Business Questions and Answers - Form 1 Term 2 Opener Exams 2022

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QUESTIONS

  1. State four discipline in business studies (4mk)
  2. Identify four importance of learning business studies to an individual (4mks)
  3. State five business activities that are likely to be carried out in an economy. (5mks)
  4. A resource is something that can be used to achieve an objective. Highlight four types of a resources in a business. (4mks)
  5. Outline five external business environments that’s affect business activities. (5mks)
  6. State four social responsibility of a business to her employees (4mks)
  7. State five characteristics of human wants (5mks)
  8. Outline five characteristics of economic resources (5mks)
  9. Highlight any five differences between good and services (5mks)
  10. State four characteristics of basic wants (4mks)
  11. Differentiate between renewable resource and non-renewable resource in each of the following (5mks)
    1. Wood ………………
    2. Gravel………………
    3. Lead …………………
    4. Soda ash………………
    5. Wool …………………
  12. State four forms of utilities (4mks)
  13. State four natural sources of energy available in Kenya (4mks)
  14. Outline three classification of economic resources (3mks)
  15. Differentiate between comforts and luxuries giving example in each case (4mks)
    Comforts
    Wants
  16. The table below contains descriptions of different types of goods produced in a company. Indicate with a tick whether it is a produce or a consumer good (5mks)
    Description Consumer Producer
    a)A TV bought by a family    
    b)A water dispenser bought by a company    
    c)A pair of shoes    
    d)A ream of foolscaps for an office    
    e)A photocopier bought by a school     

 

 

 

 

 

MARKING SCHEME

  1. State four discipline in business studies (4mk)
    • Economics
    • commerce
    • Office practice
    • accounting
    • entrepreneurship
  2. Identify four importance of learning business studies to an individual (4mks)
    • students acquire knowledge on how to be environmentally friendly
    • students learn skill on how to acquire resources and use this skills to create goods and services for the country
    • Assists individual to aquire seld discipline and positive attitude towards work.
    • Assists individuals in appreciating the role of business in provision of goods and services.
    • Assists individuals with practical skillson how to start and run business therefore create employment
  3. State five business activities that are likely to be carried out in an economy. (5mks)
    • extraction
    • processing of raw materials
    • manufacturing
    • construction
    • distribution of goods
    • trade
    • provision of services
  4. A resource is something that can be used to achieve an objective. Highlight four types of a resource business. (4mks)
    • human
    • financial
    • physical
    • technology
  5. Outline five external business environments that’s affect business activities. (5mks)
    • economic
    • denographic
    • legal – political
    • Technological
    • Cultural
    • competitive
  6. State fouir social responsibility of a business to her employees (4mks)
    • rewarding them fairly
    • safegurding their safety
    • provision of good welfare facilities such as housing facilities, recreation grounds to motivate workers
    • better retirement package scheme to avoid them looking for onellose confidence in the current work place
    • offering equal opportunity to all in matters of promotion and training
    • effective and efficient personnel administration of all employees so as records are kept in case of need arises such as death.
  7. State five characteristics of human wants (5mks)
    • insatiable
    • competitive
    • habitual
    • complimentary
    • require resource to satisfy them
    • Recurrent / repetitive
  8. Outline five characteristics of economic resources (5mks)
    • Scarce in supply
    • have money valu
    • unevenly distributed
    • have utility
    • Can change ownership
    • can be combined
    • can be complimentary
  9. Highlight any five differences between good and services (5mks)
    Goods Services
    Tangible
    Can be stored
    Can be standardized
    Not all are perishable
    Most can be seen
    Can change possession (separable from the producer)
    Intangible
    Cannot be stored
    Cannot be standardized
    Are highly perishable
    Cannot be seen
    Cannot  be separated from the producer 
  10. State four characteristics of basic wants (4mks)
    • one cannot do without them-are felt needs
    • cannot be postponed
    • Are satisfied before secondary wants
  11. Differenciate between renewable resource and non-renewable resource in each of the following (5mks)
    • Wood -renewable
    • Gravel-non renewable
    • Lead -non renewable
    • Soda ash-renewable .
    • Wool -renewable
  12. State four forms of utilities (4mks)
    • form 
    • place
    • possessive
    • time
  13. State four natural sources of energy available in Kenya (4mks)
    • solar
    • wind
    • wood
    • biogas
    • hydroelectric power
    • geothermal
  14. Outline three classification of economic resources (3mks)
    • natural
    • man-made
    • human 
  15. Differentiate between comforts and luxuries giving example (4mks)
    • Comforts----these are wants that improve one’s living standards beyond the level of mere survival eg furniture, medicare, security and education.
    • Luxuries-----these are requirements that provide excessive comfort eg watches, diamond necklaces, very expensive cars, forty – bed roomed house e.t.c
  16. The table below contains descriptions of different types of goods produced in a company. Indicate with a tick  whether it is a produce or a consumer good (5mks)
    Description Consumer Producer
    a)A TV bought by a family  
    b)A water dispenser bought by a company  
    c)A pair of shoes  
    d)A ream of foolscaps for an office  
    e)A photocopier bought by a school   

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