BSM1501 ASSIGNMENT 6 FOR 2024 - DISTINCTION

Question 1 Not yet answered Marked out of 1.00 Flag question Question text What is the purpose of a SWOT analysis? a. To identify strengths and weaknesses b. To estimate sales volume c. To determine market potential d. To -establish a marketing plan Question 2 Not yet answered Marked out of 1.00 Flag question Question text Who innovates within the franchise system? a. Franchisor b. Franchisee c. Both the franchisor and the franchisee d. A third party Question 3 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is NOT a personal trait of an entrepreneur? a. Perseverance b. Consistency in avoiding risk c. Sound human relations d. Creativity and innovative ability Question 4 Not yet answered Marked out of 1.00 Flag question Question text An entrepreneur received a positive response from an advertisement. The entrepreneur could list this as a/an _______ in the SWOT analysis of the enterprise. a. opportunity b. weakness c. threat d. strength Time left 1:50:51 Question 5 Not yet answered Marked out of 1.00 Flag question Question text Why is the capital contributed by the entrepreneur (own capital) not considered collateral when applying for a loan? a. Because it can cover the debt of the enterprise. b. Because it is regarded as a sound business principle. c. Because it is assumed to be repossessed in case of bankruptcy. d. Because it is linked to the enterprise. Question 6 Not yet answered Marked out of 1.00 Flag question Question text What represents the strengths and weaknesses of the enterprise? a. The micro-environment b. The macro-environment c. SWOT analysis d. The market environment Question 7 Not yet answered Marked out of 1.00 Flag question Question text How is capital obtained in a partnership? a. By selling products b. Through government grants c. By obtaining loans d. By issuing shares Question 8 Not yet answered Marked out of 1.00 Flag question Question text What is creativity? a. The achievement of business objectives to grow and expand the business in terms of its quality, quantity, and turnover. b. The act of turning new and imaginative ideas into reality. c. The creation, development, and implementation of a new product, process, or service. d. The ability to implement or apply new ideas or utilise new opportunities. Question 9 Not yet answered Marked out of 1.00 Flag question Question text Why is the overall management of an enterprise important? a. To ensure quality supply of production means b. To determine capital needs c. To transform inputs into outputs d. To achieve enterprise goals through planning, organising, leading, and control Question 10 Not yet answered Marked out of 1.00 Flag question Question text An entrepreneur would use a _______ to develop a business idea. a. bow-tie diagram b. feasibility study c. profit analysis d. viability study Time left 1:44:56 Question 11 Not yet answered Marked out of 1.00 Flag question Question text Which variable of the macro-environment includes aspects such as new products and advanced production processes? a. The social environment b. The technological environment c. The economic environment d. The physical environment Question 12 Not yet answered Marked out of 1.00 Flag question Question text To calculate the closing cash balance in the cash budget, the entrepreneur would _______ the net cash balance. a. deduct the opening cash balance from b. add the opening cash balance to c. deduct the total cash payments from d. add the total cash receipts to Time left 1:41:36 Question 13 Answer saved Marked out of 1.00 Flag question Question text Which business function includes all the activities involved in obtaining capital and using it efficiently? a. Financial management function b. Administrative management function c. Logistics management function d. Operations management function Question 14 Not yet answered Marked out of 1.00 Flag question Question text Which approach for generating business ideas involves satisfying various people's needs for the same product? a. Common needs b. The entrepreneur’s skills, expertise, and aptitudes c. Existing problems d. Everyday activities Question 15 Not yet answered Marked out of 1.00 Flag question Question text The form of enterprise and ownership structure should be addressed when writing the _______ in the business plan. a. management plan b. marketing plan c. financial plan d. description of the enterprise Time left 1:37:55 Question 16 Not yet answered Marked out of 1.00 Flag question Question text Which one of the following formulas is used to calculate the total cost per unit for a manufacturing enterprise? a. Total costs per unit ÷ Business hours per month b. Total costs per unit + Percentage profit c. Cost of sales per unit + Overheads per unit d. Direct material costs per unit + Direct labour costs per unit + Indirect costs per unit Time left 1:36:59 Question 17 Not yet answered Marked out of 1.00 Flag question Question text An entrepreneur would have used a bow-tie diagram to develop and evaluate a business idea in terms of _______. a. cost effectiveness b. profitability c. his/her ability to implement the idea d. the possible combination of ideas Time left 1:35:42 Question 18 Not yet answered Marked out of 1.00 Flag question Question text What is a cash budget used for? a. To determine the break-even point. b. To calculate the expected net profit. c. To forecast future receipts and payments of cash. d. To calculate the market potential of an idea. Time