Business Studies Questions and Answers - Form 1 Opener Exam Term 3 2022

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BUSINESS STUDIES
FORM 1 OPENER EXAM
TERM 3 2022

INSTRUCTIONS.

  • Answer all the questions
  1. Enumerate benefits of studying business studies to a student. (4mks)
  2. Highlight four benefits of a business plan to an entrepreneur. (4 Mks)
  3. Give four aids to trade (4mks)
  4. State four reasons why choice should be made in satisfying human wants (4mks)
  5. Name any four business activities (4mks)
  6. Give any four purposes of a business(4 mks)
  7. Name the machines used in the following (4mks)
    1. Trimming documents into required shapes and size
    2. Performing complex calculations
    3. Printing postage impression on envelopes
    4. Removing pins from papers
  8. State four factors of production and their rewards (4mks)
  9. Give four features of economic resources (4mks)
  10. Indicate with a tick whether the following resources are renewable or non-renewable (4mks)
    Resources Renewable Non-renewable
    Limestone    
    Biogas    
    Solar energy    
    Natural rubber    
  11. Highlight four characteristics of basic wants (4mks)
  12. Highlight four ways in which an open office layout can contribute to improved office operations. (4mks)
  13. State whether the following is an internal or external environment of a business (4mks)
    1. Finances………………………………………………………………………..
    2. Management style of business…………………………………………………..
    3. Competition……………………………………………………………………..
    4. Government policy………………………………………………………………..
  14. State four personal attributes of a good office staff (4mks)
  15. Hobbies is one of the sources of business ideas, highlight four other sources of business ideas. (4mks)
  16. State four ways in which a society benefit from indirect production. (4mks)
  17. A business opportunity exists where there are gaps in the needs of the market. State four such gaps. (4mks)
  18. State any four characteristics of a good filing system (4mks)
  19. Highlight four factors to consider when selecting office equipment. (4mks)
  20. State four types of utilities created in production. (4mks)
  21. List four features of a good entrepreneur (4mks)
  22. Enumerate four activities carried out at the primary level of production. (4mks)
  23. State four differences between goods and services. (4mks)
    Goods Services
       
       
       
       
  24. State four causes of a business failure (4mks)
  25. Define the following terms (4mks)
    1. Specialisation:…………………………………………………………
    2. Utility:……………………………………………………………………
    3. Division of labour:………………………………………………………
    4. Business:…………………………………………………………………

