GENERAL KNOWLEDGE

Detailed explanation-1: -Services are intangible because they can often not be seen, tasted, felt, heard, or smelled before they are purchased. A person purchasing plastic surgery cannot see the results before the purchase, and a lawyer’s client cannot anticipate the outcome of a case before the lawyer’s work is presented in court.

Detailed explanation-2: -Examples of intangible services include health care, physical security, and legal services from lawyers.

Detailed explanation-3: -Tangible assets are the main type of assets that companies use to produce their product and service. Intangible assets are non-physical assets that have a monetary value since they represent potential revenue. Intangible assets include patents, copyrights, and a company’s brand.

Detailed explanation-4: -Service is an intangible activity that provides the satisfaction of wants.