1
BUSINESS STUDIES
GRADE 12
NOVEMBER EXAM
PAPER 2
2025.
This document has been compiled to help Grade 12 learners
systematically prepare for the National Senior Certificate
(NSC) Business Studies November Examination 2025 – Paper 2.
The content is based on official DBE and SACAI question
papers from 2021–2024, as well as the NCC and EC exams, to ensure that you have the most complete
and reliable answers that match the latest exam paper structure and memorandum guidelines.
Each section has been compiled to help you understand how questions in Paper 2 have been repeated
and adapted over the years, and how you can formulate your answers logically, completely and concisely.
Where the same questions appear in different papers, they have been combined to provide you with a
clear, consolidated study guide.
Use these notes as a study guide, not as a substitute for your own work. Do the calculations and sample
questions yourself before reading the answers – this will deepen your understanding and improve your
preparation.
Important: These notes form part of your complete Business Studies preparation package.
You must study them together with the notes from Term 1 & 2 and the Record Examination
notes. If you do not have those documents, please contact Miss Ansie at
to request it.
This document covers the core topics of Paper 2, namely:
Business Opportunities (Investments & Insurance) and Business Roles with focused coverage of
leadership, insurance, investment, ethics, professionalism, CSI/CSR, and human rights in the workplace.
Good luck with your preparation for the final exam.
Juffrou Ansie
@ Juffrou_Ansie
, 2
CONTENTS
Section A: Business Opportunities 4
Management and leadership 4
Investment: insurance & Investment: Securities/opportunities 8
INSURANCE 8
UNEMPLOYMENT INSURANCE FUND (UIF) 11
INVESTMENTS 12
Johannesburg Stock Exchange/JSE 15
Forms of ownership 18
OFFERS 20
Section B: Business Roles 22
Ethics and professionalism 22
CREATIVE THINKING AND PROBLEM SOLVING 23
Social Responsibility and Corporate Citizenship Corporate Social Responsibility (CSR) and Corporate
Social Investment (CSI) 25
.HUMAN RIGHTS, INCLUSIVITY AND ENVIRONMENTAL ISSUES 27
Section C: Essay questions 29
PRESENTATION AND DATA RESPONSE 29
SOCIAL RESPONSIBILITY, CSR AND CSI 33
INVESTMENT: SECURITIES 35
Short questions
Limited liability Losses are limited to the amount the owner invested in the business.
The owner's personal assets are protected from the debts of the
business. Applies to companies that have a separate entity/personality.
Unlimited load The liability of the owner to pay debts/claims is not limited to the
business. The owner's personal assets can be seized to pay for the debts
of the business. Applicable to a sole proprietorship and partnership as
they do not have a separate legal entity/personality.
Democratic leadership Employees are invited to be part of the decision-making process
style
Autocratic leadership style Employees are not involved in the decision-making process.
Laissez-faire/Free rein The leader allows experienced and trusted employees to make
leadership style decisions in pursuit of the organization's goals.
Charismatic leadership The leader uses charisma and charm to influence employees.
style
@ Juffrou_Ansie
, 3
Transactional leadership Use rewards and punishments as incentives to influence employee
style behaviour.
Leadership theories Guide leaders on the different leadership styles that can be applied or
used.
Situational leadership In these leadership theories, the leader applies different leadership
theories styles depending on different situations.
Transformation/transition Best money during a period of drastic change in an organization
management Leadership
theories
Johannesburg Stock The market that deals with the buying and selling of shares in listed
Exchange (JSE) companies.
Investors The people who save money with the expectation of making a profit.
Dividend An amount of money that a company pays to its shareholders from its
profits.
Stock market The financial market in which long-term debt securities are bought and
sold
Short-term investment Investment for less than one year
Long-term investment The duration/period of investment is more than three years.
Liquidation The sale of the assets of a company to pay creditors.
Interest The amount of money that investors earn as return on/compensation
for investments in bank deposits and loans
Fixed rate The interest rate remains the same for the duration of the investment
period.
Ethical behaviour Acting according to a set of values that are morally acceptable in society
Business ethics The set of values of a business, displayed by its managers, executives,
and employees. These values must be morally acceptable by society,
and within established business codes
Professionalism Describes the internationally accepted standards and expectations that
businesses and society have of people's behaviour and levels of
competence in the workplace. It is a broader concept than ethics and
includes aspects such as appearance, attitude, loyalty, etc.
Corporate governance The exercise of ethical and effective leadership by the individuals
responsible for managing the business. They are expected to ensure
good performance, effective governance, sustainability and
to deliver profitability.
Annual General Meeting A meeting of a company attended by all the shareholders that takes
(AGM) place once a year.
Unprofessional practices When people/the business do not act within accepted standards and
expectations, it is unprofessional behaviour.
Unethical practices When the business acts with a different set of values from what is
morally acceptable.
@ Juffrou_Ansie
, 4
Overinsurance Overinsurance is when the item is insured for more than its actual
market value. Businesses will not receive a payout greater than the
value of the loss at market value.
Section A: Business Opportunities
Management and leadership
NOTE: Review Term 2 / June notes AND the Record notes page 3.
________________________________________________
Differences between democratic and autocratic leader SACAI NOV 2021
DEMOCRATIC LEADER AUTOCRATIC LEADER
1. The leader involves employees in the 1. A leader makes all decisions alone
decision-making process. without involving employees
2. Clear/two-way communication ensures 2. Line of command/communication is clear,
group commitment to final decision(s). as it is top-down/followers know exactly
3. People-oriented, as employee feelings what to do.
and opinions are considered. 3. Task oriented as the opinions of
4. Workers feel empowered because they employees are not considered.
are involved in the decision-making 4. New employees feel confident/secure as
process. strong leadership is provided.
