Electronic Commerce Chapter 6 UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Apps - CORRECT ANSWER - Application software that is sold for use on mobile phones
ascending-price auction - CORRECT ANSWER - A type of auction in which bidders
publicly announce their successively higher bids until no higher bid is forthcoming; also called
an English auction
auction consignment services - CORRECT ANSWER - companies that take an item and
create an online auction for that item, handle the transaction, and remit the balance of the
proceeds after deducting a fee. These services are performed on behalf of people and small
businesses who want to use an online auction but do not have the skills or the time to become the
seller.
auctuineer - CORRECT ANSWER - the person who manages the auction
bidders - CORRECT ANSWER - A potential buyer at an auction; one who places bids
bids - CORRECT ANSWER - an offer of a certain price made on an item that is up for
auction
bulletin board systems (BBS) - CORRECT ANSWER - computers that allow users to
connect through modems (using dial-up connections through telephone lines) to read and post
messages in a common area
consumer-to-business - CORRECT ANSWER - AN industry term for electronic commerce
that occurs in general consumer auctions; bidders at a general consumer auction might be
businesses
, crowd funding site - CORRECT ANSWER - Also called a crowdsourcing site, a social
networking site that allows users to solicit investments or contributions from other users
descending-price auctions - CORRECT ANSWER - synonymous with Dutch auction,
which is an open auction in which bidding starts at a high price and drops until a bidder accepts
the price
double auction - CORRECT ANSWER - A type of auction in which buyers and sellers
each submit combines price-quantity bids to an auctioneer. The auctioneer matches the sellers'
offers (starting with the lowest price, then going up) to the buyer's offers (starting with the
highest price, then going down) until all of the quantities are sold
Dutch auction - CORRECT ANSWER - A form of open auction in which bidding starts at
a high price and drops until a bidder accepts a price
English auction - CORRECT ANSWER - A type of auction in which bidders publicly
announce their successively higher bids until no bid is forthcoming
Escrow service - CORRECT ANSWER - An independent third party who holds an auction
buyers' payment until the buyer receives the purchased item and is satisfied that it is what the
seller represented it to be
first-price sealed bid auction - CORRECT ANSWER - A type of auction in which bidders
submit their bids. Independently and privately, with the highest bidder, winning the auction
group purchasing site (group shopping site) - CORRECT ANSWER - A type of auction
Web site that negotiates with a seller to obtain lower prices on an item as individual buyers enter
bids on that item
idea-based social media - CORRECT ANSWER - A Web site that creates communities
based on the connections between ideas
ACTUAL Exam Questions and CORRECT
Answers
Apps - CORRECT ANSWER - Application software that is sold for use on mobile phones
ascending-price auction - CORRECT ANSWER - A type of auction in which bidders
publicly announce their successively higher bids until no higher bid is forthcoming; also called
an English auction
auction consignment services - CORRECT ANSWER - companies that take an item and
create an online auction for that item, handle the transaction, and remit the balance of the
proceeds after deducting a fee. These services are performed on behalf of people and small
businesses who want to use an online auction but do not have the skills or the time to become the
seller.
auctuineer - CORRECT ANSWER - the person who manages the auction
bidders - CORRECT ANSWER - A potential buyer at an auction; one who places bids
bids - CORRECT ANSWER - an offer of a certain price made on an item that is up for
auction
bulletin board systems (BBS) - CORRECT ANSWER - computers that allow users to
connect through modems (using dial-up connections through telephone lines) to read and post
messages in a common area
consumer-to-business - CORRECT ANSWER - AN industry term for electronic commerce
that occurs in general consumer auctions; bidders at a general consumer auction might be
businesses
, crowd funding site - CORRECT ANSWER - Also called a crowdsourcing site, a social
networking site that allows users to solicit investments or contributions from other users
descending-price auctions - CORRECT ANSWER - synonymous with Dutch auction,
which is an open auction in which bidding starts at a high price and drops until a bidder accepts
the price
double auction - CORRECT ANSWER - A type of auction in which buyers and sellers
each submit combines price-quantity bids to an auctioneer. The auctioneer matches the sellers'
offers (starting with the lowest price, then going up) to the buyer's offers (starting with the
highest price, then going down) until all of the quantities are sold
Dutch auction - CORRECT ANSWER - A form of open auction in which bidding starts at
a high price and drops until a bidder accepts a price
English auction - CORRECT ANSWER - A type of auction in which bidders publicly
announce their successively higher bids until no bid is forthcoming
Escrow service - CORRECT ANSWER - An independent third party who holds an auction
buyers' payment until the buyer receives the purchased item and is satisfied that it is what the
seller represented it to be
first-price sealed bid auction - CORRECT ANSWER - A type of auction in which bidders
submit their bids. Independently and privately, with the highest bidder, winning the auction
group purchasing site (group shopping site) - CORRECT ANSWER - A type of auction
Web site that negotiates with a seller to obtain lower prices on an item as individual buyers enter
bids on that item
idea-based social media - CORRECT ANSWER - A Web site that creates communities
based on the connections between ideas
