BTEC BUSINESS UNIT 1
Comprehensive Questions
(Frequently Tested) with
Verified Answers Graded A+
Business - Answer: An organisation or economic system where goods & services are exchanged
for money.
Private sector - Answer: the part of the economy that involves the transactions of individuals
and businesses
Public sector - Answer: the part of the economy that is controlled by the government
Not for profit sector - Answer: A business dedicated to furthering a particular social cause or
advocation for a shared point of view
Sole trader - Answer: 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
Partnership - Answer: a business organization owned by two or more persons who agree on a
specific division of responsibilities and profits
Private limited company - Answer: A business owned by shareholders with limited liability but
whose shares cannot be bought by or sold to the general public.
Comprehensive Questions
(Frequently Tested) with
Verified Answers Graded A+
Business - Answer: An organisation or economic system where goods & services are exchanged
for money.
Private sector - Answer: the part of the economy that involves the transactions of individuals
and businesses
Public sector - Answer: the part of the economy that is controlled by the government
Not for profit sector - Answer: A business dedicated to furthering a particular social cause or
advocation for a shared point of view
Sole trader - Answer: 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
Partnership - Answer: a business organization owned by two or more persons who agree on a
specific division of responsibilities and profits
Private limited company - Answer: A business owned by shareholders with limited liability but
whose shares cannot be bought by or sold to the general public.
