questions to remember for exam Flashcards
(91 cards)
1
Q
What is ‘entrepreneurship’.?
A
An individual with enterprise of business skills who has taken on the risks of establishing a business
2
Q
State FOUR reasons why a person may start a business.
A
- The desire for financial independence
- To increase their income
- Self-fulfilment
- To increase control of their working life
3
Q
Outline four stakeholders in a business?
A
- Customer
- Manager
- employees
- consumer
- suppliers
4
Q
Describe TWO types of services that a former loan’s officer may be able to offer given her banking experience.
A
- She maybe able to help with finance auditing
- She maybe able to help with financial advise
5
Q
Explain TWO ways in which a former loan’s officer business can benefit the community.
A
- She can offer employment to community members
2 She can offer community outreach
6
Q
What is ‘conflict resolution’?
A
Conflict resolution is the process used by management to arrive at a suitable position in which conflict is eradicated or reduced.
7
Q
Describe how Poor communication can lead to a source of conflict at a workplace?
A
Failure to communicate may cause employees to make the wrong assumptions, such as leaving other employees to pick up their work, when this task was not previously discussed between a team.
8
Q
Describe how Underperformance can lead to a source of conflict at a workplace?
A
Ruin the work environment and be the cause of unnecessary stress resulting in conflicts.
9
Q
Describe how Limited resources can lead to a source of conflict at a workplace?
A
too often, employees feel they have to compete for available resources in order to do their job.
10
Q
Distinguish between ‘work to rule’and .go slow’?
A
‘work to rule’ Report to work but only completes tasks that are in their job description and working hours nothing more. while ‘go slow’ is Employees report to work but, deliberately discharge their duties at an extremely slow pace.
11
Q
State TWO benefits of mediation as a means of conflict resolution.
A
- Confidentiality
- Preservation of relationships
12
Q
- Confidentiality
- Preservation of relationships
Explain one of the benefits named above
A
13
Q
What is an open door policy?
A
The idea is that both parties need to communicate openly and be easily available for discussion, questions, or any other type of exchange.
14
Q
What is an Annual retreat?
A
A Annual retreat gives you the opportunity to break down those barriers among employees and teams by providing an equal footing and inclusive environment in which they can thrive and socialize.
15
Q
Define the term capital and give ONE example
A
The man-made resources used in the production makng process for example buildings,machinary
16
Q
Define the Collateral and give ONE example
A
Any asset that is used to secure a loan for example a house and a land
17
Q
Outline THREE advantages of borrowing money from a credit union as opposed to a bank.
A
- the probability of getting a loan is higher
- offer loans in different areas other than a commercial bank
- they offer lower fees and higher rates
18
Q
Identify TWO elements of a business plan.
A
- introductiuon
- Executive summary
19
Q
How is business plan important to the Business Owner?
A
it can be used to monitor the progress of the business
20
Q
How is business plan important to Potential investors?
A
it can show potential investors if they can get potential returns
21
Q
List three examples of the Market structure
A
- Monopoly
- Monopolistic competition
- Oligopoly
22
Q
List Three examples of the Methods of retailing
A
- Shops
- Mail Order
- E-Commerce
23
Q
What does the latin phrase ‘Ceteris Paribus Principle’ mean?
A
all other things remain equal
24
Q
Terminating a contract can be achieved by all of the following ways, except by
A. Mutual agreement by both parties.
B. Completing performance.
C.Taking unilateral action.
D.The death of one party.
A
C.Taking unilateral action.
25
Explain ONE way in which a business plan is important to EACH of the following
stakeholders:
1) Business owners
2) Potential investors
For business owners, a well-written business plan can provide a step-by-step approach to all aspects of the business, including growth and upgrade scenarios.
For potential investors, a business plan is the foundation of a business and tells them whether or not the business is worth investing in.
26
List three examples of the Market structure
The three main types of market structures are perfect competition, oligopoly, and monopoly.
27
List THREE examples Methods of retailing
Shops, Departrment stores and e-commerce
28
Differentiate between 'capital-intensive production'and 'labour-intensive production'.
