1. Sellers should know how to make a fair business with buyers.

True
False

2. It is the right of the buyer to get the goods back when the seller fails to pay.

True
False

3. Buyers need to evaluate the conditions of the goods that he obtain fromthe seller.

True
False

4. It is the duty of the seller to deliver the goods with proper care on time tothe place of delivery.

True
False

5. The buyer plays a significant role in any type of business.

True
False

6. Providing a warranty to buyers is a right of a sellers. *

True
False

7. Buyers are persons who agree to purchase finished products or services.

True
False

8. Sellers obtain goods at the lowest and reasonable costs.

True
False

9. Buyers are persons who transfer goods and provide services in exchange for money.

True
False

10. Sellers should not provide warranty for the products that they will sell.

True
False

11. An entrepreneur is able to adapt to any change yet remain logical and organized.

A. Flexible
B. Confident
C. Strategist
D. Knowledgeable

12. An entrepreneur feels or shows certainty, as a point of modeling.

A. Flexible
B. Confident
C. Strategist
D. Knowledgeable

13. An entrepreneur is well-trained and possesses information and understanding of concepts necessary to run a business venture.

A. Flexible
B. Confident
C. Strategist
D. Knowledgeable

14. an entrepreneur is a careful planner. He or She sets long term goals and plans and executes a well-thought of strategy in order to achieve them.

A. Flexible
B. Confident
C. Strategist
D. Knowledgeable

15. An entrepreneur is a go-getter and an achiever.

A. Determined
B. Confident
C. Strategist
D. Knowledgeable

16. An entrepreneur must display hardwork and perseverance in the face of challenges.

A. Industrious
B. Confident
C. Strategist
D. Knowledgeable

17. It refers to all individuals and organizations in a particular market who have some level of interest in buying a particular product or service.

A. Potential Market
B. Available Market
C. Target Market
D. Penetrated Market

18. It refers to prospects who are both willing and capable of buying a particular product or service in a particular market. It also includes the access to market for those buyers.

A. Potential Market
B. Available Market
C. Target Market
D. Penetrated Market

19. What is the best explanation of needs and wants?

A. Needs are what we need in order to survive while wants are things we just want.
B. Needs are essential while wants are not.
C. There are no difference. They are synonymous.
D. Needs are what we need to function from a physiological perspective while wants are specific ways to fulfill our needs.

20. What is the difference between ‘customer’ and ‘consumer’?

A. There is no difference.
B. Customers buy products while consumers use those products.
C. Costumers buy products on behalf of consumers.
D. None of the above​