Question: We can classify organizations into three categories: for profit, governmental, and not for profit. These organizations are similar in several aspects. Within the 3 categories

We can classify organizations into three categories: for profit, governmental, and not for profit. These organizations are similar in several aspects. Within the 3 categories there are different types of business. Below are six different types of organizations, match each organization with its definition.

Group of answer choices

1) Service business

[ Choose ] for-profit business that purchases products (called inventory) and resells the products without altering them for-profit business that is designed to make a specific product or products business that does not sell tangible products to customers but rather sells intangible benefits (services) to customers; can be either a for-profit or a not-for-profit organization tax-exempt organization that serves its community in a variety of areas provides services to the general public (taxpayers) has the primary purpose of lending money has the primary purpose of earning a profit by selling goods and services

2) Retail business

[ Choose ] for-profit business that purchases products (called inventory) and resells the products without altering them for-profit business that is designed to make a specific product or products business that does not sell tangible products to customers but rather sells intangible benefits (services) to customers; can be either a for-profit or a not-for-profit organization tax-exempt organization that serves its community in a variety of areas provides services to the general public (taxpayers) has the primary purpose of lending money has the primary purpose of earning a profit by selling goods and services

3) Nonprofit (not-for-profit) organization

[ Choose ] for-profit business that purchases products (called inventory) and resells the products without altering them for-profit business that is designed to make a specific product or products business that does not sell tangible products to customers but rather sells intangible benefits (services) to customers; can be either a for-profit or a not-for-profit organization tax-exempt organization that serves its community in a variety of areas provides services to the general public (taxpayers) has the primary purpose of lending money has the primary purpose of earning a profit by selling goods and services

4) Manufacturing business

[ Choose ] for-profit business that purchases products (called inventory) and resells the products without altering them for-profit business that is designed to make a specific product or products business that does not sell tangible products to customers but rather sells intangible benefits (services) to customers; can be either a for-profit or a not-for-profit organization tax-exempt organization that serves its community in a variety of areas provides services to the general public (taxpayers) has the primary purpose of lending money has the primary purpose of earning a profit by selling goods and services

5) Governmental entity

[ Choose ] for-profit business that purchases products (called inventory) and resells the products without altering them for-profit business that is designed to make a specific product or products business that does not sell tangible products to customers but rather sells intangible benefits (services) to customers; can be either a for-profit or a not-for-profit organization tax-exempt organization that serves its community in a variety of areas provides services to the general public (taxpayers) has the primary purpose of lending money has the primary purpose of earning a profit by selling goods and services

6) For-profit business

[ Choose ] for-profit business that purchases products (called inventory) and resells the products without altering them for-profit business that is designed to make a specific product or products business that does not sell tangible products to customers but rather sells intangible benefits (services) to customers; can be either a for-profit or a not-for-profit organization tax-exempt organization that serves its community in a variety of areas provides services to the general public (taxpayers) has the primary purpose of lending money has the primary purpose of earning a profit by selling goods and services

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!