Identify a true statement about the North American Industry Classification System (NAICS).
A)It is generally used by entrepreneurs to get detailed information about local competitive environment.
B)It provides potential entrepreneurs with data related to industry categorization.
C)It provides an entrepreneur with a standard 15-digit industry code.
D)It is unable to provide any information about national trends of specific industries.

Question

Quizplus · Accepted Answer

The North American Industry Classification System (NAICS) provides potential entrepreneurs with data related to industry categorization, allowing them to understand the size and structure of industries they may be interested in entering. It does not provide a standard 15-digit industry code, nor is it generally used by entrepreneurs to get detailed information about local competitive environment. While it may not provide information about national trends of specific industries, it does provide data that can be used to identify trends within specific industries.

Identify a True Statement About the North American Industry Classification