Level 3 Business end of term 1/start of term 2 test

Which of the following sectors focuses on the extraction of raw materials?

• Tertiary sector
• Private sector

• Manufacturing sector
• Primary sector

The main aim of a private sector business is

(a)  

What is the main focus of the secondary sector?

• Agriculture

• Manufacturing

• Retail

• Information Technology

Match the following

• Farming

• Secondary sector

• Paint factory

• Tertiary sector

• Amazon

• Primary sector

What is revenue?

• Revenue is the total profit after expenses.
• Revenue is the amount spent on marketing.
• Revenue is the total number of employees in a company.
• Revenue is the total income from business activities.

Sole traders have (a)   liability.

Which of the following is a key advantage of being a sole trader?

• Limited liability

• Shared decision-making

• Complete control over business decisions

• Access to more capital

What is a major disadvantage of being a sole trader?

• Unlimited liability

• Complex tax filing

• Difficulty in forming partnerships

• Limited customer base

Partnerships: The documentation usually completed by partners is called a (a)   .

A partnership is usually owned by 2 - (a)   people