Business Management 1A Questions
Answered Correctly (Qs) 2026 update
What role of business in society ? - CORRECT ANSWERS A business portrait a major role in
society. It is a system that transforms resources into a service or product, to satisfy one of the
consumer's unlimited needs. The products or services sold are also a way for the business to obtain
profit. Firstly, business involves human activity meaning, seeking a way to gain a profit on that business.
Businesses require production. A transformation of resources turning into a product or a service, to
obtain a profit later one. Exchange is also very important to a business, it is the relationship between the
manufacturer and seller. There has to be a form of good communication so, the there is no lack of
information between them. Lastly, profit. Profit rewards individuals and the company, after meetings
people's needs. It is necessary to have a running business.
The multiplicity of human needs - CORRECT ANSWERS Individuals have the constant
stratification on various needs but unfraternally, there are limited resources to fulfill one's needs and
wants. This is way numerous companies or organizations tend to research and analyze the community
satisfactions to pleasure them. Companies are always looking on a way to make consumers happy while
making a profit out of it.
Maslow's Hierarchy of Needs - CORRECT ANSWERS physiological, safety, love/belonging,
esteem, self-actualization
Society's limited resources - CORRECT ANSWERS Humans have a high tendency of wanting
multiple things like clothing, phone, home, etc.... One of the problems we are facing is the limited
amount of resources we have, to fulfill all the needs and wants we desire.
Important resources for a business - CORRECT ANSWERS • Natural Resources - The
production factor of land
(ex. Water, Land, Minerals, Metals...)
• Human Resources - The production factor of labor
(ex. Skilled people employed to create a product or service)
• Capital Resources - The production of assets
(ex. Buildings, machinery, cash registers...)
,• Entrepreneurship - The production factor of an individual taking a risk to make a successful business
The needs satisfaction cycle - CORRECT ANSWERS Entrepreneurs use certain resources
combinations to create a product or service for the community, to gain a profit off of it. They can ask the
community of services of products they want and try to find a correct location of where this product or
service will have the highest sells.
The economic principle (economic problem) - CORRECT ANSWERS Due to humans wanting
unlimited resources, businesses try to find a way of how they can satisfy most of the community's
needs, with very low resources. And, this is why there is an economic problem because, there are
millions of needs and wants from individuals but, with very limited resources to make the wants and
needs come true. To try to solve this problem, they settled various questions to try and solve this
problem:
• Which products and services should be produced?
• Who should produce it?
• How should it be produced?
• For whom should it be produced?
The main economic system - CORRECT ANSWERS 1. Market Economy: It is a free market
economy but, with some government influence. They are free of producing, opening which ever type of
business or service but, the government does have some type of say in it.
2. Command Economy: It is a very commanded form of economy. The government has a say in your
business meaning, they direct you and command you into making a business or service on their saying.
There is no private organizations, everything is controlled by the government.
3. Socialism: Is a mixture between a Market Economy and a Command Economy. Businesses can operate
with a free market, which they are free to operate how ever they would like but, government does
interfere by providing transportation to the community, health care, energy...
4. Mixed Economy: Is a mixture of all three forms of economy. It incomporate bits and pieaces of all of
the other form of economic systems.
,The different types of organizations - CORRECT ANSWERS • Business Organisations - They are
private organizations that are here to satisfy needs of the community to make a profit out of it and keep
the business flowing. This can only work if they can actually accomplish in satisifying the needs of the
community.
• Government Organisations - For the government to interfere as little as possible to the economy. To
only interfere when it is to improve the conditions for the community. Such as, healthcare,
transportation...
• Non-profit seeking Organizations - To satisfy needs of institutions whose main reason is to help the
community and not seek a profit out of it.
The purpose and tasks of business management - CORRECT ANSWERS The purpose of
business management is to find a way into satisfy humans needs with a limited about of resources. Its
purpose is also to have a small output in it and to obtain a larger input factor.
What is business management ? - CORRECT ANSWERS The direct control of a business or
enterprise.
The seven different functional/management areas in a business - CORRECT ANSWERS 1.
General Management - Forming a relationship with organizations, form a type of organization.
