Exam Revision Questions PDF

  REVISION QUESTIONS  1. Describe an entrepreneur and indicate how the entrepreneur differs from a small business manager.   2. Indicate the similarities and differences between entrepreneurship, a small business enterprise and small business management.  3. What is the value of the en...

  REVISION QUESTIONS  1. Describe an entrepreneur and indicate how the entrepreneur differs from a small business manager.   2. Indicate the similarities and differences between entrepreneurship, a small business enterprise and small business management.  3. What is the value of the entrepreneur to the economy of the country?  4. Determine how a medium business differs from a small business.  5. Discuss the importance of the skills, expertise and aptitudes of an entrepreneur and determine your own skills, expertise and aptitudes.  6. List the seven personal characteristics that may contribute to successful entrepreneurship.  7. List and briefly describe the eight functional management skills of successful entrepreneurs.  8. With the aid of a practical example, illustrate the relationship between the business and the establishment.  9. Discuss the three sectors in which businesses and establishments can be grouped and motivate your discussion with practical examples.  10. Draw your own industrial column for the production of wine.  11. Explain the meaning of the concept 'business environment' and identify the most important characteristics of this environment in your explanation.  12. Give reasons why a business cannot grow and continue to exist in total isolation.  13. Name three components of the business environment and give a description of each.  14. Discuss the micro-environment and its variables.  15. Discuss the macro-environment and its variables.  16.   17. With the help of examples, discuss the different markets in which a business manufacturing wooden furniture can conduct business transactions.  18. Identify your right as a customer and illustrate each right with the aid of a practical example.  19. Explain the meaning of 'competition'.  Illustrate your answer with practical examples.  20. Do you think it is necessary for a business to take the macro-environment into account?  Give reasons for your answer by discussing the different variables within the sub-environments.  21. List the three stages of setting up a business.  22. Define creativity.  23. Differentiate between divergent and convergent thinking.  24. c  25. No commonly agreed definition of creativity exists.  Discuss different views on creativity.  26. Discuss various uses for creativity techniques.  27. Distinguish between non-feasible and feasible ideas;  28. Discuss the need for both feasibility and a viability study in setting up a business.  29. Explain what a viable business idea is.  30. How will you know whether you have a product or service the customer wants?  31. What kind of info is found in a customer profile?  32. How do you define a market?  33. Name and discuss the questions that need to be asked in order to see whether there is a need for a particular product or service. +  34. What is the purpose of a mission statement?  35. What are the questions that need to be answered when formulating the mission statement?  36. Name the characteristics of objectives.  37. Why do we need to calculate the expected market share?  38. How can one establish a target market?  39. Define indirect costs.  40. Describe what is manufacturing costs.  41. Define the break-even point.  42. What is a cash budget?  43. What is the purpose of a cash budget?  44. Explain the reason/s for drawing up a business plan.  45. Understand the purpose of a business plan.  46. Identify and describe the potential users of a business plan.  47. List three users of the business plan.  48. What is an 'executive summary'?  49. List the critical risks associated with your own business idea.  50. Define the factors to be considered when choosing the form of business.  51. Summarise the different forms of business.  52. Identify the labour legislation that should be considered when establishing a business.  53. What is the purpose of labour legislation?  54. Distinguish between the different forms of contract.  55. Name the factors that play a role in the choice of location.