ACC 100 Study Guide - Comprehensive Midterm Guide: Accounts Receivable, No Entry, Secondary Sector Of The Economy

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: peterkalvin

Document Summary

What is a business? (cid:862)the a(cid:272)ti(cid:448)it(cid:455) of (cid:373)aki(cid:374)g, (cid:271)u(cid:455)i(cid:374)g, or selli(cid:374)g goods or pro(cid:448)idi(cid:374)g ser(cid:448)i(cid:272)es i(cid:374) e(cid:454)(cid:272)ha(cid:374)ge for (cid:373)o(cid:374)e(cid:455)(cid:863). This defi(cid:374)itio(cid:374) fo(cid:272)uses o(cid:374) (cid:862)for-profit businesses which are businesses whose purpose is to make a profit. Other types of businesses are not-for-profit (charities) or barter businesses (exchange one good or service for another). What are the three main business sectors: write a definition of the primary sector. A primary sector is a business that grows and gathers raw materials. Industries such as farming and mining are considered primary sectors: write a definition of the secondary sector. Give examples of three businesses that would be categorized in the secondary sector. The secondary sector is where raw materials are turned into products. Three businesses include car manufacturing, cardboard box factory and frozen food factories: write a definition of the tertiary sector. Provide the names of three companies that would be categorized in the tertiary sector.