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Business Classification & Structure Quiz

Authored by AKHIL CH

Business

University

Used 2+ times

Business Classification & Structure Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary function of a business organization?

To meet legal requirements

To satisfy needs

To use resources

To achieve objectives

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which sector involves extracting natural resources?

Quaternary Sector

Primary Sector

Secondary Sector

Tertiary Sector

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a characteristic of a sole trader?

Complex administration

Shared decision making

Limited liability

Unlimited liability

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a business function?

Finance

Marketing

Research and Development

Legal Affairs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'economy of scale' refer to?

Increased profits with decreased output

Constant costs with increased output

Increased costs with increased output

Decreased costs with increased output

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of business structure is owned by two or more people?

Sole Trader

Partnership

Limited Company

Public Limited Company

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a disadvantage of a partnership?

Easy to set up

Unlimited liability

Limited liability

Shared decision making

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