LSB2605 ASSIGNMENT 01 AND 02 ANSWERS SEMESTER 02
LSB Semester 2
a) Assignment 01
Question 1
Provide references to your sources, including page numbers. Answers without references to specific page numbers will not be marked and you will not receive any marks for those answers. Incorrect page n...
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LSB2605 ASSIGNMENT 01 AND 02
SEMESTER 02
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, 1.1. Which of the following best describes a sole proprietorship? (2)
(C). The owner and the business are legally the same. (LSB2605 Study Guide:
Page, VIII)
1.2.) Which of the following is NOT required to be contained in an
employment contract? (2)
(D) The employee's address (LSB2605 Study Guide: Page, 22)
1.3.) A progressive tax system implies that: (2)
(B) The tax rate increases as income increases. (LSB2605 Study Guide: Page, 34)
1.4.) Which one of the following is NOT an example of a progressive tax? (2)
(B) Value-Added Tax (VAT) (LSB2605 Study Guide: Page, 34)
1.5.) A partnership differs from a sole proprietorship because: (2)
(B) A contract is required to establish it. (LSB2605 Study Guide: Page, IX)
QUESTION 2
Buhle uses her savings to set up a small manufacturing business. According
to Buhle’s projections, the business will be making a profit in the first year of
operation, and during this period, the total remuneration payable to the
employees will amount to R450,000. In the second year of operation, the
business will make a bigger profit, with the salary bill increasing to R600,000.
2.1.) Is Buhle’s business liable for payment of a skills development levy in the
first and second years of operation, respectively? Calculate the total amount
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