Business Studies Questions and Answers - Grade 7 Opener Exams Term 2 2023 Set 3

QUESTIONS

1. Define the following business terms.
   1. Short term goal (2 mks)
   2. Long term goal (2 mks)
2.            
   1. Define the term talent. (2 mks)
   2. Give four examples of talents. (4 mks)
3. Analyse any five factors to consider when setting personal goals. (5 mks)
4. Name five career opportunities related to talents and abilities. (5 mks)
5. Explain what the following professionals do to earn a living.
   1. Teacher
   2. Accountant
   3. Salesperson
   4. Self employed people.
6. Each of the Kenyan currencies or notes symbolises various themes that promote different aspects of the country. Name the themes symbolised in the following notes. (5 mks)
   1. 50 shillings note
   2. 100 shillings note
   3. 200 shillings note
   4. 500 shillings note
   5. 1000 shillings note
7. Explain the meaning of the following statements about the use of money. (2 mks)
   1. Money is a medium of exchange.
   2. Money is a store of value.
8. The coins used in Kenya promote Kenya's tourism sector by showing Kenya's famous animals. Name the animals promoted by: (4 mks)
   1. 20 shillings coin
   2. 10 shillings coin
   3. 5 shillings coin
   4. 1 shilling coin
9.                  
   1. What is ethics? (1 mk)
   2. List four ethical issues related to the use of talents and abilities in business. (4 mks)
10. Define the following components of Business Studies. (4 mks)
    1. Commerce.
    2. Accounting
    3. Economics
    4. Entrepreneurship
11. Name two ICT devices that can help us in setting goals to improve our lives.(2 mks)
12. All Kenyan currency notes bears the listed features. Explain the importance or symbolism of each feature. (4 mks)
    1. Image of KICC
    2. A dove
    3. Coat of arms
    4. Picture of Mzee Jomo Kenyatta

Marking Scheme

1.              
   1. Shortterm goal is something you want to do in the near future. (12 months or less).
   2. Longterm goal is something you wanto to do further in the future- (more than 12 months)
2.              
   1. Talent is an inborn or natural ability to be good at something. without being taught.
   2. singing, dancing drawing. acting, inventing things designing things etc (correct answers)
3.            
   • specific-the goal should be precise with no room for misinterpretation
   • Measurable-The progress of the goal is easy to follow
   • Relevant-The goal contributes to broader objective.
   • Realistic-the goal should relate to your strengths and abilities.
   • Time bound-the goal should have a start and end date.
4. Athletes, comodian/comedy. artist, singer/musician, dancers. actors, actress etc.
5.                      
   1. A person who carn living through teaching.
   2. A person who carns living by keeping records of business transactions.
   3. A person who earns living by selling products.
   4. A person who starts and manages their business using skills and knowledge acquired.
6.            
   • 50-green energy
   • 100-agriculture
   • 200-Social service
   • 500-tourism
   • 1000-governance
7.              
   1. Money is used in exchange of goods and services because it i generally accepted by everyone
   2. Money is used for storing wealth for example savings. Saved money may retain its value for many years.
8.                      
   1. 20-elephant
   2. 10-lion
   3. 5-rhino
   4. 1-giraffe
9.                            
   1. Ethics is a set of beliefs about what is generally right.
   2.                  
      • discrimination
      • harassment
      • unethical accounting
      • nepotism or favourism.
10.                      
    1. It is study of trade and aids to trade i.e. how goods are produced and transported to where they are needed.
    2. Refers to keeping accurate business records for decision making.
    3. Study of how human beings attempt to satisfy their needs and wants using the limited resources available.
    4. Refers to study of the process of identifying a business opportunity and getting the required resources to start and run the business.
11. Computers, smart phones, smart watches etc
12.              
    1. It is most common known Jandmark in Kenya.
    2. Kenya is a peaceful country.
    3. Unity and defence of freedom.
    4. Mzee Jomo Kenyatta First President of Republic of Kenya.