KCSE Business Studies Topical Questions and Answers - ATIKA SCHOOL

Outline four ways in which business studies may be of benefit to an individual.

20/12/2020

Outline four ways in which business studies may be of benefit to an individual.

Ways in which Business Studies may benefit an individual include:

Equips the individual with skills and knowledge to manage a business.
Prepares one for future career in business.
Enables one to relate issues affecting business to its environment.
Enables one to relate issues affecting business activities taking place globally.
Enables one to identify business opportunities to venture into.
Prepares one for further studies.
Enables an individual to think creatively and make sound judgment.
Makes an individual to appreciate the role of government in business.
Makes individual disciplined and have positive attitude towards work.

Outline four ways in which business studies may be of benefit to an individual.

Describe four characteristics of services. (8 marks)

20/12/2020

Describe four characteristics of services.

Characteristics of services include:

Varying quality over time - it is very difficult to standardize the service offered hence the quality cannot be uniform from time to time.
Service cannot be stored for future use - service is only consumed at the time it is being offered and any unused service capacity cannot be stored.
Service cannot be touched - it is intangible and can only be felt or experienced.
Service cannot be separated from the service provider - the provider must directly offer the service to the user.
Service is perishable - service can only be offered at the time the provider is available.
Services cannot be owned by the buyer - ownership cannot be transferred from the provider to the buyer. The buyer only pays for the experience.
Services are mobile since they can be provided at different locations.

Describe four characteristics of services. (8 marks)

Explain six reasons why a new business may fail (12mks)

11/12/2020

Explain six reasons why a new business may fail

Inadequate capital/ lack of funds- initial/ operation capital may be inadequate to sustain/run/ expand due to lack of collateral/ security
Poor inappropriate marketing/ strategies/ leading to low sales/ fewer customers/Accept examples of poor marketing strategies as naming alternative naming; lack of proper planning in marketing.
Unfair/ stiff competition
Alternative: Competition may be too high for the new business – which business is unable to cope with/withstanding / access market/inputs
Inadequate/ lack of poor/ inefficient management skills
The business may have insufficient skills to operate/ manager
Lack of inadequate manpower
The business may not have enough manpower to operate/ manage
Lack /inadequate modern technology/inappropriate technology. This may lead to less quantity/ quality goods/ services
Unfriendly / poor management policies. May be the government policies are unfavourable to the growth/ explosion of business
Inadequate/ lack of market due to low income of buyers/ customers/ cultural practices/ beliefs
Poor pricing which might make the produce/ services too expensive to attract buyers/ too cheap to sustain the business
Inappropriate product/ business for the intended market/
Political instability/ insecurity that may hinder smooth running of the business
Poor/ inadequate infrastructure which may hinder access the market/ inputs/ Explain poor infrastructure as naming.
Lack of planning to accommodate future changes.
Misallocation/misappropriation of resources leading to wastages/ misuse of resources.
Poor customer relation/ care leading to loss of market.
Poor time management which may cause loss of business opportunities/ inabilities to accomplish tasks

Explain six reasons why a new business may fail (12mks)

Outline four differences between a good and a service.

11/12/2020

Outline four differences between a good and a service.

Outline four differences between a good and a service.

Highlight four ways in which business studies is useful to a community

27/11/2020

Ways in which business studies is useful to a community

Highlight four ways in which business studies is useful to a community

Enable trade to take place
Bridges the gap between the producer and consumer through transport
Informs consumers about good and services available i.e. where they can be found, their prices and uses etc.
Provide storage facilities/ warehouse
Provides safe places for keeping money, opportunity for borrowing banking
Protects trade against risk though insurance

Introduction to Business Studies Form 1 Level

Outline five benefits of a business to the society.

2/6/2020

Answer

Benefits of a business to the society

Provides goods and services required for the satisfaction of the members of the society
Exploits available resources in the society which will lead to the creation of employment
Avails a variety of commodities /services which enable people to have high /improved living standards
Leads to improvement of infrastructure which are required for the facilitation of trading activities
It attracts other auxiliary /support firms/banks/insurance/colleges that are important to the society
Leads to the development of technology /new ideas /skills for quality/quantity/efficient production

Highlight four ways in which business studies is useful to a community

8/5/2020

Highlight four ways in which business studies is useful to a community

Enable trade to take place
Bridges the gap between the producer and consumer through transport
Informs consumers about good and services available i.e. where they can be found, their prices, Uses etc
Provide storage facilities/ warehouse
Provides safe places for keeping money, opportunity for borrowing banking
Protects trade against risk though insurance

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