Business Principles and Industry Classification
50 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What characterizes the primary industry?

  • Extraction of natural resources (correct)
  • Providing essential services
  • Research and development activities
  • Manufacturing of goods from raw materials

    • Which type of industry is primarily involved in converting raw materials into usable products?

  • Tertiary industry
  • Quinary industry
  • Secondary industry (correct)
  • Quaternary industry

    • What function does the tertiary industry serve in the economy?

  • Processes and manufactures raw materials
  • Conducts research and development
  • Manages government policies
  • Provides essential services and support (correct)

    • Which industry primarily focuses on information creation and transfer?

    <p>Quaternary industry</p> Signup and view all the answers

    In the context of industries, what is the main characteristic of the quinary sector?

    <p>Focuses on high-level decision-making</p> Signup and view all the answers

    What is the primary purpose of poultry farming?

    <p>To produce meat or eggs</p> Signup and view all the answers

    Which type of agribusiness involves the raising of pigs?

    <p>Hog/Pig Raising</p> Signup and view all the answers

    What is the main product of cattle raising?

    <p>Milk, beef, and hides</p> Signup and view all the answers

    Which of the following is NOT a type of livestock mentioned in the context of farming?

    <p>Oysters</p> Signup and view all the answers

    What is a primary characteristic of hard goods?

    <p>They are durable items like furniture and appliances</p> Signup and view all the answers

    What best describes the manufacturing process?

    <p>It is the conversion of raw materials into finished goods</p> Signup and view all the answers

    Which type of retail product typically requires cold storage facilities?

    <p>Food products</p> Signup and view all the answers

    What distinguishes online retailing from traditional retailing?

    <p>It uses electronic channels for customer transactions</p> Signup and view all the answers

    What is the primary purpose of education services?

    <p>To offer training or instruction-based learning to individuals requiring it</p> Signup and view all the answers

    What does the term 'premium' refer to in insurance services?

    <p>The amount paid by the policyholder to the insurance company</p> Signup and view all the answers

    Which of the following is a component of treatment services?

    <p>Activities aimed at improving emotional and behavioral functioning</p> Signup and view all the answers

    Exports are best defined as:

    <p>Goods and services produced in one country and sold to another</p> Signup and view all the answers

    Which of the following is an example of traded services?

    <p>Tourism</p> Signup and view all the answers

    Which of the following is NOT considered a type of soft good?

    <p>Landscaping services</p> Signup and view all the answers

    What characterizes consumable goods?

    <p>They are consumed after one use or have a limited lifespan.</p> Signup and view all the answers

    Which type of service focuses on providing expertise to businesses for improved strategy and management?

    <p>Consulting services</p> Signup and view all the answers

    What is the primary function of banking services as described?

    <p>To store cash and facilitate loans.</p> Signup and view all the answers

    Which of these services is specifically tailored for industries such as healthcare and hospitality?

    <p>Cleaning services</p> Signup and view all the answers

    What do landscaping services modify within an area?

    <p>Visible elements of land, including flora and fauna</p> Signup and view all the answers

    What aspect is central to a consultant's role?

    <p>To take an independent and unbiased stance.</p> Signup and view all the answers

    What is a significant aspect of accounting services for businesses?

    <p>To track payments and financial stability.</p> Signup and view all the answers

    Which industry is primarily involved in the extraction of raw materials?

    <p>Primary Industry</p> Signup and view all the answers

    Which of the following best describes the role of the tertiary industry?

    <p>Providing essential services to facilitate other industries</p> Signup and view all the answers

    What is the main focus of the quinary industry?

    <p>Management and decision-making processes within industries</p> Signup and view all the answers

    Which industry is characterized by the transformation of raw materials into usable products?

    <p>Secondary Industry</p> Signup and view all the answers

    Which of these is an example of agribusiness?

    <p>A farm that grows and processes crops</p> Signup and view all the answers

    What is included under treatment services?

    <p>Physical or physiological treatment</p> Signup and view all the answers

    What distinguishes exports from imports?

    <p>Exports are goods produced in one country sold to another.</p> Signup and view all the answers

    How do trading-goods benefit consumers and countries?

