CPAS PRACTICE EXAM 1 questions
well answered
What is the business philosophy, or view, that allows, a business to make a profit by focusing on
customer satisfaction? - correct answer ✔✔ Marketing Concept
Which of the following is a consideration in the place element of marketing? - correct answer
✔✔ Choice of Distribution Channels
The study of how to meet unlimited demands (wants) with limited supplies (resources) is: -
correct answer ✔✔ Economics
The process or activity of using goods is called: - correct answer ✔✔ Consumption
An important economic concept that determines what will be produced, how it will be
produced, and who will purchase this product is called: - correct answer ✔✔ Supply and
Demand
The dollar value of all final goods and services produced in the nation in a single year is called: -
correct answer ✔✔ Gross Domestic Product
What are the four P's in the marketing mix? - correct answer ✔✔ Product, Place, Price, and
Promotion
What function is concerned with making decisions about investments? - correct answer ✔✔
Financing
, The direction or flow in which the economy is moving is called a: - correct answer ✔✔ Trend
Examining or studying the nature of customer want for products/services in relation to the
market is: - correct answer ✔✔ Demand Analysis
If you were going to select a target market for a product based on demographic information,
which of the following would you NOT consider? - correct answer ✔✔ A. Race
B. Gender
C. Age
D. Attitude (answer)
The 46 million Americans born between 1971-1982 are known as: - correct answer ✔✔
Generation X
What stage of a product's life cycle do sales peak and then begin to level off and decline while
profit margins narrow? - correct answer ✔✔ Maturity
A new promotional campaign resulted in an increase in the demand for milk. How will milk
producers most likely react to this situation? - correct answer ✔✔ They will increase the
production of milk
Signs or signals used to determine trends in the economy are called: - correct answer ✔✔
Economic Indicators
Using the formulas given below, calculate the breakeven points for the following scenario: A
company sells curio cabinets for $100.00 each. Using a variable cost of $50.00 per cabinet, a
contribution cost of $50.00 per unit, and a fixed cost of $200,000.00, what is the firm's
breakeven point in units and in dollars?
Breakeven point = total fixed costs_____
well answered
What is the business philosophy, or view, that allows, a business to make a profit by focusing on
customer satisfaction? - correct answer ✔✔ Marketing Concept
Which of the following is a consideration in the place element of marketing? - correct answer
✔✔ Choice of Distribution Channels
The study of how to meet unlimited demands (wants) with limited supplies (resources) is: -
correct answer ✔✔ Economics
The process or activity of using goods is called: - correct answer ✔✔ Consumption
An important economic concept that determines what will be produced, how it will be
produced, and who will purchase this product is called: - correct answer ✔✔ Supply and
Demand
The dollar value of all final goods and services produced in the nation in a single year is called: -
correct answer ✔✔ Gross Domestic Product
What are the four P's in the marketing mix? - correct answer ✔✔ Product, Place, Price, and
Promotion
What function is concerned with making decisions about investments? - correct answer ✔✔
Financing
, The direction or flow in which the economy is moving is called a: - correct answer ✔✔ Trend
Examining or studying the nature of customer want for products/services in relation to the
market is: - correct answer ✔✔ Demand Analysis
If you were going to select a target market for a product based on demographic information,
which of the following would you NOT consider? - correct answer ✔✔ A. Race
B. Gender
C. Age
D. Attitude (answer)
The 46 million Americans born between 1971-1982 are known as: - correct answer ✔✔
Generation X
What stage of a product's life cycle do sales peak and then begin to level off and decline while
profit margins narrow? - correct answer ✔✔ Maturity
A new promotional campaign resulted in an increase in the demand for milk. How will milk
producers most likely react to this situation? - correct answer ✔✔ They will increase the
production of milk
Signs or signals used to determine trends in the economy are called: - correct answer ✔✔
Economic Indicators
Using the formulas given below, calculate the breakeven points for the following scenario: A
company sells curio cabinets for $100.00 each. Using a variable cost of $50.00 per cabinet, a
contribution cost of $50.00 per unit, and a fixed cost of $200,000.00, what is the firm's
breakeven point in units and in dollars?
Breakeven point = total fixed costs_____
