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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