101 Marketing Terms (1-21)

Question 1

Absolute Advantage

Answer 1

Occurs when a country has special natural resources or talents that allow it to produce an item at the lowest possible costs

Question 2

Advertising

Answer 2

Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor

Question 3

Agents

Answer 3

Intermediaries who negotiate titles of goods by bringing buyers and sellers together, but do not take title of the goods

Question 4

Approach

Answer 4

Making initial contact with the customer

Question 5

Asset

Answer 5

Anything of monetary value that a person owns. The opposite of a liability

Question 6

Balance of Trade

Answer 6

The difference in value between the imports and exports of a nation

Question 7

Balance Sheet

Answer 7

A summary of a business’s assets, liabilities, and owner’s equity

Question 8

Benefits

Answer 8

Privileges or monetary payments beyond salary or wages, which go with a job

Question 9

Brand

Answer 9

A name, term, design, symbol, or combination of these things, that identifies a business or organization and the products or service that it provides

Question 10

Break-Even Point

Answer 10

The point at which sales revenue equals the costs and expenses of making and distributing a particular product

Question 11

Business Cycle

Answer 11

The continuous slowdown and growth of an economy

Question 12

Capital

Answer 12

Goods, such as equipment of processed materials, used in a production process. Also, money needed to start and operate a business

Question 13

Capitalism

Answer 13

An economic system characterized by private ownership of businesses and competition in the marketplace

Question 14

Cash Flow Statement

Answer 14

A monthly plan that shows when you anticipate cash coming into the business as well as when you plan to spend cash

Question 15

Channels of Distribution

Answer 15

The path that a product takes from producer or manufacturer to final user

Question 16

Closing the Sale

Answer 16

Getting the customer’s positive agreement to buy a product

Question 17

Communication

Answer 17

The process of exchanging information, ideas, and feelings

Question 18

Communism

Answer 18

An economic system which is run entirely by the government

Question 19

Comparative Advantage

Answer 19

The value that a nation gains by selling the goods that it produces most efficiently

Question 20

Competition

Answer 20

The struggle between businesses for the same customers

Question 21

Consumer

Answer 21

Uses a product