Understanding Business: Goods and Services

Understanding Business: Goods and Services

9th Grade

10 Qs

quiz-placeholder

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Understanding Business: Goods and Services

Understanding Business: Goods and Services

Assessment

Quiz

Business

9th Grade

Hard

Created by

Andrew Ward

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one reason an entrepreneur might start a business?

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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