BTEC BUSINESS UNIT 1 QUESTIONS AND ANSWERS #14
Business - correct answer An organisation or economic system where goods & services
are exchanged for money.
Private sector - correct answer the part of the economy that involves the transactions of
individuals and businesses
Public sector - correct answer the part of the economy that is controlled by the
government
Not for profit sector - correct answer A business dedicated to furthering a particular
social cause or advocation for a shared point of view
Sole trader - correct 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 - correct answer a business organization owned by two or more persons
who agree on a specific division of responsibilities and profits
Private limited company - correct answer A business owned by shareholders with
limited liability but whose shares cannot be bought by or sold to the general public.
Public limited company - correct answer A limited company whose shared are freely
sold and traded
Cooperative - correct answer a business organization owned and operated by a group
of individuals for their mutual benefit
Limited liability - correct answer A form of business ownership in which the owners are
liable only up to the amount of their individual investments.
Unlimited liability - correct answer The owner is personally and fully responsible for all
losses and debts of the business
Primary sector - correct answer The portion of the economy concerned with the direct
extraction of materials from Earth's surface, generally through agriculture, although
sometimes by mining, fishing, and forestry.
Secondary sector - correct answer the part of the economy that transforms raw
materials into manufactured goods
Tertiary sector - correct answer the part of the economy that involves services rather
than goods
Business - correct answer An organisation or economic system where goods & services
are exchanged for money.
Private sector - correct answer the part of the economy that involves the transactions of
individuals and businesses
Public sector - correct answer the part of the economy that is controlled by the
government
Not for profit sector - correct answer A business dedicated to furthering a particular
social cause or advocation for a shared point of view
Sole trader - correct 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 - correct answer a business organization owned by two or more persons
who agree on a specific division of responsibilities and profits
Private limited company - correct answer A business owned by shareholders with
limited liability but whose shares cannot be bought by or sold to the general public.
Public limited company - correct answer A limited company whose shared are freely
sold and traded
Cooperative - correct answer a business organization owned and operated by a group
of individuals for their mutual benefit
Limited liability - correct answer A form of business ownership in which the owners are
liable only up to the amount of their individual investments.
Unlimited liability - correct answer The owner is personally and fully responsible for all
losses and debts of the business
Primary sector - correct answer The portion of the economy concerned with the direct
extraction of materials from Earth's surface, generally through agriculture, although
sometimes by mining, fishing, and forestry.
Secondary sector - correct answer the part of the economy that transforms raw
materials into manufactured goods
Tertiary sector - correct answer the part of the economy that involves services rather
than goods
