Business Studies June exam P2 (Easy)
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Questions and Answers

What does inequality refer to?

  • Widening wealth gap based on social status (correct)
  • Deprivation of essential needs and services
  • Ensuring equal opportunities for all
  • Embracing diversity in business contexts

    • How does poverty impact economic participation?

  • Diminishes consumer markets and business opportunities (correct)
  • Fosters equality in business
  • Has no impact on business opportunities
  • Enhances consumer markets

    • What perpetuates cyclical poverty across generations?

  • Access to quality education and employment (correct)
  • Equal opportunities in the economy
  • Inequality and limited diversity
  • Adequate housing and sanitation

    • Why do poverty and inequality impact businesses' operational costs?

    <p>Lead to increased crime rates and security spending</p> Signup and view all the answers

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

    <p>Fostering a skilled and equitable workforce</p> Signup and view all the answers

    How does poverty restrict full participation in the economy?

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

    Which form of ownership is characterized by having a maximum of 10 members referred to as members?

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

    What type of business has continuity that does not depend on the involvement of any particular shareholder?

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

    Which form of ownership has a governance structure involving a board of directors elected by members?

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

    What type of business requires the least complex registration process, mainly needing a trading license?

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

    Which form of ownership is characterized by having an unlimited joint and several liability for the partners?

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

    In which type of business must owners increase the complexity of their registration by reserving a business name and registering a founding statement?

    <p>Close Corporation (CC)</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

    What is the definition of unemployment?

    <p>Being willing and able to work but unable to find employment</p> Signup and view all the answers

    What is the primary impact of unemployment?

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

    What is the business impact of HIV and AIDS?

    <p>High turnover and increased healthcare costs</p> Signup and view all the answers

    Which term refers to the unauthorized use of another's work infringing intellectual property rights?

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

    How does counterfeiting impact consumers?

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

    What is the primary business impact of intellectual property theft?

    <p>Revenue loss potential</p> Signup and view all the answers

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

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

    What do pyramid schemes primarily benefit?

    <p>Newer recruits</p> Signup and view all the answers

    What is the impact of workplace violence on businesses?

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

    What is one way investing in community well-being can benefit a company according to the text?

    <p>Enhance the company's reputation</p> Signup and view all the answers

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

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

    How can businesses help reduce poverty directly?

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

    What is a key role that entrepreneurs play in economic growth according to the text?

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

    Which quality among entrepreneurs allows them to identify new business opportunities effectively?

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

    What is a critical trait of successful entrepreneurs according to the text?

    <p>Perseverance</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 group of qualities do entrepreneurs possess according to the text?

    <p>Achievement, planning, and power</p> Signup and view all the answers

    What role do Trade Unions have in advocating for employee benefits according to the text?

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

    What can businesses do to enhance their market opportunities according to the text?

    <p>Invest in the community</p> Signup and view all the answers

    Which quality helps entrepreneurs set specific goals and feel in control of their business trajectory?

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

    What quality is crucial for overcoming challenges and establishing a successful business?

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

    How do entrepreneurs ensure business success when they lack leadership and management skills?

    <p>By hiring competent managers</p> Signup and view all the answers

    What term describes the financial assets provided by owners to establish and operate their business?

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

    In terms of liability, which ownership type makes owners personally responsible for all business debts?

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

    What impacts the amount of tax paid by a business?

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

    Which quality involves continuously seeking information to make informed decisions and aligning strategies with market demands?

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

    What legal feature allows a business to have a legal identity separate from its owners?

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

    What characteristic refers to a business's capacity to continue operations despite the death, retirement, or exit of any owners?

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

    What is one of the key reasons entrepreneurs engage in manageable risks?

    <p>Avoid unnecessary dangers</p> Signup and view all the answers

    Which form of ownership offers the least continuity as it depends on the owner's involvement?

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

    In which form of ownership does management require a minimum of three directors and is heavily regulated?

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

    Which form of ownership involves a board of directors elected by members for governance?

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

    Which ownership type is limited by the number of shares issued and offers limited liability to shareholders?

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

    In which form of ownership do owners have unlimited joint and several liabilities?

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

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

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

    How does cyclical poverty differ from other forms of poverty?

    <p>It perpetuates across generations.</p> Signup and view all the answers

    In the context of business, how does inclusivity aim to reduce inequality?

    <p>By promoting diversity and equal opportunities.</p> Signup and view all the answers

    Why does poverty impact businesses' operational costs according to the text?

    <p>It results in higher spending on security measures by businesses.</p> Signup and view all the answers

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

    <p>Higher investment in security at the expense of business growth.</p> Signup and view all the answers

    How does a focus on inclusivity in business contribute to workforce development?

    <p>By fostering a more skilled and equitable workforce.</p> Signup and view all the answers

    What role does economic participation play in reinforcing societal divides, as per the text?

    <p>It contributes to a self-sustaining cycle of poverty.</p> Signup and view all the answers

    What describes an entrepreneur's ability to continuously seek information to make informed decisions and align strategies with market demands?

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

    What quality does an entrepreneur need to have a strong will to overcome obstacles and resolve problems?

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

    How are corporations and close corporations different from partnerships and sole proprietorships?

    <p>Corporations and CCs possess legal personalities.</p> Signup and view all the answers

    What describes the capability 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 impacts the amount of tax paid by a business based on the legal structure?

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

    Which ownership type involves owners being personally responsible for all business debts and risking personal assets?

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

    What feature allows a company to have a legal identity separate from its owners, enabling it to enter into contracts and be sued independently?

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

    What quality do entrepreneurs possess to create and deliver value efficiently by organizing and synergizing factors of production?

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

    Which quality is crucial for driving businesses forward by bringing infectious energy and passion to work?

    <p>High Energy Levels and Passion</p> Signup and view all the answers

    What is a significant trait that successful entrepreneurs possess, indicating confidence in capabilities and belief in their potential for business success?

    <p>Confidence and Self-Belief</p> Signup and view all the answers

    What is the impact of HIV and AIDS on businesses?

    <p>Requires continuous investment in employee training</p> Signup and view all the answers

    What is the primary business impact of counterfeiting?

    <p>Enhances product quality</p> Signup and view all the answers

    How does workplace violence impact businesses?

    <p>Leads to decreased insurance costs</p> Signup and view all the answers

    What perpetuates cyclical poverty across generations?

    <p>Entrepreneurial initiatives</p> Signup and view all the answers

    What is the main impact of illegal gambling on the economy?

    <p>Contributes to social well-being</p> Signup and view all the answers

    How do strikes impact a company's reputation?

    <p>Boosts financial standing</p> Signup and view all the answers

    What role do lock-outs and go-slows play in labor disputes?

    <p>Improve labor relations</p> Signup and view all the answers

    What is the primary goal of corporate social responsibility initiatives?

    <p>Minimize operational expenses</p> Signup and view all the answers

    What is a key characteristic of pyramid schemes?

    <p>Benefiting all participants equally</p> Signup and view all the answers

    How does intellectual property theft discourage innovation?

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

    What is one of the benefits of investing in community development according to the text?

    <p>Increased spending power and demand for products and services</p> Signup and view all the answers

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

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

    What is a role that Trade Unions play in advocating for according to the text?

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

    What is an impact of entrepreneurs identifying new business opportunities effectively?

    <p>Enhanced chances of business success and staying ahead of competitors</p> Signup and view all the answers

    How can businesses reduce poverty and improve community well-being directly according to the text?

    <p>By creating job opportunities and investing in economic stability</p> Signup and view all the answers

    What do entrepreneurs contribute to market efficiency through according to the text?

    <p>Driving innovation and improving market efficiency</p> Signup and view all the answers

    Why is fair compensation important for employees according to the text?

    <p>To improve employee morale and productivity</p> Signup and view all the answers

    How can businesses enhance their reputation, customer loyalty, and profits according to the text?

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

    What do collaborative relationships with suppliers aim to achieve according to the text?

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

    Why do regulatory frameworks sometimes mandate CSR activities according to the text?

    <p>To guide and ensure businesses contribute to social responsibility</p> Signup and view all the answers

    What does inequality represent?

