4.1 - Classify different economic and industrial sectors

Question 1

Name the 3 economic sectors

Answer 1

1. Public sector
2. Private sector
3. Third sector, or not-for-profit

Question 2

Name 4 examples of public sector services

Answer 2

1. Healthcare
2. Education
3. Military
4. Emergency services

Question 3

Name 5 examples of UK taxes

Answer 3

1. Levies on buying and owning property
2. Taxes on vehicles
3. Taxes taken from employees salaries
4. Taxes on business profits
5. Commodity taxes on fuel, alcohol, tobacco and sugar

Question 4

Privatised

Answer 4

Taken over by a private investor and run as a Limited or Public Limited Company

Question 5

Name 8 businesses in the private sector

Answer 5

1. hospitality
2. Services
3. Supermarkets
4. Non-food retailers
5. Online retailers
6. Manufacturers
7. extractive commodities
8. Food processing businesses

Question 6

Name 4 forms of private sector organisations

Answer 6

1. Sole traders
2. Partnerships
3. Private Limited Companies (Ltd)
4. Public Limited Companies (Plc)

Question 7

Name 3 examples of sole traders

Answer 7

1. Hairdressers
2. Carpenters
3. Artists

Question 8

Sole traders

Answer 8

Owned and run by one person, they can employ other people to work for them and if they do they are responsible for paying their salaries

Question 9

An advantage of being a sole trader

Answer 9

They are completely responsible for the running of their business and do not have to report to anyone else or share profit or decision making

Question 10

A disadvantage of being a sole trader

Answer 10

Solely liable for any debts the business may incur

Question 11

Partnerships

Answer 11

Organisations which are owned and liable by two or more individuals - business partners can keep any profit made by the partnership after paying tax but are also responsible for any losses

Question 12

Private limited companies (Ltd)

Answer 12

Provides consumers with goods and services, with the common objective of making a profit. Its a legal entity in its own right meaning it is legally separate from the people who run it. the company itself keeps any profit it makes (after paying tax) and is liable for any debt

Question 13

Shareholder

Answer 13

An individual who owns a share or portion of an organisation

Question 14

name 4 examples of limited companies

Answer 14

1. Private
2. Small market traders
3. Business consultants
4. IKEA

Question 15

Public limited company (Plc)

Answer 15

It exists to provide goods or services, to make a profit, and is owned by its shareholders. The shares are traded on the stock exchange

Question 16

Describe the shares of a private limited company

Answer 16

They belong to the owners and cannot be bought and sold on the stock exchange

Question 17

Describe the shares of a public limited company

Answer 17

They are traded on the stock exchange and belong to investors

Question 18

Name 3 examples of Plc companies

Answer 18

1. Sky
2. Rolls Royce
3. Tesco
4. McDonalds

Question 19

Third sector

Answer 19

Term usually used for charities, NGOs and not for profit organisations

Question 20

Charity

Answer 20

A not for profit organisation with the objective of raising awareness or helping its chosen cause

Question 21

Cooperative

Answer 21

A people centred enterprise owned and run by and for its members which either reinvests any profits or returns them to its members

Question 22

Legacies

Answer 22

Amounts of money left to an organisation in a persons will

Question 23

Name 6 examples of third sector organisations

Answer 23

1. Charities
2. Voluntary
3. Community organisations
4. Cooperative
5. Trade unions
6. professional associations

Question 24

Name 3 examples of cooperatives

Answer 24

1. John lewis partnership
2. Wazalendo Savings and credit cooperative society
3. Credit agricole

Question 25

Name 5 common aspects of third sector organisations

Answer 25

1.Goals 2. Stakeholders 3. Speed of delivery 4. Resources 5. Budget

Question 26

Name for the public sector: Owned Funded Shares Objective Internally administered by

Answer 26

1. Government 2. Taxes / levies 3. No 4. Provide the general public with services 5. Government

Question 27

Name for the private sector: Owned Funded Shares Objective Internally administered by

Answer 27

1. private investors 2. Investments, loans 3. Yes 4. Provide goods and services, make a profit 5. Own business

Question 28

Name for the third sector: Owned Funded Shares Objective Internally administered by

Answer 28

Trustees Donations, levies No Promote and support social, environmental and cultural objectives Employees and volunteers

Question 29

What sector do public sector organisations belong to?

Answer 29

Tertiary sector

Question 30

What sector does the private sector organisations belong to?

Answer 30

Primary, secondary and tertiary

Question 31

What sector does the third sector organisations belong to?

Answer 31

Tertiary sector