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Entrepreneurship and Business Management N4 P1 JUNE 2023

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Entrepreneurship and Business Management N4

First Paper — June 2023

Subject Entrepreneurship and Business Management
Level N4
Exam 2 June 2023
Paper First Paper

Time: 30 minutes

Marks: 50

Examination: Closed-book examination

Instructions and Information

  1. Answer all the questions.
  2. Read all the questions carefully.
  3. Number the answers according to the numbering system used in this question paper.
  4. Use only a black or blue pen.
  5. Write neatly and legibly.

SECTION A

QUESTION 1

1.1 Various options are given as possible answers to the following questions. Choose the answer that does not fit and write it next to the question number (1.1.1–1.1.6) in the ANSWER BOOK (attached).
(6 × 2) (12)
1.1.1 Characteristics of an entrepreneur:
A — Achievement B — Energy C — Occupation
SHOW ANSWER

C — Occupation

1.1.2 Examples of convenience goods:
A — Staple products B — Impulse products C — Shopping products
SHOW ANSWER

C — Shopping products

1.1.3 Examples of legal documents:
A — Location of business B — Legal formalities C — Taxation
SHOW ANSWER

A — Location of business

1.1.4 Costs incurred when producing products:
A — Fixed costs B — Startup costs C — Variable costs
SHOW ANSWER

B — Startup costs

1.1.5 Methods used to promote a new product in the market:
A — Validation B — Customer service C — Demonstration
SHOW ANSWER

B — Customer service

1.1.6 Promotional strategies:
A — Layout B — Delivery C — Pricing structure
SHOW ANSWER

A — Layout

1.2 Briefly discuss the economic importance of an entrepreneur with reference to the South African context.
(5)
SHOW ANSWER

Entrepreneurs are important to the South African economy because they create employment opportunities through the businesses they establish and develop. By starting and growing businesses, they contribute to the development of the country and create productive economic activity in which labour can be used. Entrepreneurship can also give the country hope for a better future by creating opportunities for people to participate in the economy and improve their livelihoods. As businesses generate income and wealth, they can contribute to a higher standard of living.

1.3 Name THREE personal resources of a successful entrepreneur.
(3)
SHOW ANSWER
  • Knowledge and skill
  • Contact
  • Funds
1.4 Name and explain FIVE types of packaging.
(5 × 2) (10)
SHOW ANSWER
  • Family packaging: The packaging of all products looks similar, creating a consistent appearance across the product range.
  • Individual packaging: Goods are packaged in a way that makes the individual product stand out from other products.
  • Reusable packaging: After the product has been used, the container can be used again.
  • Multiple packaging: Several products from the same company are packaged together in a single container.
  • Kaleidoscope packaging: Pictures of famous people are printed on the packaging to create demand for the product.
QUESTION 1: 30 MARKS

QUESTION 2

Choose a description from COLUMN B that matches a term in COLUMN A. Write only the letter (A–M) next to the question number (2.1–2.10) in the ANSWER BOOK (attached).
(10 × 1) [10]
Column A Column B
2.1 — Market feasibilityA — sources include the internet and statistics
2.2 — Primary dataB — flow of information from a customer to the business
2.3 — StrengthC — enough capital
2.4 — Secondary dataD — questionnaire
2.5 — Industrial productE — lack of computer skills
2.6 — OpportunityF — foreign investment
2.7 — Speciality productG — machinery
2.8 — ConvenienceH — computer and laptop
2.9 — Demographic segmentationI — sports car
2.10 — WeaknessJ — bread and milk
K — consists of an analysis of the age, income and gender of customers
L — according to area
M — increase in petrol
SHOW ANSWER
QuestionAnswer
2.1B
2.2D
2.3C
2.4A
2.5G
2.6F
2.7I
2.8J
2.9K
2.10E
QUESTION 2: 10 MARKS

QUESTION 3

Choose ONE term from the list below for each of the following descriptions and write it next to the question number (3.1–3.10) in the ANSWER BOOK (attached).
(10 × 1) [10]

Terms: fixed costs; competitive advantage; variable costs; gross profit; selling price; break-even analysis; organising; planning; geographic segmentation; debtors' ledger; general ledger; sales promotion; marketing mix; close

3.1 Costs that vary every month
(1)
SHOW ANSWER

Variable costs

3.2 Turnover of the business
(1)
SHOW ANSWER

Gross profit

3.3 Costs that stay the same
(1)
SHOW ANSWER

Fixed costs

3.4 Something that a business should have to make it unique
(1)
SHOW ANSWER

Competitive advantage

3.5 Price at which an item is sold
(1)
SHOW ANSWER

Selling price

3.6 Point where total costs are equal to total expenses
(1)
SHOW ANSWER

Break even

3.7 Accounts of all customers who buy on credit
(1)
SHOW ANSWER

Debtors' ledger

3.8 Sponsoring fund-raising activities
(1)
SHOW ANSWER

Sales promotion

3.9 Asking the customer for a decision so that an order can be placed
(1)
SHOW ANSWER

Close

3.10 Number of possible customers in the area you want to serve
(1)
SHOW ANSWER

Geographic segmentation

TOTAL SECTION A: 50 MARKS

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