The Standard Industrial Classification System is a uniform numbering system for classifying establishments according to their economic activities.

Question

Quizplus · Accepted Answer

The statement is correct. The Standard Industrial Classification (SIC) System is a standardized numerical method of classifying businesses according to the nature of their economic activity. It was developed by the US government in the late 1930s and has been revised several times since then. The SIC system is used to collect, analyze, and disseminate data on the structure of the US economy. It has been largely replaced by the North American Industry Classification System (NAICS) which was introduced in 1997, but SIC codes are still used by some government agencies and in historical research.

The Standard Industrial Classification System Is a Uniform Numbering System