Intro into business Chapter 5

The Five kinds of business are: Extractors, Manufacturers, Marketers, Service Businesses, and Banks.

A business that grows products or takes raw materials from nature

All businesses must have some kind of a record keeping system.

The heart of a successful business is not the production of quality products and services.

Businesses do not need to know amount they are spending for building repairs, rent, salaries, and Other expenses.

The three reasons for keeping records are important for?

Someone must think about a new product, service, or improved process/piece of equipment that can be put on the market.

Businesses buy goods and services both for resale and for their own use.

Business do not need capital resources to operate.

The number of farms in the US had declined to fewer than 2 million by the 1990's, according to who?

Contractors or builders replace, on average, $5 billion worth of equipment every year.

A business that is involved with moving goods from producers to consumers.