Business Administration (BUSAD) Tests Bundle Set

BUSAD 203 Final questions with correct
answers
Purpose of resume Answer✔✔ assists (in obtaining interview), initiates (contact),
provides (summary), facilitates (interview)
Resume Do’s Answer✔✔ clear layout, concise, action verbs, consistent, industry
vocab
Resume Don’ts Answer✔✔ controversial, negative words, age, religion, outdated
material
Resume Objective/Professional Summary Answer✔✔ specific and employer
centered
Results/Outcomes= Answer✔✔ accomplished, as measured by, by doing
Resume References Answer✔✔ separate page, 3-5, ask permission
Cover letter Answer✔✔ supplements resume, highlights key points, expresses
interest in position, shows qualifications
When do you use a cover letter? Answer✔✔ applying for jobs, emailing resume to
potential employer or someone you’re networking with (prospecting letter)
What should a cover letter accomplish? Answer✔✔ introduce self, entice to read
resume, demonstrate writing skills, sell qualifications

Cover letter components Answer✔✔ return address, date, recipient
name/title/address, salutation, 3 paragraphs, signature
Cover letter- 1st paragraph Answer✔✔ Purpose and intent: state job title you’re
seeking, state how you heard about it, give compliment/connection
Cover letter- 2nd paragraph Answer✔✔ Qualifications: why interested,
experiences, what you bring to the company
Cover letter- 3rd paragraph Answer✔✔ Action plan: refer to resume, initiate next
step, contact info, thank for time
Interview myths Answer✔✔ interview begins when sitting across from
interviewer, interviewer controls interview, resume reveals all qualifications
Most common interviewing mistake Answer✔✔ insufficient company research
and preparation
Interview mistake from ISU recruiters Answer✔✔ not very detailed responses
Interview Prep Answer✔✔ 1. explore/research company

2. perform a self assessment
   What to bring to an interview Answer✔✔ extra resumes, references, pen,
   transcript, padfolio, work history, questions
   In first 5-10 min of interview… Answer✔✔ firm handshake, ice breaker questions,
   establish rapport

BUSAD questions with correct answers
Social Communications model: how is it different from conventional? Answer✔✔
its much more interactive and conversational
single most important idea you want to convey Answer✔✔ core message
Push and pull strategy: which one do you use if stimulating customer demand
Answer✔✔ pull
What does advertising appeal do Answer✔✔ try to get your attention
Sales person meets one on one with customer Answer✔✔ personal selling
working to find qualified potential customers? Answer✔✔ prospecting
What does public relations do? Answer✔✔ reach people, variety of non sale
communication
You advertise a product, but are trying to sell a different one Answer✔✔ bait and
switch, illegal
how does the push strategy differ from pull? Answer✔✔ push to
retailers/wholesalers
What is a sales promotion? Answer✔✔ trying to build demand and interest in
product

Line view and circle view: what does circle include? Answer✔✔ feedback step
if a business wants to get you invovled in system thinking? Answer✔✔ how do
you contribute to goal
How can managers stop recurring problems? Answer✔✔ use as an opportunity to
learn
Elements and process of making raw materials o final, what is full process?
Answer✔✔ value chain
Whats term where yo link business fuction to different company? Answer✔✔
outsource
Inventory control: what is main objective of inventory control? Answer✔✔
balance storage and supply costs
another word for purchasing Answer✔✔ pecurement
What does operations management do? Answer✔✔ overseeing production of good
or services
How to figure out level of production resources Answer✔✔ capacity planning
pert diagram vs Gant: pert diagram activiteis that take longest Answer✔✔ critical
path

BusAd 203 Final questions with correct
answers
S.T.A.R. Answer✔✔ S: situation
T: task (problem to accomplish)
A: action (what did you do)
R: result (finish story)
How to address someone in a cover letter Answer✔✔ “Dear hiring manager”
main points to include in a cover letter Answer✔✔ return address, date, recipient
name, title and address, salutations, 3 paragraphs and signature
what do you talk about in the first paragraph of a cover letter? Answer✔✔ state the
job title you’re seeking (include job description), how you heard about the job, and
give a compliment/connection
what do you talk about in paragraph 2 of your cover letter? Answer✔✔ interested
because, what experiences and skill relate to the job, what you bring to the
company
what do you talk about in paragraph 3 of your cover letter? Answer✔✔ refer
reader to resume, initiate next step to meet with someone, provide contact
information, thanks for time and consideration
how many spaces do you put between sincerely and your name? Answer✔✔ 4
enters if actually signing the document, one if just typing your name

how do you come up with your work values? Answer✔✔ interests (what you like
to do) + skills (what you’re good at) + values (what’s important to you)
Are numbers good to include on your resume? Answer✔✔ YES! ex: how much
money you handled each day
How do you demonstrate your impact on your resume? Answer✔✔
results/outcomes= accomplished (x), as measured by (y), by doing (z)
are references necessary to include on your resume? Answer✔✔ no, but if you do,
keep on a separate page
when would you use a cover letter? Answer✔✔ applying for jobs, emailing resume
to a potential employer, emailing resume to someone in which you are networking
(prospecting letter)
Are cover letters employer centered or self centered (to showcase yourself)?
Answer✔✔ employer centered
how do you prepare for an interview? Answer✔✔ 1. explore and research the
company (why this company, questions to ask)

2. perform a self-assessment (why you, how do your skills relate)
   what to do in the first 5 minutes of an interview/meet and greet Answer✔✔ 1.firm
   handshake
3. ice-breaking questions
4. establish rapport

BusAD exam 2 questions with correct
answers
involves overseeing all of the activities involved in producing goods
and services. Answer✔✔ Operations management
Helping employees understand how what they do contributes to overall business
goals promotes within the business. Answer✔✔ Systems thinking
Non-linear, multidimensional networks of suppliers and outsourcing partners that
can provide the opportunity to access a wide range of talents and technologies as
well as increase organizational flexibility and responsiveness are called
. Answer✔✔ Value webs
Hudson Foods markets processed foods in the U.S. and Canada. The company
acquires raw materials from small scale producers located near their production
facility. This process of getting necessary inputs for production is known as
. Answer✔✔ Procurement
Dell computers allows customers to order products online. It produces major parts
using standardized; high volume production techniques and then allows customers
to personalize such features as software, color, memory capacity, screen size.
Which of the following types of manufacturing is Dell demonstrating? Answer✔✔
Mass customization
The automobile industry has outsourced the manufacturing of many component
parts, like airbag systems and ignition systems, to other companies around the
globe in order to focus more on the design and assembly of new cars. Why is this
practice risky? Answer✔✔ Automakers can lose control over production schedules
and quality due to outsourcing

