Section 1.1 Quiz

What is a product?

• A need that a person must have to survive

• Anything offered for sale - a good or a service

• An action or task performed for a fee

• A physical item that can be touched

What is the term for all the activities involved in developing and exchanging products?

• Marketing

• Business

• Management

• Finance

What is the difference between a customer and a consumer?

• There is no difference between a customer and a consumer

• Customers buy products for business use, while consumers buy products for their own use

• Customers buy products for their own use, while consumers buy products for business use

• Customers and consumers are the same

What is the term for something that a person desires but can survive without?

• Service

• Good

• Want

• Need

What is the function of business that involves controlling and making decisions about a business?

• Production

• Finance

• Management

• Marketing

Which type of utility involves making products available in convenient locations?

• Place Utility

• Form Utility

• Time Utility

• Information Utility

What is a market?

• A physical location where buyers and sellers meet

• Anywhere buyers and sellers meet to buy and sell goods and services

• A location where businesses operate to earn profits

• A place where only consumers meet to buy products

What is the economic benefit that businesses operate to earn?

• Wages

• Profits

• Standard of living

• Taxes

Which function of business is related to activities involving money?

• Production

• Management

• Finance

• Marketing

What is the term for the gains that are measured in terms of money?

• Economic benefits

• Market benefits

• Utility benefits

• Product benefits