Entrepreneurship Mock Test

Goods are physical items that can be seen and touched, while services are actions or activities done for others.

• True

• False

Which of the following is a service?

• A book

• A haircut

• A bicycle

• A computer

Goods are _________ items, and services are __________ done for others.

• physical

• actions

Which of these is an example of a good?

• Dog-walking

• Grocery shopping

• A smartphone

• House cleaning

Both goods and services can satisfy people's needs and wants.

• True

• False

Which of these is an example of a "need"?

• A vacation

• Food

• Designer clothing

• A video game

Wants are necessary for survival, while needs are things people desire but can live without.

• True

• False

__________ are essential for survival, while __________ are things people would like to have but can live without.

• Needs

• wants

Which of the following is a "want"?

• Water

• Shelter

• New sneakers

• Medicine

People's needs and wants are the same for everyone.

• True

• False