The key characteristic distinguishing business products from consumer products is intended use
Indicate whether the statement is true or false
a. True
b. False
ANSWER: True
The key characteristic distinguishing business products from consumer products is intended use, not physical form. A business product or industrial product is used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers. A consumer product is bought to satisfy an individual's personal wants or needs.
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Two people own a piece of land together and share profits associated with renting the property but have agreed that neither can sell the property without the consent of the other. What is the legal form of business arrangement that applies here?
A) a sole proprietorship B) a partnership C) a limited partnership D) a corporation E) a joint venture
Most firms must decide what fraction of an asset to
A) sell in bulk and what fraction of the asset to discard. B) save for the spot market and what fraction of the asset to discard. C) save for emergencies and what fraction of the asset to rework. D) sell in bulk and what fraction of the asset to save for the spot market.