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- 1. Multiple Choice
How many economic sectors are there?
0
4
3
- 2. Multiple Choice
This is NOT part of the primary sector of the economyMiningForestryRetailFishing - 3. Multiple Choice
Which of these examples is a service?
Mr. Farr sells guitars.
Mr. Swenson gives art supplies to consumers.
Coach provides lessons for different sports.
Ms. Miller writes books.
- 4. Multiple ChoiceFishing, Mining, Farming, and Forestry are examples of what economic activity?PrimarySecondaryTeritiaryQuaternary
- 5. Multiple Choice
Which sector does an amusement park belong in?
Primary
Secondary
Tertiary
Quaternary
Quinary
- 6. Multiple ChoiceWhat is meant by the term production?Changing raw materials into goods and serviceWhat happens on a movie setA small shop selling groceriesProducing products by recycling
- 7. Multiple Choice
What is the production chain for the diagram?
Cars
Fuel
Lorries
Motorbikes
- 8. Multiple ChoiceWhat are stakeholders?Anybody who knows the name of the businessAnybody who takes an interest in a businessAnybody who works for the businessAnybody who buys from the business
- 9. Multiple ChoiceWhich one of the following statements about stakeholder groups is accurate?Stakeholders are people who are not interested in businessStakeholder groups have direct interest in firms decisionsShareholders of a ltd company are not a stakeholder group
- 10. Multiple Choice
What stakeholders exist within Lordswood Boys’ School ?
Teachers
Parents
Students
All of them.
- 11. Multiple Choice
Which is a feature of a partnership?
Shares can be sold to family and friends
Income tax must be paid on profit.
The owners have limited liability.
Financial information is sent to Companies House.
- 12. Multiple Choice
An owner of a sole Proprietorship is personality liable for all assets
True
False
- 13. Multiple Choice
A sole proprietorship has to share their profits with a partner
True
False
- 14. Multiple Choice
Unlimited liability means?
The owner is personally liable to cover business debts and any costs the business can not cover
The owner(s) do not have to cover all business costs personally in the case of them being sued or going into debt
A corporation is not responsible for taking care of lawsuits
A sole Proprietorship will have enough money and coverage to pay any and all debts
- 15. Multiple ChoiceA Business owned by 1 PersonSole ProprietorshipPartnershipFranchiseCorporation
- 16. Multiple ChoiceA Business owned by two or more peopleSole ProprietorshipPartnershipFranchiseNon-Profit Organization
- 17. Multiple ChoiceA contract between a parent company and a franchisee to use the name and see the goods or services of the parent company.FranchiseCorporationNon-Profit OrganizationPartnership
- 18. Multiple Choice
Who is responsible for the business debt?
Franchisor
Franchise
The Franchisee
Investor
- 19. Multiple Choice
What's a franchisee?
A franchisee is the initial fee paid to the company
A franchisee is a company that owns the service and grants rights to another business.
A franchisee is formed when the franchisee buys a business.
A franchisee is the person buying the right to run a business.
- 20. Multiple ChoiceThe company that owns the product or service and grants the rights is ___________.FranchiseeFranchiserFranchise
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