Business Studies June exam P2 (Mix)

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What is the definition of poverty?

Embracing diversity in the workplace

Deprivation of essential needs and services (correct)

Having limited business opportunities

Lack of access to quality education

How does poverty impact business according to the text?

Increases access to quality education

Reduces security costs

Boosts consumer markets

Restricts full participation in the economy (correct)

What does cyclical poverty refer to?

Lack of access to quality education and employment opportunities (correct)

Regular fluctuations in market prices

Reducing inequality in society

Ensuring equal opportunities for all

Why do poverty and inequality impact business security costs?

Increase crime rates requiring higher security spending Signup and view all the answers

What is the definition of inclusivity in a business context?

Ensuring equal opportunities for all Signup and view all the answers

What is the main aim of inclusivity in business?

To reduce inequality and foster a skilled workforce Signup and view all the answers

Which form of ownership has an unlimited joint and several liability among partners?

Partnership Signup and view all the answers

In which form of ownership does the continuity depend on the involvement of any particular shareholder?

Public Company (Ltd) Signup and view all the answers

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

Co-operative Signup and view all the answers

Which form of ownership is known for being the simplest and least costly to establish?

Sole Proprietorship Signup and view all the answers

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

Sole Proprietorship Signup and view all the answers

Which form of ownership involves issuing a prospectus and registering with regulatory bodies?

Public Company (Ltd) Signup and view all the answers

What is one way investment in community development can benefit a company?

Enhanced market opportunities Signup and view all the answers

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

Advocate for employee benefits and fair labor practices Signup and view all the answers

How do fair compensation and benefits impact employees according to the text?

Improve morale and productivity Signup and view all the answers

What type of programs provide long-term financial security for employees and contribute to economic stability?

Pension funds Signup and view all the answers

What is one way to combat HIV/AIDS in the workplace?

Offering financial support to NGOs Signup and view all the answers

Which quality of entrepreneurs involves having a keen eye for spotting business opportunities?

Opportunity-seeking Signup and view all the answers

What is a critical trait defining successful entrepreneurs?

Persistence to overcome hurdles Signup and view all the answers

In which group of qualities do entrepreneurs who are committed to their vision fall?

Achievement-oriented Signup and view all the answers

What do entrepreneurs contribute to by creating employment opportunities and driving innovation?

Economic growth Signup and view all the answers

How do stakeholders like suppliers impact CSR according to the information provided?

Support collaborative relationships for sustainability Signup and view all the answers

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

Employment Equity Act Signup and view all the answers

Which of the following statements best describes unemployment?

Being willing and able to work but without employment Signup and view all the answers

What is the impact of HIV and AIDS on businesses?

Continuous investment in training due to high turnover Signup and view all the answers

What does piracy entail?

Unauthorized use of another's work Signup and view all the answers

How do strikes impact a company?

Lead to disruptions and affect reputation and finances Signup and view all the answers

What is the purpose of consumer protection laws against piracy and counterfeiting?

Protect consumers from harmful products Signup and view all the answers

What is the major impact of workplace violence on businesses?

Disruptions in daily operations and financial losses Signup and view all the answers

What does corporate social responsibility entail?

Commitment to contribute positively to stakeholders' quality of life Signup and view all the answers

How is illegal gambling related to organized crime?

It often funds organized crime activities Signup and view all the answers

What impact do pyramid schemes have on newer recruits?

Benefit at the expense of newer recruits Signup and view all the answers

What is a defining characteristic of entrepreneurs in terms of risk-taking?

They carefully assess risks before engaging in manageable ones. Signup and view all the answers

Which quality is essential for capitalizing on business opportunities according to the text?

A balanced approach to risk-taking. Signup and view all the answers

What is a key quality of entrepreneurs in terms of their vision?

Dreaming big with clear, actionable visions. Signup and view all the answers

Which characteristic do entrepreneurs possess to align with market demands?

Adaptability and seeking information for informed decisions. Signup and view all the answers

What do entrepreneurs embrace in terms of business responsibility?

