14.08.2025

What is the main purpose of a business plan?

• To avoid paying taxes
• To outline aims and objectives and how to achieve them
• To hire more staff
• To determine competitors’ prices

Which of the following is a limitation of a business plan?

• It gives focus and direction
• It persuades investors
• It needs regular updating
• It helps allocate resources efficiently

Which section of a business plan outlines the company’s fundamental purpose?

• Mission statement
• Financial projections
• Human resources
• Operational objectives

Which sector involves extraction of natural resources?

• Secondary
• Tertiary
• Primary
• Quaternary

Which sector includes IT, consultancy, and R&D?

• Primary
• Quaternary
• Secondary
• Tertiary

Which sector provides intangible services like banking?

• Primary
• Secondary
• Tertiary
• Quaternary

Which sector manufactures goods from raw materials?

• Primary
• Secondary
• Tertiary
• Quaternary

In a mixed economy, economic activity is carried out by:

• Only private businesses
• Only government-owned businesses
• Both public and private sectors
• Only partnerships

Which of the following is NOT a characteristic of the private sector?

• Owned by individuals
• Aims for profit
• Run by the state
• Can include sole traders

Privatisation is:

• Selling private firms to the state
• Selling public sector organisations to private owners
• Creating new public sector jobs
• Outsourcing labour overseas