2. Marketing Management - Understanding human behavior to make a market analysis for consumers.
3. Financial Management - Influence strategies with the amount of capital they have.
4. Production and Operations Management - Solving location problems.
5. Purchasing Management - Purchasing stock and look for competition in the market.
6. Human Resources Management - Employee behavior.
7. Public Relations Management - Building a relationship with the external part of the business such as
its consumers. To communicate with them of what products they want...
An Entrepreneur - CORRECT ANSWERS An entrepreneur is someone who forms a business to
obtain a profit. They are the ones who decide who, what and for whom the product or service should be
produced. Entrepreneur start a business in the intention of making a profit. They take many risks, if the
business does not work or succeed, they will take full responsibility.
, Entrepreneurship - CORRECT ANSWERS Entrepreneurship is the process of creating and
building the idea that was created for the business. Entrepreneurship does not have a mindset of the
business failing, they are determined that the business will succeed at no cost. Also, entrepreneurship is
part of the four main factor of production land, labor, capital and entrepreneurship.
An entrepreneur is described as the following: - CORRECT ANSWERS • Creative
• Innovative
• Identify opportunities
• Find resources
• Take financial risks
• Bring change, growth and wealth in the economy
• Re-energies economies and create jobs
• Start, manage and grow substantial small business
The renaissance of entrepreneurship - CORRECT ANSWERS Entrepreneurship is becoming
more know thought many countries. Entrepreneur generate many jobs for society. Due to a high rate of
unemployment in many countries, many citizens decide to create or sell items to get capital for survival.
This is why in many third world countries, there are many people trying to sell a product or a service to
obtain a profit.
Entrepreneurship in SA - CORRECT ANSWERS The South African economy has decline over the
years. One of the reasons is due to a high level of unemployment rate and the country's labor law. The
other reason is that SA does not have enough people involved in small business which leads to no
employment for people that do not have a job.
The role of entrepreneurs and small business owners in society - CORRECT ANSWERS
Entrepreneurs satisfy the needs and wants of society by mobilizing the countries human, natural and
financial resources. This process requires labor which creates jobs for individuals. Small business owners
in other hand, tend to need fewer individuals to work for them. Usually, the owner does most of the job.
This creates less opportunities for people.
Answered Correctly (Qs) 2026 update
What role of business in society ? - CORRECT ANSWERS A business portrait a major role in
society. It is a system that transforms resources into a service or product, to satisfy one of the
consumer's unlimited needs. The products or services sold are also a way for the business to obtain
profit. Firstly, business involves human activity meaning, seeking a way to gain a profit on that business.
Businesses require production. A transformation of resources turning into a product or a service, to
obtain a profit later one. Exchange is also very important to a business, it is the relationship between the
manufacturer and seller. There has to be a form of good communication so, the there is no lack of
information between them. Lastly, profit. Profit rewards individuals and the company, after meetings
people's needs. It is necessary to have a running business.
The multiplicity of human needs - CORRECT ANSWERS Individuals have the constant
stratification on various needs but unfraternally, there are limited resources to fulfill one's needs and
wants. This is way numerous companies or organizations tend to research and analyze the community
satisfactions to pleasure them. Companies are always looking on a way to make consumers happy while
making a profit out of it.
Maslow's Hierarchy of Needs - CORRECT ANSWERS physiological, safety, love/belonging,
esteem, self-actualization
Society's limited resources - CORRECT ANSWERS Humans have a high tendency of wanting
multiple things like clothing, phone, home, etc.... One of the problems we are facing is the limited
amount of resources we have, to fulfill all the needs and wants we desire.
Important resources for a business - CORRECT ANSWERS • Natural Resources - The
production factor of land
(ex. Water, Land, Minerals, Metals...)
• Human Resources - The production factor of labor
(ex. Skilled people employed to create a product or service)
• Capital Resources - The production of assets
(ex. Buildings, machinery, cash registers...)
,• Entrepreneurship - The production factor of an individual taking a risk to make a successful business
The needs satisfaction cycle - CORRECT ANSWERS Entrepreneurs use certain resources
combinations to create a product or service for the community, to gain a profit off of it. They can ask the
community of services of products they want and try to find a correct location of where this product or
service will have the highest sells.