Embracing the responsibility that comes with running a business. Signup and view all the answers

Which skill is critical for ensuring business success according to the text?

Effective leadership and management. Signup and view all the answers

What drives successful entrepreneurs according to the text?

Profound confidence in their capabilities and a genuine passion for their business. Signup and view all the answers

What is one characteristic of entrepreneurs concerning organizational skills?

Exceling in organizing factors of production efficiently. Signup and view all the answers

Which term describes a business's capacity to continue operations despite owner changes?

Continuity in operations despite owner changes. Signup and view all the answers

How are owners' liabilities affected in a business with limited liability?

Owners are only responsible for the amount they've invested. Signup and view all the answers

How does cyclical poverty perpetuate across generations?

By restricting access to marketplace opportunities Signup and view all the answers

What impact does poverty have on economic participation and consumer markets?

Restricting full participation in the economy Signup and view all the answers

Why do poverty and inequality often necessitate higher spending on security measures by businesses?

To counteract increased crime rates and ensure business security Signup and view all the answers

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

To ensure equal opportunities for all employees Signup and view all the answers

What does poverty perpetuate through deprivation of essential needs and services?

Vulnerability and marginalization Signup and view all the answers

How does Inclusivity aim to contribute to the workforce?

By embracing diversity and a wide range of skills Signup and view all the answers

Which form of ownership is managed by members or appointed managers?

Close Corporation (CC) Signup and view all the answers

Which form of ownership requires at least one director for management?

Private Company (Pty Ltd) Signup and view all the answers

In terms of continuity, which form of ownership is known for depending on the partnership agreement?

Partnership Signup and view all the answers

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

Private Company (Pty Ltd) Signup and view all the answers

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

Co-operative Signup and view all the answers

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

Close Corporation (CC) Signup and view all the answers

What is the main purpose of the Employment Equity Act?

Enhancing social cohesion and business reputation Signup and view all the answers

How does unemployment impact society according to the text?

Increases dependence on social welfare systems and escalates social issues like crime and poverty Signup and view all the answers

What is the primary business impact of HIV and AIDS highlighted in the text?

Reducing labor productivity and increasing healthcare costs Signup and view all the answers

Which of the following types of activities often fund organized crime, hence contributing to social issues?

Unregulated gambling Signup and view all the answers

What is the primary impact of workplace violence on businesses according to the text?

Leads to significant financial and human resource losses Signup and view all the answers

Why do laws against piracy and counterfeiting protect consumers?

Maintaining market integrity Signup and view all the answers

In relation to strikes, what is a key aspect that can significantly disrupt a company's production?

Employer-imposed work stoppages Signup and view all the answers

What is a distinguishing characteristic of entrepreneurs in terms of their ability to seize new business opportunities?

Persistence in overcoming challenges Signup and view all the answers

How does money laundering affect economic stability according to the text?

Undermines economic stability Signup and view all the answers

How do owners of businesses with limited liability benefit in terms of their liabilities?

Protection of personal assets Signup and view all the answers

Which stakeholder group in CSR is primarily responsible for advocating for fair labor practices?

Trade Unions Signup and view all the answers

What is the critical aim of Corporate Social Responsibility (CSR) according to the text?

Contribute to societal well-being and address socio-economic challenges Signup and view all the answers

What quality is essential for entrepreneurs aiming to stay ahead of competitors and increase profitability?

Keen eye for spotting opportunities Signup and view all the answers

What is the main purpose of implementing policies related to HIV/AIDS in the workplace?

Managing workplace implications of the disease Signup and view all the answers

Which quality do entrepreneurs demonstrate by continuously putting in dedicated effort to create valuable and sustainable businesses?

Perseverance Signup and view all the answers

What is a direct benefit of investing in community development for a business?

Increased consumer trust Signup and view all the answers

Which group of qualities do entrepreneurs fall into when they are known for their proactive approach in seeking business opportunities?

