Summary Grade 12 Business Studies Prelim & Final P2 - 2024
43 views 0 purchase
Course
Business Studies
Institution
12th Grade
Grade 12 Business Studies Prelim/Final P2 - 2024
Multiple- choice questions p. 2
Section A: Business Opportunities/ Enterprises p. 4
1. Management and leadership
2. Investment: Securities/Opportunities and insurance
3. Forms of ownership: Criteria for success and/or failure
4. Presentation ...
BUSINESS STUDIES
GRADE 12
NOVEMBER EXAM
PAPER 2
2024
These notes are compiled from old papers of SACAI NOV 2021, NCC (EC) 2022, EC/SEPTEMBER 2023 &
NSC 2020 & DBE/November 2022.
NOTE: These are suggested answers only. Some information is repeated, I want to show you the different
ways the same information is asked for.
I encourage you to answer the calculation/illustration questions.
Good luck .Juffrou Ansie
Multiple- choice questions p. 2
Section A: Business Opportunities/ Enterprises p. 4
1. Management and leadership
2. Investment: Securities/Opportunities and insurance
3. Forms of ownership: Criteria for success and/or failure
4. Presentation and data answers
Section B: Business Roles p. 29
1. Ethics and professionalism
2. Creative thinking and problem solving
3. Social Responsibility and Corporate
Citizenship Corporate Social Responsibility (CSR) and
Corporate Social Investment (CSI)
4. Human rights, inclusiveness and environmental issues
Section C: Essay Questions p. 46 - 57
@ Juffrou_Ansie
, 2
Limited liability Losses are limited to the amount the owner has invested in the
business. The owner's personal assets are protected against the debts
of the business. Applies to companies that have a separate
entity/personality.
Unlimited load The liability of the owner to pay debts/claims is not only limited to the
business. The owner's personal assets can be seized to pay for the
debts of the business. Applies to a sole proprietorship and partnership
as they do not have a separate legal entity/personality.
Democratic leadership style Employees are invited to be part of the decision-making process
Autocratic leadership style Employees are not involved in the decision-making process.
Laissez-faire/Free rein The leader allows experienced and reliable employees to make
leadership style decisions in pursuit of the organization's goals.
Charismatic leadership style The leader uses charisma and charm to influence employees.
Transactional leadership style Use rewards and punishments as incentives to influence employee
behaviour.
Leadership theories Guide leaders on the different leadership styles that can be applied or
used.
Situational leadership In these leadership theories, the leader applies different leadership
theories styles depending on different situations
Transformational/Transitional Best money during a period of drastic change in an organization
Management Leadership
Theories
Johannesburg Stock The market that deals with the buying and selling of shares in listed
Exchange (JSE) companies.
Investors The persons who save money with the expectation of making a profit.
Dividend A sum of money that a company pays out of its profits to its
shareholders.
Stock market The financial market in which long-term debt securities are bought
and sold
Short term investment Investment for less than one year
Long term investment The duration/period of investment is more than three years.
@ Juffrou_Ansie
, 3
Liquidation The sale of the assets of a company to pay creditors.
Interest The amount of money that investors earn as return on/compensation
for investments in bank deposits and loans
Fixed rate The interest rate remains the same for the duration of the investment
period
Ethical behaviour Act according to a set of values that are morally acceptable in society
Business ethics The set of values of a business, displayed by its managers, executives
and employees. These values must be morally acceptable by society,
and within established business codes
Professionalism Describe the internationally accepted standards and expectations that
businesses and society have of people's behaviour and levels of
competence in the workplace. It is a broader concept than ethics and
includes aspects such as appearance, attitude, loyalty, etc
Corporate management The exercise of ethical and effective leadership by the individuals
responsible for managing the business. They are expected to provide
good performance, effective control, sustainability and
Profitability.
Annual General Meeting A meeting of a company attended by all the shareholders that takes
(AGM) place once a year.
Unprofessional practices When people/the business do not behave within the accepted
standards and expectation, this is unprofessional behaviour.
Unethical practices When the business behaves with a different set of values from what is
morally acceptable.
