BSM1501 Assignment 6 Semester 2 2023

BSM1501 Assignment 6 Semester 2 2023. 100% CORRECT questions, answers, workings and explanations. Question 1 Not yet answered Marked out of 1.00 Flag question Question text What must a small business manager be able to do? a. Plan, organise, lead and control various business functions. b. Start his/her own enterprise. c. Take calculated risks. d. Identify new products or opportunities. Question 2 Not yet answered Marked out of 1.00 Flag question Question text What is the main advantage of a formal business? a. Not having to keep financial records. b. No need for recognised business premises. c. No tax implications. d. Easier access to finance. Question 3 Not yet answered Marked out of 1.00 Flag question Question text Trade unions fight for the rights of workers who are in the same branch of industry. Trade unions are a variable that influences the individual enterprise in the _______ environment. a. political b. physical c. international d. economic Question 4 Not yet answered Marked out of 1.00 Flag question Question text Life expectancy has increased as a result of better medical services and healthier lifestyles. Life expectancy is a variable that influences the enterprise in the _______ environment. a. economic b. technological c. social d. physical Question 5 Answer saved Marked out of 1.00 Flag question Question text Why do we conduct a feasibility study? a. To determine the market potential of an idea. b. To analyse consumer trends and preferences. c. To evaluate the financial viability of an enterprise. d. To identify potential competitors in the market. Question 6 Answer saved Marked out of 1.00 Flag question Question text Which source can be considered for generating business ideas? a. Industry experts b. Brainstorming sessions c. Feasibility study reports d. The Yellow Pages Question 7 Answer saved Marked out of 1.00 Flag question Question text Consumers’ preferences for certain products and services, relate to the _______ segment of an enterprise’s total potential market. a. behaviouristic b. demographic c. psychographic d. geographic Question 8 Not yet answered Marked out of 1.00 Flag question Question text After a feasibility study, a viability study needs to be conducted. The viability study assesses _______. a. whether the entrepreneur will be able to convert the idea into a business enterprise b. the profit potential of the business idea c. the market potential of the business idea d. the market and profit potential of the business idea Question 9 Not yet answered Marked out of 1.00 Flag question Question text The part of the market that an enterprise could serve on the basis of the production capacity and the state of the country’s economy is known as the _______. a. target market b. total potential market c. market segment d. market share Question 10 Not yet answered Marked out of 1.00 Flag question Question text To calculate the gross profit in the income statement, the owners of an enterprise should _______. a. add the cost of sales to the sales figure b. add the expenses to the sales figure c. deduct the cost of sales from the net profit d. deduct the cost of sales from the sales figure Question 11 Not yet answered Marked out of 1.00 Flag question Question text If the market potential and profit potential show that the business idea is viable, the next step in the planning stage was to _______. a. draw up a business plan b. do a feasibility study c. determine the market and profit potential d. implement the idea Question 12 Not yet answered Marked out of 1.00 Flag question Question text The human resources plan should be addressed when writing the _______ in the business plan. a. description of the enterprise b. financial plan c. management plan d. marketing plan Question 13 Not yet answered Marked out of 1.00 Flag question Question text The name of a sole proprietorship _______. a. must end with “(Pty) Ltd” b. has no restrictions and may be any legal name c. must end with “& Co” d. must end with “CC” Question 14 Not yet answered Marked out of 1.00 Flag question Question text An enterprise should take out insurance for its employees before work can start. If an accident takes place, the employees can claim compensation from the _______. a. local authorities b. South African Revenue Service c. Unemployment Insurance Fund d. Compensation Commissioner Question 15 Not yet answered Marked out of 1.00 Flag question Question text The entrepreneur should determine in advance what the enterprise wants to achieve and how these objectives could be attained. To which element of the general management function does this refer? a. Planning b. Organising c. Controlling d. Leading XPRESS CHEF Chandré Mashile had worked as a chef for a high-end restaurant for ten years. During these ten years, she heard many customers asking for take-home versions of the most popular meals. They wanted quality meals conveniently delivered to their homes, saving them time and the cost of preparing it themselves. Requests ranged from meals to take on holidays, entertaining unexpected guests and treating themselves at home. Three years ago she resigned and started her own enterprise, Xpress Chef, which she registered as a sole proprietorship. She decided that her product range would consist of freshly prepared meals since her target market consisted mostly of consumers living in Pretoria who had a busy lifestyle. Chandré decided that she would manage the enterprise