Utility created by the activities
- Time utility
- Place utility
- Possession utility
- Form utility (4mks
Ways to turn business idea to good business opportunity.
- The product(s) the business will sell
- Who the business will sell to (market)
- Where the business will be located
- How the business will run (management)
- Why the business is need (objectives) (4mks)
Factors that may lead to overcharge in an invoice.
- Overpricing individual items
- Arithmetical errors
- Double counting
- Failure to deduct discount exaggerating vat changes
- Inclusion of damaged goods
Ways an office can safeguard and control organizations property
- Increase security against theft e.g. employs watchmen
- Ensuring physical care by people using the property
- Keeping records of movement and usage of each of the property
- Physical stock – taking of each property
- Taking insurance cover
- Proper repairs, serving and maintenance. (4mks
Four importance of Business studies in a society.
- Helps learners to understand the role of the government in relation to business activities.
- Helps the society to appreciate the role of communication and information technology in modern business management.
- Helps learners to acquire self discipline and positive attitude towards work.
- Helps learners to acquire the necessary entrepreneurial knowledge, skills and attitude for starting and operating a business.
- Helps learners to understand business and its environment Any four 1x4=4mark
Four features of human wants.
- Are insatiable.
- Vary in intensity and urgency.
- Are competitive.
- Are recurrent.
- Are habitual.
- Are universal. (Any four =4x1=4marks)
Factors that discourage entrepreneurial development
- Inadequate raw materials
- Poor infrastructure
- Political instability and violence
- Inadequate relevant courses in learning institution
- Inadequate government support
- Unsupportive culture
- Insecurity Any four =4x1=4marks
Outline four circumstances which would make an office manager to replace an existing Machine with a modern one.
- Where a faster machine is required
- Where maintenance cost is higher than cost of acquiring modern machine
- Where training/skills have changed
- Where he wants to save on labor
- Need for increased production
- High quality work is required (Any four =4x1=4 marks)
Four reasons why government participates in business.
- To generate income.
- To attract foreign investment.
- To create confidence in the economy.
- To venture in businesses where individuals are not willing to invest due to low profit margins.
- To provide essential goods and services.
- To invest in areas of National interest. (Any 4x1=4 marks)
Internal business environments
- Business structure
- Business culture
- Owners (1 x 4 points = 4 mks)
Four ways in which productivity of land can be improved as factor of production.
- Through crop rotation
- Mechanization/use of machine
- Pest and disease control
- Through land reclamation
- Use of fertilizer Any 4x1=4marks
Circumstances for open office
- Where/when/if it’s cheaper to construct
- Where it’s necessary to offer/share common office facilities
- Where there is need for easier consultation/coordination of office activities
- Where there is need for close supervision of workers
- Where there is need to enhance faster communication
- Where there is a need to save an space
- Where flexibility in reorganization of the office is required. (1 x 4points = 4mks)
Cash terms of payment
- Spot cash
- Cash on delivery
- Cash with order
- Prompt cash
Resource Factor of production.
- Manager -Labour.
- Vehicle - Capital.
- Owner - Entrepreneurship.
- Water - Land. (1 x 4 = 4mks)
Means of payments she can use to clear her debt
- Electronic fund transfer(EFT)
- Promissory note credit card/visa card
- Standing order
- I owe you(IOU
- Travellers cheques
- Premium bonds
- Money orders
- Credit transfer
- Any other relevant means of payment (1 x 4 = 4mks
Reasons why consumers have to make a choice between competing needs.
- Due to limited resources/scarcity of resources
- Due to unlimited nature of human wants
- Due to different prices of goods
- Due to different preference of the consumer
Advantages of sole proprietorship
- Its easy to make decisions
- No disagreements as regards to decision making/fast decision making process.
- There’s motivation and self confidence.
- No sharing of profits
- Requires small amount capital to start
- Easy and fast to change the form of business to another (1 x 4 = 4mks)
Benefits of engaging in business.
- Construction (1 x 4 = 4mks)
- Credit note
- Advice note
- Letter of inquiry (specific inquiry)
Gaps in society that may give rise to a business opportunity
- In availability of product
- Poor services
- High prices charged
- Insufficient quantities of the product
- Inappropriate quality of goods
- Composite machine
- Facsimile/ fax machine
- Duplicating machine
- Banking machine
Features of departmental stores
- Offer variety / wide range of goods
- Sell their goods at relatively lower prices
- They are attractive / convenient to shop in
- Usually situated in town centres
- Each department is managed by a departmental manager
Reasons why business exist in the society
- Create employment
- Utilize resources
- Improve the living standards
- Generate income
- Utilize free time
- Provide goods and services.
- For self activation
- As a hobby
Types of partners.
- minor (1 x4 =4mks)
Rewards of the factors of production
- Limestone - Rent
- Doctor - Wages/salaries
- Tractor - Interest
- Landlord - profit (1x4 = 4mks)