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11 Cards in this Set
- Front
- Back
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What does a classification code reveal about a customer?
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What type of business they are engaged in.
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What are the two most common industrial clasification systems and when were they created?
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1. Standard Industrial Code (SIC). 1930's and updated in 1987.
2. North American Industry Classification System (NAICS). 1997. |
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What are the main differences between SIC and NAICS?
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SIC classifies private, institutional and government establishments ACCORING TO THEIR ECONOMIC ACTIVITY. NAICS groups companies into INDUSTRIES based on ACTIVITIES they are primarily engaged. It is a comprehensive system covering the entire field of economic activities.
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How many divisions does SIC divide the U.S. economy into?
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Eleven
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How are the eleven divisions of the U.S. economy designated in the SIC system?
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Alphabetically from A to K.
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What does the SIC 3541 code mean?
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See example
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How many sectors are there in the NAICS system?
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20
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How many industries are there in the NAICS U.S. version?
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1,170
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How many digits does the NAICS sytems use?
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6
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What doe each digit represent in the NAICS system?
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1st two = Sector
3rd digit = Sub sector 4th digit = Industry group 5th digit = NAICS industry 6th digit = "0" indicates the NAICS industry and US indsutry version are the same. |
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Where can a complete copy of SIC & NAICS Code classifications be obtained from ?
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National Technical Information Service (www.ntis.gov)
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