MNB1501 - Questions and Answers 2022

Business Management 1A
MNB1501

, Section A:

ASSIGNMENT 01 – Questions



STUDY UNIT 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT

QUESTION 1

A businesses’ effort to provide the greatest possible need satisfaction with limited available resources is
known as
.

1 need satisfaction
2 productivity
3 the rate of return on total capital
4 the economic principle

QUESTION 2

The Nelson Mandela Children’s Fund is a charitable organisation founded by Nelson Mandela that
strives to change the way society treats its children and youth. Its mission is to give voice and dignity to
the African child by building a rights-based movement. The Nelson Mandela Children’s Fund is an
example of a
organisation.

1 private owned
2 non-profit seeking
3 partnership
4 state owned

QUESTION 3

Sipho is the owner of a small tuck shop in Diepsloot. He started the tuck shop as a way of earning money
so that his family can survive. His business is not registered and, therefore, Sipho does not pay rates
or taxes. Sipho’s tuck shop forms part of the sector.

1 informal
2 formal
3 non-profit
4 illegal

QUESTION 4

Which one of the following is a disadvantage of a command economy?

1 The environment is unstable.
2 There are high social costs.
3 Planning is difficult or impossible.
4 State organisations can be unproductive.