Business Essentials 2.01 - 2.02 Review

A large retailer wants to contribute to the well-being of society. It donates 10% of its proceeds to a charity that helps the environment. The retailer is demonstrating:

• e-tailing

• wholesaling

• social responsibility

• voluntary merchandise

What do service businesses sell?

• raw goods and services

• retail goods and services

• intangible goods and services

• wholesale goods and services

The two main divisions of the trade industry are:

• producers and retailers

• wholesalers and retailers

• wholesalers and producers

• manufacturers and wholesalers

A business that buys goods or services and sells them to the ultimate consumer is a:

• manufacturer

• producer

• retailer

• wholesaler

Monte works for a grocery store that buys food from producers and then sells it to customers. The grocery store is an example of a:

• builder

• trade industry

• service business

• raw-goods producer

Retailing occurs wherever goods are:

• researched and designed.

• created or manufactured.

• traded or exchanged for other goods.

• sold to consumers or the ultimate customer.

All businesses should be socially responsible to whom?

• endorsers

• producers

• providers

• users

To prepare for effective decision-making that ensures the efficient delivery of products to the marketplace, one should study:

• marketing.

• economics.

• job outlooks.

• supply chains.

A form of demand for products in which changes in price correspond to changes in demand is:

• consumer.

• elastic.

• equilibrium.

• inelastic.

The economic resource where people work to produce goods or services are:

• capital goods.

• human resources.

• natural resources.

• noneconomic goods.