Ch 2 Sum: Business ventures
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Questions and Answers

What is the main difference between inequality and poverty?

  • Inequality focuses on lack of access to essential needs, while poverty is about disparities based on social status. (correct)
  • Inequality leads to increased crime rates, while poverty perpetuates vulnerability and marginalization.
  • Inequality ensures equal opportunities for all, while poverty diminishes consumer markets.
  • Inequality results in perpetuation of poverty across generations, while poverty restricts full participation in the economy.

    • How does cyclical poverty differ from security costs according to the text?

  • Cyclical poverty encourages economic participation, while security costs diminish consumer markets.
  • Cyclical poverty perpetuates poverty across generations, while security costs lead to increased crime rates. (correct)
  • Cyclical poverty reinforces societal divides, while security costs embrace diversity to harness skills.
  • Cyclical poverty impacts operational costs, while security costs restrict full participation in the economy.

    • Which statement best describes inclusivity in a business context?

  • Inclusivity perpetuates vulnerability and marginalization within the workforce.
  • Inclusivity aims to increase security costs for businesses to foster a more skilled workforce.
  • Inclusivity focuses on embracing diversity and ensuring equal opportunities for all employees. (correct)
  • Inclusivity restricts full participation in the economy, diminishing consumer markets.

    • How does economic participation relate to poverty according to the text?

    <p>Economic participation is restricted by lack of access to education and employment.</p> Signup and view all the answers

    What impact do security costs have on businesses according to the text?

    <p>Security costs lead to increased operational costs due to decreased crime rates.</p> Signup and view all the answers

    Why is it important for businesses to address inequality and poverty?

    <p>To ensure inclusivity and harness a wide range of skills and perspectives.</p> Signup and view all the answers

    What legislation encourages businesses to reflect the demographic makeup of society in their workforce?

    <p>The Employment Equity Act</p> Signup and view all the answers

    Which activity involves the unauthorized use or reproduction of another's work?

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

    What is the main impact of unemployment according to the text?

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

    Which of the following is a potential impact of piracy and counterfeiting on business?

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

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

    <p>Promoting societal well-being and addressing socio-economic challenges</p> Signup and view all the answers

    Which activity obscures the origins of illicitly obtained money?

    <p>Money Laundering</p> Signup and view all the answers

    What does workplace violence include according to the text?

    <p>Physical confrontations, fraud, and theft</p> Signup and view all the answers

    What do pyramid schemes primarily benefit according to the text?

    <p>'Those at the top' at the expense of newer recruits</p> Signup and view all the answers

    What type of labor actions reflect employee grievances?

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

    What type of commitment is Corporate Social Responsibility (CSR)?

    <p>A commitment to contribute positively to stakeholders' quality of life and societal well-being</p> Signup and view all the answers

    What does the term 'jointly and severally' refer to in the context of business ownership?

    <p>The individual and collective responsibility of each owner for the entire debt of the business.</p> Signup and view all the answers

    Which form of ownership has a legal personality but does not have limited liability for its owners?

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

    Which form of ownership has the simplest and least costly formation process?

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

    Which form of ownership requires at least three directors for its management?

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

    Which form of ownership has a legal personality and offers limited liability to its members?

    <p>Private Company</p> Signup and view all the answers

    Which form of ownership requires a more complex registration process, including a memorandum of incorporation?

    <p>Private Company</p> Signup and view all the answers

    What is a key benefit of investing in community development according to the text?

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

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

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

    How can businesses directly reduce poverty and improve community well-being?

    <p>Through economic investment programs</p> Signup and view all the answers

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

    <p>Offering supportive measures and financial support to NGOs</p> Signup and view all the answers

    What distinguishes an entrepreneur according to the text?

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

    Which quality is essential for entrepreneurial success according to the text?

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

    What allows entrepreneurs to stay ahead of competitors and increase profitability?

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

    Entrepreneurs contribute to economic growth by creating employment opportunities, driving innovation, and improving market efficiency through competition. Which category do these actions fall under?

