U1: C1-Lesson 1: Identifying Buyers and Sellers

Layla purchases cosmetic products at a beauty care store. Which of the following is Layla?

• Seller

• Buyer

• Purchase

• Consume

Answer explanation

Buyer is a person or group that consumes or purchases products and services of sellers.

Nate offers baking goods and equipment. Which of the following is Nate?

• Seller

• Buyer

• Purchase

• Consume

Answer explanation

Seller is a person or group that offers products and services in return for profit.

Bantay Bata 163 is a child welfare program operated by what type of entrepreneurs?

• Solopreneur

• Serial Entrepreneur

• Social Entrepreneur

• Lifestyle Entrepreneur

Answer explanation

Social entrepreneur established business not to earn profit but by improving society through initiatives.

Erik is a freelance graphic artist that designs logos and icons made himself. What type of entrepreneur is Erik?

• Solopreneur

• Serial Entrepreneur

• Social Entrepreneur

• Lifestyle Entrepreneur

Answer explanation

Solopreneurs established business and managed its operation alone.

Sarah owns a music instrument store due to her passion for music. What type of entrepreneur is Sarah?

• Solopreneur

• Serial Entrepreneur

• Social Entrepreneur

• Lifestyle Entrepreneur

Answer explanation

Lifestyle Entrepreneur established business out of passion and habit.

Maria owned multiple business interests in airlines, telecom, banking, food, power, and property. What type of entrepreneur is Maria?

• Solopreneur

• Serial Entrepreneur

• Social Entrepreneur

• Lifestyle Entrepreneur

Answer explanation

Serial Entrepreneur established multiple businesses and created new projects while retaining the degree of business investments.

Despite the risks and challenges of the pandemic, Neil is motivated to continue to run his business for his customers. Which of the characteristics does Neil show?

• Inspired

• Provider

• Practial

• Hard worker

Answer explanation

Hard worker sellers are engaged and energetic to run the business. Also, they continue to work in spite of difficulties encountered.

Tricia always makes sure to develop business plans to improve its products in the future. Which of the characteristics does Tricia show?

• Inspired

• Provider

• Practical

• Hard worker

Answer explanation

Practical sellers conduct plans for business growth and development. Also, they imagine and envision the future of their business.

Ralph is not easily persuaded by tv commercials and posters of products. Which of the characteristics does Ralph show?

• Clever

• Strategist

• Keen observer

• Well-informed

Answer explanation

Clever buyers are attentive to product details, discounts, receipts, and the total amount of the product and services. Also, they are not easily persuaded by advertisements.

Lorenzo makes sure how to prioritize and handle their needs and wants while doing grocery. Which of the characteristics does Lorenzo show?

• Clever

• Strategist

• Keen observer

• Well-informed

Answer explanation

A strategic buyers classify and handle their needs and wants. Also, they know what important products and services are needed.