ICDC Marketing Cluster Exam
Comprehensive Questions with
Verified Answers Graded A+
Elasticity - Answer: An indication of how changes in price will affect changes in the amount
demanded and supplied
Uncounted production - Answer: Goods and services that aren't sold in the marketplace, so
their value can only be estimated
Constant-sum rating acale - Answer: Scale that requires the respondent to assign a value (ex.
percentage) to the options on the questionnaire
Wage garnishment - Answer: Court-ordered initiative that involves taking income taken from an
employee's salary and submitting it to another person or organization (ex. child support or
alimony)
Affiliate marketing - Answer: Process of promoting and selling another business' products in
exchange for a sales commission
Cause marketing - Answer: Marketing that occurs when a company partners with a
non-profit/charity in a way that benefits both organizations
Exclusive dealing - Answer: When one business forbids another channel member from buying a
competitor's products
, Compensation - Answer: Pay for work completed
Traditional system - Answer: A system that requires few economic decisions (everything that is
produced is consumer and/or exchanged without using money)
Finance company - Answer: A business that purchases borrowers' contracts from sellers and
receives the borrowers' payments
Sales-finance company - Answer: Company that offers credit through car dealers, mail orders
outlets, and retailers by purchasing the borrowers' contracts
Collection letter - Answer: A type of persuasive message that many businesses writes to
customers who are delinquent in making payments on their accounts
Public accounting firm - Answer: A type of business that performs independent financial audits
for different types of business
Market system - Answer: A system in which consumers control the allocation of resources and
production according to what they are willing to buy
Tax deductions - Answer: Expenses that can be subtracted from gross income (ex. childcare)
Semantic-differential rating scale - Answer: Rating scales that is used to measure attitude
Intellectual property laws - Answer: Laws that protect intangible business assets from thinking
processed
Comprehensive Questions with
Verified Answers Graded A+
Elasticity - Answer: An indication of how changes in price will affect changes in the amount
demanded and supplied
Uncounted production - Answer: Goods and services that aren't sold in the marketplace, so
their value can only be estimated
Constant-sum rating acale - Answer: Scale that requires the respondent to assign a value (ex.
percentage) to the options on the questionnaire
Wage garnishment - Answer: Court-ordered initiative that involves taking income taken from an
employee's salary and submitting it to another person or organization (ex. child support or
alimony)
Affiliate marketing - Answer: Process of promoting and selling another business' products in
exchange for a sales commission
Cause marketing - Answer: Marketing that occurs when a company partners with a
non-profit/charity in a way that benefits both organizations
Exclusive dealing - Answer: When one business forbids another channel member from buying a
competitor's products
, Compensation - Answer: Pay for work completed
Traditional system - Answer: A system that requires few economic decisions (everything that is
produced is consumer and/or exchanged without using money)
Finance company - Answer: A business that purchases borrowers' contracts from sellers and
receives the borrowers' payments
Sales-finance company - Answer: Company that offers credit through car dealers, mail orders
outlets, and retailers by purchasing the borrowers' contracts
Collection letter - Answer: A type of persuasive message that many businesses writes to
customers who are delinquent in making payments on their accounts
Public accounting firm - Answer: A type of business that performs independent financial audits
for different types of business
Market system - Answer: A system in which consumers control the allocation of resources and
production according to what they are willing to buy
Tax deductions - Answer: Expenses that can be subtracted from gross income (ex. childcare)
Semantic-differential rating scale - Answer: Rating scales that is used to measure attitude
Intellectual property laws - Answer: Laws that protect intangible business assets from thinking
processed