left 1:34:35 Question 19 Not yet answered Marked out of 1.00 Flag question Question text Who are the potential users of a business plan? a. Only employees and management. b. The entrepreneur and external consultants. c. Only financial institutions. d. The entrepreneur, financial institutions, suppliers, employees, and management. Time left 1:33:33 Question 20 Not yet answered Marked out of 1.00 Flag question Question text What does "cumulative attraction" refer to in the marketing function? Attracting ____. a. consumers to other shops in the area b. government incentives c. raw material suppliers d. skilled labour Question 21 Not yet answered Marked out of 1.00 Flag question Question text A description of Bows & Bones Mobile Pet Spa’s customers, which includes demographic, geographic and psychographic characteristics, as well as their buying patterns, creditworthiness and purchase history, is known as _______. a. a potential market b. a customer profile c. a target market d. market research Time left 1:30:52 Question 22 Not yet answered Marked out of 1.00 Flag question Question text Which of the following statements are true about Bows & Bones Mobile Pet Spa’s business plan? Select one or more: a. It is a document formulated by the entrepreneur. b. It is a meticulous route map to entrepreneurial success. c. It is a planning document that indicates the route to follow in the future. d. It is a detailed written document stipulating how business activities would be addressed. Time left 1:29:38 Question 23 Not yet answered Marked out of 1.00 Flag question Question text Which of the following statements could be considered advantages of Bows & Bones Mobile Pet Spa being registered as a partnership? Select one or more: a. It is a legal entity. b. Partners have the advantage of limited liability. c. It can be dissolved fairly easily. d. It is easy and inexpensive to establish. e. Tax is paid separately. Time left 1:28:32 Question 24 Not yet answered Marked out of 1.00 Flag question Question text Bonnie identified the need for a mobile pet-grooming service in Silver Lakes and started her own enterprise. Therefore, she could be regarded as a/an _______. a. franchisor b. intrapreneur c. business manager d. entrepreneur Question 25 Not yet answered Marked out of 1.00 Flag question Question text Bonnie and Rebecca had to describe what contributes to the efficiency of the enterprise in creating value for customers. This description would include: _______. a. channels; customer service; resources and operational activities b. external parties; operational activities; resources and costing c. internal parties; operational activities; resources and costing d. target customers; channels; resources and technology Time left 1:25:16 Question 26 Not yet answered Marked out of 1.00 Flag question Question text Which of the following information would appear on the cover page of Bows & Bones Mobile Pet Spa’s business plan? Select one or more: a. Street address b. Executive summary c. Name of the enterprise d. Date e. Contact details Time left 1:23:31 Question 27 Not yet answered Marked out of 1.00 Flag question Question text Bows & Bones Mobile Pet Spa’s balance sheet would indicate the _______ of the enterprise. a. profit and loss b. assets and liabilities c. cash receipts and cash payments d. income and expenditure Time left 1:23:10 Question 28 Not yet answered Marked out of 1.00 Flag question Question text Since Bonnie had worked as an administrative manager for four years, they decided that she should be responsible for the general management and administration of the business. This is an example of how they applied Bonnie’s _______ in the enterprise. a. training b. aptitudes c. expertise d. skills Time left 1:21:26 Question 29 Not yet answered Marked out of 1.00 Flag question Question text When Bonnie first registered and named her enterprise, the name of the enterprise had to _______. a. end with “CC” b. end with “(Pty)Ltd” c. end with “& Co” d. be any legal name Question 30 Not yet answered Marked out of 1.00 Flag question Question text After Bonnie did a feasibility study, she had to conduct a viability study. The viability study assesses _______. a. whether Bonnie will be able to convert her idea into a business enterprise b. the market potential of the business idea c. the market and profit potential of the business idea d. the profit potential of the business idea Time left 1:19:18 Question 31 Not yet answered Marked out of 1.00 Flag question Question text To calculate their gross profit in the income statement, the owners of Bows & Bones Mobile Pet Spa should _______. a. deduct the cost of sales from the net profit b. deduct the cost of sales from the sales figure c. add the expenses to the sales figure d. add the cost of sales to the net profit Question 32 Not yet answered Marked out of 1.00 Flag question Question text The production factors of Bows & Bones Mobile Pet Spa can be found in the _______ environment. a. mega b. micro c. market d. macro Question 33 Not yet answered Marked out of 1.00 Flag question Question text The capacity of Bows & Bones Mobile Pet Spa prevented Bonnie from expanding into other areas and accepting more appointments. This could be regarded as a/an _______ in the SWOT analysis. a. strength b. threat c. opportunity d. weakness Question 34 Not yet answered Marked out of 1.00 Flag question Question text Bonnie allocated duties, authority and responsibilities to her subordinates. This