Capital-intensive production refers to a type of production that requires a larger financial investment in equipment and machinery to produce goods. On the other hand, labor-intensive production refers to a type of production that requires a higher labor input to carry out production activities in comparison to the amount of capital required.
29
Outline TWO purposes of branding
Two purposes of branding are to create an identity for your business and to influence purchasing decisions. Branding extends beyond a company's product or service and gives your business a unique
30
Explain TWO ways in which packaging helps in the marketing of goods.
Packaging helps in the marketing of goods in two ways. Firstly, it helps to establish a brand identity by communicating the brand's message and values to potential customers. and secondly easy distribution of products
31
List THREE sources from which Short-term financing may be obtained
Three sources from which short-term financing may be obtained are loan from family, bank finance, and trade credit.
32
List THREE sources from which Long-term financing may be obtained
Three sources from which long-term financing may be obtained are Debentures, stock market flotation and crowdfunding.
33
Differentiate between'savings'and'investment'
saving is putting money aside in a bank or building societies savings account. while investment is putting money into investments hoping the money will grow overtime.
34
Outline TWO ways in which the Internet has influenced investment activities
1. It makes everything readly available. and 2. enables you invest on your own
35
Explain TWO ways in which budgeting helps in managing personal finances.
Budgeting helps in managing personal finances in two ways. Firstly, it helps to create a detailed, realistic plan for every dollar you have, which can help you to understand and direct where your money goes. Secondly, budgeting can help to alleviate financial stress by creating an emergency fund to reduce financial stress and prevent setbacks.
36
Define the 'Consumer Protection'
These are system or laws in place to protect consumers from marketing practices
37
Identify TWO social services provided by governments
1. Education and 2. Infrastructure
38
ONE way in which governments carry out Protection of the environment
One way in which governments carry out protection of the environment is by developing and enforcing regulations or laws.
39
ONE way in which governments carry out Security of the state
ONE way in which governments carry out Security of the state is by providing National defense
40
ONE way in which governments carry out Maintenance of a safe climate for investors
ONE way in which governments carry out Maintenance of a safe climate for investors is by offering tax incentives
41
Outline TWO ways in which governments'decision to provide laptops to primary school
children can positively impact their education.
1. introduction to newer forms of learning to enhance their learning capabilities and 2. gives them skills necessary for future development
42
Explain how governments use Taxation to regulate business
activities:
The government may use taxation to incentivize businesses to engage in environmentally friendly practices or to invest in renewable energy sources.
43
Explain how governments use Safety and health regulate business
activities:
Governments use safety and health regulations to regulate business activities in order to protect employees and the environment.
44
Define the term Standard of living
Standard of living in business refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area.
45
Define the term National income
National income refers to the total value of goods and services produced by the residents of a country, within its domestic boundaries or outside, in a year
46
Describe ONE way in which Quality and affordable housing affects an individual's standard of living:
Quality and affordable housing can have a significant impact on an individual's standard of living. Housing quality can directly impact a person's health, including factors such as air quality, home safety, space per individual, and the presence of possible irritants such as mold, asbestos, and lead.
47
Describe ONE way in which Quality and availability of employment affects an individual's standard of living:
The quality and availability of employment can have a significant impact on an individual's standard of living. People with steady employment are less likely to live in poverty and more likely to be healthy.
48
Describe ONE way in which Access to affordable and quality health care affects an individual's standard of living:
Access to affordable and quality health care can have a significant impact on an individual's standard of living. Access to quality health care services is an important social determinant of health outcomes, and equitable access to care is needed for promoting and maintaining health, preventing and managing disease, reducing unnecessary disability and premature death, and achieving health equity.
49
Describe TWO approaches used to measure national income.
he output approach focuses on finding the total output of a nation by directly finding the total value of all goods and services a nation produces. The income approach measures national income by adding up the pretax income generated by individuals and companies in the economy,
50
Explain how Right to privacy can be used to evaluate the quality of life of citizens in your country:
The right to privacy can be used to evaluate the quality of life of citizens in a country because it ensures that personal information about individuals is protected from public scrutiny.
