Lesson 1.2.1
1.2.1 Business sectors Quiz: OCR Business, Unit 1
20 questions
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Lesson 1.2.1, Business sectors: 20 multiple choice questions for the OCR Business (H431), Unit 1: Introduction to Business, written with Revision Ninja.
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The 20 questions
-
Which sector involves extracting natural resources directly from the earth?
- Primary
- Quaternary
- Secondary
- Tertiary
-
What type of organisation is owned and controlled by the government?
- Private sector
- Public sector
- Co-operative
- Third sector
-
Which legal structure gives owners personal financial responsibility for all business debts?
- Incorporation
- Unlimited liability
- Limited liability
- Public limited company
-
What term describes a business that buys the rights to operate under an established brand name?
- Franchisor
- Co-operative
- Franchisee
- Sole trader
-
Which business function is primarily responsible for raising capital and managing cash flow?
- Marketing
- Accounting and finance
- Customer service
- Operations management
-
Which type of business organisation is owned and democratically controlled by its members?
- Partnership
- Sole trader
- Co-operative
- Public limited company
-
Which legal structure protects personal assets of owners if the business goes bankrupt?
- General partnership
- Unlimited liability
- Sole proprietorship
- Limited liability
-
What is a business operating in multiple countries with facilities outside its home nation called?
- National
- Local
- Multinational
- Exporting sole trader
-
A farm growing organic wheat operates in which business sector?
- Quaternary
- Tertiary
- Primary
- Secondary
-
A factory transforming raw cotton into denim jeans operates in which sector?
- Quaternary
- Secondary
- Primary
- Tertiary
-
Oxfam operates as a non-profit charity. Which sector does it belong to?
- Primary sector
- Public sector
- Third sector
- Private sector
-
Two accountants want shared liability protection without incorporating as a traditional company. Which structure fits best?
- Limited liability partnership
- General partnership
- Public limited company
- Sole trader
-
Which legal business entity can publicly trade its shares on the London Stock Exchange?
- Public limited company
- Sole trader
- Private limited company
- Partnership
-
A corner shop selling goods exclusively within a single town operates in which market?
- Global market
- National market
- Local market
- Third sector
-
Which function oversees quality assurance, production workflows, and inventory control in a factory?
- Human resources
- Accounting and finance
- Operations management
- Sales
-
A firm employing 30 staff members with an annual turnover of £5 million is classified as what?
- Public corporation
- Large enterprise
- Small enterprise
- Micro enterprise
-
What is the main legal requirement when converting a private limited company into a public limited company?
- Maximum 50 shareholders
- Government ownership approval
- Minimum share capital
- Unlimited owner liability
-
Why might a business choose to grow through franchising rather than opening company-owned branches?
- Lower brand awareness
- Complete operational control
- Faster capital expansion
- Higher profit margins
-
Which metric gives the most accurate comparison of market power between firms in the same industry?
- Floor space
- Market share
- Total profit
- Employee headcount
-
What happens to a private limited company upon an owner's death?
- Shares become worthless
- Business dissolves immediately
- Business continues existing
- Ownership transfers to government
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