Exam (elaborations)
BSM1501 Exam pack 2024(Questions and answers)
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- BSM1501
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- University Of South Africa
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BSM1501 EXAMPACK 2024
QUESTIONS AND
ANSWERS
FOR ASSISTANCE CONTACT
EMAIL:
, lOMoARcPSD|31863004
Multiple-choice
questions for
Introduction
to Business
Management
Sharon Rudansky-Kloppers & Johan Strydom
, lOMoARcPSD|31863004
3
SOUTHERN AFRICA
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Multiple-choice Questions for Introduction to Business Management
ISBN 978 019 905040 6
© Oxford University Press Southern Africa (Pty) Ltd 2010
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Database right Oxford University Press Southern Africa (Pty) Ltd (maker)
First published 2010
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The authors and publisher gratefully acknowledge permission to reproduce copyright material in this
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Downloaded by Gabriel Musyoka ()
, lOMoARcPSD|31863004
Solutions to Multiple-choice questions for Introduction to Business Management
Johan Strydom & Sharon Rudansky-Kloppers
Chapter 1
Questions Solution Explanation
1 4 The task of business management relates to the economic
principle, namely to achieve the highest possible satisfaction of
needs with scarce resources. More specifically, it entails an
examination of factors, methods and principles that enable a
business to function as efficiently and productively as possible in
order to maximise its profits.
2 4 The question concerns the definition of the economic principle.
The economic principle can be broadly defined as the achievement
of the highest possible satisfaction of needs by means of scarce
resources. In other words, it has to do with obtaining maximum
output from existing scarce inputs. Statement 4 is therefore
correct. Defining the economic principle in any other way would
be wrong. This means that the other statements in the question are
wrong.
3 4 Since there is no economic advantage to working harder,
socialistic systems provide no inherent incentive to participate.
Not more so than in state organisations. Typically health care and
education starts to become unproductive.
4 3 The state or government keeps its interference in the system to a
minimum. The government’s role is limited to providing
legislation to protect businesses and consumers and making sure
no single business or organisation restricts competition. It also
provides essential services (like police and defence) and ensures
the country’s money supply is stable.
5 4 Public relations are seen as a functional area within a business.
The public relations function relates to the creation of a favourable
and objective image of the business. Public relations must promote
good relations and goodwill between the business and the external
groups and other businesses that are directly and indirectly
involved in the business.
6 3 In a free market system most products and services are supplied by
private organisations and individuals seeking profits in return for
the productive investment and utilisation of their assets and
capital. Therefore the driving force behind entrepreneurs and their
businesses in a free market is profit. Therefore statement (a) is
correct.
In a command economy, individuals cannot own land, factories
and equipment as the state owns and controls the community’s
resources or factors of production. Therefore statement (b) is
incorrect.
Under both the free-market system and socialism the state
intervenes to help solve the economic problems and stabilise
economic fluctuations. Therefore statement c is correct.
Within the free-market economy, the economic environment is
1 © Oxford University Press Southern Africa (Pty) Ltd 2010
Downloaded by Gabriel Musyoka ()
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