51
Explain how Right to education can be used to evaluate the quality of life of citizens in your country:
The right to education is a fundamental human right that is indispensable for the exercise of other human rights. Education is a basic human right that works to raise men and women out of poverty, level inequalities, and ensure sustainable development.
52
Describe TWO challenges that a business could encounter when trying to satisfy its ethical
role in a community.
When trying to satisfy its ethical role in a community, a business could encounter several challenges. Two of these challenges are:
Balancing ethical responsibilities with financial goals: Businesses have a responsibility to act ethically and contribute positively to the community.
Managing ethical risks in the supply chain: Many businesses rely on complex supply chains that involve multiple suppliers and partners.
53
Distinguish between the 'finance' and 'human resource'(HR) areas of a business.
inance and Human Resources (HR) are two distinct areas of a business. Finance is responsible for allocating resources to support an organization's goals, maintaining a balance between costs and revenue. On the other hand, HR is responsible for hiring, recruiting, and motivating people to advance those same goals.
54
List THREE functions of a small business
accounting and Finance, ccounting and Finance Marketing and Sales
55
State TWO challenges and TWO benefits associated with the growth of a business.
wo challenges associated with the growth of a business are managing uncertainty and maintaining efficiency in an increasingly complex organization.Two benefits associated with the growth of a business are increased revenue and new opportunities for the company and its employees.
56
Explain TWO ways in which the growth of a business affects its organizational structure
Two ways in which the growth of a business affects its organizational structure are the need for more defined roles and responsibilities and the need for more formalized processes and procedures.
57
Identify TWO forms of packaging.
Two forms of packaging in business are:
Primary packaging, which consists of products that directly come in contact with the actual product, such as food, accessories, clothing, and gadgets
and 2.
Custom packaging, which can be tailored to the specific needs of a business and can include various types of containers, such as molded plastic blister inserts, bubble wrap, styrofoam inserts, various types of paper, air packs, and cardboard
58
Define the term 'brand name'
a brand name is a word, name, symbol, or domain name that is used by a manufacturer or organization to identify and differentiate a specific product or service from others in the market.
59
State TWO purposes of packaging.
Two purposes of packaging in business are:
Protection: Packaging is used to protect the product from damage during transportation, handling, and storage. It retains the product intact throughout its logistics chain from manufacturer to the end-user and protects it from external factors such as humidity, light, heat, and other environmental factors and 2. Marketing: Packaging is a crucial marketing tool that helps businesses with branding, attracting customers, and persuading them to purchase the product. It can help establish a price point for the product, make it easier for the product to be displayed on store shelves, and promote the product inside by providing brand visibility and creative packaging
60
Describe TWO techniques used in selling.
Consultative selling: This technique involves building a relationship with the customer and understanding their needs and challenges. The salesperson then offers solutions that meet those needs and help the customer achieve their goals. and 2. Referral selling: This technique involves getting new and repeat business through word-of-mouth referrals from satisfied customers. The salesperson builds a relationship with the customer and provides excellent service, which encourages the customer to recommend the product or service to others
61
Outline TWO methods which vendors can employ to promote sales
Two methods that vendors can employ to promote sales are:
Marketing: Vendors can use marketing tactics to attract customers and promote their products. This can include advertising through print ads, fliers, coupons, and online ads, as well as using social media and email marketing to reach potential customers. and 2. Building relationships: Vendors can build relationships with customers by establishing trust, providing value, and connecting with them. This can involve identifying the customer's needs and challenges, presenting solutions, and nurturing the relationship.
62
Explain TWO ways in which the existence of copyright is likely to influence the actions
of producers and consumers.
Two ways in which the existence of copyright is likely to influence the actions of producers and consumers are:
Producers: Copyright law encourages producers to create original works and invest in their production and dissemination. Copyright protection gives producers the exclusive right to reproduce and sell their works, which can provide a financial incentive for them to create and distribute their works. and 2. Consumers: Copyright law influences the actions of consumers by limiting their ability to use copyrighted works without permission. Consumers are not free to use copyrighted works in their own products or services without obtaining permission from the copyright owner.
