WorksheetsUNIT 6: CLASSIFICATION OF BUSINESSES
Total questions: 25
Worksheet time: 13mins
Which sector of the economy is responsible for extracting and using natural resources to produce raw materials?
A. Secondary sector
B. Tertiary sector
C. Primary sector
D. Public sector
Which sector of the economy focuses on providing services to consumers and businesses?
A. Primary sector
B. Secondary sector
C. Tertiary sector
D. Private sector
What is the term for an economy that includes both private and public sectors?
A. Free-market economy
B. Mixed economy
C. Command economy
D. Sole trader economy
Which of the following refers to the sale of state-owned assets to private individuals or companies?
A. Nationalisation
B. Privatisation
C. Public ownership
D. Sole proprietorship
What is a business owned and operated by one person called?
A. Partnership
B. Corporation
C. Sole trader
D. Franchise
In which sector are organisations owned and controlled by individuals?
A. Private sector
B. Public sector
C. Tertiary sector
D. Secondary sector
What sector of the economy is responsible for manufacturing goods from raw materials?
A. Tertiary sector
B. Primary sector
C. Secondary sector
D. Public sector
What does "limited liability" mean?
A. Shareholders are only responsible for the debts of the business up to the amount they invested.
B. Shareholders are responsible for all the debts of the business.
C. The business is limited in the number of shareholders it can have.
D. The liability of the business is shared equally among all shareholders.
Which of the following describes "unlimited liability"?
A. Owners of the business cannot lose more than their initial investment.
B. Owners of the business are not responsible for any debts.
C. Owners can be held responsible for all the debts of the business, even beyond their investment.
D. Shareholders are liable only for their share in the company.
What is a business jointly owned by two or more people called?
A. Corporation
B. Partnership
C. Sole proprietorship
D. Public limited company
Who are shareholders in a company?
A. Employees who work for the company
B. Customers who purchase the company's products
C. Owners of the company who own shares representing part-ownership
D. Managers who oversee company operations
What is a private limited company?
A. A business owned by shareholders that can sell shares to the public.
B. A business owned by shareholders but cannot sell shares to the public.
C. A business owned and operated by one person.
D. A business owned by the government.
Which sector of the economy focuses on information services like ICT and R&D?
A. Primary sector
B. Secondary sector
C. Quaternary sector
D. Tertiary sector
What is a franchisor?
A. A business that buys the right to use another company's product or service.
B. A business that owns the idea or product and allows others to sell it to customers.
C. A person who works for a franchise business.
D. A business that sells shares on the stock market.
What is a joint venture?
A. A business project where one company takes full control.
B. A partnership between two or more businesses to share capital, risks, and profits on a new project.
C. A company owned by a single individual.
D. A business that operates under a franchisor.
Which of the following is an example of a franchise?
A. A local bakery that is independently owned and operated.
B. A McDonald's restaurant operated by a franchisee using McDonald's branding and products.
C. A government-owned hospital providing healthcare services.
D. A multinational corporation with no branches or partnerships.
Which of the following is NOT typically part of the quaternary sector?
A. Software development
B. Agricultural production
C. Research and development (R&D)
D. Consultancy services
What is the primary difference between a private limited company and a public limited company?
A. Private limited companies can sell shares to the public, while public limited companies cannot.
B. Public limited companies can sell shares to the public, while private limited companies cannot.
C. Private limited companies are owned by the government, while public limited companies are privately owned.
D. Public limited companies do not have shareholders, while private limited companies do.
Which industry is part of the tertiary sector?
A. Coal mining
B. Building construction
C. Banking and finance
D. Farming
What happens during the privatisation of a state-owned enterprise?
A. It becomes a public sector organisation.
B. It is sold to private investors or companies.
C. The government takes full control of the business.
D. It starts providing free services to the public.
Which of the following would be classified as a sole trader?
A. A retail shop owned and run by one individual.
B. A technology company owned by multiple shareholders.
C. A government-run healthcare service.
D. A partnership between two individuals operating a bakery.
Which of the following industries is most likely part of the primary sector?
A. Farming
B. Manufacturing electronics
C. Running a logistics company
D. Software development
Which is a characteristic of a private limited company?
A. Shares can be sold to the public on the Stock Exchange.
B. Owners have unlimited liability for business debts.
C. Shares are owned privately and not available to the public.
D. It is fully owned and operated by the government.
Which of the following is an example of a tertiary sector activity?
A. Mining coal for electricity production
B. Manufacturing furniture in a factory
C. Selling products in a retail store
D. Growing crops for export
What is the main role of the secondary sector?
A. Extracting raw materials from the Earth.
B. Providing services to consumers and businesses.
C. Transforming raw materials into finished goods.
D. Conducting research and development activities.
