Business Studies Term 2 test
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Questions and Answers

How is poverty defined?

  • Inability to access adequate housing and sanitation (correct)
  • Lack of access to quality healthcare
  • Disparities in opportunities and treatment based on social status
  • Having less wealth than others

    • What is the impact of poverty on economic participation?

  • Encourages wealth accumulation
  • Boosts business opportunities
  • Restricts full participation in the economy (correct)
  • Increases consumer markets

    • What does inclusivity aim to achieve in a business context?

  • Create inequality in the workforce
  • Limit diversity to specific roles
  • Ensure equal opportunities for all (correct)
  • Promote exclusivity based on personal attributes

    • How does cyclical poverty perpetuate across generations?

    <p>By reinforcing societal divides</p> Signup and view all the answers

    What is the main reason businesses may need to increase spending on security measures?

    <p>Due to increased crime rates resulting from poverty and inequality</p> Signup and view all the answers

    How does inequality contribute to the widening wealth gap?

    <p>By narrowing opportunities for disadvantaged groups</p> Signup and view all the answers

    What is the key characteristic of jointly and severally liability?

    <p>Each owner is individually and collectively responsible for the entire debt</p> Signup and view all the answers

    How many owners can a sole proprietorship have?

    <p>One</p> Signup and view all the answers

    What is a characteristic of a private company (Pty Ltd)?

    <p>Limited liability for shareholders</p> Signup and view all the answers

    How many directors are required for a public company (Ltd)?

    <p>At least three</p> Signup and view all the answers

    What is a characteristic of a co-operative?

    <p>Limited liability for members</p> Signup and view all the answers

    Why is it important to understand the characteristics of different forms of ownership?

    <p>To choose the structure that best fits their needs and goals</p> Signup and view all the answers

    What is the main goal of employment equity in the workforce?

    <p>To reflect the demographic makeup of society</p> Signup and view all the answers

    What is the impact of unemployment on individuals?

    <p>Reduced living standards and economic strain</p> Signup and view all the answers

    What is the effect of HIV and AIDS on businesses?

    <p>Reduced labor productivity and increased healthcare costs</p> Signup and view all the answers

    What is piracy?

    <p>The unauthorized use or reproduction of another's work</p> Signup and view all the answers

    What is the impact of intellectual property theft on innovation?

    <p>Deters investment in new product development</p> Signup and view all the answers

    What is the purpose of laws against piracy and counterfeiting?

    <p>To protect consumers from substandard products</p> Signup and view all the answers

    What is illegal gambling?

    <p>Unregulated gambling activities</p> Signup and view all the answers

    What is the impact of crime on businesses?

    <p>Increases insurance costs and investment in security measures</p> Signup and view all the answers

    What is social responsibility?

    <p>A business's ethical obligation to engage in activities that promote societal well-being</p> Signup and view all the answers

    What is one of the reasons why a business is likely to prosper in a thriving community?

    <p>As a result of a rise in the standard of living, leading to increased spending power and demand for products</p> Signup and view all the answers

    Who plays a crucial role in advocating for employee benefits and fair labor practices?

    <p>Trade Unions</p> Signup and view all the answers

    What is one way businesses can directly reduce poverty and improve community well-being?

    <p>By creating jobs</p> Signup and view all the answers

    What is one way to enhance a company's reputation and lead to greater customer loyalty?

    <p>By investing in community well-being</p> Signup and view all the answers

    What is a characteristic of an entrepreneur?

    <p>Ability to identify and seize new business opportunities</p> Signup and view all the answers

    What is one way entrepreneurs contribute to economic growth?

    <p>By driving innovation and creating employment opportunities</p> Signup and view all the answers

    What is one of the achievement-oriented qualities of an entrepreneur?

    <p>Opportunity-seeking</p> Signup and view all the answers

    What is one benefit of offering bursaries for further education to employees?

    <p>It contributes to a more skilled workforce</p> Signup and view all the answers

    What is one way businesses can tackle an unproductive labor force?

    <p>By providing in-service training in new technologies</p> Signup and view all the answers

    What is a key characteristic of an entrepreneur's approach to risk-taking?

    <p>Assessing risks carefully and avoiding unnecessary dangers</p> Signup and view all the answers

    Which quality is not related to a successful entrepreneur's planning-oriented approach?

    <p>Lack of awareness about the market demands</p> Signup and view all the answers

    Which type of business ownership has unlimited liability?

    <p>Sole proprietorships</p> Signup and view all the answers

    Which quality does NOT contribute to the multifaceted nature of entrepreneurship?