63
Describe TWO programmes that Ministries of Education could put in place to foster
economic growth and development.
Developing relevant and high-quality skills: Ministries of Education can develop programs that focus on providing students with the skills and knowledge needed to succeed in the workforce. This can involve working with industry sectors to develop demand-driven curricula that prepare students for jobs in high-growth industries. and 2. Strengthening education finance systems: Ministries of Education can work to strengthen education finance systems to mobilize more resources and improve the equity and efficiency of sector spending. This can involve developing innovative financing mechanisms, such as public-private partnerships, to increase funding for education.
64
State TWO economic benefits and TWO social benefits of a business to the
community in which it is located.
Two economic benefits of a business to the community in which it is located are:
Job creation and growth, which provides locals with job opportunities and contributes to a healthy economy
Business tax money paid by both employees and businesses, which stays local and supports schools and other community services
Two social benefits of a business to the community in which it is located are:
Community involvement and support, which stimulates the local economy and drives business to the area in which they live, and also supports community civic organizations and charitable groups within their region
Shared accountability and values, which creates a sense of community and fosters a sustainable competitive advantage for the business
65
Describe TWO challenges that a business could encounter when trying to satisfy its ethical
role in a community.
Two challenges that a business could encounter when trying to satisfy its ethical role in a community are:
Competing demands from multiple stakeholders, which can create ethical dilemmas and challenges in decision-making and 2. Balancing the need to make a profit with the need to act ethically and responsibly towards the community, which can create tension and difficult trade-offs
66
State TWO activities performed by a marketing manager
Two activities performed by a marketing manager are:
Developing marketing strategies and campaigns to promote the business, increase sales, and drive qualified traffic and 2. Conducting market research to identify new markets and customers, analyze trends and customer preferences, and evaluate the efficacy of existing products and services
67
State TWO activities performed by a Production manager
Two activities performed by a Production manager are:
Planning and organizing the production process, including developing production schedules, allocating resources, and ensuring that products are manufactured efficiently and at optimal cost and 2. Coordinating with other departments, such as sales, customer service, and purchasing, to ensure that production meets demand and customer needs
68
Explain ONE way in which management fulfils its responsibility to customers
One way in which management fulfils its responsibility to customers is by providing outstanding customer service.
69
Explain ONE way in which management fulfils its responsibility to Employees
One way in which management fulfils its responsibility to employees is by providing a safe and healthy workplace.
70
List THREE examples of technology used by businesses
Three examples of technology used by businesses are:
Computers and software such as Microsoft Word and Excel for productivity and financial management purposes 2. Robotic Process Automation, Document Data Extraction, and AI Assistants for automation and workflow optimization 3. Project management software, CRM systems, HR management systems, E-signature tools, and accounting and automated systems for small businesses
71
Outline TWO ways in which technology may be used to enable businesses to grow
Two ways in which technology may be used to enable businesses to grow are:
Technology can enhance production processes, create value, streamline operations costs, and increase efficiency, which can help reduce costs and enable the business to grow rapidly and 2.
Technology can help businesses reach a wider audience, build lasting relationships with customers, and improve communication, which can accelerate business growth and level the playing field with larger organizations
72
Identify TWO methods that are used to measure a country's national income and explain how EACH method is used
wo methods that are used to measure a country's national income are:
Product Method: This method measures national income as a flow of goods and services produced in an economy during a year. The money value of all final goods and services produced in an economy is calculated at market prices. Final goods refer to those goods which are directly consumed and not used in further production process. and 2. ncome Method: This method measures national income as a flow of factor incomes. There are generally four factors of production: labor, capital, land, and entrepreneurship. Labor gets wages and salaries, capital gets interest, land gets rent, and entrepreneurship gets profit as their remuneration.
73
List FOUR essential characteristics of a good leader.
Four essential characteristics of a good leader are:
Integrity: A good leader should have strong moral principles and be honest, trustworthy, and ethical. They should be transparent in their actions and decisions and lead by example.
Self-awareness: A good leader should be aware of their strengths and weaknesses and be willing to learn and improve. They should be open to feedback and willing to make changes to their leadership style to better serve their team.