The ability to effectively manage productivity is an important contribution made
by production and operations management. , which maximize
productivity by reducing waste and delays, are at the heart of many productivity
improvement efforts. Answer✔✔ Lean systems
Successful __ can have a strategic impact on business performance by
getting the right product to the right customer at the right time at the right cost.
Answer✔✔ Supply chain management
is the process of achieving business goals by integrating and
coordinating all the resources of the business through effective planning,
organizing, leading, and controlling. Answer✔✔ Management
Which of the following behaviors is an autocratic leader likely to demonstrate
while performing in a leadership role? Answer✔✔ Tell followers what their goals
should be and how to achieve them
Managers make use of their skills when they communicate, negotiate,
or resolve conflicts among members of their departments. Answer✔✔
Interpersonal
are sets of behaviors and activities that managers perform as they carry
out their managerial responsibilities. Answer✔✔ Managerial roles
Julia is a product manager for an automobile manufacturing firm. She delegates
part of her duties to some of the workers who she supervises and consults them
when key decisions need to be made. She appreciates new ideas and encourages
suggestions from her staff. Julia is an example of which type of leadership style?
Answer✔✔ Democratic

BUSAD 203 Final questions with correct
answers
The purpose of a cover letter is to… Answer✔✔ – Demonstrate your writing skills
to an employee

• Introduce yourself to the employer and entice them to read your resume
  (T or F) A resume can be as many pages as it takes to include everything in your
  background Answer✔✔ False
  The best examples to use when answering behavioral-based questions during an
  interview are from… Answer✔✔ – Academic group experiences
• Work experiences
  What response rate can you typically expect when sending out resumes and
  submitting applications? Answer✔✔ 10-15%
  (T or F) The majority of employers leave room for salary negotiations in their first
  offer Answer✔✔ True
  Core values are an important part of the career exploration process because…
  Answer✔✔ Conflicts between work and values can cause career challenges
  At the end of a cover letter, you should include… Answer✔✔ “Thank you for you
  time and consideration.”
  (T or F) Asking questions at the end of an interview is not necessary if you cannot
  think of anything important to ask Answer✔✔ False

When communicating in an interview, the majority of your message comes from…
Answer✔✔ Non-verbal/body language
According to a national survey of business executives, what is the most common
mistake interviewees make? Answer✔✔ Not conducting enough research on the
company
Which of the following is not part of developing a plan in a comprehensive job
search? Answer✔✔ Wait for the interview response
Making connections is… Answer✔✔ Building relationships
(T or F) If you learn the salary is low, you can always go back and negotiate after
you’ve accepted the position Answer✔✔ False
The best way to prepare for an interview is to… Answer✔✔ – Research the
company

• Practice with a Mock Interview
• Develop questions to ask the interviewer
  When receiving a verbal offer over the phone, which phrase should you avoid
  saying in the moment? Answer✔✔ Okay, great!
  What percentage of job seekers find their job through networking? Answer✔✔ 60-
  80%

BUSAD EXAM #2 PRACTICE TEST
questions with correct answers
Branding Answer✔✔ ____________ is used to increase product
recognition and recall, communicate information, and enhance overall product
value.
a high percentage of tangible Answer✔✔ Products that have
____________ are referred to as goods.
shopping product Answer✔✔ You are buying a new laptop. Then you are
comparing many products and considering aspects like processor, RAM, data
storage, graphics and size before finalizing a decision. In this case, the new laptop
is an example of a(n) _.
Skim Answer✔✔ A pricing strategy that is often used for products in the intro
stage of the product life cycle to recover research and development costs?
will generally choose that product over other alternatives but may accept
substitutes. Answer✔✔ A product with high brand preference means that
customers ____________.
Penetration Answer✔✔ A well- known perfume brand in Europe offers a large
collection of perfumes to its customers. In order to expand its business, the firm
decides to enter the U.S. market. The firm sets its prices very low to capture the
market share rapidly. Which pricing strategy is the perfume company using in this
situation?

BusAd 250 Glossary
Business Answer✔✔ Any profit-seeking organization that provides goods and
services designed to satisfy customers’ needs.
Revenue Answer✔✔ Money a company brings in through the sale of goods and
services.
Business Model Answer✔✔ A concise description of how a business intends to
generate revenue
Profit Answer✔✔ Money left over after all the costs involved in doing business
have been deducted from revenue.
Competitive Advantage Answer✔✔ Some aspect of a product or company that
makes it more appealing to target customers. A businesses ability to earn above
average profits within its industry.
Not-For-Profit Organization Answer✔✔ Organization that provide goods and
services without having a profit motive; also called nonprofit organizations.
Goods-Producing Businesses Answer✔✔ Companies that create value by making
“things,” most of which are tangible (digital products such as software are a
notable exception)
Service Businesses Answer✔✔ Companies that create value by performing
activities that deliver some benefit to customers.

Barrier to Entry Answer✔✔ Any resource or capability a company must have
before it can start competing in a given market.
Business Mindset Answer✔✔ A view of a business that considers the myriad
decisions that must be made and the many problems that must be overcome before
companies can deliver the products that satisfy customer needs.
Social Environment Answer✔✔ Trends and forces in society at large.
Stakeholders Answer✔✔ Internal and external groups affected by a company’s
decisions and activities.
Technological Environment Answer✔✔ Forces resulting from the practical
application of science to innovations, products, and processes.
Economic Environment Answer✔✔ The conditions and forces that affect the cost
and availability of goods, services, and labor and thereby shape the behavior of
buyers and sellers.
Legal and Regulatory Environment Answer✔✔ Laws and regulations at local,
state, national, and even international levels.
Market Environment Answer✔✔ A company’s target customers, the buying
influences that shape the behavior of those customers, and competitors that market
similar products to those customers.
Research and Development (RAD) Answer✔✔ Functional area responsible for
conceiving and designing new products.

Informational Technology (IT) Answer✔✔ Systems that promote communication
and information usage through the company or that allow companies to offer new
services to their customers.
Operations Management Answer✔✔ Management of the people and processes
involved in creating goods and services.
Professionalism Answer✔✔ The quality of performing at a high level and
conducting oneself with purpose and pride.
Etiquette Answer✔✔ The expected norms of behavior in any particular situation.
Business Cycles Answer✔✔ Fluctuations in the rate of growth that an economy
experiences over a period of several years.
Capitalism Answer✔✔ Economic system based on economic freedom and
competition
Capital Answer✔✔ The funds that finance the operations of a business as well as
the physical, human-made elements used to produce goods and services, such as
factories and computers.
Competition Answer✔✔ Rivalry among businesses for the same customers
Consumer Price Index (CPI) Answer✔✔ A monthly statistic that measures
changes in the prices of a representative collective of consumer goods and services.