    <p>Careless approach to business operations</p> Signup and view all the answers

    What does legal personality refer to in the context of a company?

    <p>A company's legal identity is separate from its owners</p> Signup and view all the answers

    Why do entrepreneurs dream big?

    <p>To set specific goals and foster a sense of control over their business trajectory</p> Signup and view all the answers

    How does the tax structure differ between corporations and sole proprietorships?

    <p>Corporations have a fixed tax rate, while sole proprietors pay personal income tax rates</p> Signup and view all the answers

    What is a common power-oriented quality of successful entrepreneurs?

    <p>Leadership and management skills</p> Signup and view all the answers

    What sets close corporations apart from sole proprietorships in terms of liability?

    <p>Close corporations have limited liability, while sole proprietorships do not</p> Signup and view all the answers

    How do entrepreneurs excel in organizing the factors of production?

    <p>By synergizing land, labor, and capital to create and deliver value efficiently</p> Signup and view all the answers

    How does cyclical poverty perpetuate across generations?

    <p>By limiting access to quality education and employment options for future generations.</p> Signup and view all the answers

    What is the impact of poverty on economic participation?

    <p>It diminishes the participation of individuals in the economy.</p> Signup and view all the answers

    How does inclusivity in a business context aim to reduce inequality?

    <p>By embracing diversity and offering equal opportunities irrespective of personal attributes.</p> Signup and view all the answers

    What is one impact of poverty and inequality on businesses?

    <p>Diminishing consumer markets.</p> Signup and view all the answers

    Why do poverty and inequality often lead to increased crime rates?

    <p>Because they restrict access to quality education.</p> Signup and view all the answers

    How do security costs impact businesses in the context of poverty and inequality?

    <p>They necessitate higher spending due to increased crime rates.</p> Signup and view all the answers

    What characteristic of liability is associated with joint and several liability?

    <p>Unlimited joint and several liability</p> Signup and view all the answers

    What is a key difference between a sole proprietorship and a partnership?

    <p>Number of owners</p> Signup and view all the answers

    Which type of business ownership has a high level of continuity?

    <p>Public company</p> Signup and view all the answers

    What is required for the formation of a private company (Pty Ltd)?

    <p>Memorandum of incorporation</p> Signup and view all the answers

    Which type of business ownership has a minimum number of directors required?

    <p>Public company (Ltd)</p> Signup and view all the answers

    What is a key benefit of understanding the characteristics of different forms of ownership?

    <p>Choosing the structure that best fits business needs and goals</p> Signup and view all the answers

    What is a key characteristic of an entrepreneur's approach to risk-taking?

    <p>They assess risks carefully and engage in manageable risks</p> Signup and view all the answers

    What is one of the power-oriented qualities of successful entrepreneurs?

    <p>A desire for responsibility</p> Signup and view all the answers

    What is a characteristic of entrepreneurs in terms of their vision?

    <p>They have clear, actionable visions for their business</p> Signup and view all the answers

    What is a type of business ownership that has unlimited liability?

    <p>Sole proprietorship</p> Signup and view all the answers

    What is a key characteristic of an entrepreneur's approach to organizing the factors of production?

    <p>They excel in organizing and synergizing the factors of production</p> Signup and view all the answers

    What is one of the benefits of offering bursaries for further education to employees?

    <p>Enhanced company reputation</p> Signup and view all the answers

    What is the main goal of employment equity in the workforce?

    <p>To achieve a diverse and representative workforce</p> Signup and view all the answers

    What is a characteristic of a private company (Pty Ltd)?

    <p>It has a legal personality</p> Signup and view all the answers

    What is the impact of entrepreneurs on economic growth?

    <p>They contribute to economic growth</p> Signup and view all the answers

    What is the primary goal of employment equity in the workforce?

    <p>To reflect the demographic makeup of society</p> Signup and view all the answers

    What is the main reason businesses may need to increase spending on security measures?

    <p>To protect against workplace violence and crime</p> Signup and view all the answers

    What is the purpose of laws against piracy and counterfeiting?

    <p>To protect consumers from substandard products</p> Signup and view all the answers

    What role does a business have in addressing socio-economic challenges?

    <p>A business has an ethical obligation to engage proactively in promoting societal well-being</p> Signup and view all the answers

    What is the impact of HIV and AIDS on businesses?

    <p>It reduces labor productivity and increases healthcare costs</p> Signup and view all the answers

    What is one way businesses can tackle an unproductive labor force?

    <p>By offering bursaries for further education to employees</p> Signup and view all the answers

    What is the primary impact of intellectual property theft on businesses?

