Test Answers on Sales Flashcards

question Why study conflict? answer Conflict is natural and inevitable, so it is worth studying so that you can learn how to deal with it positively and effectively. question What are the benefits of learning effective skills in conflict? answer Improvement in mental health–your own and others’ Long-term satisfaction in your family, your relationships and […]

question Perception answer Defined as the process by which an individual selects, organizes, and interprets stimuli into a meaningful and coherent picture of the world. How we see the world around us; created by each person’s own needs, values, and expectations. 1. physical stimulus 2. functional factors 3. contextual factors i. physical stimuli ii. previous […]

question Consumer Decision answer an image of an individual carefully evaluating the attributes of a set of products, brands or services and rationally selecting the one that solves a clearly recognized need for the least cost. question Brand Loyal Purchases answer fairly high product involvement low purchase involvement. (Nominal Decision Making) question Repeat Purchases answer […]

question Secondary Information answer Information already collected for some other purpose other than the present research. Saves time and money; provides a sounder starting point and sometimes even answers the full question. However, it could also be categorized differently than what they might have picked. A) Internal secondary data B) External secondary data question Primary […]

question Innovations are a. created only out of a sense of public service. b. critical to sales and future growth. c. only important for services. d. only important for products. e. important primarily when the economy is expanding. answer b. critical to sales and future growth. question Something that is perceived as new by consumers […]

question on the supply side of the business, aggregate planning is done by: answer product families question long-range planning activities are: answer 1. designing the logistics activities that deliver products to the customer. 2. designing the manufacturing and service processes that produce the products of the firm. question subcontracting production is similar to a ______ […]

question Sales and operations planning (S&OP) answer A process for coordinating supply and demand. question Aggregate refers to? answer Sales and operations planning for product lines or families. question For services, capacity is often limited by? answer Space Ex: hotel room, Seats on an airplane. question What are the two objectives to sales and operations […]

question Review of the Sales Cycle answer Prospecting Preapproach Approach Needs Discovery Presentation Handling Objections Closing the Sale Customer Service After the Sale question Needs Discovery answer (Identifying Needs) Selecting possible solution(s) Asking Questions Listening Probing Need discovery is more important than any other step in the sales cycle Plan your questions in sequence to […]

question Contracts for the sale or lease of goods is governed by . . . answer Statutory law and the UCC question article 2 of UCC answer sets forth requirements for sales contracts or the sales of goods question Article 2A answer covers issues for lease contracts question Sale and Goods answer To constitute as […]

question A process to develop tactical plans by integrating marketing plans for new and existing products with the management of the supply chain; brings together all the plans for the business into one set of integrated plans. answer Sales & Operations Planning question Sales and operations planning is a _____________ plan, residing between the detailed […]

question Auction answer Buyer bids on item question Barter answer exchange of goods. question Bulk Transfer answer All or a major part of a business is sold. question Cash and Carry Sales answer Pay cash and take immediate delivery question COD Sales answer Collect on delivery question Delivery answer Buyer possesses or has control of […]

question consultative selling answer an approach to personal selling that is an extension of the marketing concept. Emphasis is placed on need identification, need satisfaction, and the building of relationship that results in repeat business. question integrity answer the quality of being honest and having good moral principles. question psychic income answer consists of factors […]

question Sales and operations planning is an aggregate planning process that determines the capacity needed to meet immediate demand. answer Ans: False question Implementing a companywide game plan for allocating resources addresses the long-standing battle between operations and finance. answer Ans: False question An economic strategy for adjusting demand can include adjusting capacity or managing […]

question Steps in Sales Process answer 1. Prospecting 2. Preapproach 3. Approach 4. Needs Discovery 5. Presentation 6. Handling Objections 7. Close the Sale 8. Post-Sale Customer Service question Approach answer First initial contact with prospect (Potential Customer) **Not always face-face contact question Approach Objectives answer 1. Make a good first impression 2. Secure Attention […]

question Which function or department records a sale in the sales journal? A. Warehouse B. Sales department C. Billing department D. Inventory control answer Billing department question Which functions should be segregated? A. Picking goods from the warehouse shelves and updating the inventory subsidiary ledger B. Authorized credit and determining reorder quantities C. Billing customers […]

question Goods answer Any moveable physical object. question Merchant answer Someone who routinely deals in the particular goods involved. question UCC Statute of Frauds answer The UCC requires a writing for any sales of goods priced $500 or more. question Additional Terms answer Raise issues not covered in the offer. question Different Terms answer Contradict […]

question Purchase Order answer This document is sent by the a buyer to the seller. this document sets out the details goods or services required by the buyer. question Sales invoice answer Central document involved in a credit sale prepared by the seller for the buyer. This document sets out the details of the goods […]

question Market Comparison answer (Market Data) In the sales comparison approach the appraiser analyzes data from actual market transactions involving properties similar to the subject property (referred to as comparable sales). First, the appraiser chooses appropriate transactions, then she identifies the differences that exist between the subject property and the comparable properties, and finally, she […]

question One of your prospects is reviewing a quote you have provided and will be making a decision to either accept or revise your offer. You need to reflect the prospect’s response by setting the quote status. Which two options can you use to achieve this goal? Each correct answer presents a complete solution. A. […]

question 1. Which of the following are policies or guidelines established to note where restrictions or changes in operating procedures take place? a. Time fences b. Planning periods c. Planning horizon d. Bottleneck management answer Answer: A Explanation: The time fences bound the frozen, slushy and liquid periods. Each of these period will have different […]

question CVP Assumptions answer 1. selling price is constant 2. Costs are linear 3. Product mix remains constant question Contribution Margin answer Amount of money left over to cover fixed expenses (sales less variable costs) question Breakeven Point – Definition answer The point at which the company’s profit is 0. question Profit Formula answer (sales […]