The economic principle (economic problem) - CORRECT ANSWERS Due to humans wanting
unlimited resources, businesses try to find a way of how they can satisfy most of the community's
needs, with very low resources. And, this is why there is an economic problem because, there are
millions of needs and wants from individuals but, with very limited resources to make the wants and
needs come true. To try to solve this problem, they settled various questions to try and solve this
problem:
• Which products and services should be produced?
• Who should produce it?
• How should it be produced?
• For whom should it be produced?
The main economic system - CORRECT ANSWERS 1. Market Economy: It is a free market
economy but, with some government influence. They are free of producing, opening which ever type of
business or service but, the government does have some type of say in it.
2. Command Economy: It is a very commanded form of economy. The government has a say in your
business meaning, they direct you and command you into making a business or service on their saying.
There is no private organizations, everything is controlled by the government.
3. Socialism: Is a mixture between a Market Economy and a Command Economy. Businesses can operate
with a free market, which they are free to operate how ever they would like but, government does
interfere by providing transportation to the community, health care, energy...
4. Mixed Economy: Is a mixture of all three forms of economy. It incomporate bits and pieaces of all of
the other form of economic systems.
,The different types of organizations - CORRECT ANSWERS • Business Organisations - They are
private organizations that are here to satisfy needs of the community to make a profit out of it and keep
the business flowing. This can only work if they can actually accomplish in satisifying the needs of the
community.
• Government Organisations - For the government to interfere as little as possible to the economy. To
only interfere when it is to improve the conditions for the community. Such as, healthcare,
transportation...
• Non-profit seeking Organizations - To satisfy needs of institutions whose main reason is to help the
community and not seek a profit out of it.
The purpose and tasks of business management - CORRECT ANSWERS The purpose of
business management is to find a way into satisfy humans needs with a limited about of resources. Its
purpose is also to have a small output in it and to obtain a larger input factor.
What is business management ? - CORRECT ANSWERS The direct control of a business or
enterprise.
The seven different functional/management areas in a business - CORRECT ANSWERS 1.
General Management - Forming a relationship with organizations, form a type of organization.
2. Marketing Management - Understanding human behavior to make a market analysis for consumers.
3. Financial Management - Influence strategies with the amount of capital they have.
4. Production and Operations Management - Solving location problems.
5. Purchasing Management - Purchasing stock and look for competition in the market.
6. Human Resources Management - Employee behavior.
7. Public Relations Management - Building a relationship with the external part of the business such as
its consumers. To communicate with them of what products they want...
An Entrepreneur - CORRECT ANSWERS An entrepreneur is someone who forms a business to
obtain a profit. They are the ones who decide who, what and for whom the product or service should be
produced. Entrepreneur start a business in the intention of making a profit. They take many risks, if the
business does not work or succeed, they will take full responsibility.
, Entrepreneurship - CORRECT ANSWERS Entrepreneurship is the process of creating and
building the idea that was created for the business. Entrepreneurship does not have a mindset of the
business failing, they are determined that the business will succeed at no cost. Also, entrepreneurship is
part of the four main factor of production land, labor, capital and entrepreneurship.
An entrepreneur is described as the following: - CORRECT ANSWERS • Creative
• Innovative
• Identify opportunities
• Find resources
• Take financial risks
• Bring change, growth and wealth in the economy
• Re-energies economies and create jobs
• Start, manage and grow substantial small business
The renaissance of entrepreneurship - CORRECT ANSWERS Entrepreneurship is becoming
more know thought many countries. Entrepreneur generate many jobs for society. Due to a high rate of
unemployment in many countries, many citizens decide to create or sell items to get capital for survival.
This is why in many third world countries, there are many people trying to sell a product or a service to
obtain a profit.
Entrepreneurship in SA - CORRECT ANSWERS The South African economy has decline over the
years. One of the reasons is due to a high level of unemployment rate and the country's labor law. The
other reason is that SA does not have enough people involved in small business which leads to no
employment for people that do not have a job.
The role of entrepreneurs and small business owners in society - CORRECT ANSWERS
Entrepreneurs satisfy the needs and wants of society by mobilizing the countries human, natural and
financial resources. This process requires labor which creates jobs for individuals. Small business owners
in other hand, tend to need fewer individuals to work for them. Usually, the owner does most of the job.
This creates less opportunities for people.
