Business Structures and Sectors

Which type of business structure involves a single owner who is responsible for all decisions?

• Limited company

• Sole trade

• Partnerships

• Public corporation

What type of business focuses on social and environmental goals rather than profit maximization?

• Limited company

• Social enterprise

• Sole trade

• Partnership

In a partnership, how is the business responsibility shared among partners?

• Equally

• Based on investment

• Determined by a manager

• Solely by the senior partner

What type of business structure offers shares to the public and has limited liability for its shareholders?

• Sole trade

• Limited company

• Franchise

• Social enterprise

In which sector of business do activities involve manufacturing and processing raw materials into finished products?

• Primary sector business

• Secondary sector business

• Tertiary sector business

• Quaternary sector business

Which sector of business involves the extraction of raw materials from the Earth?

• Primary sector business

• Secondary sector business

• Tertiary sector business

• Quaternary sector business

What is a franchise in the context of business?

• A government-owned business

• A business with unlimited liability

• A business model where individuals purchase the right to operate a branch of a larger company

• A type of social enterprise

Which term is associated with the willingness to accept the potential for loss or failure in business?

• Risk taking

• Profit sharing

• Risk avoidance

• Financial security

Which factor is crucial when determining the location of a business?

• The owner's residence

• Proximity to competitors

• Personal preferences of employees

• Availability of natural resources

What is the main focus of business objectives?

• Profits

• Collaboration

• Innovation

• Marketing