BUSAD 250 EXAM 1 questions with correct
answers
the 3 types of businesses Answer✔✔ Goods producing businesses
Service businesses
Not for profit organizations
Companies that create value by making “things,” most of which are tangible
(capital intensive) Answer✔✔ Goods producing businesses
Companies that create value by performing activities that deliver some benefit to
customers (labor intensive) Answer✔✔ Service businesses
Organizations that provide goods and services without having a profit motive;
these are also called nonprofit organizations Answer✔✔ Not for profit
organizations
Understand what a business model is and what insights it provides about a business
Answer✔✔ A concise description of how a business intends to generate revenue
Understand the differences between a competitive advantage and a barrier to entry
Answer✔✔ Competitive Advantage- something that makes the product more
appealing to customers, EX: Target has a footmark all around the nation because of
how many stores they have
Barrier to Entry- any resources or capability a company must have before it can
start competing in a given market, a thing another company has that I don’t, EX:
Cash, Access, Knowledge

Explain business risk and reward and the consequences of decisions that contain
excessive risk Answer✔✔ a. page 8 of notes
Identify the elements of professionalism and understand how employees can
practice professionalism in the workplace and avoid unprofessional behavior
Answer✔✔ 1. Be Ethical Be Clear: listen actively, clarify expectations and
responsibilities

2. Be Respectful: expected norms of behavior in any particular situation
3. Be a Team Player: showing loyalty to your organization and protecting your
   employer’s reputation
4. Be Dependable
5. Be the best: energy, either positive or negative is contagious
   the 5 business environments Answer✔✔ Economic Environments
   Social Environments
   Legal and regulatory Environments
   Technological Environments
   Market Environment:
   are we in a growth period? How is that going to translate into workers and need for
   my product? ` Answer✔✔ Economic Environments:
   Population trends, ethnic groups changing, how does that change the desire for my
   product? Answer✔✔ social environments

BUSAD 203 FINAL EXAM questions with
correct answers
The purpose of a resume is to Answer✔✔ initiate contact and make a first
impression to potential employers, provide potential employers with a summary of
past performance and work history
How many pages should a resume be for a college-level student or professional
with under 10 years of work experience? Answer✔✔ 1
Which levels of education should be included in the “Education” section of your
resume? Answer✔✔ Other educational institutions attend that you’ve earned a
degree, Current College
Resumes
When listing details from a school in your education section, what should you
include? Answer✔✔ Type of degree seeking/earned, Major and/or Minor
Resumes – True or False
The grammatical tense in which you write your bullet points is not relevant
Answer✔✔ False
Resumes
When listing your current or past job/employment experience, what details should
you include Answer✔✔ Position(s) worked/held, Dates of employment,

Supervisor’s name and contact information, Location of employment (city and
state)
Resumes
When developing bullet points under your experience section you should…
Answer✔✔ Start each bullet point with an action verb
True or False: Always include “References Available Upon Request” at the bottom
of your resume Answer✔✔ False
Which domain was your team strongest and weakest in? Answer✔✔ Strongest:
Relationship Building
Weakest: Executing
The purpose of a cover letter is to.. Answer✔✔ Tell a story as to “why you” and
demonstrate your writing skills
True/False
Writing one cover letter and utilizing it for several positions is an effective strategy
Answer✔✔ False
What format should your cover letter be written in Answer✔✔ A formal
professional letter format
True/False

BUSAD 248 – Chapter 1 questions with
correct answers
The definition of a business is: Answer✔✔ an organization that seeks to provide
goods and services to others while operating at a profit.
An important difference between goods and services is that a product such as a car
is a(n) _ and can be touched, whereas a(n) _ such as
insurance is intangible and cannot. Answer✔✔ good; service
An example of a service is: Answer✔✔ a physical exam
Which of the following products are classified as a service? Answer✔✔ 1. life
insurance

2. plane flight to Ireland
   An entrepreneur is a person who: Answer✔✔ risks time and money to start and
   manage a business
   True or false: Profit or loss is the difference between revenues and the expenses
   needed to run the business. Answer✔✔ true
   True or false: The total amount of money a business takes in during a given period
   of time by selling goods and services is its profit. Answer✔✔ false
   Jean’s bicycle repair business has been operating at a loss for several months due to
   high inventory costs and low sales revenues. If she continues to operate at a loss, it
   is likely that Jean will have to Answer✔✔ close the business

Businesses are part of a country’s: Answer✔✔ economic system
When a business’s expenses are greater than its revenues, the business is operating
at a(n) Answer✔✔ loss
Economic well-being and the quantity of life improve when businesses create more
jobs because: Answer✔✔ people can purchase more goods and services
What is the definition of the standard of living? Answer✔✔ the amount of goods
and services people can buy with the money they have
Groups that have a strong interest in the success and outcomes of a business, such
as employees, neighbors, or government, are called Answer✔✔ stakeholders
When a company contacts with another, sometimes in another country, to do some
of its functions, such as production or accounting, it is known as Answer✔✔
outsourcing
An organization whose function is to serve a societal need rather than make a
profit for its owners is a(n) ___ organization. Answer✔✔ nonprofit
Whether working for a nonprofit such as the Red Cross or a company with the goal
of making profits such as Macy’s, managers need Answer✔✔ the same
management skills
Entrepreneurs who risk time and money to start and operate a business do so
because they Answer✔✔ expect to be rewarded by making a profit

Busad chapter 2 questions with correct
answers
_ is an economic situation in which costs fall steadily throughout the
economy. Answer✔✔ Deflation
Which of the following involves a political system’s seizure of particular firms or
business ventures? Answer✔✔ Nationalizing
A(n) represents a market situation in which a small number of sellers
offer a certain product or service. Answer✔✔ oligopoly
Which one of the following statements does NOT reflect true understanding of the
demand and supply relationship? Answer✔✔ If demand weakens, the businesses
can keep the prices consistent.
What is the difference between monopolistic and oligopolistic competition?
Answer✔✔ Monopolistic competition has numerous sellers who offer products
that can be distinguished from competing products, whereas in an oligopoly, the
number of competitors in the market is quite small.
________ is the political procedures and actions put into place in order
to control the country’s currency source. Answer✔✔ Monetary policy
__ involves the utilization of government funds and expenditures in
order to motivate the business cycle. Answer✔✔ Fiscal policy
An economic system centered on financial liberty and competition is known as
_. Answer✔✔ capitalism

BUSAD exam 2 questions with correct answers
To calculate_______, the cost of goods sold must be subtracted from sales
Answer✔✔ Gross Profit
Which represents legislation intended to enhance the integrity of financial data,
including requiring businesses to record and examine their monetary control
processes, and forbidding financiers from influencing stock analysis? Answer✔✔
Sarbanes-Oxley
Which is defined as organizing accurate price evaluations, profitability statements,
financial plans, and other information which is vital to company decision makers?
Answer✔✔ Management accounting
Involves subtracting production costs from the sales they generated
during a particular bookkeeping cycle in order to determine a company’s
profitability Answer✔✔ The matching principle
The amounts businesses owe lenders and vendors for loans and suppliers are
called: Answer✔✔ Liabilities
Which describes the act of comparing financial data from year to year?
Answer✔✔ Trend analysis
Which represents an official analysis of the integrity and consistency of an
organization’s financial reports? Answer✔✔ Audit
___ represents the acceptable procedures used by public firms in the united
states for creating financial statements Answer✔✔ GAAP

Represents the accounting norms and procedures used by overseas countries Answer✔✔ IFRS Net income divided by owners’ equity equals: Answer✔✔ Return on equity are valued business possessions including currency, real estate, structures,
inventory, and investments Answer✔✔ Assets
How well a company uses assets is determined in which of the following?
Answer✔✔ Activity ratios
Which represents a specialized area of accounting dedicated to assessing a
business’s operations and the monetary consequences benefits, and bushiness
acquisitions? Answer✔✔ Financial analysis
Which is considered a controversial measure of profitability Answer✔✔ EBITDA
A____ holds the top accounting position in a corporation and is in charge of
supervising all accounting tasks Answer✔✔ Controller
_ Involves shifting net revenue and expenditure account balances over to retained earnings for a particular period of time. Answer✔✔ Closing the books __ = beginning inventory + net purchases – ending inventory Answer✔✔
Costs of goods sold

