1. What is the main purpose of a business? 2. Describe the four general types of businesses and what each does.

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Answer 1

Textbook Question

Chapter 1, Problem 1YT

1. What is the main purpose of a business?
2. Describe the four general types of businesses and what each does.

1.

Expert Solution

To determine

Identify the main purpose of a business.

Explanation of Solution

The purpose of a business is to raise the company’s value and generate profit for the owners of the business through rendering goods and services to the customers.

2.

Expert Solution

To determine

Identify the 4 general types of the business.

Explanation of Solution

The following are the 4 general types of the business.

1. Service Company: These types of business render some type of services to its customers instead of selling tangible products.
2. Merchandising Company: These types of businesses buy goods from outside suppliers, then add value to the goods and finally sell the value added goods with the added value.
3. Financial Services Company: These are also a type of Service Company, but provide services related to money, insurance, banking, etc.
4. Manufacturing Company: These types of businesses produce products in its own and then sell them to other companies or end user of the products.

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Answer 2

Textbook Question

Chapter 1, Problem 1YT

1. What is the main purpose of a business?
2. Describe the four general types of businesses and what each does.

1.

Expert Solution

To determine

Identify the main purpose of a business.

Explanation of Solution

The purpose of a business is to raise the company’s value and generate profit for the owners of the business through rendering goods and services to the customers.

2.

Expert Solution

To determine

Identify the 4 general types of the business.

Explanation of Solution

The following are the 4 general types of the business.

1. Service Company: These types of business render some type of services to its customers instead of selling tangible products.
2. Merchandising Company: These types of businesses buy goods from outside suppliers, then add value to the goods and finally sell the value added goods with the added value.
3. Financial Services Company: These are also a type of Service Company, but provide services related to money, insurance, banking, etc.
4. Manufacturing Company: These types of businesses produce products in its own and then sell them to other companies or end user of the products.

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Answer 3

Textbook Question

Chapter 1, Problem 1YT

1. What is the main purpose of a business?
2. Describe the four general types of businesses and what each does.

1.

Expert Solution

To determine

Identify the main purpose of a business.

Explanation of Solution

The purpose of a business is to raise the company’s value and generate profit for the owners of the business through rendering goods and services to the customers.

2.

Expert Solution

To determine

Identify the 4 general types of the business.

Explanation of Solution

The following are the 4 general types of the business.

1. Service Company: These types of business render some type of services to its customers instead of selling tangible products.
2. Merchandising Company: These types of businesses buy goods from outside suppliers, then add value to the goods and finally sell the value added goods with the added value.
3. Financial Services Company: These are also a type of Service Company, but provide services related to money, insurance, banking, etc.
4. Manufacturing Company: These types of businesses produce products in its own and then sell them to other companies or end user of the products.

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Answer 4

Textbook Question

Chapter 1, Problem 1YT

1. What is the main purpose of a business?
2. Describe the four general types of businesses and what each does.

1.

Expert Solution

To determine

Identify the main purpose of a business.

Explanation of Solution

The purpose of a business is to raise the company’s value and generate profit for the owners of the business through rendering goods and services to the customers.

2.

Expert Solution

To determine

Identify the 4 general types of the business.

Explanation of Solution

The following are the 4 general types of the business.

1. Service Company: These types of business render some type of services to its customers instead of selling tangible products.
2. Merchandising Company: These types of businesses buy goods from outside suppliers, then add value to the goods and finally sell the value added goods with the added value.
3. Financial Services Company: These are also a type of Service Company, but provide services related to money, insurance, banking, etc.
4. Manufacturing Company: These types of businesses produce products in its own and then sell them to other companies or end user of the products.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

1.

Expert Solution

To determine

Identify the main purpose of a business.

Explanation of Solution

The purpose of a business is to raise the company’s value and generate profit for the owners of the business through rendering goods and services to the customers.

2.

Expert Solution

To determine

Identify the 4 general types of the business.

Explanation of Solution

The following are the 4 general types of the business.

1. Service Company: These types of business render some type of services to its customers instead of selling tangible products.
2. Merchandising Company: These types of businesses buy goods from outside suppliers, then add value to the goods and finally sell the value added goods with the added value.
3. Financial Services Company: These are also a type of Service Company, but provide services related to money, insurance, banking, etc.
4. Manufacturing Company: These types of businesses produce products in its own and then sell them to other companies or end user of the products.

Answer 8

1.

Expert Solution

To determine

Identify the main purpose of a business.

Explanation of Solution

The purpose of a business is to raise the company’s value and generate profit for the owners of the business through rendering goods and services to the customers.

Answer 9

1.

Expert Solution

Answer 10

1.

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

Identify the main purpose of a business.

Answer 13

Explanation of Solution

The purpose of a business is to raise the company’s value and generate profit for the owners of the business through rendering goods and services to the customers.

Answer 14

2.

Expert Solution

To determine

Identify the 4 general types of the business.

Explanation of Solution

The following are the 4 general types of the business.

1. Service Company: These types of business render some type of services to its customers instead of selling tangible products.
2. Merchandising Company: These types of businesses buy goods from outside suppliers, then add value to the goods and finally sell the value added goods with the added value.
3. Financial Services Company: These are also a type of Service Company, but provide services related to money, insurance, banking, etc.
4. Manufacturing Company: These types of businesses produce products in its own and then sell them to other companies or end user of the products.

Answer 15

2.

Expert Solution

Answer 16

2.

Expert Solution

Answer 17

Expert Solution

Answer 18

To determine

Identify the 4 general types of the business.

Answer 19

Explanation of Solution

The following are the 4 general types of the business.

1. Service Company: These types of business render some type of services to its customers instead of selling tangible products.
2. Merchandising Company: These types of businesses buy goods from outside suppliers, then add value to the goods and finally sell the value added goods with the added value.
3. Financial Services Company: These are also a type of Service Company, but provide services related to money, insurance, banking, etc.
4. Manufacturing Company: These types of businesses produce products in its own and then sell them to other companies or end user of the products.

Answer 20

Ch. 1 - 1. What is the main purpose of a business? 2....Ch. 1 - Prob. 2YT Ch. 1 - 1. What are the two sources of financing for a...Ch. 1 - 1. What are revenues and expenses? 2. What are the...Ch. 1 - 1. What are the two parts of shareholders equity?...Ch. 1 - Prob. 6YT Ch. 1 - Prob. 7YT Ch. 1 - Prob. 1Q Ch. 1 - Prob. 2Q Ch. 1 - Prob. 3Q

1. What is the main purpose of a business? 2. Describe the four general types of businesses and what each does.

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