Goods and services are classified as either consumer or business, depending on the ______.
A) amount of service required on the item
B) buying motives of the purchasers
C) cost of the particular item
D) purchasers of the particular item

Question

Quizplus · Accepted Answer

Goods and services are classified as either consumer or business based on the purchasers of the particular item. Consumer goods and services are purchased by individuals for personal use, while business goods and services are purchased by organizations for operational use or resale to consumers. The other options (A, B, and C) are not accurate determinants for distinguishing between consumer and business goods and services.

Goods and Services Are Classified as Either Consumer or Business