Products and Services Fall into Two Broad Classifications Based on the Types

question 60

Multiple Choice

Products and services fall into two broad classifications based on the types of consumers that use them.Which is one of these broad classes?

• A)supplies and services
• B)industrial products
• C)convenience products
• D)specialty products
• E)materials and parts

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Definitions:

Ownership Claim

The legal right or interest that an owner possesses in property, assets, or a company, granting the power to control or dispose of it.

Debtor Claim

A demand for repayment from a debtor; may refer to the legal right to demand money owed.

Limited Liability

A legal structure that limits the personal financial responsibility of owners for the debts and actions of a business.

Corporation

A legal entity distinct from its owners, offering limited liability to its shareholders, and capable of owning assets, incurring debt, and conducting business.