Business Enterprise Skills Paper 1 November 2018

1. Asubsistence economy
2. Bcapitalist economy
3. Ccommand economy
4. Dplanned economy

1. Ashared equally between firms and foreign investors
2. Bowned by the state on behalf of society
3. Cowned by individual entrepreneurs for profit
4. Dallocated entirely by supply and demand

1. Aclosed economy
2. Bmarket economy
3. Cmixed economy
4. Dplanned economy

1. Apublishing an audited annual report
2. Brecalling a product found to be faulty
3. Cpaying overtime at the agreed rate
4. Dpaying an official to win a tender

1. Avertical integration
2. Bmisleading advertising
3. Cprice discrimination between buyers
4. Dtax evasion

1. Aschedule maintenance of factory machinery
2. Bidentify customer needs and create demand
3. Cprepare the statutory accounts for auditors
4. Dnegotiate wage rates with the trade union

1. Alowers the interest charged on the firm's loans
2. Bsets the wage each production worker receives
3. Cgenerates the sales revenue the firm depends on
4. Dreduces the amount of tax the firm must pay

1. Agiving an employee more decision-making authority
2. Bmoving an employee between similar routine tasks
3. Cpaying an employee a bonus at the end of the year
4. Dreducing the number of hours an employee works

1. Apay is linked to output, encouraging higher effort
2. Bthe quality of each unit produced is protected
3. Cemployees receive the same income every week
4. Dclose supervision of every worker becomes essential

1. Aregister the business with the tax authority
2. Bvalue the stock held at the end of the year
3. Cpersuade lenders that the venture is viable
4. Drecord the wages paid in the last tax year

1. Asets the salaries of the board of directors
2. Brecords every transaction the business makes
3. Clets actual results be compared with targets
4. Dfixes the prices charged for the next ten years

1. Awindow dressing
2. Bgrowth
3. Cliquidation
4. Dsurvival

1. Agrowth
2. Bmarket domination
3. Cprofit maximisation in the short run
4. Dsurvival

1. Acost leadership
2. Bmarket penetration
3. Cprofit maximisation in the short run
4. Dcorporate social responsibility

1. Aits capacity to combine assets effectively
2. Bthe profit it earns in a trading period
3. Cthe markets in which it chooses to compete
4. Dthe assets it owns or controls as inputs

1. Awhat the firm can do with what it has
2. Bthe tangible assets recorded on its books
3. Cthe finance available to it from lenders
4. Dthe raw materials it buys from suppliers

1. Aeach vehicle can be built to a customer's unique design
2. Bvery little capital equipment is required
3. Cthe workforce needs no division of labour
4. Dstandardised output allows economies of scale

1. Aone breakdown can halt the whole assembly line
2. Bunit costs rise as output volume increases
3. Cthe product cannot be produced in large volumes
4. Dno capital investment is needed to set it up

1. Aa government ministry
2. Ba state-owned utility
3. Ca partnership
4. Da local authority

1. Aqualify for a place on a training course
2. Bmeet a legal duty placed on plot holders
3. Cearn an income and become self-reliant
4. Davoid paying tax on her farm produce

Answer this when you sit the paper.

Answer this when you sit the paper.

Answer this when you sit the paper.

1. Anegotiation and people management
2. Bbook-keeping and stock valuation methods
3. Cproduct design and packaging
4. Dquality inspection and testing

1. Aan immediate rise in the tax rate on her income
2. Bunlimited liability for debts the partner incurs
3. Cthe loss of her right to any share of the profit
4. Da legal duty to publish audited accounts yearly

1. Aa lower rate of tax on her farm income
2. Ba reduction in the wages she pays workers
3. Can exemption from the produce inspection rules
4. Da higher selling price and longer shelf life

1. Adecisiveness and resilience under risk
2. Breluctance to change any existing methods
3. Cavoidance of all commercial risk
4. Ddependence on government instruction

1. Aits scale and established brand recognition
2. Ban outbreak of highly pathogenic avian influenza
3. Ca ban on importing hatching eggs
4. Dreduced consumer buying power

1. Aits own experienced veterinary team
2. Bits modern hatchery equipment
3. Cits long-standing contracts with feed suppliers
4. Da further outbreak of avian influenza

1. Acutting its prices below its own unit costs
2. Bcopying the large producer's advertising spend
3. Cserving a niche the large producer ignores
4. Dmatching the large producer's output volume

1. Aeach buying its inputs separately in small lots
2. Breducing the range of customers they serve
3. Cholding larger stocks of unsold produce
4. Dforming a cooperative to buy inputs together

1. Alower total fixed costs than a small producer
2. Blower unit costs through economies of scale
3. Cfaster decision-making than a small producer
4. Dless exposure to disease across the flock

1. Aunit costs rise as output volume increases
2. Ba disease outbreak can affect a very large flock
3. Cbargaining power with feed suppliers is much weaker
4. Dinvestment in technology becomes unaffordable

1. Athe depreciation method used for assets
2. Bthe location of the company's head office
3. Cthe cost of production and competitors' prices
4. Dthe number of shifts worked in the factory each week

1. Aprice elasticity of demand and rival prices
2. Bthe size of its issued share capital
3. Cthe accounting standards it applies to stock
4. Dthe length of its financial year