The Two Main Classifications of Business Products Are

question 60

Multiple Choice

The two main classifications of business products are

• A) durable and nondurable products.
• B) components and support products.
• C) tangible and intangible products.
• D) consumer and industrial products.
• E) derived and maintenance products.

---

Definitions:

Cash Collections

The process of gathering monies that are owed to a business by its customers or clients.

Beginning Inventory

The value of goods available for sale at the start of an accounting period, prior to any purchases or production during the period.

Ending Inventory

The value of goods available for sale at the end of an accounting period after goods sold are subtracted.

August Sales

The total sales revenue generated by a business during the month of August.