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

Define the following terms. (2mks)

1. Business
2. Business studies

For questions 3 to 7, state the term given to each of the following component of business studies. (5mks)

3. Study of activities involved in the process of identifying a business opportunity and acquiring resources to start and run a business.
4. Ability to understand and effectively use various financial skills, including personal financial, management, budgeting and investing.
5. Study of trade and aids to trade
6. The study of how human beings strive to satify endless wants using the available scarce resources
7. The study of recording business activities which are used in decision making.
8. Explain four importance of business studies. (4mks)
9. From the list given below, tick all the career opportunities related to business studies. (4mks) 
   
10. Define the term "money". (1mk)
11. State and explain three uses of money in a day-to day life. (6mks)
12. Stella went to a Safaricom shop to withdraw some cash. State and explain three features in the Kenyan currency she should be keen to observe. (6mks)
13. State and explain the theme and symbol in each of the following Kenyan currency. (6mks)
    

Define the meaning of the following terms. (2mks)

14. Goals
15. Personal goals
16. Study the diagram below.
    
    What are Brian's goals? (3mks)
17. Highlight three importance of setting personal goals. (3mks)
18. State and explain two factors to consider when setting personal goals. (4mks)
19. Name any four ICT devices that one can use to set personal goals. (4mks)

MARKING SCHEME

1. refers to any activity that is carried out by an individual or an organisation in the provision of goods and services with an aim of making profit.
2. is the study of activities that involve production, distribution ans consumption of goods and services
3. Entrepreneurship
4. Financial literacy
5. Commerce
6. Economics
7. Accounting
8.  
   • Equips members of the society with knowledge needed to start and operate a business
   • Helps individuals to develop a positive attitude towards work
   • Assists individual in appreciating the role of business in provision of goods and services
   • Equips individuals with abilities to understand the role of communication and information technology in modern business management
   • Helps the individuals to develop positive attitudes towards the environment
   • Equips the individual with knowledge and skills required to evaluate business performance
   • Makes the members of society to appreciate the need for good business management
     practices.
9.  
   • Banker                               
   • accountant
   • Economist                         
   • entrepreneur
10. Money is any item or medium of exchange that is accepted by peoplr for the payment of goods and services.
11.  
    1. serves as a medium of exchange-people use money to pay for goods and services
    2. money serves as a store of value-you do not need to store goods especially the perishable goods but you can sell the goods and store the money
    3. used as a unit of account-financial transactions can be recorder in terms of money
    4. As a measure of value-goods and services can be valued in terms of money
    5. used as a transfer of immovable assets- immovable assets such as land, building can be sold and the money used to buy them else where
    6. used as a standard for deferred payment- money is used to pay debts at a future date
12.  
    • The water mark-hold up to the light and from both sides you will see a perfect lion's head
    • The security thread - appears as a continuous shiny thread changing colour from red to green.
    • The golden band on the back of the note shows the value
    • Feel KENYA by touching
    • Feel the value of touching
    • Feel the edge 501 bar
      100g - 2 bars
      200 - 3 bars
      500 - 4 bars
      1000 - 5 bars
13.  
    1. 200 shilling note
       • theme social services
       • symbol-medical services education and athletics
    2. 500 shillings note
       
       • Theme-governance
       • Symbol-national assembly
    3. 1000 shilling note
       • Theme - Governance
       • Symbol - Parliament
14. Goals-it is an aim a desired result, the object of a person's ambition or effort
15. Personal goals-is what a person wishes to achieve within a given time
16.  
    • To improve in academic performance
    • To learn how to play guitar
    • To loose weight from 70kgs to 50kgs
17.  
    • Helps one to stay motivated even during tough times
    • Helps one to focus time and energy on what needs to be achieved
    • Helps a person to check on the progress of what he or she wants to achieve
    • One can avoid wasting resources such as time and money on unnecessary activities
    • Goal setting increase chances of succeding in life
    • Keeps one accountable for their time and actions
    • Success in achieving goals helps to build self confidence
18.  
    • Specific-clear and specific so your goals are easier to achieve
    • Measurable-measurable goals that can be tracked allowing one to see progress
    • Realistic-avoid overwhelming and unnecessary stress and frustraction by making the goal realistic
    • Time bound-a date helps us stay focused and motivated, laspiring us and providing something to work towards.
19.  
    • Laptop
    • mobile phone
    • computer
    • digital watch
    • tablet
    • digital television
      (any 4 correct)