Business Connection LAP Test

1. A producer is someone who

• 1. makes things.

• 1. sells products.

• 1. is very creative.

• 1. employs others.

1. Farms, mines, and lumber companies are examples of

• 1. raw-goods producers.

• 1. builders.

• 1. manufacturers.

• 1. trade industries.

1. A company that transforms cotton into wearable clothing is considered a

• 1. manufacturer.

• 1. raw-goods producer.

• 1. service business.

• 1. builder.

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

• 1. A builder

• 1. A raw-goods producer

• 1. A manufacturer

• 1. A trade industry

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

• 1. raw-goods producer.

• 1. builder.

• 1. trade industry.

• 1. service business.

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

• 1. trade industry.

• 1. service business.

• 1. builder.

• 1. raw-goods producer.

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

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

• 1. True; they all belong to a chain.

• 1. True; they are all independently owned.

• 1. False; they may be corporations or partnerships.

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

• 1. They are always limited.

• 1. They may be limited or full line.

• 1. They vary from day to day.

• 1. They are always full line.

1. Businesses in trade industries that offer discount prices usually offer

• 1. plush interiors.

• 1. elaborate fixtures.

• 1. limited services.

• 1. full services.

1. Retailing takes place whenever goods are

   .

• 1. sold in a retail establishment.

• 1. exchanged for other goods.

• 1. offered for sale

• 1. sold to the ultimate consumer.