Business and its environment Quiz chapter 2 - AS

Which sector involves extractive industries such as mining, farming, forestry, and fishing?

• Primary sector

• Secondary sector

• Tertiary sector

• Public sector

Which sector represents manufacturing and construction industries?

• Primary sector

• Secondary sector

• Tertiary sector

• Public sector

Which sector represents the service sector?

• Primary sector

• Secondary sector

• Tertiary sector

• Public sector

Which sector can have social objectives and provide non-profit making services?

• Primary sector

• Secondary sector

• Tertiary sector

• Public sector

What is it called when a government takes ownership of a business from the private sector into the public sector?

• Nationalisation

• Privatisation

• Merit goods

• Unlimited liability

What is it called when a government transfers ownership of a business from the public sector to the private sector?

• Nationalisation

• Privatisation

• Merit goods

• Unlimited liability

What are goods or services such as education and health that private individuals undervalue called?

• Nationalisation

• Privatisation

• Merit goods

• Unlimited liability

Which country has a centrally planned economy with the government controlling nearly 90% of the economy?

• Canada

• USA

• Honduras

• Cuba

What is the legal structure of a business where the owner has unlimited liability?

• Sole traders

• Partnerships

• Private limited companies

• Public limited companies

What is the legal structure of a business where the owners have equal voting rights and unlimited liability?

• Sole traders

• Partnerships

• Private limited companies

• Public limited companies