Business Knowledge Quiz

Who are considered key stakeholders in a business?

• Only the owners

• Owners, employees, customers, suppliers, and the community

• Only the suppliers

• Only the community

How can businesses ensure customer satisfaction?

• By ignoring customer feedback

• By creating value through quality products and services

• By increasing prices regularly

• By reducing product variety

Which of the following is an example of a cooperative?

• Apple

• Ocean Spray

• Microsoft

• Google

What are goods?

• Intangible services

• Physical, tangible items

• Digital products

• Virtual experiences

What do businesses use to satisfy consumer needs and wants?

• Advertising

• Goods and services

• Social media

• Market research

What characteristic sets goods apart from services?

• Intangibility

• Tangibility

• Flexibility

• Durability

Which of the following is an example of a service?

• Laptops

• Shirts

• Haircuts

• Cameras

What is a key difference in storage and perishability between goods and services?

• Goods cannot be stored, but services can.

• Services can be stored for future use.

• Goods can be stored for future use, but services cannot.

• Both goods and services can be stored indefinitely.

What is the main difference between goods and services?

• Goods are intangible, services are tangible

• Goods are tangible, services are intangible

• Both are intangible

• Both are tangible

What is one of the key benefits of business success mentioned in the text?

• Increased taxes

• Financial benefits for owners, employees, and communities

• Decreased consumer demand

• Higher production costs