MP_Unit 2_Quiz Review

What term refers to tangible goods that are manufactured or further processed for sale?

• industy

• service

• products

• promotion

As businesses make money selling their products and services, what department continuously tracks the company’s expenses, profits, and liabilities to be sure they’re making a profit?

• human resources

• production

• finance

• marketing

Bradley is employed by a large company and works in the department that is considered the brain of the organization. He works alongside other engineers and scientists to develop new technologies and find ways to improve the company’s products. What department does Bradley likely work in?

• human resources

• distribution

• marketing

• research and development

Intangible products sold to consumers that cannot be stored for future use are referred to as:

• merchandise

• industries

• products

• services

Sally’s company is growing quickly, and she needs to hire more employees to help keep her business running smoothly and growing consistently. What department would be in charge of putting out job ads to fill the available and additional positions at Sally’s company?

• research and development

• human resources

• marketing

• finance

What type of companies are the foundation of any economy and include anything from small vegetable farms to large oil drilling companies that have the goal of removing raw materials for other businesses to use for their products?

• agricultural

• extractive

• promotional

• marketing

What is the process of transforming raw materials collected by extractive companies into products called?

• manufacturing

• retailing

• subcontracting

• extracting

What is the process of transforming raw materials collected by extractive companies into products called?

• wholesalers

• subcontractors

• retailers

• manufacturers

The _____ concept states that businesses should balance their corporate mission with social welfare, meaning that it is not enough that a company sells a lot and earns profits - it is also essential that it promotes society's well-being through its operations.

• societal

• selling

• product

• production

What function of marketing revolves around updating, changing, and catering products to the needs and wants of customers such as changing a smartphone design or creating thinner televisions?

• pricing

• product and service management

• distribution

• promotion