1ST MIDTERM EXAM (HELE 6)

Katrina is the owner of KB’s Grocery, she offers goods and services. Therefore she is_____.

• buyer

• seller

• creditor

• none of the above

Barney bought egg, rice and can goods to KB’s Grocery. Barney is called__________.

• buyer

• seller

• debtor

• creditor

The buyer is also called____________.

• producer

• consumer

• manufacturer

• none of the above

The seller must possess the following quality except;

• Must have pleasing personality

• He/She must think on how to gain more profit than services

• He/she must have an adequate knowledge of what he/she is selling, can compute the cost of his product, determine its selling price and profit.

• As a person he/she must be in good health, possess character such as being cheerful, honest and prompt in attending his costumers.

The following are the steps in making our product, which is not?

• Advertise your product.

• Design your product

• Copy the product of others.

• Decide what materials to use.

A seller is also a buyer and a buyer is also a seller.

• 
• 

A plan of action to buy quality goods for a reasonable price.

• Sell

• Seller

• Buying

• Goods

Money earned from a sale.

• Goods

• Profit

• Seller

• Buying

Also known as vendor.

• Buyer

• Right quality

• Wholesaler

• None of the above

It is the object or item a consumer wants to buy to satisfy needs or wants.

• Service

• Products

• Entrepreneur

• Business