Business Key Terms, Goods/Services, Needs/Wants Test

Front

Items necessary for existence, such as clothing, food and shelter are called

Back

Needs

Front

Items that would be nice to have, but are not necessary are called

Back

Wants

Front

An item that a business sells that can be physically weighed or measured is called

Back

Goods

Front

Tasks that businesses perform or provide for customers, such as haircuts and car washes are called

Back

Services

Front

A business whose goal is to provide a service rather than make a profit is called a

Back

Non Profit

Front

A business owned by one person is called a

Back

Sole Proprietorship

Front

A company that does business and has business facilities in many countries is called a

Back

Multinational Corporation

Front

A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company is called a

Back

Franchise

Front

A person who uses goods or services is called a

Back

Consumer

Front

Money that remains after a business has paid for the expenses of running the business is called

Back

Profit