Business Enterprise Skills Paper 1 November 2023

1. AA delivery note signed by a customer when the goods arrive
2. BA receipt handed to a customer who has paid in cash
3. CA marketing plan setting out how the product will be sold
4. DA wage slip issued to an employee at the end of a month

1. Arecruit the workers who will operate the machinery.
2. Bdistribute the profit earned in the first trading year.
3. Cprint the packaging that the finished product will carry.
4. Dset out the objectives the enterprise intends to achieve.

1. Aan annual set of audited accounts published for the public to read.
2. Ban agreement stating how profits and duties will be shared.
3. Ca certificate of incorporation issued by the registrar.
4. Da listing of the partnership's shares on the exchange.

1. Ais barred from employing more than fifty people at any time.
2. Brestricts the transfer of its shares rather than offering them publicly.
3. Cgives each of its members unlimited liability for the company's debts.
4. Dhas no separate legal identity apart from its shareholders.

1. Atheir liability for the business's debts becomes limited.
2. Bthe business is relieved of paying tax on its profits.
3. Cthe owners are no longer required to keep accounting records.
4. Dthe business may be formed without any registration.

Answer this when you sit the paper.

1. Aa high rate of inflation raising the cost of its inputs.
2. Ba drought reducing the water available at its site.
3. Ca new statute tightening the rules on product labelling.
4. Da change in the fashions favoured by its customers.

1. Aa limit on the volume of effluent it may discharge into a river.
2. Ba rise in the bank rate charged on the enterprise's overdraft.
3. Ca shortage of qualified accountants in the labour market.
4. Dan increase in the wages demanded by its trade union.

1. Aa change in technology makes a new product possible.
2. Bthe enterprise's own machinery breaks down repeatedly.
3. Cthe price of the enterprise's raw materials rises sharply.
4. Dthe enterprise loses several of its experienced workers.

1. Akeep the accounting records of the enterprise complete and current.
2. Bsettle a dispute between two employees in the same team.
3. Ccollect payment from a customer who is slow to settle.
4. Dturn a new idea into a product or method that customers value.

1. Adividing the ownership of the enterprise among all of its workers.
2. Bemploying an outside firm to perform the whole operation.
3. Cpassing authority for a task to a subordinate who carries it out.
4. Dtaking over a task that a subordinate has begun badly.

1. Athe skills its long serving employees have acquired.
2. Bthe brand name under which its products are sold.
3. Cthe delivery vehicle the enterprise uses for its orders.
4. Dthe reputation the enterprise has built up among its customers.

1. Athe goodwill the enterprise enjoys among its customers.
2. Bthe inventory of finished goods held in the firm's warehouse.
3. Cthe machinery installed on its production floor.
4. Dthe cash standing in its account at the bank.

1. AUnemployment leaving the individual with no other income
2. BA secure salaried post with a well established employer
3. CA pension that already covers the whole of the individual's needs
4. DA shortage of any unmet needs in the local community

1. AA depreciation charge entered in the accounts
2. BA quality check performed on a batch of finished products
3. CA notice board placed at the entrance to the workshop
4. DA stock take carried out at the end of the year

1. ARaising the basic wage rate paid every month
2. BEnriching a job by adding more responsible duties
3. CPaying a commission on the value of each sale
4. DAwarding a cash bonus for exceeding an agreed monthly target

1. Adeciding the objectives that the enterprise will pursue next year.
2. Bcomparing the results achieved against the targets set.
3. Cinspiring the workforce to give its best to the enterprise.
4. Darranging the resources and duties needed to carry out a plan.

1. Aforecasting the sales that the enterprise expects next quarter.
2. Bguiding and motivating employees so that objectives are met.
3. Crecording the enterprise's transactions in its ledgers.
4. Dpurchasing the raw materials the enterprise will process.

1. Aleaves the team to work with no guidance being offered.
2. Brefers every decision upwards to the board of directors.
3. Cconsults the team and takes the decision with its involvement.
4. Dissues detailed instructions and expects them to be followed exactly.

1. Asets a broad aim and leaves the team to work out the detail.
2. Bsupervises each task closely from start to finish.
3. Ctakes every decision alone and explains the reasoning to nobody.
4. Dvotes with the team on each step before it is taken.

