MNB1501
TEST BANK
,MNB1501 – Reworded Practice Questions
QUESTION 1
Which of the following statements correctly describe the economic principle?
a) The economic principle involves obtaining the greatest possible satisfaction of human
needs from limited resources.
b) The economic principle requires a business to deliberately maximise the costs of its
inputs.
c) Businesses applying the economic principle seek to obtain the highest possible
income.
d) The economic system operates independently of the economic principle.
1. a
2. a, c, d
3. b, c, d
4. c, d
Correct answer: 1 (a)
QUESTION 2
According to the Kulula case study, part of the company's mission is to give employees
opportunities to improve their abilities and develop their skills so that they can better
serve customers. Which level of Maslow's hierarchy of needs does this primarily
address?
1. Physiological needs
2. Safety/security needs
3. Social needs
4. Esteem needs
, 1. Self-realisation/self-actualisation needs
Correct answer: 5
QUESTION 3
Low-cost airlines depend on various categories of resources to operate their
businesses. Which of the following resources are included?
a) Natural resources
b) Human resources
c) Capital resources
d) Entrepreneurial/management resources
1. a, b, c, d
2. a, b
3. a, b, c
4. b, c, d
Correct answer: 1 (a, b, c, d)
QUESTION 4
Sally purchases cocoa from South America, processes it into 90% dark chocolate, and
then sells the finished product through her stores across South Africa. Which aspect of
business activity is illustrated by this process?
1. Human activities
2. Transformation
3. Exchange
4. Profit-making
, Correct answer: 2 (Transformation)
QUESTION 5
According to the MXit case study, which category of customer need did MXit primarily
seek to fulfil?
1. Self-realisation needs
2. Esteem needs
3. Social needs
4. Security needs
Correct answer: 3 (Social needs)
QUESTION 6
Before proceeding with his MXit business idea, Herman Heunis needed to determine
whether the proposed venture was commercially viable. What would he need to
undertake first?
1. A feasibility study
2. A business plan
3. An assessment of available resources
4. An evaluation of his personal entrepreneurial abilities
Correct answer: 1 (A feasibility study)
QUESTION 7
TEST BANK
,MNB1501 – Reworded Practice Questions
QUESTION 1
Which of the following statements correctly describe the economic principle?
a) The economic principle involves obtaining the greatest possible satisfaction of human
needs from limited resources.
b) The economic principle requires a business to deliberately maximise the costs of its
inputs.
c) Businesses applying the economic principle seek to obtain the highest possible
income.
d) The economic system operates independently of the economic principle.
1. a
2. a, c, d
3. b, c, d
4. c, d
Correct answer: 1 (a)
QUESTION 2
According to the Kulula case study, part of the company's mission is to give employees
opportunities to improve their abilities and develop their skills so that they can better
serve customers. Which level of Maslow's hierarchy of needs does this primarily
address?
1. Physiological needs
2. Safety/security needs
3. Social needs
4. Esteem needs
, 1. Self-realisation/self-actualisation needs
Correct answer: 5
QUESTION 3
Low-cost airlines depend on various categories of resources to operate their
businesses. Which of the following resources are included?
a) Natural resources
b) Human resources
c) Capital resources
d) Entrepreneurial/management resources
1. a, b, c, d
2. a, b
3. a, b, c
4. b, c, d
Correct answer: 1 (a, b, c, d)
QUESTION 4
Sally purchases cocoa from South America, processes it into 90% dark chocolate, and
then sells the finished product through her stores across South Africa. Which aspect of
business activity is illustrated by this process?
1. Human activities
2. Transformation
3. Exchange
4. Profit-making
, Correct answer: 2 (Transformation)
QUESTION 5
According to the MXit case study, which category of customer need did MXit primarily
seek to fulfil?
1. Self-realisation needs
2. Esteem needs
3. Social needs
4. Security needs
Correct answer: 3 (Social needs)
QUESTION 6
Before proceeding with his MXit business idea, Herman Heunis needed to determine
whether the proposed venture was commercially viable. What would he need to
undertake first?
1. A feasibility study
2. A business plan
3. An assessment of available resources
4. An evaluation of his personal entrepreneurial abilities
Correct answer: 1 (A feasibility study)
QUESTION 7