MNB1501 Exam Prep
For Distinction 2022. This is a complete and an all-inclusive guide to MNB1501 - Business Management 1
The business world and business management
The most important characteristic of the business world in countries that adopt
a market economy is
1. That the business involves ...
, The business world and business management
The most important characteristic of the business world in countries that adopt
a market economy is
1. That the business involves human activities
2. That the businesses produce predominantly tangible products such as
bread, cars and houses
3. That individuals themselves decide what to produce, how to produce and
what to price to sell the product
4. That the rationing of products occurs and prices of products are set by the
state
Read the case below and answer questions 2 & 3
Deregulation within the airline industry was introduced in South Africa in 1991.
Before deregulation, SAA was the only service provider on the main domestic airline
routes as well as the international routes. The first decade after deregulation resulted
in a wave of low cost airline competitions such as Filestar, Sun Air, Phoenix Air,
Nationwide 1time and velvet sky entering the domestic market
There are several factors in the business world that apply pressure on a modern-day
organisation such as SAA. Which one of these factors is depicted in the mini-case
study above?
, SAA functions within a free-market economy, which is characterised by which of the
following attributes?
a. Private ownership of production factors
b. Free competition
c. Profit motive recognised
d. Limited right to strike in state enterprises
1. Ab
2. Bd
3. Abc
4. Abcd
The voluntary compliance of business with practices that are sustainable is known as
1. Business ethics
2. Consumerism
3. Corporate sustainability
4. Corporate social responsibility
The _________________ function is responsible for acquiring all product and
materials that are required by the business to function
1. Operations
2. Purchasing and supply
3. Human resources
4. General management
Column A – Economic System Column B - Description
a. Free market i. Generally has low productivity and increase the
difficulty of proper planning
b. Command Economy ii. The main driving force in the market is profit
generation
, c. Socialism iii. The state has full control over production factors
thereby increasing competition in the market
iv. Employees are free to choose employment and have
a limited right in government institutions to participate
in strikes
The world is divided into 3 basic economic systems and each system and each has
its own unique characteristics. Match the correct characteristic in block B with the
appropriate economic system in Black A
1. A(ii) B (I) C (iv)
2. A(iv) B(i) C(III)
3. A(iv) B(iii) C(ii)
4. A(ii) B(iii) C(i)
Many micro-enterprises form part o the so-called informal sector. Which one of the
following statements regarding enterprises in the informal sector is incorrect?
1. They are not part of the formal economy because they are not registered
2. Many people involved in these enterprises live primarily on a subsistence or
survival basis
3. They put pressure on the infrastructure of inner-city areas and do not
contribute to rates and taxes
4. Even though they are not registered, these enterprises contribute to rates and
taxes
ENTREPENEURSHIP
Read the case study below and answer questions 8 & 9
The main operators in the SA liquor market are SAB, United National Brewries,
Distell and Brandhouse. SAB forms part of the multinational beer brewer SABMiller,
which manufactures manly malt beer but also flavoured alcoholic beverages (FABs)
and also owns more than 60% of the market for sales of the Coca-Cola soft drink in
SA.
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