Business Essentials review 2

A producer is someone who

•  

  is very creative.

• makes things.

• employs others.

• sells products.

Farms, mines, and lumber companies are examples of

• trade industries.

• manufacturers.

• builders.

• raw-goods producers.

A company that transforms cotton into wearable clothing is considered a

• manufacturer.

• builder.

• raw-goods producer.

• service business.

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

• A manufacturer

• A raw-goods producer

• A trade industry

• A builder

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

• raw-goods producer.

• trade industry.

• builder.

• service business.

The two main divisions of the trade industry are

• wholesalers and producers

• manufacturers and wholesalers.

• wholesalers and retailers.

• producers and retailers.

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

• False; they may be corporations or partnerships.

• True; they are all independently owned.

• False; they may be independent or belong to a chain.

• True; they all belong to a chain.

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

• They vary from day to day.

• They are always full line.

• They may be limited or full line

• They are always limited.

Businesses in trade industries that offer discount prices usually offer

• limited services.

• full services.

• elaborate fixtures.

• plush interiors.

Retailing takes place whenever goods are

• sold to the ultimate consumer.

•  

  offered for sale.

• sold in a retail establishment.

• exchanged for other goods.