    <p><strong>Achievement</strong></p> Signup and view all the answers

    How do entrepreneurs effectively organize resources according to the text?

    <p>By combining financial, human, and material resources</p> Signup and view all the answers

    What role does securing financing play in an entrepreneur's activities based on the text?

    <p>It is essential for assuming calculated risks and managing wisely</p> Signup and view all the answers

    What is a key characteristic of entrepreneurial risk-taking?

    <p>Being a calculated risk-taker</p> Signup and view all the answers

    What is the role of entrepreneurs in the business environment?

    <p>Continuously seeking information for informed decisions</p> Signup and view all the answers

    What is the significance of confidence and self-belief for entrepreneurs?

    <p>It is essential for achieving business objectives</p> Signup and view all the answers

    What are the factors of production entrepreneurs excel at organizing?

    <p>Land, labor, and capital</p> Signup and view all the answers

    What is the ability of a company to have legal identity separate from its owners?

    <p>Legal Personality</p> Signup and view all the answers

    What is the term for the capacity of a business to continue operations despite the death, retirement, or exit of any owners?

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

    What does limited liability mean for business owners?

    <p>Owners are only responsible for the amount they have invested in the business</p> Signup and view all the answers

    What is the tax rate for corporations compared to personal income rates for sole proprietors and partnerships?

    <p>Corporations pay a lower tax rate</p> Signup and view all the answers

    What is the definition of formation procedure for a business?

    <p>The legal steps required for a business to be officially formed and begin operations</p> Signup and view all the answers

    What is the role of entrepreneurs in driving technological and societal advancements?

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

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

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

    How does cyclical poverty perpetuate itself across generations?

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

    What impact does poverty have on consumer markets and business opportunities?

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

    How do security costs affect businesses due to poverty and inequality?

    <p>Lead to higher spending on security measures</p> Signup and view all the answers

    What distinguishes poverty from inequality according to the text?

    <p>Inequality creates societal divides, while poverty deprives essential needs</p> Signup and view all the answers

    How can ensuring inclusivity in a business benefit the workforce?

    <p>By embracing diversity and offering equal opportunities</p> Signup and view all the answers

    What characteristic is essential for entrepreneurs to capitalize on business opportunities according to the text?

    <p>Avoiding manageable risks</p> Signup and view all the answers

    Which quality helps entrepreneurs set specific goals and maintain control over their business trajectory?

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

    What is a critical aspect of leadership and management skills for entrepreneurs?

    <p>Effective leadership and management</p> Signup and view all the answers

    In what way do entrepreneurs stay motivated and drive their businesses forward?

    <p>A blend of financial aims, recognition, and passion</p> Signup and view all the answers

    What do successful entrepreneurs have profound confidence in, according to the text?

    <p>Their potential to achieve business objectives</p> Signup and view all the answers

    Which legal concept allows a company to have legal identity separate from its owners?

    <p>Legal Personality</p> Signup and view all the answers

    What does 'Liability' with 'Limited Liability' signify for business owners?

    <p>They may lose personal assets if the business fails.</p> Signup and view all the answers

    What factor influences the amount of tax paid by a business according to the text?

    <p>Legal Structure</p> Signup and view all the answers

    What type of ownership structure is taxed based on personal income rates?

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

    What term describes a business's ability to continue operations despite changes in ownership?

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

    Who has unlimited liability in a sole proprietorship?

    <p>The owner</p> Signup and view all the answers

    Which form of ownership offers limited liability to its members and has a legal personality?

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

    Which form of ownership requires a minimum of three directors for its management?

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

    Which form of ownership has unlimited joint and several liabilities for its partners?

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

    What is the primary characteristic of a sole proprietorship regarding continuity?

    <p>It does not exist beyond the owner's participation</p> Signup and view all the answers

    What is a key difference between a Private Company (Pty Ltd) and a Public Company (Ltd)?

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

    What is the primary focus of Corporate Social Responsibility (CSR) for businesses?

