UNDERSTANDING BUSINESS 3.0 / 5 based on 1 rating ? Business ManagementSectors of IndustryScottish HighersSQA Created by: Ellie GettelCreated on: 05-08-15 19:28 What is the Primary Industry and name FOUR examples of businesses Extracting natural resources: Farming, Fishing, Agriculture, Forestry 1 of 17 What is the Secondary Industry and name TWO examples of businesses Manufacturing: Car manufacturing, Factories producing goods 2 of 17 What is the Tertiary Industry and name FOUR examples of businesses Provides a service: Hotel, Supermarket, Retail, Catering 3 of 17 What is the Quaternary Industry and name THREE examples of businesses Business that provide information services: ICT, Consultancy, Pharmaceutical Research 4 of 17 Name the three sectors of economy Private Sector, Public Sector, Third Sector 5 of 17 What type of businesses are classed as Private Sector businesses Sole trader, Partnership, LTD, PLC, Franchises, MNCs 6 of 17 What type of businesses are classed as Public Sector businesses National, Scottish, Local 7 of 17 What type of businesses are classed as Third Sector businesses Charities, Social Enterprises, Clubs 8 of 17 Who owns Private Sector businesses Government 9 of 17 Who owns Public Sector businesses Private Individuals 10 of 17 Who owns Third Sector businesses They are a non profit organisation, therefore not owned by anyone 11 of 17 What are THREE advantages of a Limited Company (LTD) Limited Liability, Ownership is not to outsiders, Specialisation gained from shareholders/directors 12 of 17 What are THREE disadvantages of a Limited Company (LTD) Profits split between shareholders, Capital may be limited as not sold to public, Legal process to follow to set up 13 of 17 What are THREE advantages of a Public Limited Company (PLC) Limited Liability, Better access to capital, Greater market power 14 of 17 What are THREE disadvantages of a Public Limited Company (PLC) Employers may feel alienated, No control over who buys shares, Must publish annual reports 15 of 17 What is a Franchise When a business owner grants permission for someone to sell or distribute their company's goods or services in a certain area 16 of 17 What is a Multi-National (MNC) A business which owns or controls production or service facilities outside the country in which it is needed 17 of 17
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