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Sports Marketing ch. 3 Review

Quiz by Ramsey Dolesh

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19 questions
Show answers
  • Q1
    An activity that will produce money is called a(n)
    revenue stream
    possession utility
    profit motive
    economic utility
    30s
  • Q2
    When the physical characteristics of a product or service are improved, it is called possession utility.
    False
    True
    30s
  • Q3
    The __________ shows assets, liabilities, and net worth.
    balance sheet
    income statement
    purchases journal
    check register
    30s
  • Q4
    __________ is the possibility of financial gain, loss, or personal injury.
    Insurance
    Risk
    Utility
    Profit
    30s
  • Q5
    The amount of satisfaction that people believe they receive from the entertainment is referred to as
    time utility
    place utility
    economic utility
    form utility
    30s
  • Q6
    Ethical behavior involves
    always making decisions that produce the greatest financial profits
    all of the above
    making easy routine decisions
    acting in a mature, responsible manner
    30s
  • Q7
    When a business does not make enough revenue to cover expenses, it operates at a profit.
    True
    False
    30s
  • Q8
    Venture capital is financing provided to start a company in return for owning part of the company.
    False
    True
    30s
  • Q9
    __________ are a system of deciding what is right or wrong in a reasoned and impartial manner.
    Ethics
    Economics
    Risk retention
    Character
    30s
  • Q10
    The rules and codes of conduct on which ethical behavior is based are referred to as __________.
    forecast
    ethics
    liable
    principles
    30s
  • Q11
    When a business is legally responsible for losses suffered by an injured person, it is said to be
    risk averse
    ehtical
    avoiding risk
    liable
    30s
  • Q12
    Risks can be classified as controllable, insurable, and involving gain or loss.
    False
    True
    30s
  • Q13
    Risk retention involves
    assuming the cost of an uninsurable risk
    stopping the activity that involves the risk of loss
    buying insurance
    the possibility of loss or gain
    30s
  • Q14
    Bringing a new professional team to a major city is an example of a(n)
    controllable risk
    uncontrollable risk
    insurable risk
    speculative risk
    30s
  • Q15
    The greatest reason for being in business is
    the profit motive
    the lack of competition
    the tax write off
    the challenge
    30s

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