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MNB1501 EXAM PACK 2023
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MNB1501 EXAMPACK 2023
UPDATED QUESTIONS
AND ANSWERS
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, 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
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,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
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, 15. When Edson was initially registered, which of the following document had to be submitted?
A. Memorandum of incorporation
B. Notice of incorporation
C. Memorandum of agreement
D. Notice of listing
i. Abc
ii. Ad
iii. Ab
iv. Abcd
16. Which of the following statement is NOT true for a business with a legal personality?
A. The business is dependent on its members
B. The business is recognised as a legal subject alongside natural persons or individuals
C. The business has its own rights, assets and obligations
D. The existence of the business is not affected by changes in its membership
17. Which of the following is an example of an internal stakeholder in a business plan?
A. Customers
B. Investors
C. Employees
D. Banks
18. Sappi forests supplies over 78% of wood requirement of Sappi southern Africa. Sappi’s
sawmill, lomati, produces sawn timber for the construction industry. What would have been
the most important factor when Sappi had to choose the location for Lomati?
A. The availability of training facilities for the development of sappi’s employees
B. The provision of housing, education and recreational facilities for lomati’s
employees
C. The proximity and location of the Sappi plantations
D. Health regulations, and water and electricity tariffs of the local authorities
19. Which of the following is an example of variable in the physical environment?
A. South Africa’s power is mainly supplied by Eskom whose production capacity
is currently very strained, resulting in load shedding,
B. New cultural values are emerging among young urban black people in south
Africa
C. The release of the companies act 71 of 2008, which has replaced the old
companies act and amends the close corporation act 69 of 1984
D. the consumer protection act 68 of 2008 which came into effect in 2011
20. the current labour laws and the employment equity act 55 of 1998 are examples of variables
in the _______ environment that ________ have an influence on the business and the
management of businesses.
A. Institutional/government; directly
B. Institutional/government; indirectly
C. Social; directly
D. Social; indirectly
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