    <p>Disparities in opportunities based on social status</p> Signup and view all the answers

    How does poverty impact economic participation according to the text?

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

    What is the impact of cyclical poverty?

    <p>Perpetuates poverty across generations</p> Signup and view all the answers

    How does inclusivity aim to benefit businesses?

    <p>By harnessing a wide range of skills</p> Signup and view all the answers

    What is one of the security costs associated with poverty and inequality?

    <p>Increased crime rates</p> Signup and view all the answers

    How does poverty impact the perpetuation of poverty across generations?

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

    What is a common beneficial outcome of investing in community development?

    <p>Increased spending power and demand</p> Signup and view all the answers

    What is a key role that Trade Unions play according to the text?

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

    What can fair compensation and benefits for employees lead to according to the text?

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

    What is a primary role of the government in Corporate Social Responsibility activities?

    <p>Guiding and sometimes mandating CSR activities</p> Signup and view all the answers

    What type of investment scams promise high returns but primarily benefit those at the top at the expense of newer recruits?

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

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

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

    What is an essential characteristic of successful entrepreneurs?

    <p>Persistence in pursuing business goals</p> Signup and view all the answers

    What type of unethical activity obscures the origins of illicitly obtained money, undermining economic stability and legal business operations?

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

    How do entrepreneurs help improve market efficiency?

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

    Which scenario leads to reduced living standards, economic strain, and increased dependence on social welfare programs?

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

    What increases dependency on social welfare systems and heightens social issues like crime and poverty?

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

    What is a crucial outcome of businesses investing in employment creation?

    <p>Reduced poverty</p> Signup and view all the answers

    How do entrepreneurs distinguish themselves according to the text?

    <p>By identifying and seizing new business opportunities</p> Signup and view all the answers

    What can disrupt daily operations, increase insurance costs, and lead to investment in security measures for businesses?

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

    Which activity refers to the illegal production and sale of alcoholic drinks or recording media?

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

    What is one important way trade unions contribute to the business environment?

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

    What refers to the unauthorized use or reproduction of another's work that infringes on intellectual property rights?

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

    Which business activity deters investment in new product development due to potential revenue loss from intellectual property theft?

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

    Which form of unethical activity protects consumers from substandard and potentially harmful products?

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

    Which condition can increase healthcare costs, reduce labor productivity, and necessitate continuous investment in employee training due to high turnover?

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

    Which form of ownership involves owners who are limited to a maximum of 10 members known as members?

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

    In which form of ownership is continuity limited and heavily depends on the partnership agreement?

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

    Which form of ownership requires a minimum of three directors and is subject to heavy regulation?

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

    In which form of ownership is the management solely handled by the owner?

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

    Which form of ownership requires reserving a business name and registering a founding statement for establishment?

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

    Which ownership type offers limited liability for shareholders but involves a more complex registration process?

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

    What is a common characteristic of successful entrepreneurs according to the text?

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

    Which form of ownership involves owners being legally indistinguishable from the business itself?

    <p>Company with legal personality</p> Signup and view all the answers

    What quality is crucial for entrepreneurs to continuously adapt their strategies to align with market demands?

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

    Which factor describes a business's capacity to continue operations despite changes in ownership?

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

    What is the primary determinant of the amount of tax a business pays based on its legal structure?

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

    What term describes an entrepreneur's ability to bring infectious energy and passion to their work?

    <p>High energy levels and passion</p> Signup and view all the answers

    Which type of ownership involves owners being personally responsible for all business debts and risking personal assets?

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

    Which quality is crucial for establishing and sustaining a successful business in the face of challenges?

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

    What is the primary focus of entrepreneurs who dream big and have clear visions for their businesses?

    <p>Setting specific goals</p> Signup and view all the answers

    Which ownership type ensures owners are only responsible for the amount they invest in the business and not for additional debts?

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

    What does poverty restrict, causing a decrease in consumer markets and business opportunities?

    <p>Participation in the economy</p> Signup and view all the answers

    Which cost, stemming from poverty and inequality, often leads to increased crime rates and higher security spending by businesses?

