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[ACC 100] - Final Exam Guide - Ultimate 27 pages long Study Guide!


Department
Accounting
Course Code
ACC 100
Professor
Joel Shapiro
Study Guide
Final

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Ryerson
ACC 100
FINAL EXAM
STUDY GUIDE

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1 | P a g e
Chapter 1
What is a business?
"The activity of making, buying, or selling goods or providing services in exchange for money."1
That's the definition according to Merriam-Webster and it focuses on for-profit businesses,
which are businesses whose purpose is to make a profit. Note that there are other types of
businesses such as not-for-profit (charities) or barter businesses (exchange one good or service
for another); however, the focus of this course is on for-profit businesses.
What does a business do?
That depends on which business sector a business is in.
Video - What are the three main business sectors?
Businesses are divided into one of three main business sectors. After watching this video you
should be able to define the sectors and categorize businesses into one of the three business
sectors.
After watching the video, answer the questions on the following page.
Videos will be embedded in the
chapter and contain content that will
be tested in both the midterm and
final exam.
Students are required to watch the
videos before the start of the class for
the assigned chapter.
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2 | P a g e
1. Write a definition of the primary sector. What industries would be categorized in the
primary sector?
The primary sector of the economy is the sector of an economy making
direct use of natural resources.
Forestry
Farming
Fisheries
Mining
Oil Drilling
2. Write a definition of the secondary sector. Give examples of three businesses that would be
categorized in the secondary sector.
The secondary sector of the economy is the sector that where raw
materials are used to make finished products.
Car Manufacturing
Cardboard box factory
Frozen food factory
Furniture factory
3. Write a definition of the tertiary sector. Provide the names of three companies that would
be categorized in the tertiary sector (e.g. Canadian Tire).
The tertiary sector of the economy is the sector where finished products
are sold to consumers.
Walmart
Leons
Sears
Check your understanding
A fashion designer would be categorized in which business sector? Be sure to explain WHY you
think it belongs in that sector.
A fashion designer would be categorized in the secondary sector because
they take raw materials and design finished pieces of clothing,
Check your
understanding
questions are for
practice. The
solution can be
viewed by
clicking the
hyperlink BUT
you only learn if
you attempt the
question yourself
FIRST.
You can ONLY
obtain the answer
to these
questions, which
will be tested on
the midterm and
the final exam, by
watching the
videos before
class!
find more resources at oneclass.com
find more resources at oneclass.com
You're Reading a Preview

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