from home and create a webpage for Xpress Chef so that her consumers would be able to choose from various meals online. She would also include a weekly delivery service. Chandré invested R80 000 of her own capital in the enterprise, but it was not nearly enough to cover her expenses. She had to buy a new oven and kitchen equipment. To finance this, she took out a loan of R100 000 which she planned to pay back over five years. She also applied for a bank overdraft to finance her initial stock and pay salaries and expenses for the first few months. She bought all her fresh ingredients, such as vegetables and eggs, at the Farmer’s Market in Pretoria. Chandré’s prepared meals became well known in the area. After receiving some feedback from her consumers, Chandré came to realise that there were groups of individuals with similar needs. Their suggestions encouraged her to include speciality options in her prepared-meal range such as vegetarian, vegan and gluten-free meals, and she segmented her market according to their preferences. Chandré tried this on a trial basis and it was such a success that she started doing this on a full-time basis. This novelty spread by word of mouth to the surrounding areas and more households started to use Xpress Chef to cater for their home needs. Chandré’s prepared meals became so popular that she could not satisfy the growing demand. She realised that the capacity of her enterprise was inadequate and decided to employ Mark, a professional chef, Eveline, a kitchen aid, and Sarah, an administrative assistant. The success of Xpress Chef resulted in the establishment of other meal preparation competitors in Pretoria and the surrounding area. Chandré realised that she had to advertise her services to increase her market share. She still had the advantage of being the only online meal preparation service that offered delivery in the area. Chandré decided to launch a marketing campaign and make potential customers in the surrounding suburbs aware of the variety of her delicious prepared meals. Her marketing campaign included low-cost options such as handing out business cards and flyers and creating social media pages. READ THE CASE STUDY AND ANSWER ALL THE QUESTIONS THAT FOLLOW. Question 16 Not yet answered Marked out of 1.00 Flag question Question text Chandré had to appoint more employees to keep up with the increase in demand for her prepared meals. This could be an indication of _______. a. Xpress Chef’s growth b. Chandré’s insight into profit and loss c. Chandré’s general management skills d. Xpress Chef’s survival Question 17 Not yet answered Marked out of 1.00 Flag question Question text Chandré registered the new enterprise as a sole proprietorship. A disadvantage of being a formal enterprise could be that Chandré _______. a. has difficulty to obtain finance b. has difficulty to obtain resources c. does not have recognised premises d. has to pay tax Question 18 Not yet answered Marked out of 1.00 Flag question Question text Chandré invested her own money in the enterprise and applied for financing. This could be an example of her _______. a. positive attitude and approach b. creativity and innovative ability c. willingness to take calculated risks d. involvement in the enterprise Question 19 Not yet answered Marked out of 1.00 Flag question Question text Chandré identified the need for prepared meals in Pretoria and started her own enterprise. Therefore, she could be regarded as a/an _______. a. franchisee b. intrapreneur c. franchisor d. entrepreneur Question 20 Not yet answered Marked out of 1.00 Flag question Question text Chandré is responsible for all the functions of Xpress Chef. This could be an example of how she displayed her _______. a. involvement in the enterprise b. perseverance c. commitment d. willingness to take calculated risks Question 21 Not yet answered Marked out of 1.00 Flag question Question text Xpress Chef could be classified under the _______ branch of industry. a. service b. prepared meals manufacturing and service c. prepared meals manufacturing d. commercial Question 22 Not yet answered Marked out of 1.00 Flag question Question text Chandré’s target market is people with a busy lifestyle. This refers to a variable in the _______ environment. a. technological b. physical c. economic d. social Question 23 Not yet answered Marked out of 1.00 Flag question Question text Xpress Chef could be classified under the _______ production branch. a. service b. manufacturing and service c. commercial d. prepared meals manufacturing and service Question 24 Not yet answered Marked out of 1.00 Flag question Question text Mark, Eveline and Sarah could be regarded as which one of the production factors of Xpress Chef? a. Natural resources b. Entrepreneurship c. Labour d. Capital Question 25 Not yet answered Marked out of 1.00 Flag question Question text Chandré’s R80 000 contribution of her savings to buy a new oven and kitchen equipment can be regarded as which one of the production factors? a. Capital b. Entrepreneurship c. Natural resources d. Labour Question 26 Not yet answered Marked out of 1.00 Flag question Question text According to the case study, which approach did Chandré and her team, Mark, Eveline and Sarah, use to generate the new ideas including specific meal plan options such as vegetarian, vegan and gluten-free meals? a. Everyday activities b. Other sources c. Yellow pages d. Common needs Question 27 Not yet answered