    <p>Improving community well-being</p> Signup and view all the answers

    Which stakeholder group is crucial in advocating for employee benefits and fair labor practices?

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

    What action can businesses take to directly reduce poverty and improve community well-being?

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

    How does providing in-service training in new technologies impact employees?

    <p>Improves morale and productivity</p> Signup and view all the answers

    Which group of entrepreneurial qualities involves traits critical to entrepreneurial success?

    <p>Achievement-oriented qualities</p> Signup and view all the answers

    What is the primary role of trade unions in the context of CSR?

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

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

    <p>By creating employment opportunities, driving innovation, and improving market efficiency through competition</p> Signup and view all the answers

    What is the main purpose of providing bursaries for further education to employees?

    <p>To help employees advance their careers and contribute to a more skilled workforce</p> Signup and view all the answers

    What is the primary focus of corporate social responsibility (CSR) with respect to suppliers?

    <p>Creating more sustainable supply chains</p> Signup and view all the answers

    What is the main impact of unemployment on the community according to the text?

    <p>Reduced poverty and community well-being</p> Signup and view all the answers

    What legislation is designed to encourage businesses to reflect the demographic makeup of society in their workforce?

    <p>Employment Equity Act</p> Signup and view all the answers

    What 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 chronic, potentially life-threatening condition affects the most economically active populations, reducing labor productivity, increasing healthcare costs, and necessitating continuous investment in employee training due to high turnover?

    <p>HIV and AIDS</p> Signup and view all the answers

    What deceptive investment scams promise high returns, primarily benefitting those at the top at the expense of newer recruits?

    <p>Pyramid schemes</p> Signup and view all the answers

    What activity involves the unauthorized use or reproduction of another's work, infringing on intellectual property rights?

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

    What illegal production and sale of alcoholic drinks or recording media often funds organized crime, detracting from the regulated economy and contributing to social issues?

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

    What activity can significantly disrupt production and affect both the reputation and financial standing of a company, reflecting employee grievances?

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

    What scam deceives people into thinking they will receive a high return on their investment, while primarily benefitting those at the top of the scheme?

    <p>Pyramid scheme</p> Signup and view all the answers

    What activity involves producing imitation products intended to be passed off as genuine?

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

    What type of gambling includes unregulated gambling activities that often fund organized crime, detracting from the regulated economy and contributing to social issues?

    <p>Illegal gambling</p> Signup and view all the answers

    What is a distinguishing feature of a Close Corporation (CC) regarding continuity?

    <p>Exists independently of the members' status</p> Signup and view all the answers

    Which form of ownership has a minimum number of members requirement depending on the type of cooperative?

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

    In terms of management, which ownership structure is managed by directors and requires at least one director?

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

    What is a key difference between Sole Proprietorship and Partnership in their legal personality?

    <p>Unlimited liability for Sole Proprietorship, legal personality for Partnership</p> Signup and view all the answers

    What distinguishes a Public Company (Ltd) in terms of management requirements?

    <p>Managed by directors with a minimum requirement of three directors</p> Signup and view all the answers

    Which ownership structure offers limited liability to shareholders while having no limit on the number of shareholders?

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

    What distinguishes entrepreneurs based on their ability to identify business opportunities?

    <p>Keen eye for spotting opportunities</p> Signup and view all the answers

    How can businesses contribute to economic growth, as mentioned in the text?

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

    Which stakeholder group plays a crucial role in advocating for fair labor practices?

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

    What characteristic of entrepreneurs is crucial for overcoming hurdles and pursuing business goals relentlessly?

    <p>Perseverance in facing challenges</p> Signup and view all the answers

    How do entrepreneurs organize resources effectively according to the text?

    <p>By securing financing wisely</p> Signup and view all the answers

    What is the primary focus of addressing unemployment, inequality, and poverty according to the text?

    <p>Skill development</p> Signup and view all the answers

    What is the main goal of investing in community development as highlighted in the text?

