MNB1501 ASSIGNMENT MCQS Semester 1 and 2

ASSIGNMENT 01 This assignment covers chapters 1 to 4 of the prescribed book. We recommend submitting your assignment online on MYUnisa. 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 4the 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 4state 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 4illegal QUESTION 4 Which one of the following is a disadvantage of a command economy? 1 The environment is unstable. 2There are high social costs. 3Planning is difficult or impossible. 4State organisations can be unproductive. 2 lOMoARcPSD| QUESTION 5 South Africa’s unemployment rate is in the region of 27%. If South Africa moves towards a pure economy, one of the advantages would be a strong possibility of full employment. 1 market 2 socialistic 3 command 4 communistic STUDY UNIT 2: ENTREPRENEURSHIP It is recommended that you read business case number 1: “Entrepreneurship: MXit” (in the recommended book “BUSINESS CASES”) before attempting to answer questions 6 and 7. It is not compulsory that you do so, as the answers to the assignment questions can be found in ITBM. QUESTION 6 True entrepreneurs such as Herman Heunis differ dramatically from small-business owners in the following ways: a They have no intention of growing or developing their business and are happy with some autonomy. bThey need to be personally responsible for solving problems. cThey have an internal locus of control. dThey have an external locus of control. 1 a b 2 b c 3 a c 4 c d QUESTION 7 Herman Heunis needs to have the ability to consider the business as a whole and to understand how it fits within its marketplace. Which skill is referred to here? 1 Strategy skills 2Planning skills 3Marketing skills 4Project manageme