Business 101 Final Exam - University of Tampa (Ch.
10-13) questions with verified answers
4 P's (marketing mix) Ans✓✓✓PRODUCT
PROMOTION
PRICE
PLACE (distribution)
5 goals of the operations management: Ans✓✓✓1. Provide customers
with what they want.
2. Ensure products/services are available when customers want them and
the products/services are in the quantity they demanded.
3. Ensure products/services are available when the customers want them
4. Meet customers quality standards
5. Appropriately design facilities for the operations of a business.
acceptance sampling Ans✓✓✓a major component of quality control
and is useful when the cost of testing is high compared to the cost of
passing a defective item or when testing is destructive. It is a
compromise between doing 100% inspection and no inspection at all.
advertising (defined by the AMA) Ans✓✓✓"The placement of
announcements and persuasive messages in time or space purchase in
any of the mass media by business firms, nonprofits, government
agencies, and individuals who seek to inform and persuade members of
a particular target market or audience about their products, services,
organizations, or ideas"
,brand Ans✓✓✓represents the totality of that which an organization
delivers to its customers
brand mark Ans✓✓✓the symbol or design associated with the brand
brand name Ans✓✓✓the spoken part of the brand
budgets Ans✓✓✓used by firms as a roadmap to guide the activities of
the firm. shows how the firm plans to allocate its financial assets to
achieve the forecasted goals and objectives.
business buyers Ans✓✓✓purchase products with the intention of either
using that product in the production of another product or reselling it for
a profit.
business-to-business (B2B) Ans✓✓✓transaction that occurs when a
business sells products to another business.
business-to-consumer (B2C) Ans✓✓✓when a business sells products to
consumers.
buyers / procurement officers Ans✓✓✓individuals who perform similar
tasks within organizations. these employees work with potential
suppliers to evaluate the prices of various inputs to production relative to
the value that alternatives provide.
, buying center Ans✓✓✓is an informal group of individuals that,
together, make a business buying decision
cannibalization Ans✓✓✓occurs when a business experiences an
unintended reduction in sales of one product due to its introduction of
another similar product
capital budgets Ans✓✓✓aid in decisions related to the purchase of
long-term assets that usually involve high-dollar expenditures.
cash flow budgets Ans✓✓✓show cash flow surpluses and shortfalls
over shorter time periods such as one to three months into the future
based on the current planned operating and financing activities of the
firm.
cash flow forecast Ans✓✓✓a prediction of the amount of money that is
expected to be coming into the company and the amount of money that
the company expects to have to pay out.
cash flow not profits Ans✓✓✓financial managers recognize that "cash
pays the bills, not profits."
channel structure Ans✓✓✓a strategic choice by a business; a producer
selects the channel of distribution that helps to bed accomplish its
marketing objectives.
10-13) questions with verified answers
4 P's (marketing mix) Ans✓✓✓PRODUCT
PROMOTION
PRICE
PLACE (distribution)
5 goals of the operations management: Ans✓✓✓1. Provide customers
with what they want.
2. Ensure products/services are available when customers want them and
the products/services are in the quantity they demanded.
3. Ensure products/services are available when the customers want them
4. Meet customers quality standards
5. Appropriately design facilities for the operations of a business.
acceptance sampling Ans✓✓✓a major component of quality control
and is useful when the cost of testing is high compared to the cost of
passing a defective item or when testing is destructive. It is a
compromise between doing 100% inspection and no inspection at all.
advertising (defined by the AMA) Ans✓✓✓"The placement of
announcements and persuasive messages in time or space purchase in
any of the mass media by business firms, nonprofits, government
agencies, and individuals who seek to inform and persuade members of
a particular target market or audience about their products, services,
organizations, or ideas"
,brand Ans✓✓✓represents the totality of that which an organization
delivers to its customers
brand mark Ans✓✓✓the symbol or design associated with the brand
brand name Ans✓✓✓the spoken part of the brand
budgets Ans✓✓✓used by firms as a roadmap to guide the activities of
the firm. shows how the firm plans to allocate its financial assets to
achieve the forecasted goals and objectives.
business buyers Ans✓✓✓purchase products with the intention of either
using that product in the production of another product or reselling it for
a profit.
business-to-business (B2B) Ans✓✓✓transaction that occurs when a
business sells products to another business.
business-to-consumer (B2C) Ans✓✓✓when a business sells products to
consumers.
buyers / procurement officers Ans✓✓✓individuals who perform similar
tasks within organizations. these employees work with potential
suppliers to evaluate the prices of various inputs to production relative to
the value that alternatives provide.
, buying center Ans✓✓✓is an informal group of individuals that,
together, make a business buying decision
cannibalization Ans✓✓✓occurs when a business experiences an
unintended reduction in sales of one product due to its introduction of
another similar product
capital budgets Ans✓✓✓aid in decisions related to the purchase of
long-term assets that usually involve high-dollar expenditures.
cash flow budgets Ans✓✓✓show cash flow surpluses and shortfalls
over shorter time periods such as one to three months into the future
based on the current planned operating and financing activities of the
firm.
cash flow forecast Ans✓✓✓a prediction of the amount of money that is
expected to be coming into the company and the amount of money that
the company expects to have to pay out.
cash flow not profits Ans✓✓✓financial managers recognize that "cash
pays the bills, not profits."
channel structure Ans✓✓✓a strategic choice by a business; a producer
selects the channel of distribution that helps to bed accomplish its
marketing objectives.
