Higher Business - UB 1

The four sectors of industry are...

• Primary, Secondary, Third, Voluntary

• Primary, Tertiary, Third, Secondary

• Secondary, Tertiary, Primary, Quaternary

• Quaternary, Tertiary, Voluntary, Secondary

Wealth Creation means...

• Helping the environment

• Adding value to a product as it goes through the production process

• Reducing the risk of unemployment

• Investing money into growing the business

The three sectors of the economy are...

• Primary, Secondary, Tertiary

• Private, Voluntary, Secondary

• Public, Secondary, Third

• Private, Public, Third

3 businesses within the private sector are...

• Sole Traders

• Private Limited Companies

• Government Organisations

• Multinationals

3 businesses within the public sector are...

• National Government Organisations

• Local Government Organisations

• Social Enterprises

• Agencies

3 businesses within the third sector are...

• Franchises

• Social Enterprises

• Charities

• Clubs

A 'franchiser' is...

• A person who invests large amounts of capital into growing a business

• A person who sells a business to someone else

• A person who pays a percentage of profit each year to own a business under someone else's name

• A person who starts a business and provides a good/service supplied by another business

A 'multinational' is...

• An organisation that is funded by Government grants

• An organisation that operates in more than one country

• An organisation that has more than one store in one country

• An organisation that expands within the same country

2 advantages of being a multinational organisation are...

• Legal restrictions can be avoided in other countries compared to the home country

• The culture might vary from one country to another and the organisation will need to consider this

• Language barriers may make trading more difficult and expensive

• Expanding abroad means the organisation will become bigger, increasing sales

Which of the following 2 statements about the public sector are true?

• Public Sector organisations aim to make as much profit as possible

• Public Sector organisations are owned by the Government on behalf of the taxpayer

• Public Sector organisations are funded by taxes that individuals and businesses have to pay

• Public Sector organisations aim to achieve as much sales as possible