Goods and Services: Business Fundamentals Quiz

What is the primary purpose of a business?

• To entertain people

• To produce goods or supply services to customers

• To create laws

• To provide free education

Which of the following best describes goods?

• Activities that are intangible

• Actual objects that can be touched, felt, and held

• Services provided by businesses

• Digital information only

Which statement is true about services?

• Services are always physical objects

• Services are intangible activities provided by people or businesses

• Services can be consumed and held

• Services are only provided by the government

A company that repairs computers is an example of which of the following?

• Producing goods

• Supplying services

• Manufacturing objects

• Selling products only

Based on the diagram, which of the following is NOT a characteristic of goods?

• Goods are actual objects

• Goods are intangible

• Goods can be touched, felt, and held

• Goods are produced and consumed

Which of the following is an example of a "need"?

• Smartphone

• Holiday

• Food

• Entertainment

According to the material, which statement about "needs" is correct?

• Needs are goods and services that we would like, but do not have to consume.

• Needs are goods and services that we have to consume if we are to live.

• Needs include holidays and entertainment.

• Needs are only important for children.

Which of the following is NOT considered a "want" as described in the material?

• Holidays

• Smartphones

• Food

• Entertainment

Which of the following is a common meaning of the term "enterprise"?

• A type of government organization

• Another name for a business

• A scientific experiment

• A legal document

According to the definition, what does enterprise more importantly describe?

• The process of manufacturing goods

• The actions of someone who takes a risk by setting up, investing in, and running a business

• The act of selling products online

• The management of public services