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

QUESTIONS

1. There are different uses of money in our day to day life. Write down any three uses of money. (3mks)
   1. ..................................................................................
   2. ..................................................................................
   3. ..................................................................................
2. Grade seven learners described different components of business studies during a group discussion. Identify each component according to the descriptions below. (4mks)
   1. The study of how a business keeps financial records.
   2. The study of exchange of goods and services and how to facilitate the exchange.
   3. The study of how to identify, start and manage a successful business unit.
   4. Study of skills on how to manage money.
3. The things which human beings must have in order to live are called ..................................................................................while those that are added to make life comfortable are known as..................................................................................(2mks)
4. The government has published a notice to the public on increased use of fake currency notes in business. Identify any four security features in Kenyan money you would use to educate people that would assure the money they use is genuine. (4mks)
   1. ..................................................................................
   2. ..................................................................................
   3. ..................................................................................
   4. ..................................................................................
5. A learner in grade 7 made a poster on the importance of setting personal goals. Write down any three points the learner would have put in the poster. (3mks)
   1. ..................................................................................
   2. ..................................................................................
   3. ..................................................................................
6. The picture below shows a Kenyan currency note. Identify any three symbols on the note below. (3mks)
   
   
   1. ..................................................................................
   2. ..................................................................................
   3. ..................................................................................
7. Improving talents and abilities is important for increased business production. Write down any three activities in a school that you can engage learners to improve talents and abilities. (3mks)
   1. ..................................................................................
   2. ..................................................................................
   3. ..................................................................................
8. State two differences between goods and services. (2mks)
   1. ..................................................................................
   2. ..................................................................................
9. A business is any activity that people get involved in order to make profit. State which are business activities by writing true or false. (3mks)
   1. Selling vegetables in a grocery shop...................................................................................
   2. Collecting garbage to keep the home clean...................................................................................
   3. Operating a barber shop in the nearby market...................................................................................
10. Explain the meaning of the terms below as used in business. (6mks)
    1. Scarcity 
    2. Choice
    3. Distribution.
11. Katana a grade seven teacher invited a resource person to talk to learners on careers related to. business studies. Write down three careers the resource person was likely to mention in his talk.(3mks)
    1. ..................................................................................
    2. ..................................................................................
    3. ..................................................................................
12. During a group discussion on needs and wants, grade seven learners listed the things below. Watch, television, food, mobile phone, water, clothes.
    Use the table below to correctly classify them as needs or wants.  (6mks)
                     Needs                                  Wants
    1. .................................           ..........................................
    2. .................................           ..........................................
    3. .................................           .......................................... 
13. Identify any three ethical issues in the society which may stop you from using your talents and abilities in doing business. (3mks)
    1. ..................................................................................
    2. ..................................................................................
    3. ..................................................................................
14. Kenyan currency denominations can be identified using different themes. State the theme in each Kenyan note by filling the table below. (3mks)
    

    Kenyan Note	Theme in the note
    50 shillings
    200 shillings
    1000 shillings

15. Define the term consumer as used in business. (1mk)
16. Money is used as a means of transferring items that cannot be moved. Explain how this use of money can be achieved. (1mk)

Marking Scheme

1.                  
   1. Medium of exchange
   2. Measure of value
   3. Store of value
   4. Unit of account
   5. Standard of differed payment
   6. Movement of immovable items
      (Accept any three of the above)
2.                
   1. Accounting
   2. Commerce
   3. Entrepreneurship
   4. Financial literacy
3. Needs, wants
4.                
   1.  A watermark of a lion's head.
   2. The value of note can be felt by touch
   3. The word Kenya can be felt by touch.
   4. A golden band at the back face with value of the note.
   5. Security thread which appears as continuous line.
      (Accept any four options)
5.                
   1. Provide a clear road map to achieving objectives.
   2. improves time management and organization.
   3. Motivates one to keep track on better achievements.
   4. Measures progress.
   5. Gives one focus on how to achieve progressively.
   6. Gives one confidence.
   7. Set a platform for accountability.
      (Accept any other relevant option)
6.              
   1. The image of KICC
   2.  A white dove
   3. The coat of arms
   4. A picture of Mt. Kenya
   5. Statue of the first president Jomo Kenyatta
7.                  
   1. Putting the learners to assume leadership position.
   2. Participation in sports.
   3. Engage in clubs and movements.
   4. Engagement in community service activities.
      (accept an other relevant option)
8.                    
   1. Goods are tangible, services are intangible.
   2. Goods are physical things. services are actions of humans.
   3. Goods can be stored, services are only offered.
   4. Surplus goods can be stored, services cannot be stored.
      (Accept any other relevant option)
9.              
   1. True
   2. False
   3. True
10.                
    1. Scarcity means the resources for satisfying human wants are not always enough, they are limited in supply.
    2. Choice is the decision by the buyer on what to acquire from the options provided.
    3. Distribution Refers to the movement of goods and services from the producer to the final user of the goods.
11.                
    1. Teaching
    2. Accountants
    3. Salespersons
    4. Bankers
    5. Marketing
    6. Entrepreneurs
       (Accept any other relevant option)
12. Needs               Wants
    Food                 Watch
    Water                Television
    Clothes             Mobile phone
13.                
    1. Corruption
    2. Favoritism
    3. Nepotism
    4. Drug and substance abuse
    5. Harassment
       (Accept any other relevant option)
14. Note                         Theme
    50 shillings               Green energy
    200 shilings              Social services
    1000 shillings           Goverance
15. Consumer is the final user of a good or a service.
16. Some goods or services like land and buildings cannot be moved physically, they are valued, then sold in order to be moved in terms of money.