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Basic Business Facts
Test Description: Review the introductory business facts studied in class.
Instructions: Answer all questions to get your test result.
1) Which of the following is a product?
A
Computer
B
Taxi ride
C
Manicure
D
Auto Detailing
2) What is another word for customer?
A
Consumer
B
Colleague
C
Manufacturer
D
Co-worker
3) What is another word that means products?
A
Goods
B
Manufacturers
C
Consumers
D
Producers
4) What does tangible mean?
A
You cannot touch it
B
It does not last a long time
C
You can touch it
D
It lasts a long time
5) Which of the following is a service?
A
Hamburger
B
Public Transit
C
Cellphone
D
Car
6) What is a business?
A
Org. offering products or services for sale that consumers need or want
B
Org. offering services for sale that consumers want
C
Org. offering products or services for sale that consumers do not need or want
D
Org. offering products for sale that consumers need
7) What does profit mean?
A
To spend money
B
To save money
C
To lose money
D
To make money
8) What is the goal of a business?
A
To help people in the community
B
To sell products or services
C
To make a profit or help people in the community
D
To make money
9) What are the characteristics of products?
A
Intangible & they collect dust
B
Intangible, durable & they are used
C
Tangible, durable & they are used
D
Tangible & they are not used
10) What is the meaning of service?
A
A taxi ride, manicure or car detailing
B
An action
C
An action someone does for another person or to another person
D
It is intangible & used immediately
*select an answer for all questions
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