MNB1501 Full Study Pack

MNB SELF ASSESSMENT 1. The use of brilliant mathematicians, engineers and technology is an example of the ------------ resources google uses to create the services and products that they provide. A. Natural B. Human C. Capital D. Entrepreneurial 2. Google’s focus is on creativity and innovation and providing a challenging environment to ensure that the _needs of employees are satisfied. A. Physiological B. Security C. Esteem D. Self-realisation 3. In a country such as south Africa, the most important characteristics of the business world in which it operates includes A. The freedom of individual to establish any business of their choice B. The state owning and controlling the community’s resources or factor of production C. The limited choice of product and services that the state offers D. The allocation of resources which are not affected by free markets 4. In a economy, individuals will need to take the tastes, preferences and demands of consumers into account when deciding about production and marketing; if they want to make a profit. A. Market B. Command C. Socialist D. Centrally directed 5. The profit motivate is absent in the economy A. Market B. Command C. Socialist D. Free-enterprise 6. Joe makes wooden toy trains to sell at a local market. He uses wood blocks, glue and paints to create the toy trains, this process is known as A. Production B. Exchange C. Co-operation D. Operation 7. Edison’s first invention was a unique way to cast votes. Even though it was an effective invention, it was rejected by the legislature because it worked too efficiently, in which step of the entrepreneurial process would he have needed to assess whether the opportunity can be turned into successful venture? A. When Edison assessed whether he had the resources or access to resources B. When Edison conducted a feasibility study C. When Edison compiled his business plan D. When Edison launched and managed the new business 8. Thomas Edison’s ability to conceive of and create new and unique product, services and processes refers to which entrepreneurial trait? A. Achievement motivation B. An internal locus of control C. An external locus of control D. Innovation and creativity 9. Achievement motivation is characterised by A. Actions of intense, prolonged and repeated effort to accomplish something that is difficult B. A person’s need to be in charge of his/her own destiny C. The ability to conceive of and create new unique products, services and processes D. A person that believes that the outcomes of an event is primarily out of his/her personal control 10. You own a small and medium-sized enterprise(SME) in your area, which of the following characteristics is true for your enterprise? A. Your enterprise has fewer than 300 employees B. Your capital assets are less than R40 million C. Your annual turnover is less than R64 million D. There is indirect managerial involvement 11. Cecile lost her job as a chartered accountant at one of the biggest accounting firms due to new laws and regulations. After being unemployed and searching for a new job for almost six months, Cecile can therefore be regarded as a/an entrepreneur A. Necessity B. Innovation C. Corporate D. Opportunistic 12. Cecile requires certain management skills to become a successful entrepreneur. Which one of the following skills involves the ability of Cecile to evaluate the offerings of the business and its features, to determine how they satisfy the customer’s needs and want? A. Human relation skills B. Strategy skills C. Project management skills D. Marketing skills 13. Today, Edgars is part of Edson’s (Edgars consolidated stores Ltd) department store division. Which is the leading clothing, footwear and textiles(CFT) retailing group in south Africa. Edgars consolidated stores Ltd is a _company A. Private B. Partnership C. Public D. State-owned 14. Which statement is not true for Edgars consolidated stores Ltd? A. It must have minimum of three directors B. The shares are freely transferable C. It is not eligible to list its shares on the stock exchange D. The public can be invited to buy shares in the company by means of a prospectus