forms part of the _______ element of the general management function of Bows & Bones Mobile Pet Spa. a. organising b. leading c. planning d. control Question 35 Not yet answered Marked out of 1.00 Flag question Question text Peak-time traffic and accidents could prevent Bows & Bones Mobile Pet Spa from keeping to its daily schedules. Bonnie and Rebecca could list this example as a/an _______ in the SWOT analysis. a. strength b. threat c. weakness d. opportunity Question 36 Not yet answered Marked out of 1.00 Flag question Question text When Bonnie involved Rebecca in the enterprise, the name of the enterprise had to _______. a. end with “(Pty)Ltd” b. end with “& Co” c. end with “CC” d. be any legal name Question 37 Not yet answered Marked out of 1.00 Flag question Question text Bows & Bones Mobile Pet Spa could be classified under the _______ sector, because it renders petgrooming services. a. primary b. tertiary c. secondary d. industrial Time left 1:05:21 Question 38 Not yet answered Marked out of 1.00 Flag question Question text The division of the total potential heterogeneous consumer market into smaller homogeneous groups that have similarities or characteristics in common, is known as Bows & Bones Mobile Pet Spa’s _______. a. expected market share b. target market c. market segmentation d. market analysis Time left 1:02:35 Question 39 Not yet answered Marked out of 1.00 Flag question Question text It is extremely important that Bonnie and Rebecca calculate the market share as accurately as possible, as it has a direct influence on the calculation of Bows & Bones Mobile Pet Spa’s _______. a. expenses b. cost price c. income d. selling price Question 40 Not yet answered Marked out of 1.00 Flag question Question text As more and more people became aware of her enterprise, the appointments started streaming in and she could not accept all of them. This is an example of how the _______ could restrict the ability of Bows & Bones Mobile Pet Spa, to satisfy the potential demand for pet-grooming services. a. capacity of the enterprise b. buying power of the target market c. economy of the country d. size of the market Question 41 Not yet answered Marked out of 1.00 Flag question Question text The employees’ conduct can promote or harm Bows & Bones Mobile Pet Spa’s image. The _______ function should, therefore, ensure that employees behave correctly when they handle the clients’ pets. a. marketing b. purchasing c. public relations d. general management Question 42 Not yet answered Marked out of 1.00 Flag question Question text After Bonnie performed Step 1 to determine her market potential, she had to _______. a. determine the mission and objectives of her enterprise b. establish the needs and characteristics of her consumers c. do market research d. determine her expected market share Question 43 Not yet answered Marked out of 1.00 Flag question Question text Bonnie and Rebecca invested their own money in the enterprise, and applied for financing. This could be regarded as an example of their _______. a. creativity and innovative abilities b. willingness to take calculated risks c. involvement in the enterprise d. positive attitude and approach Question 44 Not yet answered Marked out of 1.00 Flag question Question text Bows & Bones Mobile Pet Spa’s customers are busy and do not want to spend time bathing their own pets. This is an example of the influence that the _______ environment has on Bows & Bones Mobile Pet Spa. a. technological b. social c. physical d. economic Question 45 Not yet answered Marked out of 1.00 Flag question Question text All the processes and transactions that take place, starting with the primary sector, the secondary sector, through to the tertiary sector are combined in the _______. a. enterprise b. establishment c. industrial sector d. industrial column Question 46 Not yet answered Marked out of 1.00 Flag question Question text Bonnie and Rebecca registered the new enterprise as a partnership. A disadvantage of being a formal enterprise is that _______. a. it is difficult to obtain resources b. they must pay tax c. it is difficult to obtain finance d. they do not have a recognised premises Question 47 Not yet answered Marked out of 1.00 Flag question Question text The external environment of Bows & Bones Mobile Pet Spa consists of the _______. a. market and macro-environments b. functions of the enterprise c. objectives of the enterprise d. micro-environment Time left 0:54:08 Question 48 Not yet answered Marked out of 1.00 Flag question Question text Bonnie heard many owners complain that they neither have the time to bath their own dogs nor to take them to a dog parlour. She used _______ to generate her business idea. a. her skills, expertise and aptitudes b. common needs c. everyday activities d. other sources Question 49 Not yet answered Marked out of 1.00 Flag question Question text Most people would probably use the Standard Grooming Package on a monthly basis. This relates to the _______ segment of Bows & Bones Mobile Pet Spa’s total potential market. a. behaviouristic b. demographic c. geographic d. psychographic Time left 0:52:42 Question 50 Not yet answered Marked out of 1.00 Flag question Question text Bonnie should know the difference between creativity and innovation. Creativity is _______. a. the ability to come up with new ideas and to implement them b. less important than innovation c. the ability to implement new ideas d. the ability to identify new opportunities