Types of Organizations in Business
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Questions and Answers

Which of these sectors are part of the economy? (Select all that apply)

  • Private (correct)
  • Public (correct)
  • Retail
  • Third (correct)
  • Which of the following is not a type of private sector business?

  • Public corporation (correct)
  • Multinational company
  • Sole trader
  • Franchise
  • A charity is an example of a private sector organization.

    False

    Name one aim of the private sector.

    <p>Maximize profits</p> Signup and view all the answers

    Public sector organizations include local councils and __________ corporations.

    <p>public</p> Signup and view all the answers

    Match the following types of businesses with their categories:

    <p>Sole trader = Private sector Public corporation = Public sector Charity = Third sector Franchise = Private sector</p> Signup and view all the answers

    Study Notes

    Types of Organizations

    • Three sectors of economy:
      • Private
      • Public
      • Third
    • Types of Businesses
      • Private sector:
        • Sole traders
        • Partnerships
        • Private Limited Companies (Ltd)
        • Public Limited Companies (PLC)
        • Multinational companies
        • Franchises
      • Public sector:
        • Government
        • Local council (government)
        • Public corporations
      • Third sector:
        • Charities
        • Voluntary organizations
        • Social enterprises
        • Co-operatives

    Private Sector Aims

    • Maximize profits: Profit is the difference between earnings and expenses.
    • Turn innovative ideas into successful businesses: Identify unmet needs in the market
    • Expand the business to grow: Increase revenues, market share, and brand awareness.

    Private Sector Examples

    • Private Limited companies (Ltd): Privately held companies with limited liability for their owners
    • Public Limited companies (PLC): Shares are publicly traded on stock exchanges, offering wider ownership.
    • Franchises: A business grants a license to another party to reproduce its business model.

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    Description

    This quiz covers the various types of organizations within the economy, including the private, public, and third sectors. Learn about the different business structures, their aims, and examples. Test your knowledge on how these sectors operate and their characteristics.

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