Principles of Business Final

You get a hair cut. 

• Good
• Service

You visit the doctor for a checkup.

• Good
• Service

University education

• Needs
• Wants

Utility is the

• benefit or satisfaction that a person gets from the consumption of a good or service
• measure of how useful a resource is in the production process
• measure of productivity associated with a good or service
• economic term for consumption possibilities

Does it do me any good to have the materials if I don't know how to assemble them to get what I want?

• Form Utility

• Place Utility

• Time Utility

• Assembled Utility

Selling cookies during school hours

• Time Utility
• Form Utility
• Place Utility
• Possession Utility

Which job below is NOT associated with Accounting?

• Paying Bills
• Collecting Money
• Payroll Checks
• Pricing Items

A good is something you buy and consume. Which one is a good?

• You buy cookies from Mrs. Jenny in the caferteria.

• Mrs. Priester ask you to wash the tables.

• You hire someone to braid your hair

• You ask a friend to shampoo your living carpet.

In order for a contract to be valid, there must be an offer and an agreement

• True

• False

_________regulates how contracts are written, executed, and enforced

• E-Commerce Law

• Contract Law

• Employment Law

• Financial Law