Exam (elaborations)
Mnb1501 Assignment 8 semester 1 2024 questions and answers Due(29 May 2024)
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Started on Monday, 1 May 2024, 10:09 AMState Finished
Completed on Monday, 1 May 2024, 11:07 AM
Time taken 50 mins 12 secs
Marks 35.00/35.00
Grade 100 out of 100.00
Question 1
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Question text
Pirates Soccer Club can be classified as a ________________.
a.
private enterprise
b.
public corporation
c.
non-profit-seeking organisation
d.
government organisation
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The correct answer is:
private enterprise
Question 2
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Transnet is an example of a ______.
a.
non-profit organisation
b.
,public corporation
c.
privately owned enterprise
d.
personal liability company
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The correct answer is:
public corporation
Question 3
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Paul was recently appointed to a sales manager position. After his promotion, he felt that his
co-workers were more distant and that he had lost some of his friends. According to Maslow’s
hierarchy of needs, Paul has a desire to satisfy his _____ needs.
a.
ego
b.
self-actualisation
c.
social
d.
physiological
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The correct answer is:
social
Question 4
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Question text
Which of the following options represent characteristics that define an entrepreneur?
a. An entrepreneur starts a new venture.
b. An entrepreneur takes financial risks.
c. An entrepreneur accepts full responsibility for the outcome of the business.
d. An entrepreneur harnesses factors of production to generate products.
e. An entrepreneur consistently earns a profit.
a.
b; c; d; e
b.
a; c; d; e
c.
a; d; b; e
d.
a; b; c; d
Feedback
Your answer is correct.
An entrepreneur is a person who takes up a new venture and is willing to accept full
responsibility for the outcome. Entrepreneurs take the initiative to start new ventures and
assume financial risk in harnessing the factors of production to generate products and services
with a view of earning a profit. However, they can also incur losses if they make the wrong
decisions. (See 2.2, lesson 2.)
The correct answer is:
a; b; c; d
Question 5
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Question text
Which of the following statements does not represent a benefit of buying an existing business?
, a.
It involves the continuation of a current business.
b.
Customers are familiar with the location of the business.
c.
The new owner does not inherit past liabilities.
d.
Inventory and equipment will be in place.
Feedback
Your answer is correct.
If an entrepreneur buys an existing business, he/she buys a going concern with opportunities
and problems that he/she, as the new owner, may not know about. In terms of Section 197 of
the Labour Relations Act, buying or selling a business as a going concern means that the
current employment contracts are transferred under the same conditions to the new employer.
(See 2.5.1, lesson 2.)
The correct answer is:
The new owner does not inherit past liabilities.
Question 6
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Question text
Dominique started a small business that produces woollen products, such as jerseys, scarves
and socks, in Bloemfontein in the Free State. She needs to be able to position her business
holistically and know where it fits in the marketplace. Which skills does Dominique need?
a.
management skills
b.
strategic thinking skills
c.
planning skills
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