1. The banking and hotel services are example of _____________________.
A. Products    
B. Commodities                
C. Barter system          
D. services offered

2. In providing products and services to supply the need in the market, the following are most preferred factors to consider except_____________.
A. Self-preferences and interest only of the entrepreneur. 
B. Taste and preferences of target market.
C. Target market cultures.   
D. Norm and status of target market.

3. Which activity is addressed in the product/service management function? A. Setting discounts to clear products from inventory.
B. Determining where products will be offered for sale.
C. Focusing promotional activities on a new-product release.
D. Eliminating products that are slow sellers.

4. Which of the following is the BEST definition of a good?
A. A tangible item which can be owned, stored, and evaluated.
B. A tangible item which cannot be owned, stored, and evaluated.
C. An item that can only be bought at an in-person store.
D. An intangible item which can be owned, stored, and evaluated.

5. What are the typical characteristics of services?
a. Services confer benefits; are tangible; are time- and place-dependent; are consistent; cannot be owned; and providers and consumers form part of the service.
b. Services confer no benefits; are intangible; are time- and placedependent; are inconsistent; cannot be owned.
c. Services are intangible; are time- and place-dependent; are inconsistent; cannot be branded; and providers and consumers form part of the service.
d. Services confer benefits; are intangible; are time- and place dependent; are inconsistent; cannot be owned; and providers and consumers form part of the service.​