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WorksheetsBusiness Key Terms, Goods/Services, Needs/Wants Test
Total questions: 20
Worksheet time: 30mins
Items necessary for existence, such as clothing, food and shelter are called
Wants
Needs
Special Order items
Luxury Items
Items that would be nice to have, but are not necessary are called
Wants
Needs
Luxury Items
Special Order items
An item that a business sells that can be physically weighed or measured is called
Service
Goods
Needs
Wants
Tasks that businesses perform or provide for customers, such as haircuts and car washes are called
Goods
Services
Needs
Wants
A business whose goal is to provide a service rather than make a profit is called a
Sole Proprietorship
Partnership
Corporation
Non Profit
A business owned by one person is called a
Sole Propreietorship
Partnership
Corporation
Non profit
A company that does business and has business facilities in many countries is called a
Sole Proprietorship
Franchise
Franchose
Multinational Corporation
A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company is called a
Corporation
Franchise
Partnership
Non profit
A person who uses goods or services is called a
Franchisee
Consumer
Customer Service Representative
Analyst
Money that remains after a business has paid for the expenses of running the business is called
Profit Motive
Profit Margin
Market Share
Profit
The process of recording and reporting financial data for a business is called
Management
Marketing
Accounting
Operations
Activities that deal with hiring, firing, training and other personnel issues is called
Human resources
Information Technoogy
Management
Operations
The actions involved in the day to day running of a business for the purpose of producing value for the stakeholders is called
Marketing
Management
Human resources
Operations
Water would be considered a
Need
Want
Luxury Item
Soda
Food would be considered a
Want
Need
Luxury Item
Beverage
Music is considered a
Want
Need
Luxury Item
Noise
A chocolate bar is considered a
Beverage
Need
Want
Service
The process of creating, promoting, and presenting a product to the consumer is called
Management
Marketing
Multinational Operations
Mistaken Identity
A business owned by two or more people is called a
Couple
Partnership
Franchise
Corporation
The process of developing, installing and implementing computer information systems and applications is called
Computer Science Department
Math Department
Finance Department
Information Technology Department
