BUSINESS 201 FINAL EXAM QUESTIONS WITH
ACCURATE ANSWERS
6 Steps of Marketing Research correct answer 1. Define the problem
2. Make a preliminary investigation
3. Plan the research
4. Gather factual information
5. Interpret the information
6. Reach a conclusion
Accounting Equation correct answer Assets = Liabilities + Owners' equity
Balance Sheet correct answer a summary of the dollar amounts of a firm's assets,
liabilities, and owners' equity accounts at the end of a specific accounting period
Benefits of Branding correct answer •Brand recognition—customers are aware
that the brand exists and will purchase it
•if their preferred or familiar brands are unavailable (weakest form)
•Brand preference—customer prefers one brand over competing brands
•Brand insistence—customers will not buy substitutes (strongest and least
common form)
•Brand awareness—buyers are more likely to select a familiar brand
, •Brand association—connect to a personality type or lifestyle
•Perceived brand quality—customers are unable to judge for themselves the
quality of a product
•Brand loyalty—reduces both a brand's vulnerability to competitors and the need
to spend tremendous resources to attract new customers
Brand Loyalty correct answer extent to which a customer is favorable toward
buying a specific brand
Bundle pricing correct answer packaging together two or more complementary
products and selling them for a single price
Business Buying Behavior correct answer purchasing of products by producers,
resellers, governmental units, and institutions
Buying Behavior correct answer decisions and actions of people involved in
buying and using products
Captive Pricing correct answer pricing the basic product in a product line low, but
pricing related items at a higher level (ex. printer and printer ink)
Comparison Discounting correct answer setting a price at a specific level and
comparing it with a higher price
ACCURATE ANSWERS
6 Steps of Marketing Research correct answer 1. Define the problem
2. Make a preliminary investigation
3. Plan the research
4. Gather factual information
5. Interpret the information
6. Reach a conclusion
Accounting Equation correct answer Assets = Liabilities + Owners' equity
Balance Sheet correct answer a summary of the dollar amounts of a firm's assets,
liabilities, and owners' equity accounts at the end of a specific accounting period
Benefits of Branding correct answer •Brand recognition—customers are aware
that the brand exists and will purchase it
•if their preferred or familiar brands are unavailable (weakest form)
•Brand preference—customer prefers one brand over competing brands
•Brand insistence—customers will not buy substitutes (strongest and least
common form)
•Brand awareness—buyers are more likely to select a familiar brand
, •Brand association—connect to a personality type or lifestyle
•Perceived brand quality—customers are unable to judge for themselves the
quality of a product
•Brand loyalty—reduces both a brand's vulnerability to competitors and the need
to spend tremendous resources to attract new customers
Brand Loyalty correct answer extent to which a customer is favorable toward
buying a specific brand
Bundle pricing correct answer packaging together two or more complementary
products and selling them for a single price
Business Buying Behavior correct answer purchasing of products by producers,
resellers, governmental units, and institutions
Buying Behavior correct answer decisions and actions of people involved in
buying and using products
Captive Pricing correct answer pricing the basic product in a product line low, but
pricing related items at a higher level (ex. printer and printer ink)
Comparison Discounting correct answer setting a price at a specific level and
comparing it with a higher price
