Asignment Answers & Memo 2022 MCQs
lOMoARcPSD|7257373
Business Management MNB1501
ASSIGNMENT 01 Semester 1 and 2
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
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.
2
, lOMoARcPSD|7257373
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 ab
2 bc
3 ac
4 cd
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 management skills
QUESTION 8
Which entrepreneurial trait is characterised by actions of intense, prolonged and repeated effort to accomplish
something that is difficult.
1 Achievement motivation
2 Innovation
3Risk taking
4An internal locus of control
3
, lOMoARcPSD|7257373
QUESTION 9
A major law firm has entered into a contract with Healthy Eats, an independent catering company, to provide daily
meals for the employees and visitors to the law firm. The law firm has its catering needs to Healthy Eats.
1 in-sourced
2 outsourced
3 privatised
4localised
QUESTION 10
Which one of the following is a disadvantage for buying an existing business?
1 There will be an established customer base.
2Financing may be available from the owner.
3Employees are inherited rather than chosen.
4Planning can be done based on known historical data.
STUDY UNIT 3: ESTABLISHING A BUSINESS
It is recommended that you read business case number 1: “Entrepreneurship: MXit” (in the recommended book
“BUSINESS CASES”) before attempting to answer questions 11 and 12. It is not compulsory that you do so,
as the answers to the assignment questions can be found in ITBM.
QUESTION 11
The name of Herman Heunis’s company ends with words “(Pty) Ltd”, which means that it can be classified as a
.
1 private company
2 partnership
3 sole proprietorship
4co-operative society
QUESTION 12
In the section of the business plan, Herman Heunis will identify the “key role players” (the active
investors, management team and directors) and he will cite the experience and competencies they possess.
1 general company description
2operating plan
3executive summary
4management plan
QUESTION 13
Red Square sells international and national branded cosmetics to middle and upper income men and women. It also
offers services such as skin analysis, a beauty hotline, facials, waxing, manicures, pedicures and body treatments. In
which one of the following components of the business plan will Red Square’s description of their target market
appear?
1 Financial plan
2 Management plan
3Operating plan
4Marketing plan
4
lOMoARcPSD|7257373
Business Management MNB1501
ASSIGNMENT 01 Semester 1 and 2
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
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.
2
, lOMoARcPSD|7257373
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 ab
2 bc
3 ac
4 cd
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 management skills
QUESTION 8
Which entrepreneurial trait is characterised by actions of intense, prolonged and repeated effort to accomplish
something that is difficult.
1 Achievement motivation
2 Innovation
3Risk taking
4An internal locus of control
3
, lOMoARcPSD|7257373
QUESTION 9
A major law firm has entered into a contract with Healthy Eats, an independent catering company, to provide daily
meals for the employees and visitors to the law firm. The law firm has its catering needs to Healthy Eats.
1 in-sourced
2 outsourced
3 privatised
4localised
QUESTION 10
Which one of the following is a disadvantage for buying an existing business?
1 There will be an established customer base.
2Financing may be available from the owner.
3Employees are inherited rather than chosen.
4Planning can be done based on known historical data.
STUDY UNIT 3: ESTABLISHING A BUSINESS
It is recommended that you read business case number 1: “Entrepreneurship: MXit” (in the recommended book
“BUSINESS CASES”) before attempting to answer questions 11 and 12. It is not compulsory that you do so,
as the answers to the assignment questions can be found in ITBM.
QUESTION 11
The name of Herman Heunis’s company ends with words “(Pty) Ltd”, which means that it can be classified as a
.
1 private company
2 partnership
3 sole proprietorship
4co-operative society
QUESTION 12
In the section of the business plan, Herman Heunis will identify the “key role players” (the active
investors, management team and directors) and he will cite the experience and competencies they possess.
1 general company description
2operating plan
3executive summary
4management plan
QUESTION 13
Red Square sells international and national branded cosmetics to middle and upper income men and women. It also
offers services such as skin analysis, a beauty hotline, facials, waxing, manicures, pedicures and body treatments. In
which one of the following components of the business plan will Red Square’s description of their target market
appear?
1 Financial plan
2 Management plan
3Operating plan
4Marketing plan
4