    <p>Enhancing community well-being</p> Signup and view all the answers

    Which quality is essential for entrepreneurs to capitalize on business opportunities?

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

    What role does policy implementation play in combating HIV/AIDS in the workplace as per the text?

    <p>Managing workplace implications of the disease</p> Signup and view all the answers

    What distinguishes entrepreneurs based on their ability to create something valuable and sustainable?

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

    What is the main impact of poverty on businesses according to the text?

    <p>Decreased consumer markets and business opportunities</p> Signup and view all the answers

    What is the significance of inclusivity in a business context?

    <p>All of the above</p> Signup and view all the answers

    What is the primary cause of cyclical poverty according to the text?

    <p>All of the above</p> Signup and view all the answers

    What is the primary focus of corporate social responsibility (CSR) with respect to suppliers?

    <p>Promoting fair labor practices</p> Signup and view all the answers

    What is the main difference between inequality and poverty?

    <p>Inequality represents disparities in opportunities and treatment based on social status, while poverty is the deprivation of essential needs and services.</p> Signup and view all the answers

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

    <p>All of the above</p> Signup and view all the answers

    What is the primary characteristic of a sole proprietorship regarding legal personality?

    <p>It does not have a legal personality separate from its owners.</p> Signup and view all the answers

    Which form of ownership offers limited liability to its members and has a legal personality?

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

    Which entrepreneurial quality involves setting clear, actionable visions for their business?

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

    Which entrepreneurial quality involves continuously seeking information to make informed decisions?

    <p>Flexibility and adaptability</p> Signup and view all the answers

    Which factor of production do entrepreneurs excel at organizing to create and deliver value efficiently?

    <p>All of the above</p> Signup and view all the answers

    Which entrepreneurial quality involves being accountable for the outcomes of business decisions and operations?

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

    Which form of ownership does not have a legal personality but has unlimited liability for its owners?

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

    Which entrepreneurial quality involves having profound confidence in their capabilities and a firm belief in their potential to achieve their business objectives?

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

    Which form of ownership has limited liability for its members and does not have a legal personality?

    <p>Close corporation</p> Signup and view all the answers

    Which entrepreneurial quality involves having clear, actionable visions for their business, which helps them set specific goals and fosters a sense of control over their business trajectory?

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

    What is the primary purpose of Employment Equity Act legislation?

    <p>To encourage businesses to reflect the demographic makeup of society in their workforce</p> Signup and view all the answers

    What is the main impact of HIV and AIDS on businesses, according to the text?

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

    What is the primary concern regarding illegal gambling, according to the text?

    <p>It funds organized crime</p> Signup and view all the answers

    What is the main difference between piracy and counterfeiting, according to the text?

    <p>Counterfeiting involves producing imitation products, while piracy involves unauthorized use or reproduction</p> Signup and view all the answers

    What is the primary role of trade unions in the context of Corporate Social Responsibility (CSR)?

    <p>To advocate for worker rights and fair labor practices</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 impact of workplace violence on businesses, according to the text?

    <p>Significant financial and human resource losses</p> Signup and view all the answers

    What is the main purpose of providing bursaries for further education to employees?

    <p>To improve employee skills and qualifications</p> Signup and view all the answers

    What is the definition of a pyramid scheme, according to the text?

    <p>A deceptive investment scam promising high returns</p> Signup and view all the answers

    What does 'Liability' with 'Limited Liability' signify for business owners?

    <p>Limited financial responsibility</p> Signup and view all the answers

    In which form of ownership does the continuity of business operations depend on the partnership agreement?

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

    Which form of ownership involves reserving a business name and registering a founding statement during its formation?

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

    Which ownership type is managed by directors and requires at least one director for its operation?

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

    Which form of ownership has a higher level of regulatory requirements compared to others?

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

    Which form of ownership is primarily characterized by requiring a minimum number of members for its formation?

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

    Which form of ownership offers limited liability to its members while having a legal personality?

