1. He is a person who offers goods and services to consumers in exchange of monetary amount.
a. buyer
b. seller
C. company

2. He can identify the role of the buyer and seller. d. entrepreneurship
a. buyer
b. seller
c. company
d. entrepreneurship

3. A persons or organizations who agree to purchase the finished products or services presented with the prescribed or correct features.
a. buyer
b. seller
C. company
d. entrepreneurship

4. These are goods or services that people desire or wish to have.
a. needs
b. wants
c. demands
d. social needs

5. These are the things needed to survive such as food, shelter, and clothing
a. social needs
b. security needs
c. esteem needs
d. physiological needs

6. It is the relationship of both the buyer and the seller which involve regular purchases based on the agreement they have been established for a long period of time.
a. base-term
b. long-term
c. short-term
d. regular- term

7. This involves all communication between the buyer and the seller that aim to induce behavioral changes.
a. marketing
b. demands
c. self-actualization
d. hierarchy of needs

8. The amount of interest to a given product that consumers are willing to buy at a given price and period.
a. needs
b. wants
c. esteem
d. demands

9. Which of the following is the income of a retired member of the family?
a. salary
b. bonus
c. pension
d. commission

10. Which of the following is the advantage of buyer and seller short term relationship?

a. Supplier agreement will want a definite order.
b. No trust is built up over time between the buyer and seller.
c. Generally, provide little scope for payment and order flexibility.
d. High level of competition to win short term contracts can provide more opportunity. ​