Business Studies Form 2 Questions and Answers - End Term 2 Exams 2021

Business Studies Form 2 End Term 2 Exams 2021 with Marking Schemes

1. State the term given to each of the following statements:- (3 mks)
   1. Activities carried out with view of making profit
   2. Increasing the usefulness of a good or services.
   3. Movement of goods from producer to consumer.
2. State whether each of the following factors fall under macro-environment or micro-environment.
   1. Competitive environment –
   2. Legal-political environment –
   3. Business structure –
   4. Business culture –
3. Using examples, distinguish between man-made resources and human resources. (4 mks)
4. List down four factors of production and their rewards. (4 mks)
5. Outline four circumstances under which a partnership may be dissolved. (4 mks)
6. State four ways in which government may regulate business activcities. (4 mks)
7. List four essential elements of transport. (4 mks)
8. State four barriers to effective communication. (4 mks)
9. Outline procedure for making an insurance claim. (5 mks)
10. Highlight four circumstances under which personal selling is appropriate. (4 mks)
11. State four reasons why a cheque may be dishonoured. (4 mks)
12. Classify the following staff as subordinate, junior or management. (4 mks)
    
    

    Staff	Category
    (a) Executive officer (b) Driver (c) Typist (d) Receptionist (c) Director

13. List various sources of a business idea. (4 mks)
14. Outline four factors to consider when selecting office requirement. (4 mks)
15. State four functions of retailers to consumers. (4 mks)
16. State four types of utilities. (4 mks)
17. Classify each of the following as renewable or non-renewable resource.
    
    

    Item	Renewable	Non-renewable
    Wood Solar energy Gravel Natural gas

Marking Scheme

1. State the term given to each of the following statements:- (3 mks)
   1. Activities carried out with view of making profit –Business
   2. Increasing the usefulness of a good or services. – Production
   3. Movement of goods from producer to consumer – Distribution
2. State whether each of the following factors fall under macro-environment or micro-environment.
   1. Competitive environment – Macro
   2. Legal-political environment – Macro
   3. Business structure – Micro
   4. Business culture – Micro
      
3. Using examples, distinguish between man-made resources and human resources. (4 mks)
   • Man-made resources – resources created by human being to be used in satisfying their wants e.g clothes.
   • Human resources – Human being lendering services in production e.g teacher.
4. List down four factors of production and their rewards. (4 mks)
   

   Factor	Reward
   (i) Land (ii) Capital (iii) Entrepreneurship (iv) Labour Rates	Rates Interest Profit Wage

5. Outline four circumstances under which a partnership may be dissolved. (4 mks)
   • If partners mutually agree to dissolve the business.
   • A court order.
   • Continued disagreements among the partners.
   • In case of completion of the intended purpose.
6. State four ways in which government may regulate business activities. (4 mks)
   
   • Regulation
   • Training
   • Trade promotion
   • Provision of public utilities
7. List four essential elements of transport. (4 mks)
   
   • Unit of carriage
   • Methods of propulsion
   • Ways
   • Terminals
8. State four barriers to effective communication. (4 mks)
   
   • Language barrier
   • Poor listening
   • Negative attitude
   • Poor timing
9. Outline procedure for making an insurance claim. (5 mks)
   
   • Notifying the insurer
   • Filling a claim form
   • Investigation of the claim
   • Preparation of the assessment report.
   • Payment of the claim.
10. Highlight four circumstances under which personal selling is appropriate. (4 mks)
    
    • When launching a new product
    • When demonstration is required
    • Where market is concentrated in one area
    • When the value of the product is high.
11. State four reasons why a cheque may be dishonoured. (4 mks)
    
    • Insufficient funds in the account
    • Signature differ from the specimen in the bank
    • If the drawer has closed his/her account with the bank 
    • Stale cheque
12. Classify the following staff as subordinate, junior or management. (4 mks)
    

    Staff	Category
    (a) Executive officer (b) Driver (c) Typist (d) Receptionist (c) Director Management	Management Junior Junior Subordinate Management

13. List various sources of a business idea. (4 mks)
    
    • Magazine
    • Newspapers
    • Hobbies
    • Surveys
14. Outline four factors to consider when selecting office requirement. (4 mks)
    
    • Cost
    • Adaptability
    • Durability
    • Availability of manpower
15. State four functions of retailers to consumers. (4 mks)
    
    • Credit facilities
    • After-sales services
    • Advice
    • Breaking bulk
16. State four types of utilities. (4 mks)
    
    • Form utility
    • Time utility
    • Place utility
    • Possessive utility
17. Classify each of the following as renewable or non-renewable resource. (4 mks)
    
    

    Item	Renewable	Non-renewable
    Wood Solar energy Gravel Natural gas	Renewable Renewable	Non-renewable Non-renewable