which is NOT a financial tool that utilizes
sales projections?
Inventory
The decision to use air instead of rail
transportation is related to which
marketing mix element?
Product
The percent of the total sales revenue of a
market captured by a particular
business
Market position
A business that targets young professional
female adults ages 21-30 is using:
Psychographic segmentation.
For which type product would
psychographic segmentation MOST
LIKELY be used?
Clothing
Which is a basis for behavioral
segmentation?
Rate of use
Which is a basis for psychographic
segmentation?
Life style
Which is a basis for demographic
segmentation
Income