MARKING SCHEME

  1. Enumerate the benefits of studying business studies to a student. (4mks)
    • It equips the student with knowledge and skills required to evaluate business performance
    • Helps the individual student to develop positive attitude towards the environment
    • Assist the individual student acquire self-discipline and positive attitude towards work
    • Assist the individual student understand the role of government in business activities.
    • Equips the learner with knowledge and skills necessary to start and run a business comfortably
    • Helps the individual student in appreciating the role of business in provision of goods and services.
      ( 4 x 1 = 4mks)
  2. Highlight four benefits of a business plan to an entrepreneur. (4 Mks)
    • Facilitates acquisition of loans from financial institutions and other financiers
    • Provides guidance for opening new or expanding existing business /adaptability
    • It acts as a management tool for the business / monitoring tool / identifies strengths
    • It’s a tool for evaluating business performance
    • It lays the strategy to be used in marketing the products
    • It enhances the credibility of the business
    • It’s a motivational tool
    • To avoid mistakes
    • Proper allocation of resources
    • To determine how much resources are required e.g. labour, capital etc /source of capital
    • Will help to identify the nature and scope of the market.
  3. Give four aids to trade (4mks)
    • Transport
    • Banking
    • Warehousing
    • Communication
    • Advertisement
    • Insurance
      (4 x 1 = 4mks)
  4. State four reasons why choice should be made in satisfying human wants (4mks)
    • Because human wants are insatiable
    • They are repetitive
    • They are habitual
    • They are complimentary
    • They are competitive
    • They are unlimited
    • They vary in urgency and intensity ( 4x1 = 4mks)
  5. Name any four business activities (4mks)
    • Trade – involve buying and selling goods with an aim to make profit
    • Processing – changing the form from raw materials without combing them with other goods
    • Manufacturing – combining different raw materials to come up with a final product
    • Extraction – involves getting goods from their natural environment
    • Construction – involves construction of roads, bridges etc
    • Distribution – involve moving goods from where they are produced to where they are needed.
    • Provision of services such as shoe shining, health services (4x1=4mks)
  6. Give any four purposes of a business(4 mks)
    • To make profit
    • As a hobby
    • To create employment
    • Be own boss
    • To serve the community
    • Outlet for new innovations
    • For prestige/enhance ones image/self-actualization
      (Any other relevant point) (4x1=4mks)
  7. Name the machines used in the following
    1. Trimming document into required shapes and size - Guillotine
    2. For complex calculations - Computer
    3. For printing postage impression on envelopes - Franking machine
    4. For removing pins from papers - Staple remover
  8. State four factors of production and their rewards (4mks)
    • Land – rent/loyalty
    • Labour – wages/salary
    • Entrepreneurship – profit
    • Capital – interest
      (no splitting/Strictly award for correct factor and matching reward 1=4mks)
  9. Give four features of economic resources (4mks)
    • Have money value
    • Unevenly distributed
    • Can be combined
    • Can be complimentary
    • Can change ownership
    • Have alternative uses (4x1=4mks)
  10. Indicate with a tick whether the following resources are renewable or non-renewable (4mks)
    Resources Renewable Non-renewable
    Limestone    ✓
    Biogas  ✓  
    Solar energy  ✓  
    Natural rubber    ✓
    (4x1 =4mks)
  11. Highlight four characteristics of basic wants (4mks)
    • They are felt needs
    • One cannot do without them
    • Cannot be postponed
    • They are satisfied before secondary wants
    • They are universal
    • They are essential for human survival (4x1=4mks)
  12. Highlight four ways in which an open office layout can contribute to efficiency in office operations(4mks)
    • Easy location of workers since all are in one room
    • Workers can consult each other which promotes team work
    • Ensures easy supervision since it requires few officers to oversee others
    • It discourages absenteeism
    • Customer service is better because continuity is maintained
    • It reduces cases of corruption and dishonesty among staff because the action of each member is easily monitored. (4x1=4mks)
  13. State whether the following is an internal or external environment of a business (4mks)
    • Management style of business - internal
    • Competition – external
    • Government policy - external
    • Employees – internal (4x1=4mks)
  14. State four personal attributes of a good staff (4mks)
    • Good physical appearance
    • Good moral /positive behavior
    • Good health
    • Good posture
    • Proper personal hygiene (4x1=4mks)
  15. Hobbies is one of the sources of business ideas, highlight four other sources of business ideas (4mks)
    • Mass Media- Magazines, journals and newspapers
    • Trade fairs ,shows and exhibitions
    • Unsatisfied needs
    • Brain storming
    • Personal skills and knowledge
    • Recycling waste materials
    • Listening to what people say
    • Surveys (4x1 -4mks)
  16. State four ways in which a society benefit from indirect production (4mks)
    • Better quality goods
    • Variety of goods
    • Higher production capacity to meet the demand
    • Promotes specialization
    • Facilitates exchange
    • Leads to higher standards of living
      (4x1=4mks)
  17. A business opportunity exists where there are gaps in the needs of the market. State four such gaps. (4mks)
    • Poor services
    • Unaffordable prices
    • Insufficient quantities
    • Poor quality products
    • Unavailability of products (4x1=4mks)
  18. State any four characteristics of a good filing system. (4mks)
    • Compactness – should not take up too much space
    • Classification – files should be well labeled
    • Suitability – it should suit the needs of the organization
    • Accessibility – the files should be easily accessed by users
    • Economical – it should not be too expensive to start and maintain
    • Simplicity – should be simple to understand and operate
    • Flexibility – should be flexible and allow expansion
      (4x1 =4mks)
  19. Highlight four factors to consider when selecting an office equipment (4mks)
    • Nature of work
    • Effect on staff morale
    • Adaptability
    • Nature of machine
    • Security of the machine
    • Availability of room
    • Size of the firm
    • Durability
    • Cost
    • Availability of complimentary resources (4x1=4mks)
  20. State four types of utilities and identify how each is created in production (4mks)
    • Time – created through storage
    • Place – created through bridging the geographical gap between producers and consumers through transport
    • Possession – created through transfer of ownership of goods and services from one person to
    • Another(Do not award possessive strictly adhere to possession)
    • Form – created through changing the form of a commodity by converting raw materials to finished Goods. (4x1=4mks)
  21. List four features of a good entrepreneur (4mks)
    • Patience
    • Goal oriented
    • Innovative
    • Risk taker
    • Efficient
    • Desire to achieve
    • Competitive
    • Time conscious
    • Desire for feedback (4x1 =4mks)
  22. Enumerate four activities carried out at the primary level of production (4mks)
    • Lumbering
    • Farming
    • Fishing
    • Mining (4x1=4mks)
  23. State four differences between goods and services (4mks)
    Goods Services
    Are tangible
    Can be stored
    Most can be seen
    Can be standardized
    Not all goods are perishable
    Can change ownership
     Are intangible
    Cannot be stored
    Cannot be seen
    Cannot be standardized
    Services are highly perishable
    Cannot change ownership
    (4x1=4mks)
  24. State four causes of a business failure (4mks)
    • Poor management
    • Inadequate capital
    • Political instability
    • Lack of government support
    • Lack of market
      (Any other relevant points) (4x1=4mks)
  25. Define the following terms (4mks)
    1. Specialisation: Concentrating in an activity where one is best suited
    2. Utility: it is the ability of a good to satisfy a want/ usefulness of a commodity
    3. Division of labour: breakdown of a production process into stages and each stage is assigned to an individual or a group of people.
    4. Business: Any entity/activity whose primary aim is to make profit by providing goods/services
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