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Summary MNB1501 - Exam Prep - Questions and Answers
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MNB1501 - Exam Prep - Questions and Answers
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MNB1501TEST BANK
QUESTION 1
Which of the following statements on the economic principle are correct?
a) Ensuring the highest possible satisfaction of needs with scarce resources is known as
the economic principle.
b) The economic principle refers to a business‟s endeavour to keep its input costs as
high as possible.
c) Businesses that apply the economic principle try to achieve the highest possible
income.
d) The economic system is not subject to the economic principle.
1. a Correct answer Option 1
2. acd
3. bcd
4. cd
Read case study 2 “The airline industry – developing value-based competition in the South
African airline market” (page 13 in your prescribed book “Business Cases”) and answer
questions 2 to 4.
QUESTION 2
Part of Kulula‟s mission statement states “where possible, we provide our staff with the best
opportunities to develop their skills, and take their abilities to new heights in the service of
our customers.” Kulula therefore satisfies the ________________ of their employees.
1. Physiological needs
2. Security needs
3. Social needs
4. Esteem needs
5. Self-realisation needs Correct answer Option 5
QUESTION 3
The resources used by low-cost airlines include _________________.
a) natural resources
b) human resources
c) capital resources
d) entrepreneurship/management
1. a b c d Correct answer Option 1
1
, 2. a b
3. a b c
4. b c d
QUESTION 4
Sally buys cocoa from South America and uses it to make 90% dark chocolate that she sells in
her stores located throughout South Africa. Which element of business does Sally deal with
here?
1. Human activities
2. Transformation Correct answer Option 2
3. Exchange
4. Profit
Read case study 4 “MXit – Using disruptive techonology to build new mobile social networks”
(page 56 in your prescribed book “Business Cases”) and answer questions 5 to 7.
QUESTION 5
Which need of its customers did MXit focus on satisfying?
1. Self-realisation needs
2. Esteem needs
3. Social needs Correct answer Option 3
4. Security needs
QUESTION 6
When Herman Heunis came up with the idea of the MXit concept, he first had to evaluate
whether his business venture would be viable. He therefore needed to
__________________.
1. conduct a feasibility study Correct answer Option 1
2. compile a business plan
3. identify whether he would have access to resources
4. clarify whether he had what it takes to start the new business
QUESTION 7
2
,As an entrepreneur, Herman Heunis needed the ability to evaluate the offering of his
business and features, and to determine how he would satisfy customers‟ needs and wants.
Which management skill is referred to here?
1. Human resources skills
2. Marketing skills Correct answer Option 2
3. Planning skills
4. Strategic skills
QUESTION 8
Which of the following are fundamental requirements for a good investment opportunity?
a) There must be a clearly defined market need for the product or service.
b) The opportunity must have the potential to grow.
c) The entrepreneur must have ample experience before investing in a new venture.
d) The opportunity must be rewarding to the investor and/or the entrepreneur.
1. ab
2. abc
3. a b d Correct answer Option 3
4. bcd
QUESTION 9
The entrepreneurial process is the process of identifying, creating or sensing an opportunity
where others do not see it. Arrange the five phases of the entrepreneurial process in the
correct order.
a) Resources
b) Feasibility
c) Opportunities and ideas
d) Entrepreneurial activities and skills
e) Business plan
1. abcde
2. badec
3. d a c b e Correct answer Option 3
4. ecdab
QUESTION 10
Which of the following statements about franchising are correct?
a) Franchisees have the freedom to experiment, operate and market their business
based on their own vision.
b) Franchisees must usually adhere strictly to the plans of the franchisor.
c) Franchisors usually fall in the medium sized to large business category.
3
, d) The franchisor is an entrepreneur.
1. abcd
2. b c d Correct answer Option 2
3. abc
4. ad
QUESTION 11
Which of the following are characteristics of a private company?
a) The number of shareholders is limited to 50 people.
b) Members of the general public may apply for shares in the company.
c) The name of a private company has to end with the words (Pty) Ltd.
d) The transferability of shares in the company is limited.
1. abcd
2. abd
3. a c d Correct answer Option 3
4. bcd
Read case study 4 “MXit – Using disruptive technology to build new mobile social networks”
(page 56 in your prescribed book “Business Cases”) and answer questions 12 and 13.
QUESTION 12
What form of enterprise is MXit?
1. A public company
2. A partnership
3. A close corporation
4. A private company Correct answer Option 4
QUESTION 13
Which characteristic is applicable to an establishment such as MXit?
1. There must be at least two directors in the establishment.
2. MXit can list its shares on the stock exchange.
3. Shares are freely transferable in an establishment such as MXit.
4. The articles of association must contain some restriction on the transferability of its
shares. Correct answer Option 4
QUESTION 14
4
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