BUSAD 203 Final Exam Study Guide
Purpose of a Resume Answer✔✔ • It is your marketing piece

• Assists in obtaining an interview
• Initiates contact and makes a first impression
• Provides a summary
• Facilitates the interview
  Resume Do’s Answer✔✔ • Clear layout
• Be concise (1 full page)
• Use action verbs
• Be consistent
• Use industry vocabulary
  Resume Content Answer✔✔ • Contact information
• Objective statement or professional summary
• Education
• Experience/related experience
• Leadership activities/honors
• Computer skills
  Resume Tips Answer✔✔ • No errors
• Easy to read
• Visually appealing
• Avoid personal pronouns
• Keep personal copy

References Answer✔✔ • Separate page

• 3- professional references
• Ask permission
• Keep references informed
  What is a cover letter? Answer✔✔ • Supplements resume
• Highlights key points in resume
• Expresses interest in a position
• Shows qualifications
  When do you use a cover letter? Answer✔✔ • Applying for jobs
• Emailing resume to a potential employer
  What should a cover letter accomplish? Answer✔✔ • Introduce yourself to the
  employer
• Entice them to read your resume
• Demonstrate your writing skills
  Components of a cover letter Answer✔✔ • Return address
• Date
• Recipient’s name, title and address
• Salutation
• 3 paragraphs
• Signature

INTRO TO BUSINESS EXAM 1 BUSAD
151 questions with correct answers
Chapter 1 Answer✔✔
Business Answer✔✔ individuals or organizations who try to earn a profit by
providing products that satisfy people’s needs
Goal of business Answer✔✔ to make money or to make a profit
difference between a business and nonprofit?
“to make a profit” does not apply to a nonprofit organization, but both are involved
in management, finance, human resources, marketing, operations, sales, etc.
What are you doing when you purchase a product? Answer✔✔ buying the benefits
and satisfaction you think the product will provide.
Profit Answer✔✔ the difference between what it costs to make and sell a product
and what a customer pays
3 management objectives Answer✔✔ Coordinating employee’s actions to achieve
the firm’s goals
Organizing people to work efficiently
Motivating them to achieve the business’s goals
How to communicate benefits and advantages of products to consumers?
Answer✔✔ Promotions
-advertising, personal selling, sales promotions like, coupons, games, sweepstakes,
movie tie-ins, and publicity

Economics Answer✔✔ the study of how resources are distributed for the
production of goods and services w/in a social system
Natural resources Answer✔✔ Raw materials supplied by nature that come from
the earth, the water, or the air and are used to produce goods.
Human resources Answer✔✔ People who work to produce goods and services
Financial resources Answer✔✔ the funds used to acquire the natural and human
resources needed to provide products; also called capital
Economic system Answer✔✔ a description of how a particular society distributes
its resources to produce goods and services
Communism Answer✔✔ first described by Karl Marx as a society in which the
people, without regard to class, own all the nation’s resources
Owners Answer✔✔ put up resources – money or credit – to start a business.
Can manage business themselves
Employees Answer✔✔ Responsible for work that goes on w/in a business.
Can also manage business, if chosen so by owner
Business Major Goal Answer✔✔ satisfy the customers who buy its goods or
services

BUSAD 250 Exam 1 Iowa State questions
with correct answers
Non-profit Organizations Answer✔✔ Do not have a profit motive
Goods-producing Business Answer✔✔ Create value by “making” things, tangible
or having physical existence
Service Businesses Answer✔✔ Create value by performing activities that deliver
some benefit to the customer
Business Model Answer✔✔ a concise description of how a business intends to
generate revenue
Competitive Advantage Answer✔✔ makes you more appealing to your target
audience
Barrier to Entry Answer✔✔ any resource or capability a company must have
before it can start competing in any given market
Professionalism Answer✔✔ the quality of performing at a high level and
conducting oneself with purpose and pride
Economic Environment Answer✔✔ the conditions and forces that affect the cost
and availability of goods, services, and labor and thereby shape the behavior of
buyers and sellers

Legal and Regulatory Environment Answer✔✔ laws and regulations at local, state
and even international levels
Market Environment Answer✔✔ A company’s target customers, the buying
influences that shape the behavior of those customers, and competitors that market
similar products to those customers
Social Environment Answer✔✔ Trends and forces in society at large
Technological Environment Answer✔✔ Forces resulting from the practical
application of science to innovations, products, and processes
Stakeholder Answer✔✔ internal and external groups affected by a company’s
decisions and activities
Organizational Structure Answer✔✔ a framework that enables managers to divide
responsibilities, ensure employee accountability, and distribute decision-making
authority
Organization Chart Answer✔✔ a diagram that shows how employees and tasks are
grouped and where the lines of communication and authority flow
Agile Organization Answer✔✔ a company whose structure, policies, and
capabilities allow employees to respond quickly to customer needs and changes in
the business environment
Functional Structure Answer✔✔ grouping workers according to their similar
skills, resource use, and expertise

BUSAD 203 Final questions with correct
answers
According to a national survey of business executives, what is the most common
mistake interviewees make? Answer✔✔ Not conducting enough research on the
company
What does STAR stand for? Answer✔✔ Situation, Task, Action, Result
The CliftonStrengths Assessment measures your most natural talents in how you
think, feel and behave to tap into your greatest potential for success. Answer✔✔
true
Which of the following could you utilize to help identify professional contacts to
expand and grow your network? (Select all that apply.) Answer✔✔ LinkedIn,
Alumni Ass., Professional Organizations
Which of the following questions is NOT a question on the Test for Ethical
Behavior? Answer✔✔ Does it benefit me?
Making connections is… Answer✔✔ building relationship
Core values are an important part of the career exploration process because…
Answer✔✔ Conflicts between work and values can cause career challenges
Which of the following is NOT part of developing a plan in a comprehensive job
search? Answer✔✔ wait for interview requests

When receiving a verbal offer over the phone, which phrase should you AVOID
saying in the moment. Answer✔✔ okay, great!
When you do not have a specific name of a contact to submit your cover letter and
resume to, what should you use? Answer✔✔ Dear Hiring Manager or Dear
Selection Committee
Clifton Strengths Answer✔✔ 1. Discipline: I am someone who sets my mind to a
task and does not stop until that task is completed. I am able to work hard and put
in extra effort to meet deadlines and achieve what others expect of me.