    <p>By providing exposure to new markets and products</p> Signup and view all the answers

    What is the primary purpose of hog/pig raising?

    <p>To raise domestic pigs for meat and other products</p> Signup and view all the answers

    Which type of farming focuses primarily on planting rice?

    <p>Rice Farming</p> Signup and view all the answers

    Which of the following is NOT a product typically obtained from cattle raising?

    <p>Wool</p> Signup and view all the answers

    What distinguishes retail and services from other types of businesses?

    <p>They serve a large number of individuals with small orders</p> Signup and view all the answers

    What is the primary function of the manufacturing industry?

    <p>To convert raw materials into finished goods</p> Signup and view all the answers

    Which of the following is an example of a hard good?

    <p>Furniture</p> Signup and view all the answers

    What type of goods refers to items that do not quickly wear out and provide utility over time?

    <p>Hard Goods</p> Signup and view all the answers

    Which of the following best describes banking services?

    <p>Safe storage of money and loan provision</p> Signup and view all the answers

    What type of farming is focused on raising fish such as tilapia or bangus?

    <p>Fish Pens</p> Signup and view all the answers

    Which business is specifically focused on producing soap-based products?

    <p>Soap Manufacturing Business</p> Signup and view all the answers

    What is the primary focus of consulting services?

    <p>Offering organizational and strategic advice</p> Signup and view all the answers

    Which of the following describes landscaping services?

    <p>Modifications to visible features of land and gardening</p> Signup and view all the answers

    Which goods are typically consumed after one use or have a limited usability period?

    <p>Soft Goods</p> Signup and view all the answers

    What role do accounting services primarily serve for businesses?

    <p>Advising on investments and financial stability</p> Signup and view all the answers

    What is the primary focus of cleaning services in a professional context?

    <p>Offering tailored cleaning solutions to organizations</p> Signup and view all the answers

    Which of the following is NOT considered a type of service business?

    <p>Arts Supplies</p> Signup and view all the answers

    Study Notes

    Business Principles, Tools, and Techniques

    • Various industries exist in a locality.
    • Industries are classified into different categories.

    Industry Classification

    • Primary Industry: Extracts raw materials from nature. Examples include mining, fishing, forestry, and agriculture.
    • Secondary Industry: Processes raw materials into finished products. Examples include car manufacturing and bakeries.
    • Tertiary Industry: Provides services to support other industries. Examples include transportation, finance, utilities, retail, housing, and banking.
    • Quaternary Industry: Involves the creation and transfer of information, such as ICT, media sharing, research development, and consultation.
    • Quinary Industry: Controls the industrial and government decision-making process. This includes industry executives, management, bureaucrats, and elected officials in government. Examples include GOCC executives.

    Philippine Standard Industrial Classification (PSIC)

    • A detailed classification of industries in the Philippines.
    • It's based on the United Nations International Standard Industrial Classification (UNISIC).

    Major Industries in the Philippines

    • Agribusiness
    • Manufacturing
    • Retail and Services
    • International Trade

    Agribusiness

    • Businesses that earn revenue from agriculture, including farming, processing, manufacturing, packaging, and distributing agricultural products.
    • Examples: hog/pig raising, poultry farming, cattle raising, goat raising, rice farming, vegetable farming, fish pens, and corn farming.

    Manufacturing

    • Converting raw materials into finished products.
    • Includes requirements for licensing to conform with laws and regulations, government, and local authorities.
    • Examples: furniture making, drinking water business, soap manufacturing, and commercial bread making.

    Retail and Services

    • Selling consumer goods and services through various distribution channels.
    • Types of retail products: food, hard goods (durable goods), soft goods (consumables), and arts.
    • Examples of services: accounting, banking, consulting, cleaning, landscaping, education, insurance, treatment, transportation.

    International Trade

    • Exchange of capital, goods, and services across international borders.
    • It is a significant part of a country's gross domestic product (GDP).
    • Export: Moving goods/services from to another country
    • Import: Buying products from another country

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Industries PDF

    Description

    This quiz explores the various classifications of industries, including primary, secondary, tertiary, quaternary, and quinary. Participants will gain insights into how these industries operate and their roles in the economy. Additionally, the quiz covers the Philippine Standard Industrial Classification (PSIC).

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser