​Highlight four ways in which a legal-political environment can impact negatively on entrepreneurs27/3/2021 Highlight four ways in which a legal-political environment can impact negatively on entrepreneurs. (4 mks)
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Mention whether the following transactions have an increase, decrease or no effect on the assets, capital and liabilities of a business. (4 mks)  Define the following terms as used in Business Studies. (4 mks)(i) Economics
It refers to the study of how human beings strive to satisfy their unlimited wants using the limited / scarce resources.
(ii) Entrepreneurship
It refers to the process of identifying business opportunity and acquiring necessary resources to maximize the profit.
(iii) Opportunity cost
This is the value of the best next alternative forgone when acquiring or when a choice has been made.
(iv) Scale of preference
It is a list of wants showing the order in which they are satisfied from the most urgent to the least urgent.
The following information relates to Liston traders for the period ended 31st March 2012.The following information relates to Liston traders for the period ended 31st March 2012.
 ​Identify the book of original entry in which the following transactions can be recorded24/3/2021 ​Identify the book of original entry in which the following transactions can be recorded. (4 mks)
Below is a demand and supply curve  Highlight the factors that may have led to the above behavior. (4 mks)
Highlight four advantages of indirect tax. (4 mks)
Distinguish between the following terms of sales as used in international trade. (4 mks)(i) Free on rail (FOR)Price quoted includes expenses for transporting the goods up to the nearest railway station. The buyer meets railway charges and all other expenses.  (ii) Free on board (FOB)Price quoted includes the movement of goods up to when they are in the ship. The buyer meets all the other expenses. (iii) In bondPrice quoted includes all the expenses up to handling the goods into the exporters bonded warehouse. The buyer / importer meets all other charges such as duty and storage. (iv) On nearest offer (ONO)The exporter is willing to accept the quoted price or any other nearest to the quoted one.
Highlight four duties of commercial attaches in trade promotion. (4 mks)
Give the difference between: (4 mks)(a) Double and co-insurance
It is where an insured takes the same insurance policy / insures the same subject matter against the same risk with more than one insurance company. Whereas co-insurance is whereby one insurance company invites other insurers to insure with them the same property against the same risk.
(b) Premiums and surrender value
Premium is the specified amount of money paid at regular intervals by the insured to the insurer in exchange for cover against losses arising from an insured risk. Whereas surrender payment of the premium before the policy matures, is an amount less than the amount of premium already paid.
Outline four circumstances under which a trader can issue a credit note to a customer. (4 mks)
Outline four advantages of using celebrities in product promotion. (4 mks)
Highlight four features of perfect competition market. (4 mks)
Outline four emerging issues in office management. (4 mks)
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Business Studies Notes Form 1 - 4
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November 2022
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