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PATHWAY TEST REVIEW
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -100 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation
Question 1: Wholesaler
Answer:
An intermediary who obtains goods to sell to industrial users
Question 2: Scarcity
Answer:
A need for a factor of production, like trained and educated employees
Question 3: The channel of distribution should be ____, ____, and ____.
Answer:
Fast, cost effective, and controlled for quality
Question 4: Productivity
Answer:
Measure of the output of a worker, machine, or economy in relation to the creation of goods and services to produce wealth
Question 5: Finance
Answer:
Decisions about how to find the money to invest in the business and helping customers to find ways to purchase the product
Question 6: Depression
Answer:
Very high unemployment
Question 7: Trough
Answer:
Indicates that recovery is near Question 8: Name the function: Mayfield decides how many trucks to use to transport milk to keep it fresh.
Answer:
Distribution
Question 9: Direct Competitor
Answer:
A business in the same specific field as another (Kroger vs. Publix, Outback vs. Longhorn) Question 10: Name the function: Your job at PetSmart includes running the register and helping customers.
Answer:
Selling
Question 11: Indirect Competitor
Answer:
A business in the same industry as another but not necessarily the same specifics (Outback vs. Red Lobster, Kroger vs. Walmart)
Question 12: Markup
Answer:
Retail Price - Cost
Question 13: Marketing
Answer:
The process of developing, promoting, pricing, and distributing goods and services to customers in order to satisfy customer needs and wants
Question 14: Information
Answer:
Providing instructions, warnings, etc on products
Question 15: Shopping Products
Answer:
Products purchased less frequently and whereby research is invested (shoes)
Question 16: How to Produce?
Answer:
The answer to the economic choice to hire more employees in order to make more products
Question 17: Business Start Up
Answer:
Businesses must be registered with state and local authorities and obtain a business license
Question 18: Financing
Answer:
Marketing function of obtaining the money needed to start and operate a business
Question 19: 4 Ways to Increase Worker Productivity
Answer:
Training, Increase Technology, Offer Financial Incentives, Increase Employee Responsibility
Question 20: Distribution
Answer:
Decisions surrounding the transportation and storage of goods from producer to consumer
Question 21: Resources
Answer:
Factors of production
Question 22: Parts
Answer:
Items that are purchased by a business to add to their own product (bottles)
Question 23: Product/Service Management
Answer:
The process of planning, improving, and/or adding to a firm's product line
Question 24: Product Promotion
Answer:
Promotion aimed at products
Question 25: Seller's Market
Answer:
Look for highest prices because the motive is to make profit
Question 26: Competition
Answer:
The struggle for customers between two or more companies
Question 27: Institutional Promotion
Answer:
Promotion aimed at the image of the business
Question 28: How Marketing Has Helped Consumers
Answer:
Lowering prices of goods through competition, Informing customers about goods and services, and Offering a wide variety of goods and services
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