Exam (elaborations)

MNB1501 ASSESSMENT 8 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS.

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Course
Mnb1501 (MNB1501)

Institution
University Of South Africa (Unisa)

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Uploaded on May 28, 2024
Number of pages 68
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

mnb1501 assessment 8

Institution
University of South Africa (Unisa)
Course
Mnb1501 (MNB1501)

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OSCAR THE TUTOR
0844708483
Started on Tuesday, 28 May 2024, 2:05 PM FORFAC,ECS,MAC,DSC,TAX,FIN,IN
State Finished V,QMI,STA,BNU,MNB,MNG tutoring
Completed on Tuesday, 28 May 2024, 2:47 PM
Time taken 42 mins 19 secs
Marks 32.00/35.00
Grade 91.43 out of 100.00

Question 1
Match the factor of production in column A with the correct description in column
Correct B.
Mark 1.00 out
of 1.00

Flag Column A Column B
question
a. Natural resources (i) Forklift
b. Capital (ii) Factory workers
c. Human resources (iii) Coal
(iv) Patrice Motsepe

a. a (ii) b (i) c (iii) OSCAR THE TUTOR
0844708483
b. a (iii) b (i) c (ii) FORFAC,ECS,MAC,DSC,TAX,FIN,INV,QMI,STA,BN
U,MNB,MNG tutoring
c. a (i) b (iii) c (iv)
d. a (iv) b (i) c (iii)

Your answer is correct.
The correct answer is:
a (iii) b (i) c (ii)

Question 2 Dineo has a strong desire to be promoted at work and enrols in further studies to
Correct achieve this goal. According to Maslow’s hierarchy of needs, Dineo has a desire to
Mark 1.00 out
become more than what he is, and he wants to satisfy his _____ needs.
of 1.00

Flag a. self-actualisation
question
b. ego

c. social
d. physiological

, Your answer is correct.
The correct answer is:
self-actualisation

Question 3 Which of the following functional areas of management is responsible for
Correct transforming the organisation’s resources into the final goods and services that are
Mark 1.00 out
sold to customers?
of 1.00

Flag a.
question
Marketing management
ement

b. Information management

c. Operations management

d. Human resources management

Your answer is correct.
The correct answer is:

Operations management

Question 4 Gloria and Busi are chefs who worked for Southern Sun Hotels in Rustenburg. They
Correct resigned from their jobs at Southern Sun Hotels to open a restaurant in Sandton.
Mark 1.00 out
They are both passionate about their offering and customer satisfaction. They want
of 1.00 to attract more customers to their restaurant. Which one of the following options
represents the most applicable management skills that they require to attract more
Flag
question customers?

a. marketing skills

b. project management skills OSCAR THE TUTOR
0844708483
c. planning skills FORFAC,ECS,MAC,DSC,TAX,FIN,INV,QMI,STA
NU,MNB,MNG tutoring
d. human relations skills

Your answer is correct.

, Marketing skills involve evaluating the relevance of a business’s products or
services in the target market. The entrepreneur should have an idea of whom to sell
the products or services to and be able to create and satisfy the needs and wants
of the identified market. For the business to be sustainable, the entrepreneur
should understand what attracts the customers to the offering and the target
market's changing needs and wants. The entrepreneur should also consider
promoting his/her products or services, which includes considerations related to
distribution. (See 2.4, lesson 2.)
The correct answer is:
marketing skills

Question 5 Jabu and his friend Sipho are visionaries. They have spotted an existing business
Correct that sells sneakers around universities and TVET colleges. The current owner
Mark 1.00 out
intends to sell the business and retire. They are considering buying the business
of 1.00 and revamping it to suit their target market. Which of the following factors should
the aspiring entrepreneurs consider before they buy an existing business?
Flag
question a. the financial status of the business
b. an assessment of competitors
c. the reason why the current owner wants to sell the business
d. the need to change prices for their business
e. the physical status of the business

a.
a; b; c; d

b. b; c; d; e
c. a; c; d; e

d. a; b; c; e

Your answer is correct.
Entrepreneurs should consider the financial status of the business, an assessment
of competitors, the reason why the current owner wants to sell the business and
the physical status of the business. (See 2.5.2, lesson 2.)

The correct answer is:
a; b; c; e

Question 6 Which of the following statements does not represent a benefit of buying an
Correct existing business?

, Mark 1.00 out
of 1.00
a. It involves the continuation of a current business.

Flag
question
b. Customers are familiar with the location of the business.

c. The new owner does not inherit past liabilities.
d. Inventory and equipment will be in place.

Your answer is correct.
If an entrepreneur buys an existing business, he/she buys a going concern with
opportunities and problems that he/she, as the new owner, may not know about. In
terms of Section 197 of the Labour Relations Act, buying or selling a business as a
going concern means that the current employment contracts are transferred under
the same conditions to the new employer. (See 2.5.1, lesson 2.)
The correct answer is:
The new owner does not inherit past liabilities.

Question 7 The failure rate of small businesses in South Africa is considerably ____________.
Correct
Mark 1.00 out a. low
of 1.00

Flag
b. moderate
question
c. high

d. good

Your answer is correct.
The correct answer is high. Literature reveals that the failure rate of small
businesses is one of the highest in the world. It is estimated that 40% of all new
businesses in the country fail in their first year of establishment, 60% in the second
year and 90% within the first 10 years since the start of the business (Bushe, 2019).
Refer to section 3.6.
The correct answer is:
high

Which of the following is a common reason for small businesses to fail due to
financial inadequacy?

a. ineffective staffing
b. insufficient first capitalisation

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Exam (elaborations)

MNB1501 ASSESSMENT 8 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS.

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