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

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

• Wants

• Needs

• Special Order items

• Luxury Items

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

• Wants

• Needs

• Luxury Items

• Special Order items

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

• Service

• Goods

• Needs

• Wants

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

• Goods

• Services

• Needs

• Wants

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

• Sole Proprietorship

• Partnership

• Corporation

• Non Profit

A business owned by one person is called a

• Sole Propreietorship

• Partnership

• Corporation

• Non profit

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

• Sole Proprietorship

• Franchise

• Franchose

• Multinational Corporation

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

• Corporation

• Franchise

• Partnership

• Non profit

A person who uses goods or services is called a

• Franchisee

• Consumer

• Customer Service Representative

• Analyst

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

• Profit Motive

• Profit Margin

• Market Share

• Profit