5.1 Describe the relationship among wholesalers, retailers, and customers
1) Wholesalers purchase large quantities of product from manufacturers and then sell the product to retailers.
2) Retailers may buy goods from the manufacturer and then sell the goods to consumers.
3) Goods that a retailer sells to consumers are classified as inventory.
4) The predominant types of businesses in Canada are:
A) merchandising businesses.
B) manufacturing businesses.
C) service businesses.
D) wholesale businesses.
E) retail businesses.
5) Inventory for a merchandising business is classified as a(n):
A) liability.
B) revenue.
C) part of shareholder's equity.
D) asset.
E) expense.
6) Which of the following would NOT be classified as a retailer?
A) Canadian Tire
B) H & R Block
C) Walmart
D) Giant Tiger
E) Sears
7) Which of the following would NOT be classified as a service business?
A) Karl's Lawn Mowing
B) Ty's Tax Preparation
C) Paula's Pet Walking
D) Sheila's Fashion Boutique
E) Lilly's Hair Salon
8) What type of internet company are Amazon.ca and Walmart.ca?
A) service businesses
B) manufacturing businesses
C) retail businesses
D) wholesalers
E) financial businesses
9) Who buys goods from retailers?
10) What is the general public also referred to as?
A) final consumers
B) service customers
C) retail customers
D) manufacturing customers
E) merchandise customers