    <p>It deters investment in new product development due to potential revenue loss</p> Signup and view all the answers

    What is the main goal of Corporate Social Responsibility (CSR)?

    <p>To contribute positively to stakeholders' quality of life</p> Signup and view all the answers

    What is the impact of illegal gambling on the economy?

    <p>It detracts from the regulated economy and contributes to social issues</p> Signup and view all the answers

    What is one way businesses can directly reduce poverty and improve community well-being?

    <p>By investing in the community and providing opportunities for employment</p> Signup and view all the answers

    Which stakeholder plays a crucial role in advocating for employee benefits and fair labor practices in CSR?

    <p>Trade Unions</p> Signup and view all the answers

    What is one way businesses can directly reduce poverty and improve community well-being, according to the text?

    <p>Creating jobs</p> Signup and view all the answers

    Which entrepreneurial quality involves continuous effort to create something valuable and sustainable?

    <p>High degree of commitment</p> Signup and view all the answers

    What is one approach to tackling an unproductive labor force in a business setting?

    <p>Providing bursaries for further education</p> Signup and view all the answers

    What is the main reason businesses may need to increase spending on security measures?

    <p>To manage risks associated with intellectual property theft</p> Signup and view all the answers

    Which quality is NOT related to a successful entrepreneur's planning-oriented approach?

    <p>Innovation</p> Signup and view all the answers

    What is one benefit of offering bursaries for further education to employees?

    <p>Improved employee skillset and knowledge base</p> Signup and view all the answers

    What are the two main goals of employment equity in the workforce?

    <p>Increased diversity and equal opportunities</p> Signup and view all the answers

    Which stakeholder in CSR is most directly impacted by a company's supply chain sustainability efforts?

    <p>Suppliers</p> Signup and view all the answers

    What is one way businesses can tackle the impact of unemployment on individuals?

    <p>Creating employment opportunities</p> Signup and view all the answers

    What is a key role of entrepreneurs in economic growth?

    <p>Promoting employment opportunities</p> Signup and view all the answers

    Which aspect of community well-being is directly impacted by business investment?

    <p>Enhanced market opportunities</p> Signup and view all the answers

    What is a primary goal of including trade unions as stakeholders in CSR?

    <p>Advocating for employee benefits</p> Signup and view all the answers

    How do entrepreneurs contribute to market efficiency?

    <p>By driving innovation</p> Signup and view all the answers

    What is a vital quality that distinguishes entrepreneurs?

    <p>Keen insight for seizing opportunities</p> Signup and view all the answers

    How do businesses utilize supplier relationships to enhance sustainability?

    <p>By creating sustainable supply chains</p> Signup and view all the answers

    What is a key aspect of employee support in combating HIV/AIDS in the workplace?

    <p>Providing access to medical treatment</p> Signup and view all the answers

    What achievement-oriented quality helps entrepreneurs stay competitive?

    <p>Opportunity-seeking</p> Signup and view all the answers

    How do entrepreneurs contribute to economic stability through their businesses?

    <p>By providing long-term financial security for employees</p> Signup and view all the answers

    Which stakeholder in CSR guides and sometimes mandates CSR activities through regulatory frameworks?

    <p>Government</p> Signup and view all the answers

    What is the relationship between poverty and business opportunities?

    <p>Poverty restricts business opportunities by diminishing consumer markets.</p> Signup and view all the answers

    What is the goal of inclusivity in a business context?

    <p>To ensure equal opportunities for all, irrespective of personal attributes.</p> Signup and view all the answers

    How does cyclical poverty perpetuate across generations?

    <p>By limiting access to quality education and employment opportunities.</p> Signup and view all the answers

    What is the impact of inequality on society?

    <p>It leads to a widening wealth gap.</p> Signup and view all the answers

    What is the main aim of addressing socio-economic challenges in a business context?

    <p>To reduce inequality and foster a more skilled and equitable workforce.</p> Signup and view all the answers

    What is the definition of poverty in a socio-economic context?

    <p>The deprivation of essential needs and services.</p> Signup and view all the answers

    Which entrepreneurial quality involves having clear and actionable visions for their business?

    <p>Visionary with Big Dreams</p> Signup and view all the answers

    What is essential for capitalizing on business opportunities?

    <p>A balanced approach to risk-taking</p> Signup and view all the answers

    What is a characteristic of a company in terms of liability?

    <p>Limited Liability</p> Signup and view all the answers

    What do entrepreneurs excel in organizing and synergizing?

    <p>Land, Labor, and Capital</p> Signup and view all the answers

    What is a key characteristic of an entrepreneur's approach to risk-taking?

