Chapter 2: Economics: the Framework for Business
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Q1) Danny is a citizen of Finiz, a North American country. He is able to run his handicraft business without any intervention from the government because Finiz has an economic system that encourages private ownership. He is able to make independent decisions for his business and has the freedom to decide the prices of his products. In this scenario, Finiz most likely has a _____.
A)socialist economy
B)totalitarian economy
C)capitalist economy
D)communist economy
Answer: C
Q2) Real gross domestic product (GDP) measures the total value of final goods and services produced within a nation's physical boundaries over a given period of time, adjusted for:
A)a loss of workforce.
B)recession.
C)inflation.
D)a rise in unemployment.
Answer: C
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Chapter 12: Product and Promotion: Creating and Communicating Value
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Q1) Bolve, a company that essentially made leather bags and jackets, introduces men's cologne under its new category of skincare products. In this case, Bolve is engaged in
A)market segmentation
B)product bundling
C)brand extension
D)line extension
Q2) Clembor AgroSciences, an agrochemical company, mainly focuses on selling its products in rural markets. The company promotes goodwill by sending teams of salespeople to instruct farmers on the right usage of the products and responding to their agriculture-related queries. In this scenario, Clembor AgroSciences is engaged in
A)social selling
B)green marketing
C)cause-related marketing
D)missionary selling
Q3) The two key aspects of product quality are level and longevity.
A)True
B)False
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Chapter 18: Appendix: Personal Finance
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Q1) A budget starts with a forecast of your investments.
A)True
B)False
Q2) __________are expenditures for which the spender has significant control in terms of the amount and timing.
A)Obligatory payments
B)Irremissible payments
C)Discretionary payments
D)Compulsory payments
Q3) Charles, who is working for Impulsive Motors for the last 34 years, wants to take voluntary retirement from the company. However, he does not want to leave without receiving the full benefits of the company's retirement plan and therefore stalls his retirement for another year. It is stated in the company policies that a person will only receive all the retirement benefits if he or she has worked in the company for at least 35 years. In this case, the period of 35 years is the _____.
A)grace period
B)upliftment period
C)vesting period
D)tie-up period
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