Business sectors

What is the definition of the Primary sector? Fill in the blank: The Primary sector deals with the extraction of ________ and ________ resources.

• raw materials; natural

• finished goods; manufactured

• digital; technological

• financial; economic

Which sector involves the process of transforming raw materials into finished or unfinished products?

• Primary sector

• Secondary sector

• Tertiary sector

• Formal sector

The Tertiary sector refers to industries that offer services to other businesses and consumers.

• True

• False

Fill in the blank: Businesses in the formal sector are ________ businesses who pay taxes to the government.

• registered

• illegal

• unregistered

• temporary

In South Africa, businesses must register with the South Africa Revenue Service (SARS) for purposes of ________.

• tax

• insurance

• licensing

• employment

What is the definition of the informal sector?

• Businesses in the informal sector refer to businesses that are not registered and do not pay tax on the profits of the business.

• Businesses in the informal sector are large corporations that pay high taxes.

• Businesses in the informal sector are government-owned and regulated.

• Businesses in the informal sector are registered and pay tax on their profits.

What is the definition of the private sector?

• Consists of businesses owned, managed and controlled by individuals and organisations seeking to generate profit.

• Consists of businesses owned, managed and controlled by the government.

• Consists of businesses that operate without any profit motive.

• Consists of businesses that are only involved in charitable activities.

What is the definition of the public sector?

• The part of the economy, where goods and services are provided by the government or local authorities carrying out the task instead.

• A sector where only private companies operate without any government involvement.

• The part of the economy focused solely on international trade and exports.

• A sector that deals exclusively with manufacturing consumer electronics.

What does the term 'industry' refer to?

• A specific group of businesses that produce a particular kind of good or service in a particular field.

• A type of government organization that regulates laws.

• A group of people who work in agriculture only.

• A place where people gather for entertainment.

Which business sector involves extracting, collecting, or cultivating raw materials and natural resources such as livestock, fish, timber, coal, and gold?

• Primary

• Secondary

• Tertiary