TYPES OF BUSINESSES
Accounting 20 TYPES OF BUSINESSES Name:
1. a. Knowing the types of businesses found in Canada in letter f – answer the following questions:
b. GIVE A DEFINITION OF EACH – in your own words.
c. GIVE TWO EXAMPLES OF EACH in Warman or Saskatoon.
d. give two advantages of each.
e. give two disadvantages of each.
f. Research the above (a-e) for the following:
i. sole proprietorship
ii. partnership
iii. corporation
iv. co-operative
v. Manufacturing
vi. Merchandising
vii. service businesses
viii. franchising
ix. home-based businesses
2. Explain the roles in merchandising (buying and selling) of each of the following:
a. Producer
b. manufacturer
c. wholesaler
d. retailer
e. consumer
2. a. Define cost price and selling price.
b. Explain the difference in the ‘cost’ price and the selling price?
c. What aspects of a business does the selling price have to cover? (i.e. find expenses that need to be covered to run a business – try to list 10 of them)
d. Define the following and give an example of the purpose of each aspect:
- Markup
- margin
- markdown
Answer Key
TYPES OF BUSINESSES
3. LIST THE TYPES OF BUSINESSES; proprietorship, partnership And
x. Corporations
xi. Manufacturing
xii. Merchandising
xiii. service businesses
xiv. franchising,
xv. cooperatives
xvi. home businesses.
GIVE A DEFINITION OF EACH AND GIVE TWO EXAMPLES OF EACH. Then give one advantage and one disadvantage of each.
4. Explain the roles in merchandising (buying and selling) of each of the following:
a. producer,
e. manufacturer,
c. wholesaler,
d. retailer,
e. consumer.
3. a.Define cost price and selling price. Why is their a difference in the ‘cost’ price and the selling price?
b. What aspects of a business does the selling price have to cover? (i.e. find expenses that need to be covered to run a business)
f. Define the following and give an example of the purpose of each aspect:
- markup,
- margin
- markdown
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