Exploring Business and Entrepreneurship Unit 1.01 & 1.02

What is a difference between consumers and customers?

• Consumers make goods and services

  
  

• Consumers purchase goods and services

  
  

• Customers make goods and services

• Customers purchase goods and services

  
  

What do wants and needs have in common?

• Both needs and wants are goods

• Both needs and wants are services

• Both needs and wants are things people must have

• Both needs and wants are things people use

What is the difference between wants and needs?

• Needs are goods and wants are services

• Needs are necessary for survival, wants are nice to have

• Needs are nice to have, wants are necessary for survival

• Needs are services, wants are goods

Plumbing, heating/air conditioning repair, accounting, and lawncare are all considered what type of businesses?

• Combination product and service

• Product

• Service

• Sole proprietorship

Most car dealerships, beauty salons, and home improvement stores are classified as which type of business?

• Combination product and service

• Product

• Service

• Sole proprietorship

Norman and Jones Septic Tank Cleaners are the best septic tank cleaners in Mt. Holly. How is Norman and Jones Septic Tank Cleaners classified?

• Combination Product and Service

• Product

• Service

• Sole proprietorship

The Starving Artists Society uses its gallery to sell paintings of local artists.  The funds raised by the Starving Artists Society are used to help local artists continue in their chosen profession.  The Starving Artists Society is classified as a:

• Combination product and service

• For-profit

• Non-profit

• Service

Tom and Claire started a website maintenance business while in college to earn money for their college expenses.  How is their business classified?

• Combination product and service

• For-profit

• Non-profit

• Product

Goodwill Industries help poor and homeless people with the money raised by selling donated products in their stores.  How is Goodwill classified?

• Combination product and service

• For-profit

• Non-profit

• Service

Barbershops, dry cleaners, and car repair shops are all classified as which type of business?

• Non-profit

• Product type

• Service provider

• Combination product and service