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Test Bank for Marketing An Introduction, 15th edition By Gary Armstrong, Philip Kotler
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TEST BANK FORMarketing An Introduction, 15th edition By Gary Armstrong, Philip Kotler
Chapter 1-16
I’ll expand on the topics related to "Taxation of Business Entities," providing a more detailed exploration. This overview will cover fundamental concepts, applications, and implications relevant to the study of business
taxation.---### Overview of Business Entities#### 1. Types of Business EntitiesBusiness entities can be categorized based on ownership structure and tax treatment. Understanding these types is crucial for determining tax
obligations and benefits.- **Sole Proprietorships**: - Owned by a single individual, this is the simplest form of business entity. Income is reported on the owner’s personal tax return (Form 1040, Schedule C), which
simplifies tax filing but also means personal liability for debts and obligations.- **Partnerships**: - Consisting of two or more individuals, partnerships do not pay federal income taxes. Instead, they are considered pass-
through entities, meaning income is taxed at the partners' individual rates. Form 1065 is used to report partnership income, while partners receive Schedule K-1 to report their share on their returns.- **Corporations**: -
Corporations are separate legal entities that provide limited liability protection to their owners (shareholders). C-Corporations face double taxation: once at the corporate level on profits and again at the individual level
when dividends are distributed. S-Corporations, on the other hand, are pass-through entities but have restrictions on ownership and number of shareholders.- **Limited Liability Companies (LLCs)**: - LLCs combine the
flexibility of partnerships with the liability protection of corporations. An LLC can choose to be taxed as a sole proprietorship, partnership, or corporation, allowing for strategic tax planning. ### 2. Tax Implications of Each
Entity TypeUnderstanding the tax implications of each entity type is critical for effective business planning.- **Sole Proprietorships**: - Income is taxed at the owner’s individual tax rate. All profits and losses are reported
on the owner’s tax return. This simplicity, however, can expose owners to significant personal risk.- **Partnerships**: - Each partner reports their share of income and losses on their personal returns, allowing for loss
deductions. Partners are also subject to self-employment taxes on their share of the income, which can significantly impact tax liability.- **Corporations**: - C-Corporations are taxed at the corporate tax rate (currently
21%). Dividends are taxed again at the shareholder level. S-Corporations avoid double taxation, but there are restrictions on the number and type of shareholders.- **Limited Liability Companies (LLCs)**: - By default,
single-member LLCs are treated as sole proprietorships for tax purposes, while multi-member LLCs are treated as partnerships. However, they can elect to be taxed as a corporation if beneficial.### Key Tax Concepts####
1. Income RecognitionIncome recognition is a fundamental principle in taxation, determining when income must be reported.- **Cash vs. Accrual Accounting**: - Businesses can choose between cash and accrual methods.
Cash accounting recognizes income when received and expenses when paid, making it straightforward. Accrual accounting recognizes income when earned and expenses when incurred, aligning revenue with the period it
relates to, but can complicate cash flow management.#### 2. DeductionsDeductions reduce
Chapter 1 Marketing: Creating Customer Value and Engagement
1) Marketing, more than any other business function, deals with .
A) customers
B) sales
C) advertising
D) new products
E) brands
Answer: A
Diff: 1
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Application of knowledge
2) According to the five-step model of the marketing process, the first step in marketing is
.
A) capturing value from customers to create profits and customer equity
B) constructing an integrated marketing program that delivers superior value
C) engaging customers, building profitable relationships, and creating customer delight
D) understanding the marketplace and customer needs and wants
E) designing a customer-driven marketing strategy
Answer: D
Diff: 2
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Analytical thinking
3) According to the five-step model of the marketing process, the final step in marketing is
.
A) capturing value from customers to create profits and customer equity
B) constructing an integrated marketing program that delivers superior value
C) engaging customers, building profitable relationships, and creating customer delight
D) understanding the marketplace and customer needs and wants
E) designing a customer-driven marketing strategy
Answer: A
Diff: 2
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Analytical thinking
1
, 4) For marketing to be effective, it must .
A) create a buying experience
B) help people connect with the people in their lives
C) create customer value
D) develop a culture of warmth and belonging
E) deliver high quality products
Answer: C
Diff: 3
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Analytical thinking
5) A good definition of marketing is "telling and selling."
