Classification of business

Question 1

Size and types

Answer 1

Amount of employess
Micro
Small
Medium
Large

Question 2

Geo Spread

Answer 2

The range of a business across the globe or country.

Question 3

Local

Answer 3

Restricted spread

Question 4

Domestic

Answer 4

Operates in one country.

Question 5

Global

Answer 5

Operates around the world

Question 6

Primary

Answer 6

Collection of natural resources

Question 7

Secondary

Answer 7

Making products out of raw materials.

Question 8

Tertiary

Answer 8

Service work helping people.

Question 9

Quiranny

Answer 9

Home base duties.

Question 10

Quaternary

Answer 10

Specialized work

Question 11

Incorporated

Answer 11

Private and public companies

Question 12

Unincorporated

Answer 12

Businesses that are sole traders and partnerships.

Question 13

Sole Trader

Answer 13

A business operated by one person.

Question 14

Unlimited liability

Answer 14

All responsibilities are the owner’s problems.

Question 15

Assets

Answer 15

Things that can be used to meet financial obligations.

Question 16

Liabilities

Answer 16

Loan repayments

Question 17

Partnership

Answer 17

Owned and operated by 2-20 people.

Question 18

Private

Answer 18

Incorporated business between 2-50 people.

Question 19

Public

Answer 19

Ownership is organized by shares of stock.

Question 20

Gov Enterprise

Answer 20

Gov-owned and operated

Question 21

Size

Answer 21

Sales of business and expansion.

Question 22

Ownership

Answer 22

Sole Trader, partnership, private, and public.

Question 23

Fiance

Answer 23

Money is used to purchase equipment, research, and development.