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Year 11 Exam  >  Year 11 Tests  >  Test: Classification of Businesses - Year 11 MCQ

Test: Classification of Businesses - Year 11 MCQ


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10 Questions MCQ Test - Test: Classification of Businesses

Test: Classification of Businesses for Year 11 2024 is part of Year 11 preparation. The Test: Classification of Businesses questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Classification of Businesses MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Classification of Businesses below.
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Test: Classification of Businesses - Question 1
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Which sector is primarily involved in the extraction of natural resources?

Detailed Solution for Test: Classification of Businesses - Question 1
The primary sector involves activities related to the extraction and harvesting of natural resources, such as mining, agriculture, and fishing.
Test: Classification of Businesses - Question 2
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Which of the following is a characteristic of a public sector organization?

Detailed Solution for Test: Classification of Businesses - Question 2
Public sector organizations are funded by taxes and are typically run by the government to provide services to the public rather than to make a profit.
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Test: Classification of Businesses - Question 3
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A company that manufactures cars belongs to which economic sector?

Detailed Solution for Test: Classification of Businesses - Question 3
The secondary sector involves manufacturing and construction, where raw materials from the primary sector are transformed into finished goods.
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Which type of business is most likely to be found in the tertiary sector?
Detailed Solution for Test: Classification of Businesses - Question 4
The tertiary sector provides services to consumers and businesses, such as retail, entertainment, and financial services.
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In a mixed economy, which sector includes businesses that are both publicly and privately owned?
Detailed Solution for Test: Classification of Businesses - Question 5
In a mixed economy, the tertiary sector includes businesses that offer services and can be publicly or privately owned, depending on the country and industry.
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How does the public sector differ from the private sector in terms of objectives?
Detailed Solution for Test: Classification of Businesses - Question 6
The public sector's main objective is to provide essential services to the public, while the private sector's primary goal is to maximize profits for its owners and shareholders.
Test: Classification of Businesses - Question 7
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What is an example of a business operating in the quaternary sector?
Detailed Solution for Test: Classification of Businesses - Question 7
The quaternary sector involves knowledge-based activities, such as IT services, research, and development, and consultancy services.
Test: Classification of Businesses - Question 8
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Which of the following best describes a partnership in the private sector?
Detailed Solution for Test: Classification of Businesses - Question 8
A partnership is a type of private sector business where two or more individuals share ownership, profits, and liabilities.
Test: Classification of Businesses - Question 9
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What is the primary role of the secondary sector in an economy?
Detailed Solution for Test: Classification of Businesses - Question 9
The secondary sector is responsible for transforming raw materials from the primary sector into finished products through manufacturing and construction.
Test: Classification of Businesses - Question 10
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Which economic sector is typically associated with high levels of innovation and information processing?
Detailed Solution for Test: Classification of Businesses - Question 10
The quaternary sector focuses on knowledge-based activities, including innovation, research, and information processing, making it the sector most associated with these activities.
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