1) a) Define the term business
(1)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------b) List the four factors of business
(4)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------c) List any two remunerators of production
(2)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------2) a) Define the term entrepreneur
(1)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------b) List any four characteristics of entrepreneur
(4)
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------3) List any four roles of management in an organization
(2)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------4) Write any five services offered by the government at low cost or for free
(5)
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-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------5) a) Differentiate planned economy and free economy
(2)
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------b) Give three advantages of free market economy
(3)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------6) a) Differentiate goods and services giving an example for each
(2)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------b) In the table below, fill in the characteristics of goods and services.
Goods
7) Money is used as a medium of exchange in businesses
a) Give any four characteristic of money
(6)
Services
(4)
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b) Define
i)
Imports
(2)
---------------------------------------------------------------------------------------------------------------ii)
Exports
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8) International trade can bring some benefits or some consequences to a country ( host country)
Give one benefit and one consequence of international trade
(2)
benefit---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------consequence-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------9) What do you understand by unincorporated businesses
(2)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------10) a) What is a sole trader?
(1)
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b) List any two source of finance for a sole trader
(2)
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c) What can be the advantages of operating a business as a sole trader
(3)
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d) Give any three reasons that can cause dissolution of a sole trader business
(3)
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------11) Give any three types of partnership and explain it.
(6)
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