Business Questions and Answers - Form 1 Mid Term 2 2022

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QUESTIONS

  1. State the term given to each of the following disciplines
    1. Study of how man strive to satisfy his unlimited wants using limited resources(1mk)
    2. Study of trade and aids to trade(1mk)
    3. Study of activities that are carried out in an office (1mk)
    4. Study of identifying a business opportunity and acquiring resources to start and run a business(1mk) 
  2. List four characteristics of human wants. (4mks)
  3. List four factors of production and their respective rewards. (4mks)
  4. State four characteristics of an entrepreneur. (4mks)
  5. Highlight four gaps in a business opportunity. (4mks)
  6. Identify five functions of an office. (5mks)
  7. For each of the following functions, state the machine responsible. (5mks)
    FUNCTION MACHINE
    For printing postage impression on an envelope  
    Cutting unwanted documents into tiny pieces  
    Used to reproduce documents  
    For preparing cash receipts  
    Used to send and receive messages  


MARKING SCHEME

  1.      
    1. Economics
    2. Commerce
    3. Office practice
    4. Entrepreneurship
  2. Characteristics of human wants;
    • They are insatiable
    • They vary in intensity and urgency
    • They are competitive
    • They are recurrent (repetitive)
    • Some are universal
    • They are habitual
    • They require resources
    • They are complimentary
  3. Factors of production and rewards
    • Capital - Interest
    • Land - Rates/Loyalty
    • Labour - Wages/salary
    • Entrepreneurship - Profit
  4. Characteristics of an entrepreneur
    • Desire to achieve
    • Ability to solve problems
    • Readiness to take risks
    • Initiative.
    • Time conciousness
    • Creativity and innovative. 
    • Independence
    • Self confidence
    • Persistence and patience
    • Commitment to work
    • Concern or customers satisfaction
  5. Gaps in a Business opportunity
    • Inavailability of products
    • Poor quality products
    • Insufficient quantities
    • Unaffordable prices
    • Poor services.
  6. Functions of an office
    • Receiving and recording information
    • Distribution (dissemination) of information.
    • Mailing
    • Reproduction of Documents
    • Safeguarding and controlling of organisation property
    • Communication
    • Filling
  7.      
    1. For printing postage impression an envelope - Franking machine
    2. Cutting unwanted documents into tiny pieces - Paper shredders
    3. Used to produce documents - Photocopier, Printing machine, Stencil duplicator
    4. For preparing cash receipts - Cash register
    5. Used to send and receive messages - Telephone
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