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MNB1501: Business Management IA
May/June Examination 2026 — Past Paper Revision Guide
(Based on May/June 2025 & 2024 Examination Papers)
⋆ ⋄ ⋆ ⋄ ⋆ ⋄ ⋆ ⋄ ⋆
• Economic & Management Sciences •
• Exam Revision Guide
MNB1501
Module Code:
Business Management IA
Module Name:
May/June Examination 2026
Paper / Exam:
May/June 2023 -May/June 2025
Based on:
Online MCQ — Open Book
Exam Format:
Study for understanding, not memorisation. MCQ exams reward knowing why an
option is right, not just which letter to pick.
⋆ Exam Revision Notes | MNB1501 | 2026
,MNB1501 | Exam Revision May/June 2025 & 2024 Past Papers
Question Set 1: Introduction to Business Management Study Unit 1
Q1.1 [1 mark]
Question: Which one of the following best describes business management?
(a) The process of making profit from selling goods
(b) The process of planning, organising, leading and controlling resources to achieve organ-
isational goals
(c) The study of consumer behaviour in the marketplace
(d) A system of government regulation of private enterprises
Answer: The correct answer is (b).
Business management is the application of the four core management functions —
planning, organising, leading, and controlling — to coordinate resources (people, capi-
tal, materials, information) so that the organisation meets its objectives. Option (a) is
far too narrow; making profit is a possible objective, not the definition of management
itself. Option (c) describes marketing research, and (d) describes regulation rather than
management.
Key Concept
The four management functions you must know: Planning (setting goals and
deciding how to reach them), Organising (arranging tasks, people and resources),
Leading (directing and motivating people), and Controlling (measuring perfor-
mance and correcting deviations).
Q1.2 [1 mark]
Question: The four factors of production that every business needs to operate are:
(a) Land, labour, capital, and entrepreneurship
(b) Planning, organising, leading, and controlling
(c) Inputs, processes, outputs, and feedback
(d) Money, people, machines, and customers
Page 2 of 32 ⋆
,MNB1501 | Exam Revision May/June 2025 & 2024 Past Papers
Answer: The correct answer is (a).
Every production system depends on four inputs:
• Natural resources (Land) — raw materials from nature (land, minerals, water)
• Human resources (Labour) — physical and mental effort of workers
• Capital — man-made resources used in production (machinery, buildings, money)
• Entrepreneurship — the ability to identify opportunities, organise the other three
factors, and take on risk
Option (b) describes management functions, (c) describes a systems model, and (d) is a
loose informal list.
Q1.3 [1 mark]
Question: A free-market economy is characterised by which of the following?
(a) The state owns all means of production
(b) Prices are set by central government planning
(c) Individuals freely own property and prices are determined by supply and demand
(d) Businesses are required to share profits equally with employees
Answer: The correct answer is (c).
In a free-market (capitalist) economy: private individuals own property; prices
emerge from the interaction of supply and demand; and profit motive drives decision-
making. The state does not direct production. Contrast with a command economy
where the state owns resources and sets prices, and a mixed economy where both
private and state sectors operate.
⋆ Exam Tip
UNISA often tests your ability to distinguish free-market, command (social-
ist/communist), and mixed economies. Know the defining feature of each.
Page 3 of 32 ⋆
, MNB1501 | Exam Revision May/June 2025 & 2024 Past Papers
Question Set 2: Entrepreneurship Study Unit 2
Q2.1 [1 mark]
Question: Which statement best distinguishes a corporate entrepreneur (in-
trapreneur) from a traditional entrepreneur?
(a) Corporate entrepreneurs start entirely new businesses independent of any existing
company
(b) Corporate entrepreneurs innovate and create new ventures within an existing organisa-
tion using that organisation’s resources
(c) Corporate entrepreneurs only manage existing product lines without introducing any-
thing new
(d) Traditional entrepreneurs work for large corporations and receive a salary
Answer: The correct answer is (b).
A traditional entrepreneur starts a new, independent business and accepts personal
financial risk. A corporate entrepreneur (intrapreneur) operates inside an estab-
lished firm, using its resources, infrastructure, and capital to develop new products or
business units. The key differentiator is within an existing organisation versus starting
fresh.
Example
A Google engineer who pitches a new product idea internally and leads its devel-
opment is an intrapreneur. A person who quits and opens their own tech startup
is a traditional entrepreneur.
Q2.2 [1 mark]
Question: Which of the following is not a common reason for small business failure
due to external factors?