Empathy: A good leader should be able to understand and relate to the feelings and perspectives of others. They should be able to communicate effectively and build meaningful relationships with their team members.
Vision: A good leader should have a clear vision of where they want to take their team or organization. They should be able to inspire and motivate their team to work towards a common goal and be able to make decisions that align with their vision
74
Outline TWO techniques for effective communication in the classroom.
Two techniques for effective communication in the classroom are:
Clear and concise instructions: Teachers should use simple language, avoid jargon, and provide examples to help students better understand the task at hand. Clear and concise communication can help students understand and ease their anxiety. As a teacher, it is important to know where students are at, both cognitively and emotionally, to give clear instructions. Teachers can also use open-ended questions and probing questions to allow more freedom of expression and encourage students to think critically and Active listening: Teachers should practice active listening to show students that they are being heard and understood. Active listening involves paying attention to what the student is saying, asking clarifying questions, and providing feedback. Teachers can also use non-verbal communication, such as nodding and maintaining eye contact, to show that they are engaged in the conversation. Active listening can help build positive relationships with students and improve their motivation and performance
75
State ONE advantage and ONE disadvantage of EACH style of Autocratic and democratic leadership
Autocratic Leadership:
Advantage: Autocratic leaders are typically very decisive and can make quick decisions, which can be beneficial in situations where time is of the essence
Disadvantage: One significant disadvantage of autocratic leadership is the lack of flexibility in the workplace. Autocratic leaders rarely value the input of others, which can lead to low morale and a lack of creativity among team members
Democratic Leadership:
Advantage: Democratic leaders involve team members in the decision-making process and value their input and feedback. This can lead to greater cooperation among workers and a sense of ownership and pride in their work
Disadvantage: One disadvantage of democratic leadership is that it can be time-consuming and may lead to indecisiveness if team members cannot come to a consensus. This can be problematic in situations where quick decisions need to be made
76
Outline THREE strategies that could be used by the coaches to motivate team
members.
Three strategies that could be used by the coaches to motivate team members are:
Set common goals and rules: Coaches can gather the team together and agree on common goals and rules. This can help create a strong team spirit and a sense of ownership and pride in their work. Coaches can also listen to the players and take their input and feedback into account
Provide positive feedback and encouragement: Coaches can give positive challenges and set small goals every time the team practices together. They can share praise and encouragement often and stay composed during games. This can help boost team morale and confidence
Make it fun: Coaches can create a good, positive team environment by making it fun. Fun is one of the most vital aspects of taking part in sport, and yet one of the hardest to achieve. Coaches can tap into the minds of their players and find out their thoughts on personal and team development, helping them appeal to those objectives when motivating them in the future. Coaches can also show confidence in their players and believe in their abilities
77
List FOUR steps that should be taken in establishing a business.
Four steps that should be taken in establishing a business are:
1. Refine your business idea: Start with a good business idea that solves a need for consumers. Conduct research about your business idea and determine if it is viable. Refine your idea until it is clear and well-defined
2. Write a business plan: A business plan is where you plan out your business's future objectives and how you will achieve them. Think of it as your guide for success and any potential investors will want to see it. Your business plan should include your business concept, market research, marketing and sales strategies, financial projections, and management structure
3. Register your business and get licenses: There are several legal issues to address when starting a business, such as choosing the business structure, registering your business with federal, state, and local governments, and acquiring business licenses. You will also need to register key documents like articles of incorporation or an operating agreement, a DBA, an EIN, income tax forms, and other applicable licenses and permits.
4. Build your brand and get a following: In addition to selling your product or service, you need to build up your brand and get a following of people who are interested in what your business offers. This can be done through marketing and advertising, creating a strong website and social media presence, and requesting customers’ email addresses so you can reach them directly as you promote your business
78
Identify the TWO main sources of information necessary for conducting research into the establishment of a business.
