Please answer these questions with a simple answer please


Section 3 Study Questions (15.0 points)

Answer each question fully. Complete sentences are not necessary.

Lesson 1 (5.0 points)

1. What is the extractive industry? (0.5 points)

2. What is the manufacturing industry? (0.5 points)

3. What is the wholesaling industry? (0.5 points)

4. What is the retailing industry? (0.5 points)

5. What is the difference between direct and indirect distribution? (1.0 points)

6. What is the difference between industrial and consumer goods? (1.0 points)

7. What are the four types of consumer goods? (1.0 points)

Lesson 2 (5.0 points)

1. What is liability? (1.0 points)

2. What is pass-through taxation? (1.0 points)

3. How many owners does a sole proprietorship have? (0.5 points)

4. How many owners does a partnership have? (0.5 points)

5. What is a corporation? (0.5 points)

6. An LLC has some of the benefits of which two forms of business ownership? (0.5 points)

7. What is franchising? (1.0 points)

Lesson 3 (5.0 points)

1. What happens during the exit stage of a company? (0.5 points)

2. What are three of the main departments in a company? (1.0 points)

3. What are five ways of organizing a company? (1.0 points)

4. What is matrix organization? (0.5 points)

5. What is market saturation? (1.0 points)

6. What are the four stages in the product life cycle? (1.0 points)

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