2. Achiever: I feel fulfilled when I am able to cross off a completed task. I like to
   wake up with a purpose and items to complete that fill my life with meaning.
3. Context: I enjoy recognizing what has happened previously in the past in order
   to build a foundation for the future. I do not like to repeat mistakes and believe that
   past knowledge will prevent wasted time.
4. Relator: I would rather have a few close and true friends than a large number of
   fake friends. I want my closest people to be those I can count on and that push me
   honestly to be a better version of myself.
5. Significance: I want my work to have meaning. I like real results that better the
   lives of others and make me feel like I have done something worthwhile.
   Experiences to Include on a Resume Answer✔✔ Internships, Leadership,
   Consulting projects, Scholarly Research, International Experience
   resume do’s Answer✔✔ Clear layout, Be concise (1 full page), Use action verbs,
   Be consistent, Key word optimization from job descriptions
   Resume Tips Answer✔✔ No errors!, Easy to read, Visually appealing, Avoid
   personal pronouns (“I” – “me” – “my”), Keyword optimization is a MUST to get
   past ATS systems, Convert to pdf file before sending

BUSAD 250 Exam 3 questions with correct
answers
Social Communication Model Answer✔✔ Interactive and conversational
Conventional Promotion Model Answer✔✔ “We Talk, You Listen”
Public broadcast, Lecture, Undirectional, One to Many
Core Message Answer✔✔ Single most important idea that a company hopes to
convey
Pull Strategy Answer✔✔ Stimulates consumer demand

• Through advertising if a customer wants it, they will pull it through the system
  Advertising Appeal Answer✔✔ If you’re going to stimulate customer demand
  1 on 1 sales interaction Answer✔✔ Personal selling
  Prospecting Answer✔✔ In sales, searching for qualified customers
  Public Relations Roles Answer✔✔ Communities, investors, industry analysis
  Bait and Switch Answer✔✔ Attracting customers to one thing and pulling them in
  for another
• Illegal

Push Strategy Answer✔✔ Focus on people selling it
-Motivating them to promote or push, products toward end users
Sales promotion Answer✔✔ Stimulates interest in a product

• Consumer Promotions: Coupons, Rebates, Point-of-purchase display, premiums
  -Trade Promotions: Sales-promotion efforts aimed at inducing distributors to push
  a producer’s products.
  Line View Answer✔✔ A series of related tasks are completed in succession
  Circular view Answer✔✔ A series of related tasks are completed in succession
  that INCLUDES FEEDBACK
  Systems Thinking Answer✔✔ Promote how they can contribute
  -Help everyone see big picture
  -Understand problem before you fix it
  -Use mistakes as learning opportunities
  How to Promote Systems Thinking Answer✔✔ Be straight forward with goals and
  promote critical thinking of problems.
  How to avoid recurring mistakes Answer✔✔ Use mistakes as an opportunity to
  learn
  Value Chain Answer✔✔ elements and processes of making a final product

Busad 250 questions with correct answers
what is the rate that member banks charge each other to borrow money Answer✔✔
The federal funds rate
which of the following best describes socialism Answer✔✔ an economic system
characterized by public ownership and operation of key industries combines with
private ownership and operation of less vital industries
which of the following describes economics Answer✔✔ the study of how society
uses its scarce resources to produce and distribute goods and services
which of the following is not one of the four key roles the us gov plays in the
economy Answer✔✔ affecting exchange rates
—– is used as a label for a wide range of innovations that have the potential to
improve financial services and some and in some instances radically disrupt them
Answer✔✔ fintech
which of the following are complementary goods and or services Answer✔✔ cars
and car tires
an economy in which individuals and businesses have the most freedom to make
decisions based on what a consumer needs and wants Answer✔✔ capitalist
economy
which of the following best describes pure competition Answer✔✔ a situation in
which so many sellers sell the same type of product and no single buy or seller can
individually influence market prices

which of the following products is counted as part of the us gross domestic product
Answer✔✔ the value of a new automobile produced in the US
which of the following topics would someone studying macroeconomics most
likely be interested Answer✔✔ the effect of a government regulation on the
economy
in which of the following topics would someone studying microeconomics be most
likely interested Answer✔✔ a review of a certain corporations budget
increasing taxes is an example of the government using _ to affect the economy Answer✔✔ Fiscal Policy today a new wave of alternative money is happening in the form if Answer✔✔ cryptocurrencies There are several bakeries and confectionaries in the Marksenian market economy, and each bakery sells breads, cakes, and sweets at different prices, which are not controlled by the government or any other organizational body. Customers who wish to buy these confectioneries are free to buy from any outlet they like. The country of Marksenia has a _. Answer✔✔ free market economy
_ is used as a label for a wide range of innovations that have the potential to improve financial services and in some instances radically disrupt them Answer✔✔ Fintech __ is a situation in which many sellers differentiate their products from those
competitors in at least some small way and are therefore able to charge different
prices for them Answer✔✔ monopolistic competiton

which of the following describes nationalization Answer✔✔ is a government
takeover of selected companies or industries
housing starts and durable-goods orders are examples of Answer✔✔ leading
indicators in the economy
developing plans to determine the best ways in which a firm can raise additional
capital to launch a new product if primarily the job of a company’s _ Answer✔✔ financial managers customer support falls under which of the following major functional areas of a business Answer✔✔ marketing and sales people who enjoy competition, solving problems, working with other people, and more day to day freedom than the average person might be the most interesting in __ Answer✔✔ sales professionals
A person who enjoys solving difficult production and distrubution problem as well
as working with many different people in an organization is most likely to be
interested in becoming what type of professional Answer✔✔ operations manager
organizations that offer products tp their customers to earn a profit are known as
Answer✔✔ business
what is composed of people who work as independent contractors on a series of
short term projects or tasks Answer✔✔ the gig economy
online retailing is an example of a Answer✔✔ disruptive innovation

which of the following indicated you are thinking more with a consumer mindset
than a business mindset Answer✔✔ You wonder how much you will have to pay
for a new curved plasma TV you want to buy and where you can get the best deal
on it.
during the last recession, many high-end retailers experienced a drop in sales this
was due to a change in the Answer✔✔ economic environment
identify the correct statement about goods and services offered by businesses
Answer✔✔ goods are physical products while serviced are intangible products
which type of professionals are primarily responsible for monitoring and reporting
a firms ongoing financial activities Answer✔✔ accounting managers
a marketing specialist is primarily responsible for which of the following activities
Answer✔✔ deciding how the benefits of a product should be advertised
in this scenario which of the following statement about the business is true
Answer✔✔ robs business made a profit of 50,000 last year
A person who enjoys figuring out how to find the best employees for an
organization, motive, and retain them is likely to most enjoy a job as an
Answer✔✔ human resources manager
when a company revenue is greater than its expenses, the company typically
experiences a Answer✔✔ profit

BUSAD 250 EXAM 1 questions with correct
answers
New product in R&D Answer✔✔ Buy more capactiy
Risk vs. Reward Answer✔✔ -Higher the risk the more of the reward
-Without promise of rewards businesses would have no incentive to take on risks
-Decisions need to stay attached to the person who makes the decisions so they are
responsible for them
Market Environment Answer✔✔ -A company’s target customers, the buying
influences that shape the behavior of the customers, and competitors that market
similar products to those customers
-(Target Customers, Buying Influences, and Competitors)
Legal and Regulatory Envionment Answer✔✔ -Laws and regulations at local,
state, national, and international levels
Service Business Answer✔✔ Companies that create value by performing activities
that deliver some benefit to customers
Goods Producing Businesss Answer✔✔ Companies that create value by making
things most of which are tangible
Barrier to Entry Answer✔✔ Any resource or capability a company must have
before it can start competing in a given market
Examples: License or government testing