(a) Economic recession
(b) Cash-flow problems
(c) Political instability
Page 4 of 32 ⋆
]]
MNB1501: Business Management IA
May/June Examination 2026 — Past Paper Revision Guide
(Based on May/June 2025 & 2024 Examination Papers)
⋆ ⋄ ⋆ ⋄ ⋆ ⋄ ⋆ ⋄ ⋆
• Economic & Management Sciences •
• Exam Revision Guide
MNB1501
Module Code:
Business Management IA
Module Name:
May/June Examination 2026
Paper / Exam:
May/June 2023 -May/June 2025
Based on:
Online MCQ — Open Book
Exam Format:
Study for understanding, not memorisation. MCQ exams reward knowing why an
option is right, not just which letter to pick.
⋆ Exam Revision Notes | MNB1501 | 2026
,MNB1501 | Exam Revision May/June 2025 & 2024 Past Papers
Question Set 1: Introduction to Business Management Study Unit 1
Q1.1 [1 mark]
Question: Which one of the following best describes business management?
(a) The process of making profit from selling goods
(b) The process of planning, organising, leading and controlling resources to achieve organ-
isational goals
(c) The study of consumer behaviour in the marketplace
(d) A system of government regulation of private enterprises
Answer: The correct answer is (b).
Business management is the application of the four core management functions —
planning, organising, leading, and controlling — to coordinate resources (people, capi-
tal, materials, information) so that the organisation meets its objectives. Option (a) is
far too narrow; making profit is a possible objective, not the definition of management
itself. Option (c) describes marketing research, and (d) describes regulation rather than
management.
Key Concept
The four management functions you must know: Planning (setting goals and
deciding how to reach them), Organising (arranging tasks, people and resources),
Leading (directing and motivating people), and Controlling (measuring perfor-
mance and correcting deviations).
Q1.2 [1 mark]
Question: The four factors of production that every business needs to operate are:
(a) Land, labour, capital, and entrepreneurship
(b) Planning, organising, leading, and controlling
(c) Inputs, processes, outputs, and feedback
(d) Money, people, machines, and customers
Page 2 of 32 ⋆
,MNB1501 | Exam Revision May/June 2025 & 2024 Past Papers
Answer: The correct answer is (a).
Every production system depends on four inputs:
• Natural resources (Land) — raw materials from nature (land, minerals, water)
• Human resources (Labour) — physical and mental effort of workers
• Capital — man-made resources used in production (machinery, buildings, money)
• Entrepreneurship — the ability to identify opportunities, organise the other three
factors, and take on risk
Option (b) describes management functions, (c) describes a systems model, and (d) is a
loose informal list.
Q1.3 [1 mark]
Question: A free-market economy is characterised by which of the following?
(a) The state owns all means of production
(b) Prices are set by central government planning
(c) Individuals freely own property and prices are determined by supply and demand
(d) Businesses are required to share profits equally with employees
Answer: The correct answer is (c).
In a free-market (capitalist) economy: private individuals own property; prices
emerge from the interaction of supply and demand; and profit motive drives decision-
making. The state does not direct production. Contrast with a command economy
where the state owns resources and sets prices, and a mixed economy where both
private and state sectors operate.
⋆ Exam Tip
UNISA often tests your ability to distinguish free-market, command (social-
ist/communist), and mixed economies. Know the defining feature of each.
Page 3 of 32 ⋆
, MNB1501 | Exam Revision May/June 2025 & 2024 Past Papers
Question Set 2: Entrepreneurship Study Unit 2
Q2.1 [1 mark]
Question: Which statement best distinguishes a corporate entrepreneur (in-
trapreneur) from a traditional entrepreneur?
(a) Corporate entrepreneurs start entirely new businesses independent of any existing
company
(b) Corporate entrepreneurs innovate and create new ventures within an existing organisa-
tion using that organisation’s resources
(c) Corporate entrepreneurs only manage existing product lines without introducing any-
thing new
(d) Traditional entrepreneurs work for large corporations and receive a salary
Answer: The correct answer is (b).
A traditional entrepreneur starts a new, independent business and accepts personal
financial risk. A corporate entrepreneur (intrapreneur) operates inside an estab-
lished firm, using its resources, infrastructure, and capital to develop new products or
business units. The key differentiator is within an existing organisation versus starting
fresh.
Example
A Google engineer who pitches a new product idea internally and leads its devel-
opment is an intrapreneur. A person who quits and opens their own tech startup
is a traditional entrepreneur.
Q2.2 [1 mark]
Question: Which of the following is not a common reason for small business failure
due to external factors?
(a) Economic recession
(b) Cash-flow problems
(c) Political instability
Page 4 of 32 ⋆
