2023/24 Summer Task

What is the Private sector?

Answer explanation

Businesses owned by individuals

What is the Public Sector?

Answer explanation

Organisations financed by public money

What is the voluntary sector?

Answer explanation

Organisations financed by donations or subscriptions

What is a sole trader?

• A business owned by 2 or more people

• A business owned by 1 person

• A company

Answer explanation

A sole trader is when 1 person owns a business. They can trade in their name or a business trading name.

What are the two types of limited companies?

• Private and Public

• Private and Partial

• Public and Partial

• None of these

Give 3 examples of financial transactions

Answer explanation

Sales, purchases, payments to the bank or payments from the bank

A letter to a member of the public responding to a complaint is...

• Formal and internal

• Formal and external

• Informal and internal

• Informal and external

Asking a colleague whether or not an order has been fulfilled is...

• Formal and internal

• Formal and external

• Informal and internal

• Informal and external

Cash being withdrawn from the bank will...

• Reduce funds on the same day

• Reduce funds at a later date

A cheque will...

• Reduce funds on the same day

• Reduce funds at a later date