Types of Businesses Quiz

What are the three main types of businesses?

• Service, Community, Commercial

• Service, Manufacturing, Retail

• Service, Trading, Manufacturing

• Manufacturing, Retail, Wholesale

Which type of business specialises in providing a specific need or want that consumers cannot provide for themselves?

• Informal Business

• Trading Business

• Service Business

• Manufacturing Business

What are the three main types of services provided by service businesses?

• Community, Commercial, Informal

• Government, Commercial, Personal

• Personal, Government, Business

• Personal, Community, Commercial

What is the income for a business in the service industry called?

• Gross Revenue

• Net Profit

• Operating Income

• Current Income

What are the two accounts affected by generating an income from providing a service?

• Sales, Inventory

• Current Income, Bank

• Expenses, Revenue

• Cost Price, Selling Price

What is the process of getting goods from the manufacturer to the consumer called?

• Assembling

• Distribution

• Storage

• Manufacturing

What is the cost price of the goods that a trader assembles called?

• Selling Price

• Operating Cost

• Cost of Sales

• Profit Margin

What is added to the cost price of goods to calculate the selling price in a trading business?

• Bank Charges

• Profit Margin

• Cost of Sales

• Value Added Tax (VAT)

What is the income for a business that trades goods called?

• Sales

• Gross Margin

• Revenue

• Profit

What is the chain from raw material to finished goods called?

• Manufacturing Chain

• Distribution Chain

• Supply Chain

• Value Chain