2023/24 Summer Task

What is the Private sector?

Evaluate responses using AI:

OFF

Answer explanation

Businesses owned by individuals

What is the Public Sector?

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OFF

Answer explanation

Organisations financed by public money

What is the voluntary sector?

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OFF

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

Evaluate responses using AI:

OFF

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Cash being withdrawn from the bank will...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