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Questions and Answers
Which of the following is a type of large scale retailer commonly found in Botswana?
Which of the following is a type of large scale retailer commonly found in Botswana?
A discount is a type of payment method used exclusively in credit sales.
A discount is a type of payment method used exclusively in credit sales.
False
What type of production is Mr. Aya involved in?
What type of production is Mr. Aya involved in?
Subsistence production
One feature of lay-bye is that customers make __________ payments before receiving the goods.
One feature of lay-bye is that customers make __________ payments before receiving the goods.
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Match the following terms to their definitions:
Match the following terms to their definitions:
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Which of the following is a consumer right that may have been violated in Ginah's case?
Which of the following is a consumer right that may have been violated in Ginah's case?
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Considering competition in market research is optional for businesses.
Considering competition in market research is optional for businesses.
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What is one way a buyer can use information from a receipt?
What is one way a buyer can use information from a receipt?
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A marketing manager is responsible for ______________.
A marketing manager is responsible for ______________.
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Match the following roles in a business with their responsibilities:
Match the following roles in a business with their responsibilities:
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Study Notes
Large Scale Retailers in Botswana
- Two examples of large scale retailers in Botswana include supermarkets and department stores
Discounts
- Discount is a reduction in the selling price of goods
- One feature of lay-bye is that the buyer pays for an item in installments
Production Types
- Mr. Aya is involved in subsistence production
- Advantages of sorghum production: Food security, Potential income generation
Market Research
- Competition is a key factor in market research because it helps understand the competitive landscape and identify opportunities or threats to a business’s success.
Consumer Rights
- Ginah's consumer rights were violated because she experienced a product defect and the shop owner refused a refund.
Buyer's Receipt Use
- Buyers use information from receipts to track their spending
Business Plan Use
- Youth Development Fund uses a business plan to assess the viability of the proposed project and evaluate the applicant’s ability to manage the business
Marketing Manager Duties
- It is the duty of a marketing manager to conduct market research and develop marketing strategies
Recycled Paper Benefits
- Dudu benefits from using recycled paper by contributing to environmental sustainability and potentially lowering production costs
Environmental Pollution Effect
- A key effect of polluting the physical environment is environmental degradation
Central Bank Role
- The Central Bank of Botswana is responsible for regulating the financial system and maintaining monetary stability
Cheque Payment Reasons
- Two reasons to pay by cheque include security and recordkeeping
Cheque Parties
- Two parties involved in a cheque include the drawer and the payee
Borrowing
- The balance that Tsitsi needs to borrow is considered a loan
Start-Up Capital Needs
- Businesses need start-up capital to purchase assets and cover initial expenses
Returns Inwards
- Businesses deal with returns inwards when customers return defective or unwanted goods
- Returns inwards are treated as a deduction from the cost of goods sold in the trading account
Working Capital
- The working capital of Agreement (Pty) Ltd is P16,000
- Formula: Current Assets – Current Liabilities
- Calculation: P125,000 + P37,500 + P11,000 + P7,500 + P1,500 - P6,000 – P9,000 = P16,000
Dishonored Cheque
- A cheque that is returned unpaid due to insufficient funds is a dishonored cheque
- Bank Reconciliation Statement treats dishonored cheques as a deduction from the bank balance
Owner Taking Goods
- When the owner takes inventory for personal use this transaction is recorded as a drawing
Reimbursement Calculations
- The amount to be reimbursed at the end of the period is P159
- Calculation: P700-00 – P541.00 = P159-00
Trade and Cash Discounts
- The amount to be paid within the credit period is P2,160
- Calculation: (12 items * P250.00) * 0.80 * 0.95 = P2,160
- An advantage of trade discounts is that they can encourage larger purchases
Carriage Inwards
- Carriage inwards is added to the cost of the goods purchased because it is considered an indirect expense incurred in bringing goods to the business
Customers' Accounts
- Customers’ personal accounts are found in the sales ledger
Balance Sheet Classification
- A car is classified as a fixed asset on the balance sheet
- Reasons: It is expected to be used in the business for multiple periods and it has value over time.
Balance Sheet Order
- Current assets are arranged in the balance sheet in descending order of liquidity
Contra Entry
- A contra entry is an entry that reverses or reduces the balance of an account
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Description
This quiz covers various business concepts relevant to Botswana, including large-scale retailers, market research, consumer rights, and production types. Test your knowledge on how these elements influence the retail landscape and consumer experience in the country.