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

    What is a critical aspect for entrepreneurs to capitalize on business opportunities?

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

    What is a key characteristic of entrepreneurial risk-taking?

    <p>Engaging in manageable risks</p> Signup and view all the answers

    Which factor influences the amount of tax paid by a business?

    <p>Legal structure</p> Signup and view all the answers

    What distinguishes entrepreneurs based on their ability to identify business opportunities?

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

    Which ownership structure offers limited liability to its members and has a legal personality?

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

    What is the significance of confidence and self-belief for entrepreneurs?

    <p>Helps in overcoming obstacles</p> Signup and view all the answers

    Which form of ownership has unlimited joint and several liabilities for its partners?

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

    What chronic condition affects economically active populations, thereby requiring continuous investment in employee training?

    <p>HIV and AIDS</p> Signup and view all the answers

    What do successful entrepreneurs have profound confidence in?

    <p>Their potential to achieve business objectives</p> Signup and view all the answers

    Entrepreneurs excel in organizing which of the three factors of production to create value efficiently?

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

    What distinguishes entrepreneurs according to the provided text?

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

    How do entrepreneurs contribute to economic growth based on the text?

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

    What key role do trade unions play in the context of Corporate Social Responsibility (CSR)?

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

    What is the primary focus of addressing unemployment, inequality, and poverty based on the text?

    <p>Enhancing community well-being through employment and investment</p> Signup and view all the answers

    Why is investing in community development beneficial according to the text?

    <p>To enhance market opportunities and improve company reputation</p> Signup and view all the answers

    What critical aspect of unproductive labor force does employee training address?

    <p><strong>Enhancing</strong> skills and productivity</p> Signup and view all the answers

    Achievement-Oriented Quality: What defines entrepreneurs according to the text?

    <p><strong>Opportunity-seeking</strong> and commitment to their vision</p> Signup and view all the answers

    Economic Sustainability: How does a thriving community affect businesses according to the text?

    <p><strong>Leads to increased</strong> spending power and demand</p> Signup and view all the answers

    Skill Development: What benefit does offering work experience opportunities provide according to the text?

    <p><strong>Improvement</strong> in employability of young volunteers</p> Signup and view all the answers

    Suppliers: How can collaborative relationships benefit supply chains based on the text?

    <p><strong>Enhanced sustainability</strong> of supply chains</p> Signup and view all the answers

    What is the main difference between poverty and inequality according to the text?

    <p>Inequality represents disparities in opportunities and treatment based on social status, leading to a widening wealth gap, while poverty is defined as the deprivation of essential needs and services such as adequate housing, sanitation, and access to healthcare.</p> Signup and view all the answers

    How does poverty impact businesses according to the text?

    <p>Poverty restricts full participation in the economy, diminishing consumer markets and business opportunities.</p> Signup and view all the answers

    What is the role of inclusivity in a business context according to the text?

    <p>Inclusivity aims to reduce inequality and foster a more skilled and equitable workforce by embracing diversity to harness a wide range of skills and perspectives.</p> Signup and view all the answers

    What is the primary focus of Corporate Social Responsibility (CSR) for businesses according to the text?

    <p>The primary focus of CSR is to improve the well-being of the community and contribute to sustainable development.</p> Signup and view all the answers

    What are the aims of inclusivity in a business context according to the text?

    <p>The aims of inclusivity are to reduce inequality and foster a more skilled and equitable workforce.</p> Signup and view all the answers

    What is the main impact of unemployment on the community according to the text?

    <p>The main impact of unemployment is a decrease in consumer markets and business opportunities.</p> Signup and view all the answers

    What is the primary concern regarding illegal gambling, according to the text?

    <p>It often funds organized crime, detracting from the regulated economy</p> Signup and view all the answers

    What distinguishes an entrepreneur according to the text?

    <p>Their willingness to take calculated risks in pursuit of opportunities</p> Signup and view all the answers

    What is the main difference between piracy and counterfeiting, according to the text?

