2025 Mariemont HS Business Foundations Complete Practice Test

The term that refers to a tangible product purchased for use by a business is "Industrial Good." This classification encompasses items that are utilized in the production processes or operations of a business rather than for direct consumer use. Industrial goods can include machinery, tools, equipment, and raw materials that are essential for companies to create their own products or services.

In contrast, consumer goods are primarily intended for personal consumption by individuals rather than businesses. Retail goods are typically items sold directly to consumers through various retail channels, which again distinguishes them from goods that are intended for business use. Durable goods are a broader classification that includes items designed to last for an extended period, which can apply to both consumer and industrial contexts, but specifically identifies products that can withstand repeated use over time. Therefore, "Industrial Good" is the most precise term for products purchased specifically by businesses for operational purposes.