Multiple choice Questions of Business Classification

Legal Structure:

1. Which legal structure is owned and operated by a single individual?

o A) Corporation
o B) Partnership
o C) Sole Proprietorship*
o D) LLC
2. In a limited partnership, who has limited liability?
o A) All partners
o B) General partners
o C) Limited partners*
o D) Shareholders
3. What type of business structure combines elements of a partnership and a
corporation?
o A) Cooperative
o B) Sole Proprietorship
o C) Limited Liability Company (LLC)*
o D) Quaternary Sector
4. Which legal structure is considered a separate legal entity from its owners?
o A) Sole Proprietorship
o B) General Partnership
o C) LLC
o D) Corporation*
5. What type of business structure is commonly used by agricultural and consumer-
based industries?
o A) Corporation
o B) Cooperative*
o C) Partnership
o D) LLC

Industry Sectors:

6. Which sector involves the extraction and production of raw materials?

o A) Tertiary Sector
o B) Primary Sector*
o C) Secondary Sector
o D) Quaternary Sector
7. The manufacturing and processing of raw materials fall under which sector?
o A) Quaternary Sector
o B) Tertiary Sector
o C) Secondary Sector*
o D) Primary Sector
8. Which sector provides knowledge-based services like information technology and
research?
 o A) Secondary Sector
o B) Tertiary Sector
o C) Quaternary Sector*
o D) Quinary Sector
9. The retail sector is part of which industry sector?
o A) Tertiary Sector*
o B) Primary Sector
o C) Secondary Sector
o D) Quaternary Sector
10. Healthcare, education, and finance are examples of industries in which sector?
o A) Primary Sector
o B) Secondary Sector
o C) Tertiary Sector*
o D) Quaternary Sector
11. The top management, government, and healthcare professionals are part of which
sector?
o A) Tertiary Sector
o B) Quaternary Sector
o C) Primary Sector
o D) Quinary Sector*
12. Which sector involves the sale of consumer goods directly to end customers?
o A) Quaternary Sector
o B) Tertiary Sector*
o C) Secondary Sector
o D) Quinary Sector
13. Companies involved in software development, hardware manufacturing, and
telecommunications are part of which sector?
o A) Tertiary Sector
o B) Healthcare Sector
o C) Technology Sector*
o D) Finance Sector
14. In which sector do hospitals, clinics, pharmaceutical companies, and medical
equipment manufacturers operate?
o A) Energy Sector
o B) Retail Sector
o C) Healthcare Sector*
o D) Transportation and Logistics Sector
15. The provision of financial services, including banking and insurance, is a key
component of which sector?
o A) Technology Sector
o B) Healthcare Sector
o C) Finance Sector*
o D) Hospitality Sector
16. Which sector focuses on tourism and entertainment services?
o A) Finance Sector
o B) Technology Sector
o C) Energy Sector
 o D) Hospitality Sector*
17. Industries involved in the production, distribution, and consumption of energy
resources belong to which sector?
o A) Energy Sector*
o B) Transportation and Logistics Sector
o C) Healthcare Sector
o D) Hospitality Sector
18. Airlines, shipping companies, and logistics providers are part of which sector?
o A) Transportation and Logistics Sector*
o B) Retail Sector
o C) Technology Sector
o D) Energy Sector
19. Which sector deals with the movement of goods and people?
o A) Retail Sector
o B) Hospitality Sector
o C) Transportation and Logistics Sector*
o D) Technology Sector
20. Oil and gas companies, renewable energy providers, and electric utilities operate in
which sector?
o A) Energy Sector*
o B) Finance Sector
o C) Healthcare Sector
o D) Quaternary Sector