Business Studies Questions and Answers - Grade 7 End Term 1 Exams 2023 Set 2

 INSTRUCTION TO CANDIDATE

• Read each question carefully
• Answer ALL questions

1. Differentiate goods from services and give an example in each case. (4 marks)
2. Give five components of business studies. (4 marks)
3. Janet is a grade 7 learner. How is learning the components of business studies important in her life?
   (4 marks)
4. Odhiambo would like to tell a genuine Ksh 500 note from a fake one. Explain to him the four features of a genuine Ksh. 500 note. (4marks)
5. Highlight four importance of setting personal goals. (4 marks)
6. Use the table below to differentiate a talent from an ability (4 marks)
   

   TALENT	ABILITY

7. Explain 4 ways of nurturing talents and abilities (4 marks)
8. Match the following talents and abilities to the career opportunities that they relate to. (athletes, football, volleyball players) (public speakers, politician) (Song writers, singers, instrumentalists) (Counsellors, sales people, event organisers) (Computer engineers, graphic designer, Information Technology (IT) expert) (Investors, scientists, entrepreneurs) (6marks).
   

   Talent and abilities	Talent and abilities
   (a) Musical talents
   (b) Sport talents
   (c) Communication talents
   (d) Interpersonal abilities
   (e) Analytical abilities
   (e) Digital abilities

9. Wahome is the owner of Blue Waters Hotel in Nyeri Town. Highlight 3 ethical issues related to use of talents and abilities in business he should practice.(3 marks)
10. After learning about importance of money in school, Karbolo now a businessman decided to use money according to the knowledge he acquired. Explain four ways in which Karbolo used his money. (8 marks)
11. Highlight five factors you would consider when setting personal goals (5 marks)

MARKING SCHEME

1.  
   1. Goods are tangible items that we can be felt examples book, pen, desk, sugar etc.
   2. Services are actions or activities which are intangible examples medical services, teaching, banking, insurance etc.
2.  
   1. Commerce
   2. Economics
   3. Financial literacy
   4. Entrepreneurship
   5. Accounting
3.  
   1. Equips individuals with knowledge and skills to start and run a business comfortably.
   2. Promotes self-discipline and positive attitude towards wait
   3. Helps an individual to apprecia the role of business in provision of goods and services.
   4. Helps an individual to learn how to identify business opportunities in the society.
   5. Helps to develop skills in critical thinking, inquiry, analysis and interpretation of information.
   6. Creates a firm foundation for further education and career.
   7. Equips learner with knowledge for making important financial decisions.
4. The main colour is green
   • The front side features are:
     1. the security thread which appears as a continuous shiny line which changes colour from red to green.
     2. coat of arms Kenya
     3. statue of president jomo Kenyatta. iv. Kenyatta international convention centre
   • The back ride features are:
     1. Tourism and wildlife-lion
     2. Watermark features:
        1.  lion's head,g
        2. electrotype 500g
5.  
   1. It gives long long-term vision by helping us to remain focused on the goal now and in future.
   2. It provides motivation by providing energy and drive to the owners
   3. It gives us a purpose in life by helping us to focus our energy in a positive direction
   4. It helps us to organise our tire and resources well
   5. It helps us set priorities by ensuring that we do what is important first.
6.  
   

   TALENT	ABILITY
   a) This is an inborn capability to do something	a) This is a skill that is acquired to carry out a task to well.
   b) lt is naturally gifted, meaning that one is born with it.	b) It is developed th people acquire it as they continue to train
   c) Few people possess talents because they are inborn.	c) A lot of people can acquire it if they undergo training.

7.  
   1. Creating opportunities for using talents andabilities-when learners attend events like music festivals or athletic competitions, they are able to learn from others.
   2. Continuous practice- practice makes perfect. Skills and abilities learnt can be enhanced through practice.
   3. Providing the right environment-the availability of a playing field for athletics or a school choir helps develop learner's talents in music.
   4. Providing appropriate training- when learner gets proper training, they are able to develop and use their talents and abilities. Creating centres for excellence- a centre of excellence is an institution that provides training in a specific area. They provide opportunities where talents and abilities can be nurtured
8.  
   1. (song writers, singers, instrumentalist
   2.  (athletes, football, volleyball players)
   3. (public speakers, politicians)
   4. (Counsellors, sales people, event organisers)
   5. (Investors, scientists, entrepreneurs)
   6. (Computer engineers, graphic designe Information Technology (IT) expert)
9.  
   1. Non-discriminative and equal treatmer to employees, customers and suppliers
   2. Employees and customers should not, be harassed by anyone.
   3. High standards of health and safety wh carrying out activities
   4. Business should practice fairness in employment. No nepotism and favouritism
10.  
    1. Money serves as a medium of exchange - buye give money to seller in exchange on goods and services.
    2. Money serves as a measure of value- money provides a common denominator is which value of goods and services can be expressed.
    3. Money is a transfer of immovable assets-money acts as a means of moving fixed properties from one place to another For example one can sell land in a place and buy land in another place.
    4.  Money serves as a store of value- money is the most suitable means of storing wealth. For example one can sell a piece of land and store the money in the bank.
    5. Money serves as a unit of account- values of different commodities are calculated and recorded in terms of money.
    6. Money is used to settle debts in future- one can buy goods now and make payment in the future using money.
11.  
    
    • S - Specific. Clearly state your goal
    • M - Measurable. Ensure you can measure your success.
    • A - Attainable. Set goals yyou know you can achieve
    • R - Relevant. Set goals relevant to your career or education
    • T - Time-Based. Set a deadline for competition.