2.01 Review - Business Essentials

A producer is someone who

• sells products

• makes things

• is very creative

• employs others

Farms, mines, and lumber companies are examples of

• builders

• trade industries

• manufacturers

• raw-goods producers

A company that transforms cotton into wearable clothing is considered a

• raw-goods producer

• service business

• manufacturer

• builder

Rembert works for a grocery store that buys food from producers and sells it to customers.

The grocery store is considered a

• trade industry

• raw-goods producer

• service business

• builder

Emilia works for a company that constructs houses and business facilities. Which type of producer does she work for?

• a builder

• a manufacturer

• a raw-goods producer

• a trade industry

The two main divisions of the trade industry are

• producers and retailers

• wholesalers and retailers

• manufacturers and wholesalers

• wholesalers and producers

Determine whether the following statement is true or false: Trade industries all have the same form of ownership.

• true; they all belong to a chain

• true; they are all independently owned

• false; they may be corporations or partnerships

• false; they may be independent or belong to a chain

Which of the following describes the services offered by trade industries:

• They are always limited.

• They are always full line.

• They vary from day to day.

• They may be limited or full line.

Businesses in trade industries that offer discount prices usually offer

• full services

• plush interiors

• limited services

• elaborate fixtures

Retailing takes place whenever goods are

• offered for sale

• sold to the ultimate consumer

• exchanged for other goods

• sold in a retail establishment