IGCSE Business Studies End of Year Quiz

What is the difference between Primary, Secondary and Tertiary Sectors of Industry?

• Primary sector involves manufacturing goods.

• Secondary sector involves providing services.

• Tertiary sector involves extraction of raw materials.

• Primary sector involves extraction of raw materials.

What is the difference between a Need and a Want?

• Needs are luxury items, wants are basic items.

• Wants are essential for survival, needs are not.

• Needs are essential for survival, wants are not.

• Wants are basic items, needs are luxury items.

What is a Service?

• An intangible product.

• A type of raw material.

• A tangible product.

• A type of manufacturing process.

What is a Retailer?

• A business that sells goods directly to consumers.

• A business that manufactures goods.

• A business that provides financial services.

• A business that extracts raw materials.

What is the difference between the Public and Private Sector?

• Both sectors are owned by the government.

• Public sector is owned by government, private sector by individuals.

• Private sector is owned by government, public sector by individuals.

• Public sector is owned by individuals, private sector by government.

What is a Sole Trader & Unlimited Liability?

• A business owned by multiple people with limited liability.

• A business owned by one person with limited liability.

• A business owned by one person with unlimited liability.

• A business owned by multiple people with unlimited liability.

What is a Partnership Business & a Deed of Partnership?

• A business owned by one person without any agreement.

• A business owned by multiple people without any agreement.

• A business owned by multiple people with a formal agreement.

• A business owned by one person with a formal agreement.

What is Limited Liability and Private Limited Companies?

• Owners have unlimited liability in private limited companies.

• Private limited companies cannot have limited liability.

• Owners are personally responsible for business debts.

• Owners are not personally responsible for business debts.

What is a Public Limited Company?

• A company that cannot sell shares to the public.

• A company owned by the government.

• A company that does not have limited liability.

• A company that can sell shares to the public.

What is the difference between a Social Enterprise and a Charity?

• Social enterprises aim to make a profit, charities do not.

• Charities aim to make a profit, social enterprises do not.

• Both aim to make a profit.

• Neither aim to make a profit.