Not for Profit Organization Answer✔✔ Organizations that provide goods and
services without having a profit motive
Business Mindset Answer✔✔ A view of businesses that considers the decisions
that must be made and the many problems that they must overcome before
companies can deliver the products to satisfy customer needs
Social Environment Answer✔✔ Trends and forces in society at large
Technological Environment Answer✔✔ Forces resulting from practical
application of science to innovations, products, and processes
-Can create or destroy business opportunites
Stakeholders Answer✔✔ Internal and external groups that affect the company’s
decisions
Economic Environment Answer✔✔ The conditions and forces that affect the cost
and availability of goods, services, and labor that shape the behavior of buyers and
sellers
Profit Answer✔✔ Money left over after all the costs involved in doing business
have been deducted from revenue
Revenue Answer✔✔ Money a company brings in through the sale of goods and
services
Competitive Advantage Answer✔✔ Some aspect of a product or company that
makes it more appealing to target customers

Business Answer✔✔ Any profit seeking organization that provides goods and
services designated to satisfy customer needs
Financial Accounting Answer✔✔ The area of accounting concerned with
preparing financial information for users outside the organization
Management Accounting Answer✔✔ The area of accounting concerned with
preparing data for use by managers inside the organization
Private Accountants Answer✔✔ In house accountants employed by organizations
and businesses other than a public accounting firm
Public Accountants Answer✔✔ Professionals who provide accounting services to
other businesses and individuals for a fee
Controller Answer✔✔ The highest ranking accountant in a company
CPA Answer✔✔ Professionally licensed accountants who meet certain
requirements for education and experience and who pass an exam
Audit Answer✔✔ Formal evaluation of the fairness and reliability of a client’s
financial statemetns
GAAP Answer✔✔ General Accepted Accounting Practices
-Standards and practices used

BUSAD 250 Exam 1 questions with correct
answers
The framework that outlines how a firm plans to generate revenue is known as a(n)
_.
A. balance sheet
B. income statement
C. business mindset
D. business model
E. stakeholder model Answer✔✔ D. business model
Service businesses create value by performing activities that provide benefits to
consumers, such as __.
A. entertainment
B. audiobooks
C. furniture
D. software
E. music downloads Answer✔✔ A. entertainment
________ attempt to operate efficiently and effectively to
accomplish their goals but are not motivated by profits.
A. For-profit organizations
B. Green businesses
C. Service businesses
D. Not-for-profit organizations
E. Goods-producing businesses Answer✔✔ D. Not-for-profit organizations

In a business, after all expenses are paid, the leftover money is called
.
A. liabilities
B. profit
C. accounts receivable
D. wages
E. revenue Answer✔✔ B. profit
The function’s responsibility involves finding opportunities in the
marketplace, working with research and development to create products that take
advantage of those opportunities, creating promotional strategies to connect with
likely consumers, and establishing prices.
A. distribution
B. marketing
C. customer support
D. operations
E. finance Answer✔✔ B. marketing
_, such as smart phones and social media, fundamentally change the
nature of an industry and can be influential enough to create or destroy whole
companies.
A. Service businesses
B. Social environments
C. Barriers to entry
D. Social entrepreneurs
E. Disruptive technologies Answer✔✔ E. Disruptive technologies

The _____ is comprised of specific consumers, influences that
affect the purchasing behavior of those consumers, and competitors that sell
similar products to those consumers.
A. social environment
B. legal environment
C. market environment
D. economic environment
E. technological environment Answer✔✔ C. market environment
The __ function ensures consumers have the assistance and
information they require before, during, and after a purchase is made.
A. human resources
B. customer support
C. sales
D. operations
E. marketing Answer✔✔ B. customer support
Every company takes risks in order to conduct business. Which of the following
statements linking risk and reward is not correct?
A. Without rewards, businesses would have no incentives to take risks.
B. Businesses take risks in anticipation of future rewards.
C. Without entrepreneurs and companies willing to accept risk, very little would
get done in the economy.
D. The risk associated with business decisions needs to stay attached to those
decisions.
E. Any company that believes it can pursue rewards without facing risks has strong
decision-making entrepreneurs. Answer✔✔ E. Any company that believes it can
pursue rewards without facing risks has strong decision-making entrepreneurs.

Which of the following business functions involves purchasing, logistics, and
facilities management?
A. Research and development
B. Finance
C. Information technology management
D. Marketing management
E. Operations management Answer✔✔ E. Operations management
Matt is a manager at Lawn Care Products (LCP). His primary responsibilities
include recruiting, hiring, and supporting employees as well as making sure the
company is in compliance with regulations regarding employee rights and
workplace safety. Which function does Matt perform at LCP?
A. Human resources
B. Customer support
C. Finance
D. Operations
E. Sales Answer✔✔ A. Human resources
Which function can be utilized for both marketing products to retailers and
delivering products after the sale?
A. Distribution
B. Marketing
C. Finance
D. Sales
E. Information technology Answer✔✔ A. Distribution

BUSAD 250 questions with correct answers
Explain the definition of working capital and the balance sheet accounts
Answer✔✔ how much cash and inventory on hand: would use A/R, A/P,
Inventory
Know the various internal and external sources of funds available to a business and
be able to distinguish a source as being either internal or external Answer✔✔
internal-sale of stock or assets, retained earnings
external- loans, lease, shares
Understand the role of financial management and the insights that it provides to
business managers Answer✔✔ balancing short term and long term demands,
balancing potential risks+ rewards, balancing leverage and flexibility
Define leverage and how it is used in business Answer✔✔ increasing the rate of
return on an investment by financing it with borrowed funds
Explain what a budget is and the types of financial information contained in it
Answer✔✔ Expected revenues, operating expenses, cash receipts, and outlays
Understand the various types of budgets that businesses prepare and how each
form of budget is used Answer✔✔ start-up, operating, capital, project
Understand teh differneces between debt and equity financing and how a business
raises cash with each source of funding Answer✔✔ Debt-arranging funding by
borrowing money
Equity Financing-selling ownership shares in teh company

Explain what the capital structure of a represents and what it represents
Answer✔✔
Understand the definition and relevance of Opportunity Costs to a business
Answer✔✔
Understand the various forms of debt financing and which are short-term versus
long-term funding sources Answer✔✔
Understand the differences between Descriptive, Predictive, and prescriptive
analytics and be able to explain how management would use each form of analytics
to address questions about their business Answer✔✔
Identify teh sources of infromation and datat that the business analytics utilizes
Answer✔✔
Explain teh benefits that busineses derive from teh use fo business analytics
Answer✔✔
Understand the concept of relationship marketing and its associated benefits to a
business Answer✔✔ developing long term relationships with customers (customer
loyalty)
Explain what is involved in preparation of Marketing Research Answer✔✔
collecitn information for making marketing decisions (observing, surveying,
interviews)
Understand teh types of marketing used by businesses and ethics associated with
each. Answer✔✔ permission based-customer agrees to receive marketing info

