MNB1501 Assignment 2 Semester 1 2024 (Solutions)

MNB1501 Assignment 2 Semester 1 2024 (Solutions) Question 1 Not yet answered Marked out of 1.00 Flag question Question text Which one of the following statements is true regarding a partnership? a. The enterprise has a lack of continuity in that a new enterprise will be formed when the previous one is disbanded. b. A founding statement and a Memorandum of Incorporation are needed to start this form of enterprise. c. The enterprise has the advantage of being a legal person that exists separately from its members. d. The members’ personal assets in their private estates are not at risk of being lost in the business. Clear my choice Question 2 Not yet answered Marked out of 1.00 Flag question Question text Which one of the following statements is NOT true regarding a business with a legal personality? a. The business is dependent on its members. b. The business has its own rights, assets and obligations. c. The existence of the business is not affected by changes in its membership. d. The business is recognised as a legal subject alongside natural persons or individuals. Question 3 Not yet answered Marked out of 1.00 Flag question Question text The advancement of ______________________________ can greatly contribute to the Gross Domestic Product (GDP), reduce unemployment and stimulate social welfare. a. inequality b. unemployment c. foreign business ownership d. Small, Medium and Micro-Enterprises (SMMEs) Clear my choice Question 4 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is a common reason for small businesses to fail due to financial inadequacy? a. economic recession b. fraud in the business c. failure to learn from past mistakes d. overlooking the insights of qualified accountants Question 5 Not yet answered Marked out of 1.00 Flag question Question text A ______________ strives to achieve certain economic advantages for their members through joint action on behalf of members. This business is managed democratically by the members and specific values must be maintained for it to subsist. a. co-operative society b. non-profit organisation c. state-owned company d. business trust Clear my choice Question 6 Not yet answered Marked out of 1.00 Flag question Question text Grace Mokoena is planning to open a hair salon in Orlando East, Soweto. Which of the following is NOT one of the factors that Grace should consider when choosing a location for the business? a. near banks b. near its market c. near competitors d. according to personal preference Question 7 Not yet answered Marked out of 1.00 Flag question Question text Muziwamadoda Xulu has been unemployed for a year since completing his BCom Degree in Marketing Management. After attending a session organised by the Small Enterprise Development Agency (SEDA) and Small Enterprise Finance Agency (SEFA) Muziwamadoda received an announcement that entrepreneurs should submit their business plans for funding. Since he was in the process of establishing a marketing agency that would assist local businesses in coming up with their marketing strategies, he decided to compile a business plan to submit to the SEFA. Which one of the following can be associated with Muziwamadoda’s purpose of compiling a business plan? a. market b. internal c. external d. customers Clear my choice Question 8 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is a common reason for small businesses to fail due to financial inadequacy? a. ineffective staffing b. insufficient first capitalisation c. ineffective marketing strategies d. lack of desirability for the product or service Question 9 Not yet answered Marked out of 1.00 Flag question Question text Swanson (2017) proposed a business plan development checklist and project planner that entrepreneurs can use when developing their business plans. Which of the following is NOT one of the necessary aspects to be attended to when developing a business plan? a. initial research b. the business model c. initial business plan draft d. sourcing funds to run the business Clear my choice Question 10 Not yet answered Marked out of 1.00 Flag question Question text The goal of the National Development Plan (NDP) for small businesses is to create _______% of jobs by 2030. a. 90 b. 10 c. 25 d. 50 Question 11 Not yet answered Marked out of 1.00 Flag question Question text Which one of the following points does NOT contribute to changes in the business environment? a. power-generating initiatives b. customer trends and needs c. technology-rapid strides d. continuous changes in market regulations Clear my choice Question 12 Not yet answered Marked out of 1.00 Flag question Question text Which one of the following statements about the microenvironment is INCORRECT? a. It refers to the business itself. b. It has a significant influence on the macroenvironment. c. It can only influence the market environment through strategies. d. It includes functional areas. Question 13 Not yet answered Marked out of 1.00 Flag question Question text Woolworths is experiencing changes in its environment. To survive competition, it must scan its environment continuously. Which one of the following does NOT refer to environmental scanning? a. Analysing and making business decisions based on demographic data obtained from the market. b. Competitors and the organisation’s performances are compared to learn about the strategy and business ideas of competitors. c. An executive of the organisation may be approached to learn the organisation’s environmental aspects. d. Market research data are collected to learn and provide information on establishing a scanning department. Clear my choice Question 14 Not yet answered Marked out of 1.00 Flag question Question text The productivity of people and resources objectives include aspects such as__________. a. Controlling costs and expenses. b. Keeping customers happy. c. Ensuring profitability. d. Purchasing new equipment. Question 15 Not yet answered Marked out of 1.00 Flag question Question text The mission statement of the organisation refers to _________. a. the existence of the organisation b. excellent customer service c. people and resources d. staying profitable Clear my choice Question 16 Not yet answered Marked out of 1.00 Flag question Question text To remain competitive, Shoprite management uses the _____technique to conduct environmental scanning. This technique helps the organisation to learn about the latest trends in the industry and take the necessary steps to exploit the opportunity or reduce the possible impact of the threat. a. expert opinion b. SWOT analysis c. research d. projection Question 17 Not yet answered Marked out of 1.00 Flag question Question text The market environment has an impact on the _____environment. a. international b. social c. micro d. macro Clear my choice Question 18 Not yet answered Marked out of 1.00 Flag question Question text Makro receives goods from manufacturers and sells them to small businesses. It performs the role of the .................. a. supplier b. competitor c. intermediary d. producer Question 19 Not yet answered Marked out of 1.00 Flag question Question text The _________variable is one of the variables of the market environment. a. competitors b. social c. physical d. technological Clear my choice Question 20 Not yet answered Marked out of 1.00 Flag question Question text The _________environment includes internal and external factors that influence how the organisation functions. a. transitional b. transformational c. development d. business