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Business Key Terms, Goods/Services, Needs/Wants Test

Total questions: 20

Worksheet time: 30mins

Name
Class
Date
1.

Items necessary for existence, such as clothing, food and shelter are called

a)

Wants

b)

Needs

c)

Special Order items

d)

Luxury Items

2.

Items that would be nice to have, but are not necessary are called

a)

Wants

b)

Needs

c)

Luxury Items

d)

Special Order items

3.

An item that a business sells that can be physically weighed or measured is called

a)

Service

b)

Goods

c)

Needs

d)

Wants

4.

Tasks that businesses perform or provide for customers, such as haircuts and car washes are called

a)

Goods

b)

Services

c)

Needs

d)

Wants

5.

A business whose goal is to provide a service rather than make a profit is called a

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Non Profit

6.

A business owned by one person is called a

a)

Sole Propreietorship

b)

Partnership

c)

Corporation

d)

Non profit

7.

A company that does business and has business facilities in many countries is called a

a)

Sole Proprietorship

b)

Franchise

c)

Franchose

d)

Multinational Corporation

8.

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

a)

Corporation

b)

Franchise

c)

Partnership

d)

Non profit

9.

A person who uses goods or services is called a

a)

Franchisee

b)

Consumer

c)

Customer Service Representative

d)

Analyst

10.

Money that remains after a business has paid for the expenses of running the business is called

a)

Profit Motive

b)

Profit Margin

c)

Market Share

d)

Profit

11.

The process of recording and reporting financial data for a business is called

a)

Management

b)

Marketing

c)

Accounting

d)

Operations

12.

Activities that deal with hiring, firing, training and other personnel issues is called

a)

Human resources

b)

Information Technoogy

c)

Management

d)

Operations

13.

The actions involved in the day to day running of a business for the purpose of producing value for the stakeholders is called

a)

Marketing

b)

Management

c)

Human resources

d)

Operations

14.

Water would be considered a

a)

Need

b)

Want

c)

Luxury Item

d)

Soda

15.

Food would be considered a

a)

Want

b)

Need

c)

Luxury Item

d)

Beverage

16.

Music is considered a

a)

Want

b)

Need

c)

Luxury Item

d)

Noise

17.

A chocolate bar is considered a

a)

Beverage

b)

Need

c)

Want

d)

Service

18.

The process of creating, promoting, and presenting a product to the consumer is called

a)

Management

b)

Marketing

c)

Multinational Operations

d)

Mistaken Identity

19.

A business owned by two or more people is called a

a)

Couple

b)

Partnership

c)

Franchise

d)

Corporation

20.

The process of developing, installing and implementing computer information systems and applications is called

a)

Computer Science Department

b)

Math Department

c)

Finance Department

d)

Information Technology Department