The two main sources of information necessary for conducting research into the establishment of a business are external information and internal information. External information is documentation made available to the public from a third party, such as general surveys, data, articles, books, references, search-engines, government statistics, directories, technical manuals, and much else. Internal information consists of data created for the sole use of the company that produces it, such as personnel files, trade secrets, financial records, and other internal formal records. Internal information can be obtained from various departments within the company, such as the IT department, finance department, sales department, and colleagues
79
State FOUR reasons for preparing a business plan.
Four reasons for preparing a business plan are:
1. To prove that you're serious about your business: A formal business plan is necessary to show all interested parties — employees, investors, partners, and lenders — that you are serious about your business and have a clear vision for its future
2. To attract investors and secure funding: A business plan can help you attract investors and secure funding to start and grow your business. Investors want to see a clear and well-defined plan for how their money will be used and how they will get a return on their investment
3. To plot your course and focus your efforts: The business plan provides a roadmap from which to operate and to look to for direction in times of doubt. It helps you plot your course and focus your efforts, ensuring that you are making decisions that align with your long-term goals
4. To reduce potential risks: Writing a business plan takes some of the risk out of starting a business. It ensures that you’re thinking through every facet of your business to determine if it can truly be viable. It also helps you identify potential risks and develop strategies to mitigate them
80
Outline TWO differences between ‘short-term planning’ and ‘long-term planning’.
Two differences between short-term planning and long-term planning are:
1. Timeframe: The most obvious difference between short-term planning and long-term planning is the amount of time each one takes. Short-term planning involves processes that take 12 months or less, while long-term planning is longer, and there is no upper limit to the longevity of a long-term plan
2. Focus: Short-term planning focuses on immediate actions, especially in reference to revenue and profitability, while long-term planning focuses on achievements for projected future. Short-term goals usually serve as milestones that get you to your long-term goal. Long-term planning is more complex, tactical, and involves more steps, while short-term planning is often quite straightforward
81
Explain ONE benefit of collateral to the borrower and ONE benefit to the lender, in the establishment of a business.
One benefit of collateral to the borrower in the establishment of a business is that it can increase the range of loans available to them and may result in more favorable terms
. By providing collateral, the borrower can reduce the risk for the lender, which can lead to lower interest rates on secured loans
. One benefit of collateral to the lender is that it reduces the risk of default by the borrower, as the lender can seize and sell the collateral to recoup their losses if the borrower fails to repay the loan Additionally, collateralized financing can make lenders more comfortable with existing debt, which can help businesses with high levels of debt
82
Define the term ‘factors of production’
Factors of production refer to the inputs needed to produce goods and services.
83
Define the term ‘extractive production
Extractive production, also known as extractive industry, refers to the process of extracting raw materials from the earth, such as oil, metals, minerals, aggregates, sand, gravel, rock, soil, and stone, and processing them for utilization by consumers
84
Identify TWO industries that could be developed from agricultural produce in the Caribbean.
Two industries that could be developed from agricultural produce in the Caribbean are the cocoa industry and the banana industry. Cocoa is a major export crop in various Caribbean countries, and the region has a long history of cocoa production
. The Caribbean is known for producing high-quality cocoa beans, which can be used to make chocolate and other cocoa-based products
. The banana industry is also a major export crop in the Caribbean, with various Caribbean countries exporting bananas to other countries within or outside the region
. Bananas are a versatile fruit that can be used in a variety of products, such as banana chips, banana bread, and banana smoothies
85
Outline TWO benefits of developing backward linkage industries
86
Explain how TWO factors could affect a country’s supply of labour
87
Anne operates a wholesale ice-cream and yogurt business. She wants to introduce a new ice-cream
flavour to the market.
(a) Identify FOUR factors which could determine the packaging and presentation of this new
ice-cream flavour
Describe THREE methods which Anne could use to promote the sale of the new icecream flavour.
88
List FOUR techniques of selling which could be used to encourage consumers to purchase
the new ice-cream flavour.
Explain TWO terms of sale which Anne may use to encourage other businesses to
purchase the new ice-cream flavour.
89
State TWO indicators of a country’s standard of living.
90
State TWO indicators of a country’s quality of life.
91
Define Gross domestic product (GDP)