    <p>Piracy involves unauthorized use, while counterfeiting involves producing imitation products</p> Signup and view all the answers

    What is the primary focus of Corporate Social Responsibility (CSR) for businesses?

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

    What is the primary cause of cyclical poverty according to the text?

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

    What term describes a business's ability to continue operations despite changes in ownership?

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

    What is a distinguishing feature of a Close Corporation (CC) regarding continuity?

    <p>It can be easily dissolved by its owners</p> Signup and view all the answers

    What is the main impact of HIV and AIDS on businesses, according to the text?

    <p>All of the above</p> Signup and view all the answers

    Which entrepreneurial quality involves setting clear, actionable visions for their business?

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

    What is the primary role of trade unions in the context of Corporate Social Responsibility (CSR)?

    <p>Promoting ethical labor practices</p> Signup and view all the answers

    Which form of ownership involves a minimum number of members depending on the type of cooperative?

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

    What is a key characteristic of Close Corporation (CC) regarding its continuity?

    <p>Exists independently of the members’ status</p> Signup and view all the answers

    Which form of ownership has a more complex registration process that includes a memorandum of incorporation?

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

    What is a distinguishing feature of a Private Company (Pty Ltd) regarding management?

    <p>Managed by directors; requires at least one</p> Signup and view all the answers

    How are the legal personalities of Partnership and Private Company (Pty Ltd) different?

    <p>Pty Ltd offers limited liability to shareholders while Partnership does not</p> Signup and view all the answers

    What sets Public Company (Ltd) apart from Close Corporation (CC) concerning management?

    <p>Managed by directors; requires at least one</p> Signup and view all the answers

    How does cyclical poverty perpetuate across generations?

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

    What is the primary impact of security costs on businesses due to poverty and inequality?

    <p>Increasing spending on security measures</p> Signup and view all the answers

    Why is embracing diversity important for businesses in the context of inclusivity?

    <p>To harness a wide range of skills and perspectives</p> Signup and view all the answers

    How does poverty restrict economic participation in the context of business?

    <p>By restricting full participation in the economy</p> Signup and view all the answers

    What is the key definition of inclusivity within a business context?

    <p>Embracing diversity to ensure equal opportunities for all employees</p> Signup and view all the answers

    How do inequalities impact wealth distribution according to the text?

    <p>By leading to disparities based on social status</p> Signup and view all the answers

    What impact can unemployment have on society?

    <p>Escalating social issues like crime and poverty</p> Signup and view all the answers

    Which activity typically funds organized crime and detracts from the regulated economy?

    <p>Illegal gambling</p> Signup and view all the answers

    What is the primary impact of piracy on businesses?

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

    In the context of intellectual property theft, what is the main consequence for businesses?

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

    Which activity obscures the origins of illicitly obtained money?

    <p>Money laundering</p> Signup and view all the answers

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

    <p>Maintain market integrity</p> Signup and view all the answers

    How does workplace violence impact businesses?

    <p>Leads to significant financial and human resource losses</p> Signup and view all the answers

    What is the key feature of workplace violence that affects business productivity?

    <p>Increased investment in security measures</p> Signup and view all the answers

    How does unemployment impact living standards according to the text?

    <p>Results in reduced living standards and economic strain</p> Signup and view all the answers

    Which of the following is NOT a common stakeholder in Corporate Social Responsibility (CSR)?

    <p>Political Parties</p> Signup and view all the answers

    Which of the following is NOT a way businesses can address economic instability?

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

    Which of the following is NOT a factor of production that entrepreneurs excel at organizing?

    <p>Natural resources</p> Signup and view all the answers

    Which of the following is NOT a critical aspect of leadership and management skills for entrepreneurs?

    <p>Following a rigid hierarchical structure</p> Signup and view all the answers

    Which of the following is NOT a key aspect of combating HIV/AIDS in the workplace?

    <p>Limiting employee benefits to control costs</p> Signup and view all the answers

    Which of the following is NOT a common entrepreneurial quality in the achievement-oriented category?

