How do you find the industry classification of a company?

To find out how a company is classified, go to the Business Library’s Company & Financial Information section for links to useful resources including links to the following suggested resources. Hoovers: Provides both SIC and NAICS classifications. Reference USA: Provides both SIC and NAICS classifications.

What does SIC stand for industry code?

Standard Industrial Classification
Both Standard Industrial Classification (SIC) and North American Industrial Classification System (NAICS) codes identify a firm’s primary business activity.

What are NAICS and SIC codes used for?

What are NAICS and SIC Codes? NAICS and SIC codes are numeric codes used to classify companies into specific industries. Many company and industry databases use NAICS and SIC codes, which allow you to filter by standardized industry classification.

How is an SIC code assigned?

SIC codes are four-digit numerical representations of major businesses and industries. SIC codes are assigned based on common characteristics shared in the products, services, production and delivery system of a business.

What is meant by business list the different categories in which business activities can be classified?

ADVERTISEMENTS: Business activities may broadly be classified into two categories namely (A) Industry and (B) Commerce. Industry involves production of goods and services whereas commerce is concerned with the distribution of goods and services.

What are the classification of business activities?

There are three main types of business activities: operating, investing, and financing. The cash flows used and created by each of these activities are listed in the cash flow statement.

Which is better SIC or NAICS?

SIC and NAICS codes are two closely related business classification systems used by both the public and private sectors to classify businesses. However, SIC codes are less standardized and more used by the public sector, while NAICS codes are more accurate and used by the government as well as internationally.

What is my companies SIC code?

To find SIC codes, click on the “Company Information” link in the blue banner near the top. Enter company name or ticker in the search box & set box to left as “company name” or “ticker symbol.” Open up company record and click on “Industry” link.

Are MCC and SIC the same?

While technically different things, the Standard Industrial Classification (SIC) code and Merchant Category Code (MCC) are essentially both systems the credit card industry uses to identify industry types using a four-digit code.

Who makes SIC?

Standard Industrial Classification (SIC) codes are four-digit numerical codes assigned by the U.S. government to business establishments to identify the primary business of the establishment.

Why are SIC codes important?

Companies use SIC codes to identify their existing customers and potential customers by industry. SIC codes can be used to classify companies for tax purposes. Banks and creditors use SIC codes to identify the industry a company belongs to when considered extending credit.

Why is it important to classify a business?

Classifying a business correctly is an important step in providing coverage for a risk because proper classification supports the rating structure and allows an insurance carrier to charge a rate that is commensurate with business exposures.