Types of businesses
Classification of business - by
industry sector
Activity 1: Match the term with its
definition
Term
Industry Sector
Tertiary Industry
Primary Industry
Quaternary Industry
Secondary Industry
Quinary Industry
1
2
3
4
5
6
A
B
C
D
E
F
Match
Definitions
This industry sector includes businesses in which production is directly
associated with natural resources.
This industry sector includes all services that have been traditionally been
performed in the home including paid and unpaid work.
When businesses are involved in similar types of production.
This industry sector includes all businesses that take raw materials and process
them into finished or semi-finished products.
This industry sector includes businesses that provide services for other people.
This industry sector includes businesses that involve the transfer and processing
of information and knowledge.
Activity 2: From the list of businesses, determine the correct column for
its particular industry group and write in its name.
Primary
Secondary
Tertiary
Quaternary
Quinary
List of businesses:
Tallong Orchards, Data Transfer Computing, S. & W. Legal Centre, National Australia
Bank, Bowral Bricks, Tiggy Wiggles Child Care Centre, Clancy's Restaurant, Hi Plains
Merino Stud, Pollards Removalists, Southern Tablelands Towing, Moo Moo Pastures Dairy
Centretown Motel, Bald Hill Quarry, B. S. Plastics Manufacturers, Crookwell Real Estate,
Country Furniture Constructions, Finlay's Fine Furniture, Pioneer Water Tanks, Creative
Hands Craft School, Access TV Productions
Types of businesses
Classification of business by legal structure
Activity 1:
Incorporated and unincorporated business structures (Gap Fill)
A fourth ________________ for a business is according to the legal structure
under which they are established. The main legal structures are depicted in the
above diagram.
________________ businesses usually have a very specific legal structure,
because they are established by individual ________________ of parliament.
________________sector businesses are generally divided into two main groups,
________________ and unincorporated enterprises, which are then divided into
further subcategories.
In an ________________enterprise, there is no ________________ difference
between the owners and the ________________ itself, and therefore the
owners have ________________ legal responsibility for all actions and
________________ of the business. That is the ________________ or partners
in the business have ________________ ________________ – they are
________________ liable for all debts and are responsible for
________________ back all debts, even if it means selling the family home and
using funds from their personal bank accounts. ________________ and
partnerships are ________________ of unincorporated businesses.
Being incorporated means that a business is officially registered as a
________________ and is ________________ to the requirements of the
________________. Once a business has been incorporated, it becomes a legal
________________ in its own right, ________________ from its owners. The
individual owner/s (________________) of incorporated businesses have
________________ liability for the debts owed by the business. They are only
responsible for repaying debts up to the amount of money he or she has paid for
the business’s ________________. Private and _________________ companies
are examples of incorporated businesses.
Missing Words
unincorporated, government, incorporated, complete, liability, sole traders, acts,
classification, legal, shares, owners, shareholders, Corporations Act 2001,
private, business, debts, unlimited, separate, public, examples, paying, limited,
personally, subject, entity, company
Activity 2: Match the term with its definition
Term
1
2
3
4
5
6
7
8
9
10
A
B
C
D
E
F
G
H
I
J
Match
Debts
Legal structure
Unlimited liability
Limited liability
Incorporated
Entity
Unincorporated
Shareholder
Share
Liabilities
Definitions
This is a person who owns shares in (‘part of’) a publicly owned business. Shares
in the publicly owned business can be bought and sold on the Australian Stock
Exchange.
This refers to the process companies go through to become a separate legal entity
from the owner/s. That is, the business exists in its own right, its own legal entity.
The financial obligations of a business to repay debts to lenders.
The owners are not personally responsible for the debts of the business.
Having a business structure where there is no legal separation between the
business and its owners, who have complete legal responsibility for its actions.
This word means a ‘piece’ of the business, that can be bought and sold – for a
public company, these ‘pieces’ of the business are bought and sold on the
Australian Stock Exchange (ASX).
This is money that a business owes to other business such as suppliers and banks.
The owners are personally responsible for the debts of the business.
An organisation engaged in business activites regardless of its legal structure.
This term describes one way to group Australian business based on how each
group is treated under Australian law. There are different types including ‘sole
trader’, ‘partnerships’, ‘public company’ and ‘private company’.
Activity2: Complete the table below
Legal
Structure
Sole Trader
Partnership
Definition
Advantages
Disadvantages