BUSAD 250 questions with correct answers
what are the three types of analytics Answer✔✔ descriptive, predictive,
prescriptive
what are descriptive analytics Answer✔✔ the use of data to understand past and
current business performance and make informed decisions; the most commonly
used and most well-understood type of analytics
what are predictive analytics Answer✔✔ a component of business analytics that
seeks to predict the future by examining historical data, detecting patterns or
relationships in these data, and then extrapolating these relationships forward in
time
what are prescriptive analytics Answer✔✔ a component of business analytics that
uses optimization to identify the best alternatives to minimize or maximize some
objective
what’s another word to describe descriptive analytics Answer✔✔ historical
what’s another word to describe predictive analytics Answer✔✔ forecasting
what’s another word to describe prescriptive analytics Answer✔✔ diagnostics
what is business analytics Answer✔✔ using data, information technology,
statistics, and math or computer based models to make high quality, fact based
decisions (not intuitive)

what is an example of how business analytics are helpful Answer✔✔ helps
managers gain improved insight about their business operations
primary function of business analytics Answer✔✔ to promote better decision
making overall
how do you find working capital Answer✔✔ current assets minus current
liabilities
what are examples of capital budgets Answer✔✔ long term budgets (equipment,
land, machinery)
what is a capital budget Answer✔✔ a budget that outlines expenditures for real
estate, new facilities, major equipment, and other capital investments
what are examples of an operating budget Answer✔✔ current expenses within that
year
what is the operating budget known as Answer✔✔ the master budget
what is an external source of obtaining funds for a business Answer✔✔ look this
up or ask nicole
what is a company that has high leverage Answer✔✔ a company has more debt
than equity
what is a budget Answer✔✔ a planning and control tool that reflects expected
revenues, operating expenses, and cash receipts and outlays

what is a financial plan Answer✔✔ a document that outlines the funds needed for
a certain period of time, along with the sources and intended uses of those funds
what is equity financing Answer✔✔ arranging funding by selling ownership
shares in the company, publicly or privately
what is financial management Answer✔✔ planning for a firm’s money needs and
managing the allocation and spending of funds
what are the three fundamental concepts of financial management Answer✔✔ 1.
balancing short-term and long-term demands

2. balancing potential risks and potential rewards
3. balancing leverage and flexibility
   what are accounts receivable (u got this) Answer✔✔ amounts that are currently
   owed to a firm
   what are accounts payable (easy money here) Answer✔✔ amounts that a firm
   currently owes to other parties
   what is financial control Answer✔✔ the process of analyzing and adjusting the
   basic financial plan to correct for deviations from forecasted events
   what are three budgeting challenges according to timmy’s notes Answer✔✔ 1.
   every company has a limited amount of money to spend
4. revenues and costs are often difficult to predict
5. it’s not always clear how much should be spent

BUSAD 250 Final Exam Study Guide
Which of the following statements about managers and the management process is
TRUE? Answer✔✔ According to one study, 33% of new managers fail within the
first 18 months.
________ skills refer to a manager’s ability to identify a problem,
analyze it, evaluate the alternatives, choose an appropriate solution, implement it,
and review the results. Answer✔✔ Decision-making
The ________ function of an organization can help reduce
uncertainty, provide for more focused action, and increase a business’s ability to
respond to change. Answer✔✔ planning
Julia is a product manager for an automobile manufacturing firm. She delegates
part of her duties to some of the workers who she supervises and involves them
when key decisions need to be made. She appreciates new ideas and encourages
suggestions from her staff. Julia is an example of which type of leadership?
Answer✔✔ Democratic
Which of the following examples represents a technical skill that managers must
have in order to be effective? Answer✔✔ The ability to operate a flexible
machining center that makes auto parts.
Setting the strategic direction and priorities of the business are activities that would
frequently be performed by a ________. Answer✔✔ top-level
manager
________ skills refer to a manager’s ability to identify the variables
in a problem and understand their relationship to the problem’s solution.
Answer✔✔ Conceptual

A(n) ________ leader is likely to determine what the goals of
followers will be, when they need to be achieved, and how to achieve them with
little or no input from the group. Answer✔✔ autocratic
Managers make use of their ________ skills when they
communicate, negotiate, or resolve conflicts among members of their departments.
Answer✔✔ interpersonal
Which of the following characteristics is associated with effective leader
performance? Answer✔✔ emotional intelligence
Which of the following statements about management and leadership is TRUE?
Answer✔✔ Managers provide structure and leaders facilitate change.
Dynamo Energy Inc. is shifting its strategic focus away from an emphasis on
internal hierarchies and employee control to focus on agility and the ability to
respond quickly to its very dynamic competitive environment. It is likely that the
company will need to change its ________ to accomplish this.
Answer✔✔ organization structure
The advantages of using ________ in businesses include potential
for higher quality decisions, increased diversity of perspectives, and improved
flexibility and responsiveness to change. Answer✔✔ teams
________ may develop when there is competition for scarce
resources, disagreement over responsibilities, or when team members pursue
different goals. Answer✔✔ Team conflict

BUSAD 250 exam 2 prep questions with correct
answers
_____ is used to increase product recognition and recall,
communicate information, and enhance overall product value Answer✔✔ branding
products that have _ are referred to as goods Answer✔✔ a high
percentage of tangible characteristics
Joann decides to buy a new laptop computer. She compares many products and
considers such aspects as processor, RAM, data storage, graphics, and size before
finalizing her decision. In this case the new laptop is an example of
a(n). Answer✔✔ shopping product
which pricing strategy is often used for products in the introduction stage of the
product life cycle to recover research and development cost? Answer✔✔ skim
A product with high brand preference means that customers
_______________ Answer✔✔ will generally choose that product over
other alternatives but may accept substitutes
Rose Perfumes is a well known perfume brand in Europe that offers a large
collection of perfumes to its customers. in order to expand its business , the firm
decides to enter the U.S. market the firm decides to set its prices very low to
capture the market share rapidly. Which pricing strategy is rose perfumes using?
Answer✔✔ Penetration
Matching buyers to sellers providing market information, facilitating transactions,
and supporting customers are some of the value added contributions made by
_ Answer✔✔ marketing intermediaries

Macy Pools is a business that distributes swimming pool chemicals, pool
equipment and pool supplies. The business buys products from manufacturers,
takes legal title to the goods, and then resells them to companies and government
agencies. Macy Pools also sells its own products to small business owners who
resell them to individuals for their own personal use. Macy Pools can be classified
as which type of marketing intermediary? Answer✔✔ merchant wholesaler
How do agents and brokers differ from other wholesale businesses? Answer✔✔
unlike wholesalers brokers and agents do not take ownership of products
_ refers to the planning, movement, and flow of goods and related
information throughout the supply chain Answer✔✔ logistics
____ are marketing intermediaries who sell products to consumers
for personal consumption Answer✔✔ retailers
Customer needs and expectations, product support requirements, and market
segmentation characteristics must be considered when making what kind of
decisions? Answer✔✔ distribution channel decisions
the success of a company’s __ is determined by its ability to achieve
a competitive level of service at the lowest total cost? Answer✔✔ physical
distribution activities
the role of _ is to balance the short term and long term demands for
funds, evaluate risk and reward, and balance the use of external and internal
sources of funds needed by the business Answer✔✔ financial management