    <p>Calculated Risk-Taking</p> Signup and view all the answers

    What is a characteristic of a close corporation in terms of liability?

    <p>Limited Liability</p> Signup and view all the answers

    What is essential for establishing and sustaining a successful business?

    <p>Willpower to Overcome Obstacles</p> Signup and view all the answers

    What is a characteristic of entrepreneurs in terms of their leadership?

    <p>They possess leadership and management skills</p> Signup and view all the answers

    What is a benefit of entrepreneurs' energy and passion?

    <p>It is infectious and drives their businesses forward</p> Signup and view all the answers

    What do entrepreneurs contribute to through their businesses?

    <p>Innovation and Economic Growth</p> Signup and view all the answers

    What is a key difference between sole proprietorships and close corporations in terms of liability?

    <p>Sole proprietorships have unlimited liability, while close corporations have limited liability</p> Signup and view all the answers

    Which form of business ownership is managed solely by directors and requires at least one?

    <p>Private company (Pty Ltd)</p> Signup and view all the answers

    What is the primary characteristic of legal personality in the context of a company?

    <p>The company has a separate legal identity from its owners</p> Signup and view all the answers

    What distinguishes a public company (Ltd) from a private company (Pty Ltd) in terms of management?

    <p>A public company requires a minimum of three directors</p> Signup and view all the answers

    Which form of business ownership has a stable continuity that does not depend on any single member?

    <p>Co-operative</p> Signup and view all the answers

    What is the key difference between sole proprietorships and partnerships in terms of ownership?

    <p>Partnerships have multiple owners, while sole proprietorships have only one</p> Signup and view all the answers

    What concept refers to a business's ethical obligation to contribute positively to its stakeholders' quality of life?

    <p>Corporate Social Responsibility</p> Signup and view all the answers

    Which definition describes an unauthorized use or reproduction of another's work that infringes on intellectual property rights?

    <p>Piracy</p> Signup and view all the answers

    What impact does HIV and AIDS have on businesses?

    <p>Affects the most economically active populations</p> Signup and view all the answers

    Which term refers to the scenario where individuals are willing and able to work but unable to find employment?

    <p>Unemployment</p> Signup and view all the answers

    What is the primary goal of laws against piracy and counterfeiting?

    <p>Protect consumers from substandard and harmful products</p> Signup and view all the answers

    Which business ownership type is characterized by a minimum number of directors and does not offer shares to the public?

    <p>Private Company (Pty Ltd)</p> Signup and view all the answers

    What is the main goal of employment equity in a workforce?

    <p>Reflect the demographic makeup of society</p> Signup and view all the answers

    What impact does poverty have on economic participation?

    <p>Leads to reduced living standards and economic strain</p> Signup and view all the answers

    What does the term 'bootlegging' typically refer to?

    <p>Illegal production and sale of alcoholic drinks or recording media</p> Signup and view all the answers

    Which initiative reflects employee grievances and can significantly disrupt production, affecting both the reputation and financial standing of a company?

    <p>Strikes</p> Signup and view all the answers

    What is the main impact of cyclical poverty on societal divides?

    <p>Reinforces disparities in access to resources and opportunities</p> Signup and view all the answers

    How does poverty restrict economic participation in the business context?

    <p>Restricts full engagement in the economy</p> Signup and view all the answers

    What is the primary goal of inclusivity in a business context?

    <p>To provide equal opportunities for all employees</p> Signup and view all the answers

    How do poverty and inequality impact security measures in businesses?

    <p>Often necessitate higher spending on security measures</p> Signup and view all the answers

    What distinguishes inclusivity from inequality in the business environment?

    <p>Inclusivity ensures equal opportunities regardless of personal attributes</p> Signup and view all the answers

    How does poverty impact the vulnerability and marginalization of individuals?

    <p>By depriving individuals of adequate housing and healthcare</p> Signup and view all the answers

    What is the primary difference between a Private Company (Pty Ltd) and a Public Company (Ltd) in terms of ownership?

    <p>Number of shareholders</p> Signup and view all the answers

    Which form of business ownership is characterized by unlimited joint and several liabilities for owners?

    <p>Partnership</p> Signup and view all the answers

    What is the primary advantage of a Private Company (Pty Ltd) over a Sole Proprietorship in terms of liability?

    <p>Limited liability for shareholders</p> Signup and view all the answers

    Which form of business ownership is characterized by a high level of continuity that does not depend on any particular shareholder?

    <p>Public Company (Ltd)</p> Signup and view all the answers

    What is the primary reason why a business owner may choose a Close Corporation (CC) over a Sole Proprietorship?