@ Juffrou_Ansie
BUSINESS STUDIES
GRADE 12
NOVEMBER EXAM
PAPER 2
2025.
This document has been compiled to help Grade 12 learners
systematically prepare for the National Senior Certificate
(NSC) Business Studies November Examination 2025 – Paper 2.
The content is based on official DBE and SACAI question
papers from 2021–2024, as well as the NCC and EC exams, to ensure that you have the most complete
and reliable answers that match the latest exam paper structure and memorandum guidelines.
Each section has been compiled to help you understand how questions in Paper 2 have been repeated
and adapted over the years, and how you can formulate your answers logically, completely and concisely.
Where the same questions appear in different papers, they have been combined to provide you with a
clear, consolidated study guide.
Use these notes as a study guide, not as a substitute for your own work. Do the calculations and sample
questions yourself before reading the answers – this will deepen your understanding and improve your
preparation.
Important: These notes form part of your complete Business Studies preparation package.
You must study them together with the notes from Term 1 & 2 and the Record Examination
notes. If you do not have those documents, please contact Miss Ansie at
to request it.
This document covers the core topics of Paper 2, namely:
Business Opportunities (Investments & Insurance) and Business Roles with focused coverage of
leadership, insurance, investment, ethics, professionalism, CSI/CSR, and human rights in the workplace.
Good luck with your preparation for the final exam.
Juffrou Ansie
@ Juffrou_Ansie
, 2
CONTENTS
Section A: Business Opportunities 4
Management and leadership 4
Investment: insurance & Investment: Securities/opportunities 8
INSURANCE 8
UNEMPLOYMENT INSURANCE FUND (UIF) 11
INVESTMENTS 12
Johannesburg Stock Exchange/JSE 15
Forms of ownership 18
OFFERS 20
Section B: Business Roles 22
Ethics and professionalism 22
CREATIVE THINKING AND PROBLEM SOLVING 23
Social Responsibility and Corporate Citizenship Corporate Social Responsibility (CSR) and Corporate
Social Investment (CSI) 25
.HUMAN RIGHTS, INCLUSIVITY AND ENVIRONMENTAL ISSUES 27
Section C: Essay questions 29
PRESENTATION AND DATA RESPONSE 29
SOCIAL RESPONSIBILITY, CSR AND CSI 33
INVESTMENT: SECURITIES 35
Short questions
Limited liability Losses are limited to the amount the owner invested in the business.
The owner's personal assets are protected from the debts of the
business. Applies to companies that have a separate entity/personality.
Unlimited load The liability of the owner to pay debts/claims is not limited to the
business. The owner's personal assets can be seized to pay for the debts
of the business. Applicable to a sole proprietorship and partnership as
they do not have a separate legal entity/personality.
Democratic leadership Employees are invited to be part of the decision-making process
style
Autocratic leadership style Employees are not involved in the decision-making process.
Laissez-faire/Free rein The leader allows experienced and trusted employees to make
leadership style decisions in pursuit of the organization's goals.
Charismatic leadership The leader uses charisma and charm to influence employees.
style
@ Juffrou_Ansie
, 3
Transactional leadership Use rewards and punishments as incentives to influence employee
style behaviour.
Leadership theories Guide leaders on the different leadership styles that can be applied or
used.
Situational leadership In these leadership theories, the leader applies different leadership
theories styles depending on different situations.
Transformation/transition Best money during a period of drastic change in an organization
management Leadership
theories
Johannesburg Stock The market that deals with the buying and selling of shares in listed
Exchange (JSE) companies.
Investors The people who save money with the expectation of making a profit.
Dividend An amount of money that a company pays to its shareholders from its
profits.
Stock market The financial market in which long-term debt securities are bought and
sold
Short-term investment Investment for less than one year
Long-term investment The duration/period of investment is more than three years.
Liquidation The sale of the assets of a company to pay creditors.
Interest The amount of money that investors earn as return on/compensation
for investments in bank deposits and loans
Fixed rate The interest rate remains the same for the duration of the investment
period.
Ethical behaviour Acting according to a set of values that are morally acceptable in society
Business ethics The set of values of a business, displayed by its managers, executives,
and employees. These values must be morally acceptable by society,
and within established business codes
Professionalism Describes the internationally accepted standards and expectations that
businesses and society have of people's behaviour and levels of
competence in the workplace. It is a broader concept than ethics and
includes aspects such as appearance, attitude, loyalty, etc.
Corporate governance The exercise of ethical and effective leadership by the individuals
responsible for managing the business. They are expected to ensure
good performance, effective governance, sustainability and
to deliver profitability.
Annual General Meeting A meeting of a company attended by all the shareholders that takes
(AGM) place once a year.
Unprofessional practices When people/the business do not act within accepted standards and
expectations, it is unprofessional behaviour.
Unethical practices When the business acts with a different set of values from what is
morally acceptable.
@ Juffrou_Ansie
, 4
Overinsurance Overinsurance is when the item is insured for more than its actual
market value. Businesses will not receive a payout greater than the
value of the loss at market value.
Section A: Business Opportunities
Management and leadership
NOTE: Review Term 2 / June notes AND the Record notes page 3.
________________________________________________
Differences between democratic and autocratic leader SACAI NOV 2021
DEMOCRATIC LEADER AUTOCRATIC LEADER
1. The leader involves employees in the 1. A leader makes all decisions alone
decision-making process. without involving employees
2. Clear/two-way communication ensures 2. Line of command/communication is clear,
group commitment to final decision(s). as it is top-down/followers know exactly
3. People-oriented, as employee feelings what to do.
and opinions are considered. 3. Task oriented as the opinions of
4. Workers feel empowered because they employees are not considered.
are involved in the decision-making 4. New employees feel confident/secure as
process. strong leadership is provided.
@ Juffrou_Ansie
