Traditionally,small Businesses Tended to Be Concentrated in the _____ Industry

question 110

Multiple Choice

Traditionally,small businesses tended to be concentrated in the _____ industry.

• A)manufacturing
• B)retailing
• C)wholesaling
• D)importing/exporting

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Definitions:

GAAP

Generally Accepted Accounting Principles; a set of rules and standards for financial reporting used in the United States.

Prime Costs

The combined total of direct labor and direct materials cost incurred in the manufacturing of products.

Direct Materials

Raw materials that are directly traceable to the production of a specific product and are an integral part of the finished product.

Indirect Materials

Materials used in the production process that cannot be directly linked to a specific product, such as lubricants and cleaning supplies.