    <p>Limited liability for members</p> Signup and view all the answers

    Which form of business ownership is characterized by a minimum number of owners and offers limited liability?

    <p>Close Corporation (CC)</p> Signup and view all the answers

    What important role do trade unions play in Corporate Social Responsibility (CSR)?

    <p>Advocating for employee benefits and fair labor practices</p> Signup and view all the answers

    In terms of addressing socio-economic issues, what is a primary function of the skill development programs mentioned in the text?

    <p>Improving employability and workforce skills</p> Signup and view all the answers

    How do entrepreneurs contribute to economic growth according to the text?

    <p>Driving innovation and creating employment opportunities</p> Signup and view all the answers

    What distinguishes entrepreneurs in terms of their approach to business opportunities?

    <p>Seeking opportunities others might overlook</p> Signup and view all the answers

    How can entrepreneurs be described in the context of resource management?

    <p>Effectively organizing financial, human, and material resources</p> Signup and view all the answers

    What essential quality do entrepreneurs possess in terms of achieving business success, as per the text?

    <p>Opportunity-seeking abilities</p> Signup and view all the answers

    What is a critical function of Government in relation to Corporate Social Responsibility (CSR)?

    <p>Mandating and guiding CSR activities through regulatory frameworks</p> Signup and view all the answers

    Why are entrepreneurs considered essential for market efficiency improvement?

    <p>Driving innovation and competition</p> Signup and view all the answers

    What is a distinctive quality attributed to entrepreneurs concerning perseverance in business endeavors?

    <p>Overcoming challenges and pursuing business goals relentlessly</p> Signup and view all the answers

    In what way do entrepreneurs differ from competitors in the market, based on the text?

    <p>Creating employment opportunities and driving innovation</p> Signup and view all the answers

    What is the essential quality of an entrepreneur's approach to risk-taking in capitalizing on business opportunities?

    <p>Assessing risks carefully and engaging in manageable ones</p> Signup and view all the answers

    Which quality enables entrepreneurs to set specific goals and have a sense of control over their business?

    <p>Visionary with big dreams</p> Signup and view all the answers

    What is a key difference between corporations and sole proprietorships or partnerships in terms of legal personality?

    <p>Corporations have a legal identity separate from their owners</p> Signup and view all the answers

    Which of the following is a characteristic of entrepreneurs in terms of their energy and passion?

    <p>Their energy is driven by recognition and a blend of financial aims</p> Signup and view all the answers

    What is the impact of entrepreneurs on the economy and society?

    <p>They create employment and push forward technological and societal advancements</p> Signup and view all the answers

    Which quality is essential for overcoming obstacles and resolving problems in establishing and sustaining a successful business?

    <p>Willpower to overcome obstacles</p> Signup and view all the answers

    What is a key aspect of an entrepreneur's approach to planning and setting goals?

    <p>Having a clear and actionable vision</p> Signup and view all the answers

    What is a characteristic of entrepreneurs in terms of their flexibility and adaptability?

    <p>They continuously seek information to make informed decisions and adjust their strategies</p> Signup and view all the answers

    Which quality is a key aspect of an entrepreneur's power-oriented approach?

    <p>Confidence and self-belief</p> Signup and view all the answers

    What is the primary reason for businesses to invest in employee training to mitigate the impact of HIV and AIDS?

    <p>To reduce the cost of employee turnover</p> Signup and view all the answers

    What is the outcome of intellectual property theft on innovation in businesses?

    <p>It discourages investment in new product development</p> Signup and view all the answers

    What is a consequence of workplace violence on business operations?

    <p>Disruption of daily operations</p> Signup and view all the answers

    What is the primary goal of laws against piracy and counterfeiting?

    <p>To protect consumers from substandard products</p> Signup and view all the answers

    What is a characteristic of pyramid schemes?

    <p>They primarily benefit those at the top</p> Signup and view all the answers

    What is the outcome of strikes on a company's reputation and financial standing?

    <p>Significant disruption to production</p> Signup and view all the answers

    What is a consequence of illegal gambling on the regulated economy?

    <p>It detracts from the regulated economy</p> Signup and view all the answers

    What is the primary characteristic of social responsibility?

    <p>A business's ethical obligation to promote societal well-being</p> Signup and view all the answers

    What is a consequence of unemployment on individuals and society?

    <p>Reduced living standards and economic strain</p> Signup and view all the answers

    What is the primary goal of employment equity in the workforce?

    <p>To reflect the demographic makeup of society</p> Signup and view all the answers

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