Answer: FALSE
Diff: 1
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Analytical thinking
I’ll expand on the topics related to "Taxation of Business Entities," providing a more detailed exploration. This overview will cover fundamental concepts, applications, and implications relevant to the study of business taxation.---###
Overview of Business Entities#### 1. Types of Business EntitiesBusiness entities can be categorized based on ownership structure and tax treatment. Understanding these types is crucial for determining tax obligations and benefits.- **Sole
Proprietorships**: - Owned by a single individual, this is the simplest form of business entity. Income is reported on the owner’s personal tax return (Form 1040, Schedule C), which simplifies tax filing but also means personal liability for
debts and obligations.- **Partnerships**: - Consisting of two or more individuals, partnerships do not pay federal income taxes. Instead, they are considered pass-through entities, meaning income is taxed at the partners' individual rates.
Form 1065 is used to report partnership income, while partners receive Schedule K-1 to report their share on their returns.- **Corporations**: - Corporations are separate legal entities that provide limited liability protection to their owners
(shareholders). C-Corporations face double taxation: once at the corporate level on profits and again at the individual level when dividends are distributed. S-Corporations, on the other hand, are pass-through entities but have restrictions on
ownership and number of shareholders.- **Limited Liability Companies (LLCs)**: - LLCs combine the flexibility of partnerships with the liability protection of corporations. An LLC can choose to be taxed as a sole proprietorship,
partnership, or corporation, allowing for strategic tax planning. ### 2. Tax Implications of Each Entity TypeUnderstanding the tax implications of each entity type is critical for effective business planning.- **Sole Proprietorships**: -
Income is taxed at the owner’s individual tax rate. All profits and losses are reported on the owner’s tax return. This simplicity, however, can expose owners to significant personal risk.- **Partnerships**: - Each partner reports their share of
income and losses on their personal returns, allowing for loss deductions. Partners are also subject to self-employment taxes on their share of the income, which can significantly impact tax liability.- **Corporations**: - C-Corporations are
taxed at the corporate tax rate (currently 21%). Dividends are taxed again at the shareholder level. S-Corporations avoid double taxation, but there are restrictions on the number and type of shareholders.- **Limited Liability Companies
(LLCs)**: - By default, single-member LLCs are treated as sole proprietorships for tax purposes, while multi-member LLCs are treated as partnerships. However, they can elect to be taxed as a corporation if beneficial.### Key Tax
Concepts#### 1. Income RecognitionIncome recognition is a fundamental principle in taxation, determining when income must be reported.- **Cash vs. Accrual Accounting**: - Businesses can choose between cash and accrual methods.
Cash accounting recognizes income when received and expenses when paid, making it straightforward. Accrual accounting recognizes income when earned and expenses when incurred, aligning revenue with the period it relates to, but can
complicate cash flow management.#### 2. DeductionsDeductions reduce
6) Marketing is primarily concerned with engaging customers and secondarily with managing
profitable customer relationships.
Answer: FALSE
Diff: 2
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Analytical thinking
7) The final step in the marketing process is capturing customer value in the form of profits and
customer equity.
Answer: TRUE
Diff: 1
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Application of knowledge
8) What is marketing? Briefly describe the marketing process.
Answer: Marketing can be defined as the process by which companies create value for customers
and build strong customer relationships in order to capture value from customers in return. The
marketing process consists of five steps. In the first four steps, companies work to understand
consumers, create customer value, and build strong customer relationships. In the final step,
companies reap the rewards of creating superior customer value. By creating value for consumers,
they in turn capture value from consumers in the form of sales, profits, and long-term customer
equity.
Diff: 2
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Analytical thinking
2
, 9) Explain why marketing is not simply "making a sale."
Answer: Marketing is essentially satisfying customer needs. If marketers engage consumers
effectively, understands their needs, develops products that provide superior customer value, and
price, distribute, and promote them well, these products will sell easily. In fact, according to
management guru Peter Drucker, "The aim of marketing is to make selling unnecessary."
Diff: 3
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Analytical thinking
10) are defined as states of felt deprivation.
A) Needs
B) Ideas
C) Demands
D) Values
E) Exchanges
Answer: A
Diff: 1
LO: 1-2: Explain the importance of understanding the marketplace and customers and identify
the five core marketplace concepts.