Achievement-oriented qualities Signup and view all the answers

What distinguishes entrepreneurs from others in terms of ability to generate profit?

Effective resource organization Signup and view all the answers

Which measure demonstrates a business's commitment to combatting HIV/AIDS in the workplace?

Offering access to anti-retroviral drugs and counseling Signup and view all the answers

Amongst the stakeholder groups in CSR, which is responsible for ensuring product quality and safety?

Community Signup and view all the answers

What does it mean when entrepreneurs assess risks carefully and engage in manageable risks?

Entrepreneurs take calculated risks. Signup and view all the answers

What is a key reason for entrepreneurs to continuously seek information and adjust strategies according to market demands?

To align with the dynamic business environment. Signup and view all the answers

In terms of liability, what distinguishes owners in businesses with limited liability?

They are only liable for the amount they invested. Signup and view all the answers

What does having legal personality mean in the context of businesses?

Companies are legally separate from their owners. Signup and view all the answers

How is taxation different for sole proprietors compared to corporations as per the text?

They are taxed based on owner's personal income rates. Signup and view all the answers

What is a critical trait successful entrepreneurs exhibit in their leadership style?

Effective leadership combined with visionary qualities. Signup and view all the answers

What characteristic is fundamental for establishing and sustaining a successful business in the face of challenges?

Strong willpower to overcome obstacles. Signup and view all the answers

What quality do entrepreneurs possess related to organizational skills, according to the text?

Superior organizational skills in efficiently creating value. Signup and view all the answers

What role does confidence and self-belief play in an entrepreneur's approach to achieving business objectives?

Boosting an entrepreneur's drive to achieve goals. Signup and view all the answers

How do entrepreneurs approach responsibility, as highlighted in the text?

They embrace responsibility that comes with running a business. Signup and view all the answers

How does cyclical poverty contribute to the perpetuation of poverty across generations?

By reinforcing societal divides through inadequate education and employment access. Signup and view all the answers

Which factor is impacted by poverty and inequality, often leading to increased crime rates and necessitating higher security costs for businesses?

Economic participation in the market Signup and view all the answers

What does inclusivity aim to achieve in a business context?

To reduce inequality and foster a more skilled workforce Signup and view all the answers

What impact can poverty and inequality have on business operational costs due to increased crime rates?

Necessitating higher security expenditures Signup and view all the answers

How does inclusivity contribute to reducing societal disparities within a business?

By ensuring equal opportunities for all employees Signup and view all the answers

What role do wealth disparities play in the perpetuation of poverty according to the text?

Wealth disparities reinforce societal divides through access to quality education. Signup and view all the answers

What is a distinguishing characteristic of a Close Corporation (CC) concerning continuity?

Continues irrespective of changes in membership Signup and view all the answers

In terms of management, what is the common feature between a Partnership and a Close Corporation (CC)?

Managed by members or appointed managers Signup and view all the answers

What is a defining characteristic of a Public Company (Ltd) in terms of the number of shareholders?

Has no limit on the number of shareholders Signup and view all the answers

Which type of ownership involves reserving a business name and registering the founding statement?

Close Corporation (CC) Signup and view all the answers

What is a characteristic specific to a Sole Proprietorship concerning legal personality?

The owner has unlimited liability Signup and view all the answers

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

Private Company (Pty Ltd) Signup and view all the answers

What is the primary focus of social responsibility in business?

Addressing socio-economic challenges Signup and view all the answers

How does illegal gambling impact the economy?

Funds organized crime and deters economic growth Signup and view all the answers

What distinguishes piracy from counterfeiting?

Piracy involves imitation products, while counterfeiting involves unauthorized use of another's work Signup and view all the answers

What is one adverse consequence of unemployment according to the information provided?

Increasing dependence on social welfare systems Signup and view all the answers

What direct benefit can a company gain from investing in community development?

Increased profits Signup and view all the answers

What characterizes workplace violence in a business setting?

Results in significant financial and human resource losses Signup and view all the answers

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

By creating employment opportunities Signup and view all the answers

How does money laundering impact the economy negatively?

