Business Studies Questions and Answers - Grade 7 End Term 3 Exams 2023 Set 1

1. Money is an important tool in the running of day to day activities. (3mks)
   Give 3 main ways that shows functions of money.
2. What are some of the career opportunities related to Business studies. (2mks)
   Give two examples.
3. State 3 ways in which money can be used in our day to day lives  (3mks)
4. Two learners had the following flashcards
   
   1. Who between the two learners had things that one cannot do without.  (1mk)
   2. What are the characteristics of the things listed by learner A? (2mks)
5. Mention 4 reasons why a government is needed to get involved in business activities in Kenya. (4mks)
6. Mwamburi bought a sofa set for sh.30,000. He paid sh.20,000. cash and agreed to pay the remaining amount in two weeks time. Name the type of transactions involved in the business. (4mks)
7. A grade seven pupil asked a business expert on the legal requirements needed to start a business in Kenya. Give 4 possible answers the expert gave  (4mks)
8. What is the meaning of taxation?  (2mks)
9. Identify 4 factors considered when selecting a suitable market for goods and services of your business. (4mks)
10. In each of the following factors of production give its suitable reward it gets in each. (4mks)
    1. Enterprenuership -
    2. Labour -
    3. Land -
    4. Capital-
11. Pupils in Amani Junior secondary school discussed things that must be present during communication. Mention 3 things needed for effective communication to take place  (3mk)
12. Recognize 2 ways of sustainable use of economic resources in Kenya. (2mks)
13. Identify 2 differences between goods and services. (2mks)
14. Identify 4 business activities that business people can engage into in order to earn and create profit. (4mks)
15. Grade seven learners were discussing about economic resources. What are some of the characteristics they gave? (3mks)
16. Grade seven learners were sharing their experiences about methods of making payments for goods and services. Mention 2 ways of making payment for goods and services.(1mks)
17. The body in charge of collection of taxes in favour of government is called (2mks)
18. Grade seven learners were asked to give the main branches of Business Studies state 2 possible answers (2mks)
    
    

MARKING SCHEME

1.  
   • Medium of exchange
   • store value
   • measure of value
   • unit of accounting
   • transfer immovable things
2.  
   • Impart skills of wise buying and selling
   • Lead to different career pathway
   • Gain interpersonal skills
   • Understand tole of government
3.   
   • banking
   • accounting
   • teaching
   • underwriter
   • economics
4.  
   1. Learner B
   2.  
      • they are endless
      • they are heterogenous
      • one can live without
5.  
   • Creation of employment
   • Regulation of business practices
   • Provision of essential services 
   • Provision of large capital investments
6. Cash and credit transactions
7.  
   • Business permit
   • KRA pin
   • Business name and location
8. Process of collecting taxes from people, businesses and organizations
9.  
   • Tastes and preferences
   • Income level
   • Age
   • Price of product
   • Target market
10.  
    1. profit/salary
    2. wages
    3. rent
    4. interest
11.  
    • sender
    • message
    • reciever
    • feedback
12.  
    • planting trees
    • use of renewable resources
    • organic farming
    • engaging in re-afforestration
    • controlling of resources 
13.  
    

    Goods	Services
    Tangible	Intangible
    Can be stored	Cannot be stored
    Transfer of ownership   is possible	Transfer of ownership   is not possible
    Physical commodities	Human action

14.  
    • Extraction
    • Trade
    • Construction
    • Manufacturers
    • Processing
15.  
    • They are scarce
    • They have monetary value
    • They are unevenly distributed
    • They have alternative use
16.  
    • cash
    • mobile payment
    • cheque
    • standing order
    • credit card
    • debit card
17. Kenya Revenue Authority
18.  
    • Economics
    • Financial literacy
    • Commerce
    • Entreprenuership
    • office practise
    • Accounting