    <p>Risk aversion</p> Signup and view all the answers

    Which of the following is NOT a way businesses can contribute to economic growth?

    <p>Limiting competition to maintain market share</p> Signup and view all the answers

    Which of the following is NOT a common entrepreneurial quality in the planning category?

    <p>Avoiding long-term planning</p> Signup and view all the answers

    Which of the following is NOT a common entrepreneurial quality in the power category?

    <p>Avoiding taking calculated risks</p> Signup and view all the answers

    Which of the following is NOT a way businesses can address socio-economic issues?

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

    Which entrepreneurial quality encompasses the ability to maintain a business's operations despite changes in ownership?

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

    What distinguishes corporations from sole proprietorships and partnerships regarding legal identity?

    <p>Corporations have a legal personality separate from their owners, while sole proprietorships and partnerships do not.</p> Signup and view all the answers

    Which entrepreneurial quality involves being responsible for the outcomes of business decisions and operations?

    <p>Desire for Responsibility</p> Signup and view all the answers

    What is the primary difference between a corporation and a close corporation (CC) regarding legal identity?

    <p>CCs have a legal personality separate from their owners, while corporations do not.</p> Signup and view all the answers

    Which entrepreneurial quality involves continuously seeking information to make informed decisions and adjust strategies accordingly?

    <p>Flexibility and Adaptability</p> Signup and view all the answers

    What is the main difference between a corporation and a partnership regarding liability?

    <p>Corporations have limited liability, while partnerships have unlimited liability.</p> Signup and view all the answers

    Which entrepreneurial quality involves exceptional organizational skills to efficiently create and deliver value?

    <p>Exceptional Organizational Skills</p> Signup and view all the answers

    What is the primary difference between a corporation and a sole proprietorship regarding taxation?

    <p>Corporations pay a flat rate corporate tax on profits, while sole proprietors are taxed based on personal income rates.</p> Signup and view all the answers

    Which entrepreneurial quality involves being accountable for the outcomes of business decisions and operations?

    <p>Desire for Responsibility</p> Signup and view all the answers

    What is the main difference between a sole proprietorship and a partnership regarding legal identity?

    <p>Partnerships have a legal personality separate from their owners, while sole proprietorships do not.</p> Signup and view all the answers

    What impact does cyclical poverty have on society, according to the text?

    <p>It reinforces societal divides by perpetuating poverty across generations.</p> Signup and view all the answers

    How does poverty impact business operations in terms of costs?

    <p>It increases security costs as businesses need to invest more in safeguarding measures.</p> Signup and view all the answers

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

    <p>To foster a more skilled and equitable workforce by embracing diversity.</p> Signup and view all the answers

    How does inequality impact wealth distribution according to the text?

    <p>It widens the wealth gap between different social classes.</p> Signup and view all the answers

    What is the role of security costs in businesses affected by poverty and inequality?

    <p>Security costs increase due to higher crime rates, impacting operational expenses.</p> Signup and view all the answers

    What characterizes the impact of economic participation restrictions due to poverty on consumer markets and businesses?

    <p>Restriction on consumer markets and business growth due to limited purchasing power.</p> Signup and view all the answers

    Which stakeholder group is essential for businesses to maintain a thriving community and indirectly improve profitability?

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

    What is the primary focus of Corporate Social Responsibility (CSR) for businesses, as mentioned in the text?

    <p>Long-term profitability through community well-being</p> Signup and view all the answers

    Which initiative helps businesses directly reduce poverty and improve community well-being?

    <p>Employment creation</p> Signup and view all the answers

    Which entrepreneurial quality involves continuously seeking information to make informed decisions and adjust strategies accordingly?

    <p>Information seeking</p> Signup and view all the answers

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

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

    What distinguishes entrepreneurs based on their ability to create something valuable and sustainable?

    <p>Their ability to identify business opportunities</p> Signup and view all the answers

    Which activity is NOT a way businesses can address socio-economic issues?