Undermines economic stability and legal business operations Signup and view all the answers

What is the key reason for businesses to comply with employment equity legislation?

To enhance social cohesion and business reputation Signup and view all the answers

Why is fair compensation and benefits important for employees?

To boost morale and productivity Signup and view all the answers

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

Having clear, actionable visions Signup and view all the answers

What effect does workplace violence have on a company's profitability?

Decreases overall profitability due to increased insurance costs and security investments Signup and view all the answers

In the context of ownership, which type of liability means owners are personally responsible for all business debts?

Unlimited liability Signup and view all the answers

Which quality of entrepreneurs involves identifying and seizing new business opportunities?

Opportunity-seeking Signup and view all the answers

What is the main difference between corporations and sole proprietors in terms of tax?

Corporations pay a second tax on dividends on top of the corporate tax Signup and view all the answers

How can a company enhance its reputation through CSR activities?

By investing in community development Signup and view all the answers

How does pyramid schemes differ from genuine investments?

Primarily benefit top investors at the expense of newer entrants Signup and view all the answers

Which form of ownership describes the legal situation where a company can enter into contracts independently of its owners?

Corporation Signup and view all the answers

What is the critical role that trade unions play in CSR?

Advocating for employee benefits Signup and view all the answers

Why is it vital for businesses to address social issues like crime and poverty?

To promote societal well-being and safeguard business reputation Signup and view all the answers

What aspect of entrepreneurs is crucial for driving their businesses forward?

Passion and high energy levels Signup and view all the answers

How do entrepreneurial qualities improve market efficiency?

By driving innovation Signup and view all the answers

What is a distinguishing characteristic of entrepreneurs regarding risk-taking?

Assuming calculated risks Signup and view all the answers

Why do successful entrepreneurs need exceptional organizational skills?

To create and deliver value effectively Signup and view all the answers

How can businesses make supply chains more sustainable?

By establishing collaborative relationships with suppliers Signup and view all the answers

Which type of characteristics do entrepreneurs exhibit as they strive to overcome obstacles?

Strong will to overcome challenges Signup and view all the answers

What aspect of employee development contributes to a more skilled workforce?

Employee training in new technologies Signup and view all the answers

In terms of a business's legal continuity, what does the ability to continue operations despite the exit of owners refer to?

Continuity Signup and view all the answers

Why do entrepreneurs continuously adjust their strategies according to market demands?

To align strategies with market demands Signup and view all the answers

Which factor differentiates corporations and close corporations from partnerships and sole proprietorships?

Legally distinct from owners Signup and view all the answers

Which type of ownership allows for the most possible shareholders?

Public Company (Ltd) Signup and view all the answers

Among the forms of ownership described, which one has a management structure requiring at least one director?

Private Company (Pty Ltd) Signup and view all the answers

Which form of ownership is known for requiring a more structured registration process involving a memorandum of incorporation?

Private Company (Pty Ltd) Signup and view all the answers

In terms of continuity, which form of ownership is mainly dependent on the involvement of the partnership agreement?

Close Corporation (CC) Signup and view all the answers

Which form of ownership is governed by a board of directors elected by its members?

Co-operative Signup and view all the answers

Among the forms of ownership mentioned, which has a management structure that can be led by one or several partners?

Partnership Signup and view all the answers

How does cyclical poverty negatively impact economic participation and consumer markets?

By limiting access to quality education and employment, reducing consumer spending Signup and view all the answers

What is the main consequence of poverty and inequality on security costs for businesses?

Increasing crime rates and necessitating higher security spending Signup and view all the answers

How does embracing diversity and inclusivity contribute to reducing inequality in the workforce?

By fostering a more skilled and equitable workforce Signup and view all the answers

What impact does poverty have on the perpetuation of poverty across generations according to the text?

It ensures that future generations continue to face deprivation and marginalization Signup and view all the answers

What is the definition of inclusivity in a business context based on the information provided?

