MNB1501 ASSIGNMENT 2 SEMESTER 2 EXAM
STUDY GUIDE 2026 TESTED QUESTIONS
WITH SOLUTIONS
⩥ Socialist-Oriented Economy. Answer: High government participation
in South Africa's economy.
⩥ Business Organisations. Answer: Profit-seeking entities, often
privately owned.
⩥ Public Corporations. Answer: State-owned businesses like Transnet.
⩥ Government Organisations. Answer: Non-profit entities providing
community services.
⩥ Treasury Funding. Answer: Government funds obtained through
taxpayer contributions.
⩥ Non-Profit-Seeking Organisations. Answer: Entities seeking to cover
costs, not profit.
⩥ Business Management Purpose. Answer: Maximize output with
minimal production input.
,⩥ Business Management Task. Answer: Study principles for business
profitability.
⩥ Economics. Answer: Study of community economic problems.
⩥ Entrepreneur. Answer: Individual who starts a business for profit.
⩥ Risk Assumption. Answer: Entrepreneurs risk losing resources if
ventures fail.
⩥ Entrepreneurship. Answer: Mobilizes land, labor, and capital for
production.
⩥ Entrepreneurial Characteristics. Answer: Innovative, opportunity-
identifying, resource-finding traits.
⩥ Profit as Reward. Answer: Compensation for entrepreneurs' risk-
taking.
⩥ High Unemployment Causes. Answer: Legislation and lack of
entrepreneurs in South Africa.
, ⩥ Flexible Labour Market. Answer: Lower unemployment correlates
with market flexibility.
⩥ Small Business Owners. Answer: Not all are classified as
entrepreneurs.
⩥ Achievement Motivation. Answer: Drive to accomplish goals and
succeed.
⩥ Internal Locus of Control. Answer: Belief in controlling one's own
destiny.
⩥ Innovation and Creativity. Answer: Key traits differentiating
entrepreneurs from others.
⩥ Retrenchment Impact. Answer: Job loss can lead to entrepreneurship.
⩥ Strategy skills. Answer: Ability to view business holistically in market
context.
⩥ Planning skills. Answer: Prepare for future impacts on business
operations.
STUDY GUIDE 2026 TESTED QUESTIONS
WITH SOLUTIONS
⩥ Socialist-Oriented Economy. Answer: High government participation
in South Africa's economy.
⩥ Business Organisations. Answer: Profit-seeking entities, often
privately owned.
⩥ Public Corporations. Answer: State-owned businesses like Transnet.
⩥ Government Organisations. Answer: Non-profit entities providing
community services.
⩥ Treasury Funding. Answer: Government funds obtained through
taxpayer contributions.
⩥ Non-Profit-Seeking Organisations. Answer: Entities seeking to cover
costs, not profit.
⩥ Business Management Purpose. Answer: Maximize output with
minimal production input.
,⩥ Business Management Task. Answer: Study principles for business
profitability.
⩥ Economics. Answer: Study of community economic problems.
⩥ Entrepreneur. Answer: Individual who starts a business for profit.
⩥ Risk Assumption. Answer: Entrepreneurs risk losing resources if
ventures fail.
⩥ Entrepreneurship. Answer: Mobilizes land, labor, and capital for
production.
⩥ Entrepreneurial Characteristics. Answer: Innovative, opportunity-
identifying, resource-finding traits.
⩥ Profit as Reward. Answer: Compensation for entrepreneurs' risk-
taking.
⩥ High Unemployment Causes. Answer: Legislation and lack of
entrepreneurs in South Africa.
, ⩥ Flexible Labour Market. Answer: Lower unemployment correlates
with market flexibility.
⩥ Small Business Owners. Answer: Not all are classified as
entrepreneurs.
⩥ Achievement Motivation. Answer: Drive to accomplish goals and
succeed.
⩥ Internal Locus of Control. Answer: Belief in controlling one's own
destiny.
⩥ Innovation and Creativity. Answer: Key traits differentiating
entrepreneurs from others.
⩥ Retrenchment Impact. Answer: Job loss can lead to entrepreneurship.
⩥ Strategy skills. Answer: Ability to view business holistically in market
context.
⩥ Planning skills. Answer: Prepare for future impacts on business
operations.
