Business Organization - Chapter 1 Test

An example of a public want is a family wanting a new car.

• True

• False

Unlike goods, services are performed for free.

• True

• False

Resources are items used to make and provide goods and services.

• True

• False

Competition among businesses hurts the consumer.

• True

• False

Most people have unlimited wants for goods and services.

• True

• False

Wants that are shared by many people are

• group wants.

• public wants.

• shared wants.

• multiple wants.

All of the following involve offering services except

• banking.

• DVDs.

• sports and entertainment.

• tourism.

The reward for satisfying the needs and wants of consumers and businesses is

• wealth.

• revenue.

• profit.

• dividends.

Competition forces businesses to

• file for bankruptcy.

• drive their competitors out of business.

• decide how to best use and conserve their resources.

• lower their prices.

For businesses to stay successful, they must offer

• quality products.

• outstanding service.

• competitive prices.

• all of the above.