Questions and Answers
What is a Service Business?
What is the definition of a Service?
A system supplying public need
What does intangible mean?
Cannot be felt, measured, or moved as it has no physical substance
What is an enterprise?
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What does commercial mean?
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Study Notes
Service Business
- A service business provides work performed by individuals or teams to assist customers.
- These enterprises typically offer intangible services, such as baking or financing, which cannot be physically touched or owned.
Service
- Refers to a system designed to fulfill public needs.
- Encompasses various sectors, including healthcare, education, and hospitality, among others.
Intangible
- Describes a quality or service that cannot be physically felt, measured, or moved.
- Examples include customer support and consulting services, which lack physical form.
Enterprise
- Defined as a business or company engaged in commercial activities.
- Can range from small startups to large corporations offering multiple services.
Commercial
- Pertains to activities that are undertaken for profit and are non-governmental in nature.
- Includes a wide variety of sectors, including retail, service industries, and production.
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Description
Test your knowledge of essential service business terminology and definitions with this flashcard quiz. Each term covers fundamental concepts related to service businesses, including aspects like intangible services and the nature of enterprises.
