Introduction to Business

Section 2: Types and Functions of Business

Self-Checks

1
A business that turns raw materials into finished goods is called a ______ .
A)manufacturer
B)processor
C)producer
D)wholesaler
2
A firm that turns corn into vegetable oil is called a(n) ______ .
A)agribusiness
B)manufacturer
C)intermediary
D)processor
3
A company that gathers materials in their original state from natural resources is called a ______ .
A)procurer
B)processor
C)producer
D)wholesaler
4
A processor changes raw materials into a ______ product.
A)consumer
B)natural
C)more finished
D)wholesale
5
Processed goods are turned into finished products by a ______ .
A)fabricator
B)manufacturer
C)finisher
D)processor
6
A business that moves goods from one business to another is called a(n) ______ .
A)distributor
B)transporter
C)intermediary
D)wholesaler
7
A firm that buys large quantities of produce from many farms and then divides fruits and vegetables into smaller quantities and sells them to grocery stores is a ______ .
A)distributor
B)producer
C)intermediary
D)wholesaler
8
The buying and reselling of goods that have already been produced is called ______ .
A)distribution
B)procurement
C)marketing
D)production
9
The process of achieving company goals by planning, organizing, directing, controlling, and evaluating the effective use of resources is called ______ .
A)administration
B)management
C)leadership
D)supervision
10
Maintaining and checking records, handling bills, and preparing financial reports for a business is called ______ .
A)accounting
B)finance
C)auditing
D)management
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