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MNB1501 ASSESSMENT 1 & 2 SUGGESTED SOLUTIONS 2023
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UNI STUDYMNB1501
Assignment Answers & Memo
MNB1501 2023
Semester 1 and 2
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,ASSIGNMENT 01
Assignment FIRST SEMESTER
number Due Date Unique number
01 790173
This assignment covers chapters 1 to 4 of the prescribed book.
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
.
A. need satisfaction
B. productivity
C. the rate of return on total capital
D. 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.
A. private owned
B. non-profit seeking
C. partnership
D. 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.
A. informal
B. formal
C. non-profit
D. illegal
QUESTION 4
Which one of the following is a disadvantage of a command economy?
A. The environment is unstable.
B. There are high social costs.
C. Planning is difficult or impossible.
D. State organisations can be unproductive.
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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.
A. market
B. socialistic
C. command
D. 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.
b) They need to be personally responsible for solving problems.
c) They have an internal locus of control.
d) They have an external locus of control.
ab
bc
ac
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?
A. Strategy skills
B. Planning skills
C. Marketing skills
D. Project management skills
QUESTION 8
Which entrepreneurial trait is characterised by actions of intense, prolonged and repeated effort to
accomplish something that is difficult.
A. Achievement motivation
B. Innovation
C. Risk taking
D. An internal locus of control
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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.
A. in-sourced
B. outsourced
C. privatised
D. localised
QUESTION 10
Which one of the following is a disadvantage for buying an existing business?
A. There will be an established customer base.
B. Financing may be available from the owner.
C. Employees are inherited rather than chosen.
D. Planning 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
.
A. private company
B. partnership
C. sole proprietorship
D. co-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.
A. general company description
B. operating plan
C. executive summary
D. management 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?
A. Financial plan
B. Management plan
C. Operating plan
D. Marketing plan
4
, QUESTION 14
Thandi and Thomas would like to form a partnership in order to establish their domestic cleaning services.
Which one of the following is correct with regard to a partnership?
A. It is a contractual agreement between partners.
B. Partnerships cannot be extended to juristic persons.
C. A partnership is a juristic personality.
D. The partnership and not the individual partners are liable for the debts of the partnership.
QUESTION 15
The assets the owner pledges to a bank as security for repayment of a loan is known as .
A. conditions
B. character
C. collateral
D. capital
STUDY UNIT 4: THE BUSINESS ENVIRONMENT
QUESTION 16
Christopher owns a large bicycle store and is planning his first business trip to Italy to source new suppliers. As it is
his first trip abroad, he decides to make use of the travel agency that owns the space next to his store. The travel
agency books his flight on Emirates airline and also books his hotel for him. The travel agency is a ,
which is part of Emirates’ environment.
A. supplier; international
B. intermediary; market
C. retailer; market
D. agent; market
It is recommended that you read business case number 3: “The business environment: The airline industry” (in
the recommended book “BUSINESS CASES”) before attempting to answer questions 17 to 19. It is not compulsory
that you do so, as the answers to the assignment questions can be found in ITBM.
QUESTION 17
Kulula.com has several competitors, such as Mango and FlySafair. Competitors can be found in the
environment.
A. micro
B. macro
C. market
D. mass
QUESTION 18
The management at Kulula.com has control over the components of the market environment.
A. direct
B. indirect
C. no
D. complete
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