1. AThe advertising stage, where the product is made known to buyers
2. BThe banking stage, where the takings are deposited
3. CThe recruitment stage, where workers are engaged
4. DThe primary stage, where raw materials are extracted or grown

1. Athe mental effort applied by the enterprise's product designer.
2. Bthe minerals, water and soil drawn on in production.
3. Cthe factory buildings put up on a chosen site.
4. Dthe loan capital raised to finance the venture.

1. Athe physical and mental effort supplied by the workforce.
2. Bthe tools and the machinery installed in the firm's workshop.
3. Cthe land on which the workshop has been built.
4. Dthe profit earned by the owner of the enterprise.

1. Aruns to a fixed timetable that no delay can interfere with.
2. Bdelivers goods from door to door without transferring them.
3. Ccarries very heavy bulk cargo at the lowest cost per tonne.
4. Dmoves consignments between continents within a few hours.

1. AThe delivery vehicles used to serve customers
2. BWork in progress, made up of partly finished goods
3. CTrade receivables owed by credit customers
4. DThe bank balance standing to the credit of the manufacturer

1. Aidentifying the need for the goods in the first place.
2. Brequesting quotations from a number of suppliers.
3. Cselecting the supplier who offers the best terms.
4. Dreceiving and checking the goods against the order.

1. Aconsumable spares.
2. Braw materials.
3. Cwork in progress.
4. Dfinished goods.

1. ABulk buying, which orders large quantities from a single supplier
2. BStock taking, which counts the goods held at a given date
3. CPenetration pricing, which opens with a low price to win share
4. DJob rotation, which moves workers between different tasks

1. Athe department that handles a firm's advertising.
2. Bany arrangement through which buyers and sellers exchange goods.
3. Ca covered building in which traders rent space to sell goods.
4. Dthe total value of the goods a producer has in stock.

1. Athe quantity that sellers are prepared to offer at a given price.
2. Bthe quantity of goods a country purchases from abroad.
3. Cthe quantity of a good produced in a given period.
4. Dthe quantity buyers are willing and able to buy at a given price.

1. Areaches distant customers without the cost of renting premises.
2. Ballows customers to handle the goods themselves before buying.
3. Cremoves the need to arrange delivery of the goods sold.
4. Dprotects the enterprise from competitors in the same trade.

1. Acollect income tax on behalf of each one of its member states.
2. Bissue a single currency used across the whole of Africa.
3. Cset the wages paid by employers in every member state.
4. Dpromote trade and economic cooperation between member states.

1. Ais exempt from the customs duty charged by importing countries.
2. Bearns foreign currency but must meet stricter product standards.
3. Cfaces fewer competitors than it does in the home market.
4. Davoids the cost of transporting goods across the border.

1. AA market cost, which is set by the buyers of the product
2. BA capital cost, which is the profit that is paid to shareholders
3. CA revenue cost, which is the money received from sales
4. DA fixed cost, which does not change with the level of output

1. Athe amount by which current output exceeds break-even output.
2. Bthe profit that remains after all the expenses have been deducted.
3. Cthe cash the enterprise keeps in reserve for emergencies.
4. Dthe value of the stock held in the enterprise's warehouse.

1. Aselling off an asset that the enterprise no longer has a use for.
2. Bborrowing money in order to settle an overdue supplier.
3. Ccommitting funds now to assets expected to earn a return later.
4. Dspending the whole of this month's takings on wages.

1. A$2 000
2. B$4 000
3. C$6 000
4. D$16 000

1. Aa non-current liability, since it is owed to a bank.
2. Bpart of the capital that the owner has put into the business.
3. Ca current liability, since it is repayable within a year.
4. Da current asset, since it is money held at the bank.

1. Aremove the need to prepare any forecast of cash flow.
2. Bprotect the venture against a fall in customer demand.
3. Cexempt the new venture from registering with the authorities.
4. Dprovide start up capital without interest or loss of control.

1. Adecide the leadership style that the project manager will adopt.
2. Bset the rate of tax the project will pay on its earnings.
3. Ccompare the money actually spent against the amount planned.
4. Drecord the depreciation charged on the project's equipment.