The Standard Industrial Classification System is a uniform system of classifying establishments based on the types of goods and services they provide.

Question

Quizplus · Accepted Answer

The statement is true. The Standard Industrial Classification System (SIC) is a standard way of classifying businesses based on the types of goods and services they provide. This system is used by government agencies, researchers, and businesses to categorize establishments and gather data. It was originally developed by the U.S. government in the 1930s and has since been updated and revised to reflect changes in the economy and industries.

The Standard Industrial Classification System Is a Uniform System of Classifying