Understanding Economic Sectors Quiz

What is a sole trader?

• A business owned by two or more people

• A business owned by one person

• A business owned by the government

• A business owned by a charity

Which of the following is an example of a public sector organisation?

• Tesco

• NHS (National Health Service)

• Oxfam

• John Lewis

What is a partnership?

• A business owned by one person

• A business owned by the government

• A business owned by two to twenty people

• A business owned by a charity

What is the main purpose of the third sector?

• To make a profit

• To provide services for free

• To help the community and support good causes

• To control the economy

What is the main difference between a public and a private sector organisation?

• Public sector organisations are owned by individuals

• Private sector organisations are owned by the government

• Public sector organisations are owned by the government

• Private sector organisations are owned by charities

Which of the following is a real example of a sole trader?

• A local bakery owned by one person

• A large supermarket chain

• A government hospital

• A charity shop

What is the main advantage of being a sole trader?

• Shared responsibility

• Full control over the business

• Limited liability

• Access to government funding

Which of the following is a real example of a partnership?

• A family-owned restaurant run by two siblings

• A national bank

• A public library

• A non-profit organisation

What is the main disadvantage of a partnership?

• Unlimited liability

• Limited decision-making

• No access to loans

• High taxes

Organize these options into the right categories

Groups:

(a) Sectors of Industry

,

(b) Sectors of Economy

,

(c) Factors of Production

• Enterprise

• Labour

• Primary

• Tertiary

• Private

• Capital

• Secondary

• Voluntary

• Social enterprise

• Land

• Public

• Sole Trader