Marketing Essentials

Chapter 5: The Free Enterprise System

Self-Checks

1
Which statement best describes free enterprise?
A)A system that encourages people to start and operate their own businesses
B)A system where the marketplace determines prices
C)A system where people are free to own personal property
D)All of the above
2
What is an advantage of free enterprise?
A)Freedom to do as you want with no legal restrictions
B)Possibility of making profits
C)No restrictions on business
D)No competition
3
The functions of business are
A)Production, marketing, management, and finance
B)Marketing and finance
C)For-profit and nonprofit
D)None of the above
4
What are the “rights” of merchandising?
A)The right goods
B)The right time and place
C)The right price and the right amount
D)All of the above
5
What is a nonprofit organization
A)An organization that cannot make a profit
B)An organization that cannot generate income
C)An organization that has no employee on payroll
D)An organization that functions like a business, but reinvests the money it makes in the cause it supports
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