2.01 - 2.02 Business Essentials

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

• manufacturer

• producer

• retailer

• wholesaler

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

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 consumer

All businesses should be socially responsible to whom?

• endorsers

• producers

• providers

• users

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

• consumer

• elastic

• equilibrium

• inelastic

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

The Candy Store is selling more and more chocolate each quarter. Applying the law of supply and demand, what is most likely to happen over the next few quarters?

• The price will increase, and the supply will increase

• The price will decrease, and the supply will increase

• The price will increase, and the supply will decrease

• The price will decrease, and the supply will decrease