Marked out of 1.00 Flag question Question text Chandré identified the need for prepared meals in Pretoria during the _______ stage. a. planning b. feasibility c. implementation d. idea Question 28 Not yet answered Marked out of 1.00 Flag question Question text If Chandré used her qualification as a trained chef and her experience in cooking, she would have used her _______ as a method to generate her business idea. a. skills b. expertise c. talents d. aptitudes Question 29 Not yet answered Marked out of 1.00 Flag question Question text Chandré is right-brain dominant, which means that she sees things in a/an _______ manner, which refers to _______ thinking. a. analytical; convergent b. perceptual; convergent c. perceptual; divergent d. analytical; divergent Question 30 Not yet answered Marked out of 1.00 Flag question Question text Chandré would use a bow-tie diagram to develop her business idea in terms of the _______ the idea. Select one or more: a. essence of b. possibility of taking a new direction with c. possible combination of d. market potential of e. profit potential of Question 31 Not yet answered Marked out of 1.00 Flag question Question text When Chandré decided that the idea was viable, the next step in the planning stage was to _______. a. determine the market and profit potential b. do a feasibility study c. implement the idea d. draw up a business plan Question 32 Not yet answered Marked out of 1.00 Flag question Question text To which of the following questions would Chandré’s market research provide answers to? Select one or more: a. Is there a need for prepared meals? b. How many prepared meals will she be able to sell? c. Who is going to buy prepared meals? d. What price can be charged for the prepared meals? Question 33 Not yet answered Marked out of 1.00 Flag question Question text The monthly salaries Chandré pays to Mark, Eveline and Sarah can be regarded as a/an _______ cost. Select one or more: a. fixed b. indirect c. direct d. variable Question 34 Not yet answered Marked out of 1.00 Flag question Question text Chandré’s customers prefer their prepared meals to be delivered on a weekly basis. This relates to the _______ segment of Xpress Chef’s total potential market. a. behaviouristic b. psychographic c. geographic d. demographic Question 35 Not yet answered Marked out of 1.00 Flag question Question text Chandré realised that she could compete with her competitors after conducting a _______. a. macro-environmental analysis b. viability study c. SWOT analysis d. micro-environmental analysis Question 36 Not yet answered Marked out of 1.00 Flag question Question text Who is the main user of Xpress Chef’s business plan? a. Sarah b. Chandré c. Eveline d. Mark Question 37 Not yet answered Marked out of 1.00 Flag question Question text Xpress Chef’s business plan should represent a professional document, which transfers the required message and information to the reader. To which one of the following characteristics does this statement refer? a. Synthesis b. Action c. Communication d. Analysis Question 38 Not yet answered Marked out of 1.00 Flag question Question text Chandré made sure that the name of the enterprise, its address, relevant contact details and date appeared _______ of the business plan. a. on each page b. in the executive summary c. in the confidentiality agreement d. on the cover page Question 39 Not yet answered Marked out of 1.00 Flag question Question text Chandré explained the proposed distribution strategy and her competition in the _______ plan of the business plan. a. marketing b. human resource c. financial d. organisational structure Question 40 Not yet answered Marked out of 1.00 Flag question Question text Xpress Chef’s business plan should be implemented, otherwise, it has no use. To which one of the following characteristics does this statement refer? a. Analysis b. Action c. Communication d. Synthesis Question 41 Not yet answered Marked out of 1.00 Flag question Question text The name of the enterprise, Xpress Chef, _______. a. must end with “CC” b. must end with “(Pty) Ltd” c. must end with “& Co” d. has no restrictions and may be any legal name Question 42 Not yet answered Marked out of 1.00 Flag question Question text Provisions for insurance of stock and equipment must be managed by the _______ management function. a. purchasing b. financial c. general d. human resources Question 45 Not yet answered Marked out of 1.00 Flag question Question text Chandré had to determine in advance how, where, by whom, when and with what resources the activities had to be carried out. To which element of the general management function does this refer? a. Planning b. Controlling c. Organising d. Leading Question 41: Assuming Chandré registered the enterprise as a sole proprietorship and not as a corporation or other formal legal entity, the name Xpress Chef d. has no restrictions and may be any legal name. Question 42: Provisions for insurance of stock and equipment would typically fall under the b. financial management function. Question 43: The various prepared meal options would represent the b. Product element of the marketing strategy. Question 44: Developing a stock control system is typically the responsibility of the d. operations management function. Question 45: Determining in advance how, where, by whom, when, and with what resources the activities had to be carried out refers to the a. Planning element of the general management function.