Question

1. You should create your total product or service concept early on.

Select one:

True

False

2. There is no single, perfect method of establishing a promotional budget because it is both an art and science.

Select one:

True

False

3. The essence of selling is teaching.

Select one:

True

False

4. Asking the right questions is optional during a sales call or presentation.

Select one:

True

False

5. A successful business is built upon repeat customers.

Select one:

True

False

6. It is wise to keep a reserve equal to one-fourth of the start-up investment.

Select one:

True

False

7. Inflation is not a problem for most businesses because you can simply raise your prices to compensate.

Select one:

True

False

8. Keeping good records will show how to make a business more profitable, will document business profitability/cash position, and prove that payments have been made.

Select one:

True

False

9. The power of the income statement is that it will tell you whether you are fulfilling the formula of buying low, selling high, and meeting customer needs.

Select one:

True

False

10. Debt ratios show the relationship between debts and equity.

Select one:

True

False

11. Operating-efficiency ratios are important to a business. They include collection- period, debt period, and inventory turnover.

Select one:

True

False

12. Cash flow is the lifeblood of a business.

Select one:

True

False

13. The cash flow statement is: cash flow = cash on hand + credit and cash sales – cash disbursements.

Select one:

True

False

14. Both cash inflows and outflows can be managed to control overall cash flow.

Select one:

True

False

15. Factoring is the selling of a business’ accounts receivables at a discount to a finance company called a factor in exchange for immediate cash.

Select one:

True

false

Answer 1

1.True.Total product or service concept is a way of viewing a product as the totality of value and benefits it provides to the customer. Products are offered to the market to be an answer to the customer's problem of an unsatisfied need or want. A salesperson should be well versed with product concept to make a successful sale.

2. True Creating the marketing budget is as much an art as a science. It starts with mapping business goals to marketing goals, then identifying the programs to support those goals. With programs defined, you need to develop the technology budget to support upcoming marketing programs, while at the same time laying the foundation for the next three to five years. Incremental, activity-based, value proposition, and zero-based are four budgeting methods each have their own advantages and challenges.

3. True. The art of selling is teaching. You got to teach the customer how features are benefits and ultimately convince him to buy the product as it will be beneficial for him.

4.False. Asking the right questions is not optional but necessary during a sales call or presentation. It is necessary to get proper information about requirements of prospect and then selling the product or service matching his requirements.