Ensuring diversity and equal opportunities irrespective of personal attributes Signup and view all the answers

How does poverty restrict full participation in the economy, affecting consumer markets and business opportunities?

By diminishing consumer markets and limiting business opportunities Signup and view all the answers

What impact does the Employment Equity Act aim to have on businesses?

Encouraging demographic diversity in the workforce Signup and view all the answers

What characterizes the impact of unemployment on individuals according to the text?

Escalated social issues like crime and poverty Signup and view all the answers

What is the primary difference between piracy and counterfeiting?

Unauthorized use of another's work Signup and view all the answers

How does illegal gambling typically impact the economy?

Funding organized crime Signup and view all the answers

What distinguishes pyramid schemes from money laundering?

Primarily benefiting top-level participants Signup and view all the answers

How does workplace violence affect businesses according to the content?

Increasing insurance costs Signup and view all the answers

What is the main aim of social responsibility in business according to the text?

Engaging in activities for societal well-being Signup and view all the answers

How does the Employment Equity Act contribute to social cohesion?

By encouraging demographic diversity in the workforce Signup and view all the answers

What purpose do laws against piracy and counterfeiting serve?

Protecting consumers from harmful products Signup and view all the answers

How do strikes impact the reputation of a company?

Disrupting production and financial standing Signup and view all the answers

What key role does the community play in Corporate Social Responsibility (CSR)?

Enhancing market opportunities Signup and view all the answers

How can businesses contribute to economic growth according to the provided text?

Empowering employees through skill development Signup and view all the answers

What is the primary focus of entrepreneurs in terms of market competition?

Staying ahead of competitors through business opportunities Signup and view all the answers

How do trade unions contribute to Corporate Social Responsibility (CSR)?

Advocating for employee benefits Signup and view all the answers

What is the main function of entrepreneurs in regard to economic investment?

Enhancing community well-being through investment Signup and view all the answers

Which characteristic defines the entrepreneurial approach to tackling an unproductive labor force?

In-service training in new technologies Signup and view all the answers

In what way do entrepreneurs drive innovation in the business landscape?

By fostering a culture of creativity and risk-taking Signup and view all the answers

What characteristic is fundamental to the entrepreneurial role in combating HIV/AIDS in the workplace?

Educating employees about prevention measures Signup and view all the answers

What distinguishes entrepreneurs in terms of recognizing business opportunities?

Seeking opportunities in everyday situations Signup and view all the answers

How do suppliers contribute to enhancing Corporate Social Responsibility (CSR)?

Collaborating to create sustainable supply chains Signup and view all the answers

What term describes a business's capacity to maintain operations despite the departure or death of its owners?

Continuity Signup and view all the answers

Which form of ownership indicates that owners are solely accountable for business debts and may lose personal assets if the business fails?

Unlimited Liability Signup and view all the answers

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

Tax Signup and view all the answers

Which term defines the legal steps necessary for a business to be officially established and commence operations?

Formation Procedure Signup and view all the answers

Which quality outlines an entrepreneur's capability to organize resources efficiently to create and provide value?

Exceptional Organizational Skills Signup and view all the answers

What factor distinguishes corporations and close corporations from partnerships and sole proprietorships in terms of liability?

Limited Liability Signup and view all the answers

Which characteristic differentiates the legal identity of companies like corporations from partnerships and sole proprietorships?

Legal Personality Signup and view all the answers

What does the term 'Capital' refer to concerning business operations?

Financial assets used to establish and operate the business Signup and view all the answers

Which form of ownership necessitates owners to be only liable for the amount they invested in the business?

Limited Liability Signup and view all the answers

What concept characterizes a business's ability to maintain operations unaffected by the exit, retirement, or death of its owners?

Continuity Signup and view all the answers

Business Studies June exam P2 (Mix)

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Questions and Answers

What is the definition of poverty?

How does poverty impact business according to the text?

What does cyclical poverty refer to?

Why do poverty and inequality impact business security costs?

What is the definition of inclusivity in a business context?

What is the main aim of inclusivity in business?