@ Juffrou_Ansie
, 4
Section A: Business Opportunities
1. Management and leadership
________________________________________________
Differences between democratic and autocratic leader SACAI NOV 2021
DEMOCRATIC LEADER AUTOCRATIC LEADER
1. The leader involves employees in the 1. A leader makes all decisions alone
decision-making process. without involving employees
2. Clear/two-way communication ensures 2. Line of command / communication is
group commitment to final decision(s). clear as it is top down / followers know
3. People-oriented, as employee's feelings exactly what to do.
and opinions are considered. 3. Task oriented as the opinions of
4. Workers feel empowered because they employees are not considered.
are involved in the decision-making 4. New employees feel confident/secure as
process. strong leadership is provided.
Positives/advantages Negatives/Disadvantages
❖ Quick decisions can be made without ❖ Leaders and followers can become
consulting/considering divided and may not agree on ways to
followers/employees. solve problems.
❖ Work is done on time/on schedule as ❖ Workers can become demotivated if their
targets are clearly specified. opinions/ideas are not considered.
❖ Command/communication is clear as it is ❖ Demotivated workers have a negative
top down/followers know exactly what to impact on productivity.
do. ❖ New/creative/Cost-reducing ideas may
❖ Direct supervision/strict control ensures not be used/considered/implemented.
high quality products/service. ❖ Followers may feel unappreciated,
❖ Provide strong leadership that makes leading to high absenteeism/employee
new hires feel confident/safe. turnover
Situations in which the autocratic leadership style can be applied in the workplace(NCC 2022 EC & NCC 2020))
The leadership style can be applied when:
➢ there are crisis situations in the workplace, e.g. in case of unforeseen challenges/accidents.
where there are emergencies, where there is little time available.
➢ employees are motivated and the leader has already won the trust of his followers.
➢ employees who do not cooperate must be dealt with.
➢ employees are new and not fully trained.
➢ the leader has all the information available to solve the problem.
________________________________________________________________
CHARISMATIC LEADERSHIP STYLE
Impact of the charismatic leadership style on businesses (SACAI 2021)
Positives/Advantages Negatives/Disadvantages
• A specialist in selling the vision of the • Leader believes more in himself/herself than
business and achieves excellent in the team.
results. • Projects can collapse if the leader abandons
• Employees are motivated because them.
their leader is energetic/inspiring. • Leaders are intolerant of challenges/changes
• Inspire loyalty/hard work among the and see themselves as irreplaceable.
employees. • Leaders' emotions can sometimes be more
• Workers believe in their leader and important than the goal of the team.
thrive on praise. • All workers must have a shared vision
• Workers with low morale can be • It is not a style that can be learned because
inspired. it comes from personal charm
• Workers have respect for their leader.
@ Juffrou_Ansie
, 6
________________________________
The laissez-faire/free rein leadership(EC/SEPTEMBER 2023)
Situations to which the laissez-faire/free rein can be applied
• This style can be applied when: - Subordinates are knowledgeable and know what they want/can
take responsibility for their actions.
• The leader is very busy and delegating tasks can increase productivity.
• Team members' leadership skills need to be developed/improved.
• Employees are very experienced and know more about the task than the leader.
Role of personal attitude in successful leadershipSACAI NOV 2021/DBE/November 2020(2)
▪ Positive attitude releases leadership potential for personal growth.
▪ A leader's good attitude can influence the success of the business.
▪ Leaders need to know their strengths and weaknesses in order to apply their leadership styles
effectively.
▪ Great leaders understand that the right attitude will create the right atmosphere.
▪ Leaders' attitude can influence employees'/teams' thinking/behaviour.
▪ Leaders must model the behaviour they want to see in team members.
▪ Successful leaders consider the abilities/skills of team members to effectively assign tasks/roles.
▪ Enthusiasm instils confidence in a leader and inspires them to work even harder.
Situational leadership theory ❖ Leaders are expected to manage employees under different
circumstances and different character traits are required to
handle each situation within the workplace.
❖ A different leadership style will be adopted by the leader,
based on the prevailing circumstances at a particular time.
❖ Effective leaders can adopt the leadership style that will
ensure that the goals of the organization are achieved.
❖ The relationship between the leader and the employees is
based on values of trust/integrity/respect.
Transformational/Transitional ❖ This leadership theory would be adopted by the leader during
Management-Leadership a period in which the organization is experiencing radical
Theory changes.
@ Juffrou_Ansie
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ansiestudynotes. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $6.92. You're not tied to anything after your purchase.
