Ashby’s Educational Academy Principles of Business 2 hours Answer all questions
1. (a) State Four characteristics of a Partnership and Four characteristics of a Sole Trader (8 marks) (b) Discuss 3 benefits a business would enjoy if it is converted from a sole trader to a partnership (6) (c) Out line three distinguishing features of a free market economy as opposed to a planned economy Total 20 marks
2. (a) Distinguish between the terms ‘market and marketing’.
(4 marks)
(b) State four reasons for conducting market research.
(4 marks)
(c) (1) Define the term monopoly.
(2 marks)
(11) State two features of monopolistic competition.
(4 marks)
(d) Discuss One potential problem related to the distribution of goods (1) Locally (11) Internationally
(6 marks) Total 20 marks
3. (a) State 3 advantages of advertising (3 marks) (b) Distinguish between advertising and sales Promotion and give three examples of each.(10 marks) (c) Discuss Two benefits which a supermarket can receive from engaging in Public Relations activities such as the awarding of scholarships (7 marks) Total 20 marks
4. (a) State 6 factors that must be taken into consideration for locating a business (6 marks) (b) State 4 advantages of operating a small business (8 marks) (c) Discuss 2 disadvantages that can occur if expand a business (6 marks) Total 20 marks
5. (a) State 4 different types of production an give an example of each. (8 marks) (b) (1) State the meaning of Capital Intensive Production
(2 marks)
(11) State the meaning of Labour Intensive Production
(2 marks)
(c) (1) Define Labour supply (11) Identify four factors that affect labour supply. (d) Define migration
