Business Studies Questions and Answers - Form 1 End Term 2 Exams 2023

INSTRUCTIONS TO STUDENTS

• Answer all questions in this question paper

QUESTIONS

1. State FIVE characteristics which are unique to goods  (5mks)
2. Explain the meaning of the following concepts as used in business:
   1. Scarcity(2mks)
   2. Choice(2mks)
   3. Opportunity cost:  (1mks)
3. Explain FIVE reasons why sometime it becomes difficult to satisfy human wants  (5mks)
4. State FIVE characteristics of economic resources  (5mks)
5. StateFIVE factors which constitutes external environment of a business  (5mks)
6. Mention FIVE roles of business in the society (5mks)
7. StateFIVE emerging issues in business environment(5mks)
8. Give FIVE distinguishing features of services  (5mks)
9. Mention any FIVE business activities existing in your community  (5mks)
10. Highlight FIVE characteristics of human wants (5mks)
11. State FIVE ways in which exploitation of resources may be harmful to a country (5mks)
12. Mention FIVE factors which constitute an internal business environment  (5mks)
13. Indicate with a tick as to whether each of the following resources is either Renewable or non-Renewableeconomic resources (5mks)
    

    Resources	Renewable resource	Non-renewable resource
    Coal
    Leather
    Gravel
    Solar energy
    wood

14. State FIVE reasons why it necessary to make a choice in the satisfaction of human wants     (5mks)
15. Mention FIVE effects of business environment (5mks)
16. Highlight any FIVE types of economic resources  (5mks)
17. Tick appropriately each of the following human wants as either basic or secondary  (5mks)
    

    Want	Basic	Secondary
    Education
    Security
    Shoe
    Food
    Phone

18. Highlight FIVE differences between goods and services (5mks)
    

    	Goods	Services
    i)
    ii)
    iii)
    iv)
    v

19. Highlight FOUR branches of business as a discipline of study (4mks)
20. Briefly explain the meaning of the following terminologies as used in business
    1. Resource  (2mks)
    2. Environment (2mks)
    3. want   (2mks) 

MARKING SCHEME

1.                              
   • Are tangible
   • Can be seen
   • Can be stored
   • Can be standardized
   • Can change possession 1x5=5mks
2.                
   1. Resources are relatively limited to the needs
   2. Selecting more pressing ants to satisfy
   3. The cost foregone by taking the next best alternative
3.                
   • Resources are limited
   • Wants are unlimited
   • Wants are competitive
   • Wants recur
   • Wants are habitual
   • Wants change with time/age/sex 1x5=5mks
4.                  
   • Have money value
   • Are scarce
   • Have utility
   • Have alternative uses
   • Can be combined to produce goods and services
   • Are transferable 1x5=5mks
5.                
   • Economic
   • Demographic
   • Legal-political
   • Technological
   • Cultural
   • Competitive
   • Physical 1x5=5mks
6.              
   • Creates employment
   • Creates raw materials for industries
   • Promotes modern technology
   • Provides market for local goods
   • Better quality products
   • Developed infrastructure
   • Conserves environment
   • Earns government revenue
   • Provides security for external finance 1x5=5mks
7.                  
   • Compliance with law eg NEMA laws
   • Development projects
   • Small business enterprises 1x5=5mks
8.                
   • Are tangible
   • Cannot be stored
   • Cannot be standardized
   • Are inseparable from owners
   • Cannot be seen 1x5=5mks
9.                      
   • Trade
   • Provision of services
   • Distribution of goods
   • Manufacturing
   • Construction
   • Extraction
   • Processing raw materials 1x5=5mks
10.                
    • Are unlimited
    • Vary in intensity
    • Are complementary
    • Are competitive
    • Are universal
    • Are habitual
    • Require resources to satisfy
    • Change with time/age/sex
    • They recur
11.                    
    • Pollution
    • desertification
    • Death
    • Soil erosion
    • Diseases
    • Ecological imbalance
    • Interferes with agriculture 1x5=5mks
12.                      
    • Human resources
    • Financial resources
    • Business structure
    • Management styleTechnology used 1x5=5mk
13.                      
    
    

    Resource	Renewable	Non-Renewable
    Coal		√
    Leather	√
    Gravel		√
    Solar energy	√
    Wood	√

14.                                    
    • Wants can be ranked
    • Resources are limited
    • Some wants are necessities
    • Some wants are more pressing
    • Wants are competitive 1x5=5mks
15.                  
    • Creates fare competition
    • Creates satisfaction of human wants
    • Reduction of operation costs
    • Motivating tool
    • Good relationships 1x5=5mks
16.                
    • Natural
    • Man-made
    • Human
    • Renewable
    • Non-renewable 1x5= 5mks
17.                               
    

    Want	Basic	Secondary
    Coal	√
    Leather		√
    Gravel	√
    Solar energy	√
    Wood		√

18.                            
    

    GOODS	SERVICES
    tangible	intangible
    Can be stored	Cannot be stored
    Change possession	Inseparable from owner
    Not all	Highly perishable
    Can be seen	Cannot be seen
    Change value	Cannot change value

19.                           
    • Economics
    • Commerce
    • Accounting
    • Office practice
    • Entrepreneurship 1x5=5mks
20.                      
    1. Something that can be used to achieve objectives.
    2. Conditions/ factors that affect business operations.
    3. Desires that people strive to bsatisfy from resources.