What is one reason an entrepreneur might start a business?
Understanding Business: Goods and Services

Quiz
•
Business
•
9th Grade
•
Hard
Andrew Ward
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To avoid paying taxes
To produce a good
To travel the world
To work fewer hours
Answer explanation
One reason an entrepreneur might start a business is to produce a good. This reflects the core purpose of entrepreneurship, which is to create products or services that meet market needs.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a service?
A chocolate bar
A pair of shoes
A train journey
A mobile phone
Answer explanation
A train journey is a service because it involves providing transportation to passengers, whereas the other options are tangible goods.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a characteristic of goods?
They are intangible
They can be stored
They are always free
They are only available online
Answer explanation
A key characteristic of goods is that they can be stored, unlike services which are intangible and consumed at the point of delivery. This storage capability allows goods to be produced and kept for future use.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following businesses is known for distributing products?
Premier Inn
Talk Talk
Tesco
Cadbury
Answer explanation
Tesco is a well-known supermarket chain that distributes a wide range of products, including groceries and household items. In contrast, Premier Inn is a hotel chain, Talk Talk is a telecommunications provider, and Cadbury is a confectionery brand.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of a want?
Water
Event tickets
Shelter
Food
Answer explanation
An example of a want is event tickets, as they are not essential for survival. In contrast, water, shelter, and food are basic needs necessary for life.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by "filling a gap in the market"?
Selling products at a loss
Opening a business where there is no competition
Copying a successful business model
Reducing prices to attract customers
Answer explanation
"Filling a gap in the market" refers to identifying and opening a business in an area with little or no competition, allowing for unique offerings that meet customer needs. Thus, the correct choice is opening a business where there is no competition.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a business that benefits society?
A luxury car dealership
A fast-food chain
A charity
A high-end fashion brand
Answer explanation
A charity is a business that directly benefits society by providing support and resources to those in need, unlike the other options, which primarily focus on profit without a direct societal benefit.
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