Intro to Business _ Test Prep

The difference between a good and a service is _________.

• A good is an action that can be performed where a service is a physical item that can be touched.

• A good is a physical item that can be touched where a service is an action that is performed.

• There is no difference between the two.

• A good is something bought often where a service is rarely purchased.

A ___________ is an individual or group who buys products.

• customer

• consumer

• business

• product

Customers who purchase goods and services for their own use are known as _____________.

• customers

• consumers

• products

• businesses

Which factor of production does this picture represent?

• Land

• Labor

• Capital

• Entrepreneurship

Which factor of production does this picture represent?

• Land

• Labor

• Capital

• Entrepreneurship

Which factor of production does this picture represent?

• Land

• Labor

• Capital

• Entrepreneurship

Which factor of production does this picture represent?

• Land

• Labor

• Capital

• Entrepreneurship

Which of the following is capital?

• The inventor of Reese’s Peanut Butter Cup Mr. Harry Burnett Reese

• Workers who supervise the machines that make the chocolate bar and pack them in shipping boxes.

• Money to buy the building of the company where the candy will be produced.

• Peanuts to make the peanut butter.

Which of the following is natural resources?

• "Gifts of nature" that are available in one place, to make the products.

• The resources and goods manufactured and used to produce other goods and services is called

• The PEOPLE who create the goods or provide their services are part of the labor force.

• it is he who organizes, manages, or assumes the risk of a company (business organization) or company

An entrepreneur is...

• the money or things you need to make the goods

• the person who works and makes the goods

• a person who has a business idea

• the natural resources that come from the earth