BUSAD 250 EXAM 3 FLORER questions with
correct answers
Which of the following represents the values and guidelines for proper conduct
recognized in the workplace and everyday life as appropriate or inappropriate?
A. Affirmative action
B. Transparency
C. Ethics
D. Philanthropy
E. Corporate social responsibility Answer✔✔ C. Ethics
The notion that a company has certain duties toward humanity that it must meet,
excluding activities involving building revenue, is known as _.
A. consumerism
B. conflicts of interest
C. corporate social responsibility
D. transparency
E. ethics Answer✔✔ C. corporate social responsibility
Which of the following views of corporate social responsibility states that the only
responsibility companies have is to be ethical in their activities for increasing
profits?
A. Proactive CSR
B. Minimalist CSR
C. Defensive CSR
D. Cynical CSR
E. Ethical CSR Answer✔✔ B. Minimalist CSR

Which of the following describes a situation in which a company carries out
everyday business utilizing methods to reduce pollutants and resource depletion in
order to guarantee upcoming generations will have availability to critical
resources?
A. Transparency
B. Affirmative action
C. Minimalist CSR
D. Sustainable development
E. Cap and trade Answer✔✔ D. Sustainable development
Which of the following forces companies to take customer demands and interests
into account and has provoked several companies to develop customer affairs
divisions in order to handle customer grievances?
A. Strategic corporate social responsibility
B. Insider trading
C. Consumerism
D. Affirmative action
E. Philanthropy Answer✔✔ C. Consumerism
Which of the following has helped shift the power of commerce from the sellers to
the buyers?
A. Social media
B. The Consumer Product Safety Commission
C. Consumer Affairs departments
D. Consumerism
E. Identity theft Answer✔✔ A. Social media

BUSAD 250 exam 3 questions with correct
answers
difference between needs and wants in marketing Answer✔✔ A need is a
consumer ‘s desire for a product ‘s or service ‘s specific benefit, whether that be
functional or emotional. A want is the desire for products or services that are not
necessary, but which consumers wish for.
Concept of relationship marketing and its benefits Answer✔✔ of building a
customer’s trust and loyalty with a brand
what is involved in preparation of Marketing Research? Answer✔✔ Market
research involves gathering information about your: industry and market
environment – to understand factors external to your business. customers – to
develop a customer profile. competitors – to develop a competitor profile.
the types of marketing used by businesses and ethics associated with each
Answer✔✔ Permission based: firms ask permission to deliver messages to an
audience Stealth: the delivery of the marketing message to people who are not
aware that they are being marketed to
Explain what a Customer Relationship Management System is and how businesses
use them Answer✔✔ the combination of practices, strategies and technologies that
companies use to manage and analyze customer interactions and data throughout
the customer lifecycle
With regards to Purchasing, understand the differences between an
organization/business and a consumer’s decision-making process. Answer✔✔
Organizations purchase goods to use in their ongoing operations and to resell to
consumers, while consumers purchase goods for their personal use

Understand the various types of Product Marketing Strategies and be able to
identify the specific strategy that a business is using. Answer✔✔ Cause Marketing.
Cause marketing, also known as cause-related marketing, links a company and its
products and services to a social cause or issue.
Relationship Marketing. …
Scarcity Marketing. …
Undercover Marketing.
Understand Strategic Marketing Planning and the steps involved in preforming this
process. Answer✔✔ Step #1: Discover Yourself. …
Step #2: Do an External Review. …
Step #3: Investigate Markets, Customers. …
Step #4: Determine Brand Positioning. …
Step #5: Build out Messaging. …
Step #6: Select Communication Channels. …
Step #7: Implement, Evaluate, and Iterate.
what Market Share is and what it represents? Answer✔✔ Market share represents
the percentage of an industry, or a market’s total sales, that is earned by a particular
company over a specified time period.
the concept of Market Segmentation and various ways that a business can segment
the market? Answer✔✔ Market segmentation creates subsets of a market based on
demographics, needs, priorities, common interests, and other psychographic or
behavioral criteria used to better understand the target audience. By understanding
your market segments, you can leverage this targeting in product, sales, and
marketing strategies.

BusAd 250 Exam 3 questions with correct
answers
Which step in the movement of products to a potential customer involves
persuading the consumer to actually make a purchase?
A. Stimulating action
B. Building preference
C. Providing information and generating positive emotional connections
D. Reminding past customers
E. Generating awareness Answer✔✔ A. Stimulating action
__ is a promotional technique that involves motivating intermediaries to
inspire consumers to purchase specific products.
A. Direct marketing
B. Advocacy advertising
C. A pull strategy
D. A push strategy
E. Product placement Answer✔✔ D. A push strategy
Which of the following types of advertising appeals is best for business-to-business
sales with concerns such as profitability, quality, and technical matters and usually
involves rational, fact-based persuasion?
A. Emotion
B. Logic
C. Humor
D. Celebrity
E. Scarcity Answer✔✔ B. Logic

Which of the following represents a promotional messaging method that involves
presenting a business’s views on community matters?
A. Conversation marketing
B. Direct response television
C. Specialty advertising
D. Advocacy advertising
E. Institutional advertising Answer✔✔ D. Advocacy advertising
Which type of direct marketing media involves the utilization of media to
influence an instant purchasing reaction from consumers?
A. Direct response online
B. Direct response television
C. Search engine marketing
D. Email
E. Direct mail Answer✔✔ B. Direct response television
What is one of the greatest advantages of direct marketing?
A. Website links can easily be embedded.
B. There is greater ability for product placement.
C. There is less need for multichannel marketing efforts.
D. The results are measurable.
E. There is a larger target audience. Answer✔✔ D. The results are measurable.
Which step in the personal selling process involves discovering and ensuring that
consumers meet certain requirements?

A. Approaching potential customers
B. Prospecting
C. Closing
D. Aligning with customer needs
E. Preparing Answer✔✔ B. Prospecting
As a salesperson, Jane advises and helps her customers in discovering the best
products to meet their personal requirements. Jane is utilizing which of the
following approaches?
A. Consultative selling
B. Direct marketing
C. Personal selling
D. Specialty advertising
E. Prospecting Answer✔✔ A. Consultative selling
Which type of sales promotions includes offering no-cost or very low-cost items to
consumers to motivate them to purchase a certain product?
A. Coupons
B. Point-of-purchase displays
C. Trade allowances
D. Premiums
E. Rebates Answer✔✔ D. Premium
Which of the following is the biggest category of consumer promotion?
A. Event sponsorship
B. Coupons

C. Rebates
D. Point-of-purchase displays
E. Samples Answer✔✔ B. Coupons
Another name for word-of-mouth marketing is _.
A. community participation marketing
B. social media marketing
C. voluntary marketing
D. viral marketing
E. user-generated content marketing Answer✔✔ D. viral marketing
Which of the following is a short message sent to the media on a topic of potential
news interest?
A. Social media release
B. Public relations release
C. Press conference
D. Press release
E. Direct-to-consumer press release Answer✔✔ D. Press release
Ads that highlight how one product is better than another use what type of
advertising?
A. Appeal
B. Comparative
C.Advocacy
D.Product
E.Attack Answer✔✔ B. Comparative