BUSINESS STUDIES FORM TWO MARKING SCHEME T3 2023
- -Increase in buyers’ ability to purchase more goods
- Increase in population
- Favourable legal-political environment e.g fair taxes
- Improved technology
- Favourable cultural environment
- Fair competition
- -Resources are scarce
- Human wants are endless
- They are recurrent (repetitive)
- They are competitive
- They are habitual
- –Public
- Private
- Free
- Bonded
- –Insurable interest
- The doctrine of Utmost Good Faith or “Uberrima Fidei”
- Indemnity
- Proximate cause
- Subrogation
- Contribution
- –Credit facilities
-After-sale services
– Avail a variety of goods
-Offer advice
-Avail goods to consumers
-Break bulk
- –Marine hull
-Marine Cargo
-Port policy
-Voyage policy
-Floating
-Time
-Mixed
-Fleet
-Composite
- –Holding companies
-Cartels
-Privatisation
-Absorptions/Take-overs
-Mergers(amalgamation)
-Check-off system
-Burial benevolent funds (B.B.F)
-Front office savings account (FOSA)
-Franchising
-Trusts
-Globalisation
-Performance contract
- –Product
-Primary demand
-Institutional
-Competitive/persuasive
-Celebrity
-Reminder
- -Voluntary and open membership
-Democratic administration
-Limited interest on share capital
-Co-operation with other co-operatives
-Promotion of education to members
-Provision of dividends to members
- –Transport
-Communication
-Warehousing
-Advertising
- –Easy to supervise workers
-Easy location of workers
-Promote teamwork
-Floor space is saved
-Cheap to decorate
-Maintenance cost is low
-Discourages absenteeism by employees
-Construction cost is low
- –Insufficient funds in the account
-Stale cheque
-When the cheque is post-dated
-If the drawer has closed his/her account with the bank
-When the signature of the account holder differs from the specimen in the bank
-A bank learns about death, insanity or bankruptcy
-When the cheque has been altered and the drawer has not signed against the alteration
- –Insufficient quantities
-Poor quality goods
-Poor services
-Lack of goods
- –When launching a new product
-When a product is tailored to meet a customer’s specification
-When demonstration is required
– When the value of the product is high
-When the organization can afford to finance the sales force
-Where the market is concentrated in one area
- –Partner’s contributions
-Loans from banks
-Trade credit
-Buying goods on hire-purchase terms
-Retained profit
-Leasing and renting
- The sender – The person from whom the message originates
Message – The information to be sent
Medium/channel – Means through which the message is to be sent
The receiver – A person for whom the message is intended
Feedback – The reaction of the receiver to the message
- Cost –should be affordable i.e. both initial and maintenance cost
Adaptability – Should be able to cope with future changes and development
Possibility of hiring rather than buying – one has to consider the cost and convenience of buying equipment as opposed to hiring
Durability – one has to consider the lifespan of the equipment
Effect on staff morale – the attitude towards equipment
Availability of complementary resources – e.g. power and availability of spare parts
Availability of manpower required to run and operate the equipment
Availability of room to store the equipment
Security of the equipment
- – Assist a student in relating the knowledge, skills and attitudes acquired to the day-to-day business activities
- Equips a student with the knowledge and skills necessary to start and run a business
- Assist a student in appreciating the role of business in the provision of goods and services
- Makes a student to appreciate the need for good business management practices
- Assist a student in acquiring self-discipline and a positive attitude towards work
- Equips a student to understand the role of government in business
- Equips a student with abilities to promote cooperation in society through trade
- Helps a student to develop a positive attitude towards the environment
- Equips a student with the ability to understand the role of communication and information technology in modern business management
- –Helps people to acquire what they may not be able to produce
- Avails a variety of goods and services – helps producers to dispose of their surplus produce
- Creates employment
- Encourages specialization and division of labour
- Promote social relations and understanding among parties involved
- Provides revenue to the business people and the government
- Ensures a steady supply of goods and services
- a) Cost – The cheapest means should be chosen
- b) Nature of goods – Perishable goods require a fast means while heavy and bulky goods
requires a means of transport convenient for such goods
- c) Reliability – A means that assures that goods will reach the intended destination at the right time and in the right form should be chosen
- d) Urgency – Goods that are urgently required need the fastest means available
- e) Security – Means chosen should ensure that goods in transit are safe against loss, theft
or physical damage
- f) Distance – Some means are suitable for long distances while others are suitable for
short distances
- g) Availability of means – means should be selected based on its availability
- h) Flexibility – Should be able to be manipulated to suit the convenience of the transporter
- i) Terminals – Some means of transport may have their terminals near the transporter
than others
- Barriers to effective communication
- Noise
- Negative attitude
- Bad weather
- Emotional response
- Poor listening
22. Reasons for government involvement in business.
- To prevent exploitation by consumers
- To provide sensitive goods
- To provide essential goods
- To attract foreign investors in the country
23. The need for consumer protection
- To protect consumers against harmful products
- To protect consumers against misleading advertisement
- To protect consumers against illegal goods
- To protect consumers against hoarding
24. Elements of transport
- Unit of carriage
- Ways
- Terminal
- Method of propulsion
25. Consideration before giving credit
- Creditworthiness of the buyer
- The repayment period
- Ability to pay
- Frequency of the buying from the seller
- Amount of goods needed