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Form 3 business studies revision questions and answers set 3
State whether each of the following factors fall under internal or external business environment.
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1.
Explain the meaning of the following terms as used in business unit. i) Unlimited liability ii) Limited liability
2.
State whether each of the following factors fall under internal or external business environment.
3.
State three examples of each of the following resources -renewable resources include; i) Solar energy ii) Wood iii) Soda ash iv) Vehicle
4.
Distinguish between the division of labour and specialization.
5.
Explain the meaning of the following characteristic of human wants. a) Human wants are unlimited b) Human wants are universal
6.
Outline four characteristics of good business opportunity.
7.
State four ways of reproducing documents in an office.
8.
Highlight four disadvantages of operating a kiosk business.
9.
State four characteristics of chain stores type of retail business.
10.
Outline four factors that influence choice of appropriate means of transport.
11.
State the principle of insurance to which each of the following statement relate. a) Restoring the insured to the financial position he/she was in just before the risk occurred b) A person can only insure property whose destruction would result to a financial loss to him/her c) Whatever remains of the property of insured after the insured has been compensated becomes the property of the insurer.
12.
Highlight four essential features of any market.
13.
Distinguish between derived and joint demand.
14.
State four government initiated methods of protecting consumers from unscrupulous traders.
15.
State four disadvantages of face to face communication in business.
16.
Outline four factors which affect the circular flow of income.
17.
State four features of bonded warehouse.
18.
Outline four measures that can be used that can be used to stimulate employment in rural areas.
19.
State four features of monopoly market.
20.
Outline four merits of a short chain of distribution.
21.
State four factors that can influence the location of a firm.
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