AACSB: Analytical thinking
I’ll expand on the topics related to "Taxation of Business Entities," providing a more detailed exploration. This overview will cover fundamental concepts, applications, and implications relevant to the study of business taxation.---###
Overview of Business Entities#### 1. Types of Business EntitiesBusiness entities can be categorized based on ownership structure and tax treatment. Understanding these types is crucial for determining tax obligations and benefits.- **Sole
Proprietorships**: - Owned by a single individual, this is the simplest form of business entity. Income is reported on the owner’s personal tax return (Form 1040, Schedule C), which simplifies tax filing but also means personal liability for
debts and obligations.- **Partnerships**: - Consisting of two or more individuals, partnerships do not pay federal income taxes. Instead, they are considered pass-through entities, meaning income is taxed at the partners' individual rates.
Form 1065 is used to report partnership income, while partners receive Schedule K-1 to report their share on their returns.- **Corporations**: - Corporations are separate legal entities that provide limited liability protection to their owners
(shareholders). C-Corporations face double taxation: once at the corporate level on profits and again at the individual level when dividends are distributed. S-Corporations, on the other hand, are pass-through entities but have restrictions on
ownership and number of shareholders.- **Limited Liability Companies (LLCs)**: - LLCs combine the flexibility of partnerships with the liability protection of corporations. An LLC can choose to be taxed as a sole proprietorship,
partnership, or corporation, allowing for strategic tax planning. ### 2. Tax Implications of Each Entity TypeUnderstanding the tax implications of each entity type is critical for effective business planning.- **Sole Proprietorships**: -
Income is taxed at the owner’s individual tax rate. All profits and losses are reported on the owner’s tax return. This simplicity, however, can expose owners to significant personal risk.- **Partnerships**: - Each partner reports their share of
income and losses on their personal returns, allowing for loss deductions. Partners are also subject to self-employment taxes on their share of the income, which can significantly impact tax liability.- **Corporations**: - C-Corporations are
taxed at the corporate tax rate (currently 21%). Dividends are taxed again at the shareholder level. S-Corporations avoid double taxation, but there are restrictions on the number and type of shareholders.- **Limited Liability Companies
(LLCs)**: - By default, single-member LLCs are treated as sole proprietorships for tax purposes, while multi-member LLCs are treated as partnerships. However, they can elect to be taxed as a corporation if beneficial.### Key Tax
Concepts#### 1. Income RecognitionIncome recognition is a fundamental principle in taxation, determining when income must be reported.- **Cash vs. Accrual Accounting**: - Businesses can choose between cash and accrual methods.
Cash accounting recognizes income when received and expenses when paid, making it straightforward. Accrual accounting recognizes income when earned and expenses when incurred, aligning revenue with the period it relates to, but can
complicate cash flow management.#### 2. DeductionsDeductions reduce
11) are the form human needs take as they are shaped by culture and individual
personality.
A) Wants
B) Necessities
C) Services
D) Benefits
E) Risks
Answer: A
Diff: 1
LO: 1-2: Explain the importance of understanding the marketplace and customers and identify
the five core marketplace concepts.
AACSB: Analytical thinking
12) Abel now has the buying power to purchase the computer that he wanted to buy six months
ago. Abel's want has most likely become a .
A) need
B) value
C) demand
D) market offering
E) desire
Answer: C
3
, Diff: 3
LO: 1-2: Explain the importance of understanding the marketplace and customers and identify
the five core marketplace concepts.
AACSB: Analytical thinking
13) To market the cause of suicide prevention, rapper Logic worked with the National Suicide
Prevent Lifeline (NSPL) to create a video embedded with his song "1-800-273-8255," the NSPL
phone number. This is an example of a marketing offering for a(n) .
A) product
B) person
C) idea
D) place
E) exchange
Answer: C
Diff: 2
LO: 1-2: Explain the importance of understanding the marketplace and customers and identify
the five core marketplace concepts.
AACSB: Analytical thinking
14) The Walt Disney World Resort doesn't just offer amusement park rides, it uses its famed
Disney magic to create carefully orchestrated .
A) service offerings
B) benefits
C) wants
D) values
E) experiences
Answer: E
Diff: 2
LO: 1-2: Explain the importance of understanding the marketplace and customers and identify
the five core marketplace concepts.
AACSB: Analytical thinking
15) is the act of obtaining a desired object from someone by offering something in
return.
A) Targeting
B) Segmentation
C) Differentiation
D) Exchange
E) Positioning
Answer: D
Diff: 1
LO: 1-2: Explain the importance of understanding the marketplace and customers and identify
the five core marketplace concepts.
AACSB: Analytical thinking
4
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