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

QUESTIONS

1. Grade 7 learners were discussing about business activities. Name two areas that involves business activities. (2 mks)
2. The Kenyan currency contains themes and symbols. Identify the themes and symbols present in the following currencies. (4 mks)
   1. The Ksh 200 note
   2. The Ksh 500 note
3. We buy goods and services using money. List two challenges we would face if we exchanged goods with other goods. (4 mks)
4. The Kenyan currency has got security features. Give four examples of those features. (4 mks)
5. Personal goals are long-term desires that one wishes to achieve in the future. Describe three importance of having personal goals. (3 mks)
6. During a Business Studies class, you came across the terms "Talents and abilities". What is the difference between the two? (2 mks)
7. Grade 7 Learners were asked to discuss the components of Business Studies. Explain two points from the discussion. (4 mks)
8. Celine wants to pursue a career related to business studies. Give three examples she can choose from. (3 mks)
9. Issues relating to ethics have emerged in relation to use of talents and abilities in business. State four examples of such issues. (4 mks)
10. During a discussion, Peter and his friends came across the terms 'needs and wants'. What is the difference between the two terms? (2 mks)
11. When going for shopping, it is important to prepare a scale of preference. Name four reasons for preparing it. (4 mks)
12. You have realized that there are several learners with talents and different abilities in your school. Describe four ways in which they can be nurtured, (4 mks)
13. While doing research in the library, Samuel came across the term 'entrepreneurship'. What does it mean? (2 mks)
14. A teacher asked learners to differentiate between goods and services and give examples in each case. Use the table below to show their correct responses. (4 mks)
    

    Goods	Services
    a	a
    b	b

15. During a discussion, learners wrote on a manilla paper the importance of studying Business Studies. Write down four points from the discussion. (4 mks)

MARKING SCHEME

1. Activities that are carried out in and around production, distribution and consumption of goods and services.
2.                                    
   1. theme: social services.
      Symbol: medical services, education and athletics.
   2. theme: tourism
      Symbol: beach, parks, samba.
3.              
   • the value of the product we exchange for another may not be the same.
   • the person with the product we want might not be in need of the product we are giving for the exchange.
4.            
   • The word Kenya can be felt on all the notes.
   • The value of each note can be felt.
   • At the edge of each note, there are a number of bars according to the value of the currency that is 1 bar for shs 50, 2 bars for the 100, 3 bars for shs 200
   • There is a watermark of a perfect lion's head, the text CBK and the value of the bank note in each note. A watermark can only be revealed when the note is held up against light.
5.              
   • Provides a clear path to success.
     When one sets goals, they give him or her the steps to follow so that tasks are completed according to importance.
   • Helps improve time management and organization skills.
     If one knows exactly what he or she wants to achieve and knows the steps required to achieve it, there isles room for delaying or postponing.
   • Increase motivation
     When we achieve one short term goal after the other, we become motivated and work even harder.
   • Measures progress.
     Setting clear goals makes it easier for one to track his or her progress.
6.              
   • A talent is an inborn or natural ability to be good at something especially without being taught.
     It is something you are naturally good at and you enjoy doing like drawing, singing, dancing
   • Ability is the skill to do a particular task that is acquired through learning, training or practice.
7.                      
   • Accounting
     It's a systematic way of recording/keeping accurate business records arising from trading activities for decision making.
   • Financial literacy
     This is the ability to understand effectively use various financial skills
     These skills include personal financial management, budgeting and investing.
8. Accounting, teaching, banking.
9.                
   • Discrimination
     In a business environment, people should not be advantaged or disadvantaged according to the talents and abilities they do or do not have.
   • Harassment.
     We should not use talents and abilities to treat people who do not share talents and abilities unfairly.
   • Unethical accounting.
     We should not use our talents and abilities to mislead or give false information
   • Nepotism and favoritism
     Nepotism is when someone is given advantage for being family member.
10. Needs is a good or a service that a person must have in order to live.
    They include basic needs like shelter, food and clothing.
    Wants is a good or a service that a person would like to have but not for survival. Therefore, we can live without wants
11. Making a scale of preference helps a person to:
    • Decide which goods to buy according to their importance or priority and resources available.
    • Manage their finances well by buying only the most important things
    • Efficiently use available resources
    • Make reasonable choices when purchasing goods.
    • Maximize the satisfaction of needs and wants using limited resources.
12.                
    • we should demonstrate and improve them as much as possible. Skills need to be practised and improved for them to be helpful in our lives.
    • We can nature skills by engaging in activities like talent shows. creating clubs like drama, music and journalism among others. Sports teams can also help in murturing sports skills.
    • In a business environment, employers can encourage the workers to be creative and share their skills and ideas. They can also provide skills development programs that help the employees to improve and acquire more skills.
    • Nurturing talents and abilities in a business motivates and encourages people to be more productive. This can improve different areas of the business and make it profitable.
13. The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
14.            
    • Goods are things we can touch. Examples are, soap, cooking oil, clothes etc.
    • Services refer to the activities that people or organization do or provide to get paid to satisfy the needs or wants of a consumer. Examples are hair dressing, hotels, hospitals etc.
15.                      
    • It equips us with the knowledge and skills to successfully start and run a business.
    • It helps us to appreciate the importance activities in the provision of goods and services.
    • It assists individuals in acquiring skills for wise buying and selling.
    • It helps us understand the country's economy.