Exam (elaborations)
MNB1501 Sem 1&2 Assignment 1&2 MCQs 2021
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MNB1501 Sem 1&2 Assignment 1&2 MCQs 2021
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lOMoARcPSD|7257373Assignment Answers & Memo
2021
MCQs
Business Management
MNB1501
Semester 1 and 2
, lOMoARcPSD|7257373
ASSIGNMENT 01
This assignment covers chapters 1 to 4 of the prescribed book. We recommend submitting your
assignment online on MYUnisa.
STUDY UNIT 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT
QUESTION 1
A businesses’ effort to provide the greatest possible need satisfaction with limited available resources is known as
.
1 need satisfaction
2 productivity
3 the rate of return on total capital
4 the economic principle
QUESTION 2
The Nelson Mandela Children’s Fund is a charitable organisation founded by Nelson Mandela that strives to change
the way society treats its children and youth. Its mission is to give voice and dignity to the African child by building a
rights-based movement. The Nelson Mandela Children’s Fund is an example of a
organisation.
1 private owned
2 non-profit seeking
3 partnership
4 state owned
QUESTION 3
Sipho is the owner of a small tuck shop in Diepsloot. He started the tuck shop as a way of earning money so that his
family can survive. His business is not registered and, therefore, Sipho does not pay rates or taxes. Sipho’s tuck
shop forms part of the sector.
1 informal
2 formal
3 non-profit
4 illegal
QUESTION 4
Which one of the following is a disadvantage of a command economy?
1 The environment is unstable.
2 There are high social costs.
3 Planning is difficult or impossible.
4 State organisations can be unproductive.
2
, lOMoARcPSD|7257373
QUESTION 5
South Africa’s unemployment rate is in the region of 27%. If South Africa moves towards a pure
economy, one of the advantages would be a strong possibility of full employment.
1 market
2 socialistic
3 command
4 communistic
STUDY UNIT 2: ENTREPRENEURSHIP
It is recommended that you read business case number 1: “Entrepreneurship: MXit” (in the recommended book
“BUSINESS CASES”) before attempting to answer questions 6 and 7. It is not compulsory that you do so, as the
answers to the assignment questions can be found in ITBM.
QUESTION 6
True entrepreneurs such as Herman Heunis differ dramatically from small-business owners in the following ways:
a They have no intention of growing or developing their business and are happy with some autonomy.
bThey need to be personally responsible for solving problems.
cThey have an internal locus of control.
dThey have an external locus of control.
1 ab
2 bc
3 ac
4 cd
QUESTION 7
Herman Heunis needs to have the ability to consider the business as a whole and to understand how it fits
within its marketplace. Which skill is referred to here?
1 Strategy skills
2Planning skills
3Marketing skills
4Project management skills
QUESTION 8
Which entrepreneurial trait is characterised by actions of intense, prolonged and repeated effort to accomplish
something that is difficult.
1 Achievement motivation
2 Innovation
3Risk taking
4An internal locus of control
3
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