Author Question: If you know the cost of the fabric and other materials used to produce a textile product, you can ... (Read 68 times)

Mr3Hunna · **on:** Sep 11, 2018

If you know the cost of the fabric and other materials used to produce a textile product, you can determine the cost of the product to the consumer.

Indicate whether the statement is true or false

Question 2

What is the purpose of NAICS?

What will be an ideal response?

itsakadoozi · **Reply #1 on:** Sep 11, 2018

Answer to Question 1

FALSE

Answer to Question 2

The U.S. government collects and analyzes all statistical data related to businesses using this
classification system. It allows the government to categorize data such as sales, inventories, cost
of goods sold, importing, exporting, and other data relative to running a business for two
purposes. The first purpose allows NAICS to facilitate the collection, tabulation, presentation
and analysis of data relating to establishments businesses, and the second purpose is to
promote uniformity and comparability in the presentation and analysis of statistical data
describing the North American economy (NAICS).