Bus 101 exam 2 UPDATED ACTUAL Exam
Questions and CORRECT Answers
B2B - CORRECT ANSWER - business to business, Businesses buy products to resell, use
in operations, or use in making other products
B2C - CORRECT ANSWER - business to consumer, End consumer
total-market approach - CORRECT ANSWER - an approach whereby a firm tries to
appeal to everyone and assumes that all buyers have similar needs
concentration approach - CORRECT ANSWER - a market segmentation approach
whereby a company develops one marketing strategy for a single market segment
multisegment approach - CORRECT ANSWER - a market segmentation approach
whereby the marketer aims its efforts at two or more segments, developing a marketing strategy
for each
4ps of marketing - CORRECT ANSWER - Product, Price, Promotion, Distribution(place)
Product - CORRECT ANSWER - A product—whether a good, a service, an idea, or some
combination—is a complex mix of tangible and intangible attributes that provide satisfaction and
benefits. A good is a physical entity you can touch.
Price - CORRECT ANSWER - a value placed on an object exchanged between a buyer
and a seller
Promotion - CORRECT ANSWER - a persuasive form of communication that attempts to
expedite a marketing exchange by influencing individuals, groups, and organizations to accept
goods, services, and ideas
, Distribution (place) - CORRECT ANSWER - making products available to customers in
the quantities desired
Assets - CORRECT ANSWER - resources owned by a business
Liabilities - CORRECT ANSWER - what a company owes - Debts
Owner's Equity - CORRECT ANSWER - Owner's equity represents the owners' claim to
the company's assets after all liabilities (debts) have been paid off. Essentially, it's the net worth
of the business or the value that belongs to the owners/shareholders. Includes: Owners'
contributions to organization.
Income earned by organization retained to finance continued growth and development.
Corporations sell stock to investors, who then become owners of firm.
Many corporations issue several different classes of common and preferred stock.
Current assets - CORRECT ANSWER - are short-term resources such as cash,
investments, accounts receivable, and inventory
Current Liabilities - CORRECT ANSWER - are short-term debts such as accounts
payable, accrued salaries, accrued taxes, and short-term bank loans
lockbox - CORRECT ANSWER - an address usually a commercial bank, at which a
company receives payments in order to speed collections from customers.
long-term (fixed) assets - CORRECT ANSWER - production facilities (plants), offices,
and equipment - all of which are expected to last for many years
long-term liabilities - CORRECT ANSWER - debts that will be repaid over a number of
years, such as long-term loans and bond issues
Questions and CORRECT Answers
B2B - CORRECT ANSWER - business to business, Businesses buy products to resell, use
in operations, or use in making other products
B2C - CORRECT ANSWER - business to consumer, End consumer
total-market approach - CORRECT ANSWER - an approach whereby a firm tries to
appeal to everyone and assumes that all buyers have similar needs
concentration approach - CORRECT ANSWER - a market segmentation approach
whereby a company develops one marketing strategy for a single market segment
multisegment approach - CORRECT ANSWER - a market segmentation approach
whereby the marketer aims its efforts at two or more segments, developing a marketing strategy
for each
4ps of marketing - CORRECT ANSWER - Product, Price, Promotion, Distribution(place)
Product - CORRECT ANSWER - A product—whether a good, a service, an idea, or some
combination—is a complex mix of tangible and intangible attributes that provide satisfaction and
benefits. A good is a physical entity you can touch.
Price - CORRECT ANSWER - a value placed on an object exchanged between a buyer
and a seller
Promotion - CORRECT ANSWER - a persuasive form of communication that attempts to
expedite a marketing exchange by influencing individuals, groups, and organizations to accept
goods, services, and ideas
, Distribution (place) - CORRECT ANSWER - making products available to customers in
the quantities desired
Assets - CORRECT ANSWER - resources owned by a business
Liabilities - CORRECT ANSWER - what a company owes - Debts
Owner's Equity - CORRECT ANSWER - Owner's equity represents the owners' claim to
the company's assets after all liabilities (debts) have been paid off. Essentially, it's the net worth
of the business or the value that belongs to the owners/shareholders. Includes: Owners'
contributions to organization.
Income earned by organization retained to finance continued growth and development.
Corporations sell stock to investors, who then become owners of firm.
Many corporations issue several different classes of common and preferred stock.
Current assets - CORRECT ANSWER - are short-term resources such as cash,
investments, accounts receivable, and inventory
Current Liabilities - CORRECT ANSWER - are short-term debts such as accounts
payable, accrued salaries, accrued taxes, and short-term bank loans
lockbox - CORRECT ANSWER - an address usually a commercial bank, at which a
company receives payments in order to speed collections from customers.
long-term (fixed) assets - CORRECT ANSWER - production facilities (plants), offices,
and equipment - all of which are expected to last for many years
long-term liabilities - CORRECT ANSWER - debts that will be repaid over a number of
years, such as long-term loans and bond issues