    <p>Providing housing subsidies</p> Signup and view all the answers

    Which form of ownership has unlimited joint and several liabilities for its partners?

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

    Which entrepreneurial quality involves being accountable for the outcomes of business decisions and operations?

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

    What is the main difference between a corporation and a sole proprietorship regarding taxation?

    <p>Corporations pay double taxes, while sole proprietorships pay only once</p> Signup and view all the answers

    What is the primary societal challenge that businesses aim to address through Corporate Social Responsibility (CSR) initiatives?

    <p>Addressing socio-economic challenges</p> Signup and view all the answers

    What is the main difference between piracy and counterfeiting in the context of business impact?

    <p>Piracy deters investment in new product development, while counterfeiting affects market integrity</p> Signup and view all the answers

    Which of the following is NOT a critical aspect of leadership and management skills for entrepreneurs?

    <p>Minimizing risks in decision-making</p> Signup and view all the answers

    What is the primary difference between a sole proprietorship and a corporation regarding taxation and liability?

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

    Which of the following best describes the role of policy implementation in combating HIV/AIDS in the workplace?

    <p>Creating a supportive environment that reduces stigma and encourages testing, treatment, and ongoing care</p> Signup and view all the answers

    What is the primary factor that distinguishes an entrepreneur according to the text?

    <p>Profound confidence in their abilities</p> Signup and view all the answers

    Which of the following is NOT a common impact of poverty and inequality on businesses?

    <p>Decreased productivity due to employee training</p> Signup and view all the answers

    What is the primary difference between pyramid schemes and money laundering in the context of business impact?

    <p>Pyramid schemes benefit those at the top, while money laundering obscures the origins of illicitly obtained money</p> Signup and view all the answers

    What is the primary focus of social responsibility for businesses in the context of inclusivity?

    <p>Promoting societal well-being and addressing socio-economic challenges</p> Signup and view all the answers

    Which of the following is NOT a characteristic of a sole proprietorship regarding continuity?

    <p>Has continuity regardless of changes in ownership</p> Signup and view all the answers

    Which form of ownership involves a more complex registration process, including a memorandum of incorporation?

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

    In which form of ownership does continuity not depend on the involvement of any particular shareholder?

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

    Which form of ownership requires a minimum of three directors and is heavily regulated?

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

    What distinguishes a Co-operative regarding its management structure?

    <p>Governed by a board of directors elected by members</p> Signup and view all the answers

    Which form of ownership involves unlimited joint and several liabilities for its owners?

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

    What key difference exists between a Partnership and a Public Company (Ltd) in terms of the number of owners?

    <p>Partnership has a set limit on owners, while Public Company (Ltd) does not</p> Signup and view all the answers

    Which of the following is NOT a power-oriented quality of successful entrepreneurs?

    <p>Flexibility and Adaptability</p> Signup and view all the answers

    Which of the following is NOT a form of ownership with legal personality?

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

    Which of the following is NOT a characteristic of the business environment that entrepreneurs need to adapt to?

    <p>Stable market demands</p> Signup and view all the answers

    Which of the following is NOT a factor of production that entrepreneurs excel at organizing?

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

    Which of the following is NOT a characteristic of the visionary nature of entrepreneurs?

    <p>Lacking control over business trajectory</p> Signup and view all the answers

    Which of the following is NOT a benefit of investing in community development for businesses?

    <p>Decreasing the quality of goods and services</p> Signup and view all the answers

    Which of the following is NOT a risk that entrepreneurs avoid?

    <p>High-profit, low-risk opportunities</p> Signup and view all the answers

    Which of the following is NOT a way that entrepreneurs contribute to economic growth?

    <p>Reducing the number of businesses in the market</p> Signup and view all the answers

    Which of the following is NOT a form of ownership that offers limited liability to its members?

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

    Which of the following is NOT a characteristic of the high energy levels and passion that entrepreneurs bring to their work?

    <p>Lacking recognition and genuine passion for their business</p> Signup and view all the answers

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