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WorksheetsIB Year 1: 1.2 Vocab
Total questions: 17
Worksheet time: 11mins
Name
Class
Date
1.
Comprises organisations accountable to and controlled by central or local government (the state)
a)
Private sector
b)
Public sector
c)
Chines sector
d)
US Government sector
2.
Comprises businesses owned and controlled by individuals or groups of individuals.
a)
A mixed economy
b)
Private sector
c)
UK sector of economy
3.
Economic resources are owned and controlled by both private and public sectors?
a)
Mixed Economy
b)
Free-Market economy
c)
Command economy
d)
Key concept in the Private sector
4.
Economic resources are owned largely by the private sector with very little state intervention.
a)
Free-market economy
b)
Mixed economy
c)
Command economy
d)
Privatisation
5.
The sale of public sector organisations to the private sector
a)
Privatization
b)
Mixed economy
c)
Free-market economy
d)
Command economy
6.
A business enterprise owned and controlled by the state - a.k.a nationalized industry or public sector enterprise
a)
Public Corporation
b)
Privatization of a sale
c)
Key concept link
d)
Economic resources of a business
7.
A business in which one person provides the permanent finance and in return, has full control of the business and is able to keep all of the profits.
a)
Sole trader
b)
a Partnership
c)
an LLC
d)
Shareholders
8.
A business formed by two or more people to carry on a business together, with shared capital investment and, usually, shared responsibilities is what?
a)
a Partnership
b)
Sole trader ownership
c)
an LLC
d)
an PLC
9.
Individuals or institutions that buy and/or own shares in a limited company are called what?
a)
Shareholders
b)
Limited liability owners
c)
PLC's
d)
Legal Personality
10.
The 3 objectives of social enterprises are called what?
a)
Economic, social and environmental
b)
Social, cooperative and microfinance
c)
Environmental, enterprise and limited liability
d)
non-profit, NGO and twitter
11.
In this type of business, the owner is responsible for all debts.
a)
Corporation
b)
Sole-Proprietorship
c)
Partnership
d)
Cooperative
12.
A parent company of a franchise is known as:
a)
Franchisee
b)
Franchiser
c)
Big Daddy
d)
All of the Above
13.
Which of the following is an activity performed by businesses?
a)
Generating Ideas
b)
Raising Capital
c)
Keeping Records
d)
All of the Above
14.
A group that is in charge of making business decisions for a corporation.
a)
Staff
b)
Board of Directors
c)
Management
d)
Proprietors
15.
True/False. A partnership usually issues stock to raise capital._______
a)
False
b)
True
16.
A form of business that can have many owners and issue stock.
a)
Corporation
b)
Sole-proprietorship
c)
Partnership
d)
Cooperative
17.
Which document is used to obtain financing and plan objectives for a business?
a)
Competitive Analysis
b)
Financial Statement
c)
Mission Statement
d)
Business Plan
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