Which form of ownership has an unlimited joint and several liability among partners?

In which form of ownership does the continuity depend on the involvement of any particular shareholder?

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

Which form of ownership is known for being the simplest and least costly to establish?

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

Which form of ownership involves issuing a prospectus and registering with regulatory bodies?

What is one way investment in community development can benefit a company?

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

How do fair compensation and benefits impact employees according to the text?

What type of programs provide long-term financial security for employees and contribute to economic stability?

What is one way to combat HIV/AIDS in the workplace?

Which quality of entrepreneurs involves having a keen eye for spotting business opportunities?

What is a critical trait defining successful entrepreneurs?

In which group of qualities do entrepreneurs who are committed to their vision fall?

What do entrepreneurs contribute to by creating employment opportunities and driving innovation?

How do stakeholders like suppliers impact CSR according to the information provided?

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

Which of the following statements best describes unemployment?

What is the impact of HIV and AIDS on businesses?

What does piracy entail?

How do strikes impact a company?

What is the purpose of consumer protection laws against piracy and counterfeiting?

What is the major impact of workplace violence on businesses?

What does corporate social responsibility entail?

How is illegal gambling related to organized crime?

What impact do pyramid schemes have on newer recruits?

What is a defining characteristic of entrepreneurs in terms of risk-taking?

Which quality is essential for capitalizing on business opportunities according to the text?

What is a key quality of entrepreneurs in terms of their vision?

Which characteristic do entrepreneurs possess to align with market demands?

What do entrepreneurs embrace in terms of business responsibility?

Which skill is critical for ensuring business success according to the text?

What drives successful entrepreneurs according to the text?

What is one characteristic of entrepreneurs concerning organizational skills?

Which term describes a business's capacity to continue operations despite owner changes?

How are owners' liabilities affected in a business with limited liability?

How does cyclical poverty perpetuate across generations?

What impact does poverty have on economic participation and consumer markets?

Why do poverty and inequality often necessitate higher spending on security measures by businesses?

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

What does poverty perpetuate through deprivation of essential needs and services?

How does Inclusivity aim to contribute to the workforce?

Which form of ownership is managed by members or appointed managers?

Which form of ownership requires at least one director for management?

In terms of continuity, which form of ownership is known for depending on the partnership agreement?

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

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

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

What is the main purpose of the Employment Equity Act?

How does unemployment impact society according to the text?

What is the primary business impact of HIV and AIDS highlighted in the text?

Which of the following types of activities often fund organized crime, hence contributing to social issues?

What is the primary impact of workplace violence on businesses according to the text?

Why do laws against piracy and counterfeiting protect consumers?

In relation to strikes, what is a key aspect that can significantly disrupt a company's production?

What is a distinguishing characteristic of entrepreneurs in terms of their ability to seize new business opportunities?

How does money laundering affect economic stability according to the text?

How do owners of businesses with limited liability benefit in terms of their liabilities?

Which stakeholder group in CSR is primarily responsible for advocating for fair labor practices?

What is the critical aim of Corporate Social Responsibility (CSR) according to the text?

What quality is essential for entrepreneurs aiming to stay ahead of competitors and increase profitability?

What is the main purpose of implementing policies related to HIV/AIDS in the workplace?

Which quality do entrepreneurs demonstrate by continuously putting in dedicated effort to create valuable and sustainable businesses?

What is a direct benefit of investing in community development for a business?

Which group of qualities do entrepreneurs fall into when they are known for their proactive approach in seeking business opportunities?

What distinguishes entrepreneurs from others in terms of ability to generate profit?

Which measure demonstrates a business's commitment to combatting HIV/AIDS in the workplace?

Amongst the stakeholder groups in CSR, which is responsible for ensuring product quality and safety?

What does it mean when entrepreneurs assess risks carefully and engage in manageable risks?

What is a key reason for entrepreneurs to continuously seek information and adjust strategies according to market demands?

In terms of liability, what distinguishes owners in businesses with limited liability?