    <p>Security costs</p> Signup and view all the answers

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

    <p>To reduce inequality and reinforce a diverse workforce</p> Signup and view all the answers

    What perpetuates poverty across generations according to the text?

    <p>Restriction of education and employment</p> Signup and view all the answers

    In a business context, what does inclusivity aim to harness by embracing diversity?

    <p>A wide range of skills and perspectives</p> Signup and view all the answers

    How do poverty and inequality impact business operations as per the text?

    <p>By increasing crime rates and security spending</p> Signup and view all the answers

    Which form of ownership is managed solely by the owner?

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

    In which form of ownership is continuity not dependent on any particular shareholder?

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

    Which type of business involves a board of directors elected by the members for governance?

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

    In which form of ownership is there unlimited joint and several liability for the owners?

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

    Which form of ownership is characterized by having a maximum of 10 members?

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

    Which form of ownership requires reserving a business name and registering a founding statement?

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

    What does the Employment Equity Act encourage businesses to do?

    <p>Take into account the demographic makeup of society</p> Signup and view all the answers

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

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

    What do entrepreneurs do to contribute to economic growth, according to the text?

    <p>Reduce unemployment through job creation</p> Signup and view all the answers

    What term describes the unauthorized use or reproduction of another's work that infringes on intellectual property rights?

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

    How do entrepreneurs stay ahead of competitors and increase profitability?

    <p>By pursuing business opportunities proactively</p> Signup and view all the answers

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

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

    What distinguishes entrepreneurs when identifying and seizing new business opportunities?

    <p>Combining creativity and insight effectively</p> Signup and view all the answers

    What does workplace violence typically include?

    <p>Theft, fraud, and physical confrontations</p> Signup and view all the answers

    What impact does crime have on businesses according to the text?

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

    What is essential for entrepreneurs to continuously seek and capitalize on business opportunities effectively?

    <p>Persistent perseverance</p> Signup and view all the answers

    How do entrepreneurial opportunities relate to a thriving business according to the text?

    <p>They lead to increased spending power and demand</p> Signup and view all the answers

    What is a common feature of pyramid schemes?

    <p>Benefitting newer recruits at the expense of top-level participants</p> Signup and view all the answers

    Why do entrepreneurs need to manage various resources effectively according to the text?

    <p>To generate profit</p> Signup and view all the answers

    What type of investment scams promise high returns to participants?

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

    How do entrepreneurs affect market efficiency?

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

    What do strikes reflect, according to the text?

    <p>Employee grievances</p> Signup and view all the answers

    What is a key role of entrepreneurs in improving economic growth according to the text?

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

    What is the business impact of HIV and AIDS as discussed in the text?

    <p>Increases employee training costs</p> Signup and view all the answers

    Why is perseverance crucial for entrepreneurs according to the text?

    <p>To overcome challenges and pursue business goals</p> Signup and view all the answers

    What is a significant trait of successful entrepreneurs as per the text?

    <p>Consistent perseverance to overcome hurdles</p> Signup and view all the answers

    What is the primary role of entrepreneurs in driving change and societal advancement through their businesses?

    <p>Generating employment and innovation</p> Signup and view all the answers

    Which form of ownership allows owners to only be responsible for business debts up to the amount they have invested?

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

    What is the primary factor determining the amount of tax paid by a business based on its legal structure?

    <p>Legal form of the business</p> Signup and view all the answers

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

    <p>Strong willpower</p> Signup and view all the answers

    What characteristic allows companies to have a legal identity separate from their owners to enter into contracts independently?

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

    What is the primary outcome of entrepreneurs embracing the responsibility that comes with running a business?

    <p>Efficient business operations</p> Signup and view all the answers

    Which term refers to a business's capability to continue its operations despite owners' deaths, retirements, or exits?

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

    What is the quality that defines entrepreneurs' ability to synergize factors of production and deliver value efficiently?

    <p>Exceptional organizational skills</p> Signup and view all the answers

    Which group of ownership types are legally indistinguishable from their owners, leading to joint responsibility for all business debts?

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

    What is the primary factor determining the business tax rate paid by corporations compared to sole proprietorships?

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

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