Lesson 2

Question 1

Provides Intangible Products
( Products with no Physical Form )

offer professional skills, expertise, advice and other similar products

Answer 1

SERVICE BUSINESSES

Question 2

Forms of Service Business:

Answer 2

Service Businesses
Financial businesses
Transportation Businesses
Utilities

Question 3

Offer Intangible goods and services and typically charge for labor or other services provided to government, to consumers, or to other businesses.

Answer 3

Service Businesses

Question 4

Include banks and other companies that generate profits through investment and management of capital

Answer 4

Financial businesses

Question 5

Deliver goods and individuals to
their destination

Answer 5

Transportation Businesses

Question 6

produce public services such as electricity or sewage
treatment

Answer 6

Utilities

Question 7

Type of business buys products at wholesale price and sells the same retail price

Also known as the “Buy and SELL Businesses

They make a profit by selling the products at prices
higher than their purchase costs

sells a product without
changing its form

Answer 7

MERCHANDISING BUSINESSES

Question 8

Acts as middleman and get goods produced by
manufacturers to the intended consumers.

They make their profits by marking up their
profits by marking up their prices,

Answer 8

RETAILERS AND DISTRIBUTORS

Question 9

Buys products with the intention of using them as
materials in making new product.

There is transformation of the product purchased

combines raw
materials, labor, and factory overhead in its
production process and manufactured goods will
then be sold to customers.

Answer 9

MANUFACTURING BUSINESSES

Question 10

Forms of Manufacturing Businesses:

Answer 10

Agriculture and mining businesses

Manufacturers

Real-Estate Businesses

Information Businesses

Question 11

Are companies that may be classified in more than one type of business

Answer 11

HYBRID BUSINESSES

Question 12

According to ____________ said that starting a business
of your own is “ Divine Activity

Answer 12

Ralph Waldo Emerson

Question 13

A sense of responsibility meaning:

Answer 13

“DO THE RIGHT THING AND
DO IT WELL”

Question 14

A new way of saying “DO THE RIGHT THING AND
DO IT WELL”

Answer 14

“ DO WELL BY DOING
GOOD”.

Question 15

purpose of establishing a business enterprise?

Answer 15

Aim High to get your business soar high. Keep the right values in business while adjusting strategies along the way.

Question 16

Reasons why people start create a business?

Answer 16

To make money and have Financial Independence

To be your own Boss

To Self-Actualize/ To fulfill Own interest and Enjoyment

To Make your dreams come true

To use your skills and knowledge for yourself

To have a second career

To have a variety of work

To create opportunities

To employ relatives, friends and community members

To take up a challenge

To come up with better ways, To create, To Innovate

To be efficient at work

To set and meet own deadlines

To avoid commuting

To create a customer

To offer value

To have more life, more freedom

To solve problem

To move Society, To change the
world, To make the World Better

To build our future

Question 17

Ralph Waldo Emerson said that starting a business of your own is a “ Divine Activity “,
What is that means according to him?

Answer 17

Aim high to get your business soar high. Keep the right values in business while adjusting strategies along the way