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- 1. Multiple Choice
Which of these are features of the Public Sector
Provides public goods
Helps reduce inequality in society
Less bureaucracy
Creates jobs to fill market gaps
- 2. Multiple Choice
The private sector creates opportunities for entrepreneurs to enter the free market
True
False
- 3. Fill in the Blank
A ___________ is an individual who owns their own business
- 4. Multiple Choice
Identify features of a Sole Trader
Simplest form of business structure
Gives owner full control of business decisions
Has limited liability
Can employ people to help with the running of the business
- 5. Multiple Choice
A partnership has limited liability
True
False
- 6. Open Ended
What is one advantage of being a Sole Trader?
- 7. Open Ended
What is one disadvantage of being in a Partnership?
- 8. Fill in the Blank
When the business owner is personally responsible for any loss the business makes.
- 9. Multiple Choice
The following features describe which type of business structure:
Shared profits
Unlimited Liability
2 or more owners
Trust
Partnership
Company
Government Business Enterprise
- 10. Multiple Choice
What is the definition of Limited Liability?
A person's financial liability is limited to a fixed sum, most commonly the value of a person's investment
owners who are legally responsible for any debt their business might accrue
The sector of the economy under the control of the government at a federal, state and local level
- 11. Multiple Choice
A private company
Is limited to 50 non-employee shareholders
Is listed on the stock exchange
Contains Pty Ltd
Money is raised through public revenue
- 12. Fill in the Blank
A ____________ is an agreement in which a person or company agree to hold assets for the benefit of others
- 13. Multiple Choice
Administers the provision of goods and services
Public Company
Sole Trader
Family Trust
Public Sector
- 14. Multiple Choice
What is the main aim of the private sector?
Make a profit
Give investors a chance to enter the market
Own your own business
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