Pob GR 10 Week 1-11 - Term 2

MINISTRY OF EDUCATION
WORKSHEETS
“PRINCIPLES OF BUSINESS”
Grade: (10)
TERM: (II)
Contents
WEEK #1 – TOPIC: NATURE OF BUSINESS..................................................................................... 4
LESSON #1: Definition of Business Terms........................................................................................ 4
LESSON # 2: Barter............................................................................................................................. 7
LESSON # 3: History of Money ......................................................................................................... 9
WEEK # 2 – TOPIC: NATURE OF BUSINESS ................................................................................. 11
LESSON # 1: Instruments used in Exchange and Payment .............................................................. 11
LESSON # 2: Instrument used in Exchange and Payment ............................................................... 13
LESSON # 3: Instruments used in exchange and Payment............................................................... 15
LESSON # 1: Public Sector and Private Sector ................................................................................ 17
LESSON # 2: State Undertakings .................................................................................................... 19
LESSON # 3: Advantages and disadvantages of state ownership.................................................... 21
LESSON # 1: Private Sector Business Organizational Units............................................................ 23
LESSON # 2: Sole Trader ................................................................................................................ 25
LESSON # 1: Partnership ................................................................................................................. 30
LESSON # 2: Partnership ................................................................................................................. 32
LESSON # 3: Cooperatives .............................................................................................................. 35
LESSON # 1: Advantages and disadvantages of Cooperatives ....................................................... 37
LESSON # 2: Private Limited Company ......................................................................................... 39
LESSON # 3: Private Limited Company ......................................................................................... 41
1
LESSON # 1: Public Limited Companies ........................................................................................ 43
WEEK # 7 – TOPIC: FRANCHISES ................................................................................................... 49
LESSON # 3: Definition of the term Franchise ................................................................................ 49
WEEK # 8 – TOPIC: FRANCHISES ................................................................................................... 52
LESSON # 1: Advantages and Disadvantages of a Franchise .......................................................... 52
WEEK # 8 – TOPIC: ECONOMIC SYSTEMS ................................................................................... 54
LESSON # 2: Definition of Economic Systems ............................................................................... 54
Types of Economic Systems .............................................................................................................. 54
Subsistence Economy ......................................................................................................................... 54
WEEK # 8 – TOPIC: TYPES OF ECONOMIC SYSTEMS - COMMAND ECONOMY .................. 56
LESSON # 3: Definition, Examples, Advantages and Disadvantages.............................................. 56
WEEK # 9 – TOPIC: TYPES OF ECONOMIC SYSTEMS - FREE MARKET ECONOMY ............ 59
LESSON # 1: Definition, Characteristics, Advantages and Disadvantages...................................... 59
WEEK # 9 – TOPIC: TYPES OF ECONOMIC SYSTEMS - MIXED ECONOMY .......................... 62
LESSON # 2: Definition, Examples and Features of Mixed Economy ............................................ 62
WEEK # 9 – TOPIC: FUNCTIONAL AREAS OF A BUSINESS ...................................................... 66
LESSON # 3: Definition and responsibilities of the functional departments ................................... 66
WEEK # 10 – TOPIC: FUNCTIONAL AREAS OF A BUSINESS .................................................... 70
LESSON # 1: Definition and responsibilities of functional departments ......................................... 70
WEEK # 10 – TOPIC: STAKEHOLDERS INVOLVED IN BUSINESS ACTIVITIES ..................... 73
LESSON # 2: Definition of the term Stakeholder, Categories and Types of stakeholders. .............. 73
WEEK # 10 – TOPIC: STAKEHOLDERS INVOLVED IN BUSINESS ACTIVITIES ..................... 76
LESSON # 3: Roles of stakeholders in business ............................................................................... 76
WEEK # 11 – TOPIC: ETHICAL AND LEGAL ISSUES RELATING TO BUSINESS ................... 79
LESSON # 1: Ethical and Legal issues: money laundering, national insurance and income tax and
value added or consumption tax ......................................................................................................... 79
WEEK # 11 – TOPIC: CONSEQUENCES OF UNETHICAL AND ILLEGAL BUSINESS ............. 82
PRACTICES .......................................................................................................................................... 82
LESSON # 2: Consequences of unethical and illegal practices ........................................................ 82
WEEK # 11 – TOPIC: ETHICAL AND LEGAL BUSINESS PRACTICES ...................................... 84
LESSON # 3: Principles relating to forming a business ................................................................... 84
WEEK # 12: TOPIC: CAREERS IN BUSINESS................................................................................. 86
LESSON # 1: Careers found in the business field ............................................................................ 86
WEEK # 12: TOPIC: INTERNAL ORGANISATIONAL ENVIRONMENT ..................................... 89
2
LESSON # 2: Functions of Management .......................................................................................... 89
WEEK # 12: TOPC: INTERNAL ORGANISATIONAL ENVIRONMENT ...................................... 93
LESSON # 3: Functions of Management cont’d............................................................................... 93
LESSON # 1: Responsibilities of Management ................................................................................ 95
LESSON # 2: Organisational Charts and Types of Organisational chart ......................................... 98
WEEK # 13: TOPIC: INTERNAL ORGANISATIONAL ENVIRONMENT ................................... 104
LESSON # 3: Leadership Styles ..................................................................................................... 104
WEEK # 14: TOPIC: INTERNAL ORGANISATIONAL ENVIRONMENT ................................... 108
LESSON # 1: Conflict...................................................................................................................... 108
WEEK # 14: TOPIC: THE NATURE OF BUSINESS & INTERNAL ORGANISATIONAL ......... 113
ENVIRONMENT................................................................................................................................. 113
LESSON # 2: LESSON REVIEW .................................................................................................. 113
WEEK # 14: TOPIC: CON’T. THE NATURE OF BUSINESS & INTERNAL ORGANISATIONAL
ENVIRONMENT................................................................................................................................. 117
LESSON # 3: LESSON REVIEW .................................................................................................. 117
3
LESSON # 1
PRINCIPLES OF BUSINESS
WORKSHEET
GRADE 10
Name of Student: ________________________ Date: ____________________
WEEK #1 – TOPIC: NATURE OF BUSINESS

LESSON #1: Definition of Business Terms
CONTENT:
DEFINITION OF BUSINESS TERMS
• BUSINESS: Business may be defined as one or more person engaged in an activity to make a
profit and to satisfy the needs and wants of its customers.
• NEEDS: These are the essential things in life e.g., food, shelter, etc.
• WANTS: These are the luxurious things in life e.g., bed.
• CUSTOMER: A person who buys or consumes (goods or services) and has the
ability to choose between different products and suppliers.
• PROFIT: The surplus remaining after total costs are deducted from total revenue and
the basis on which tax is computed and dividend is paid. It is the best-known measure
of success in an enterprise.
4
• GOODS: These are tangible commodities that we can see, feel, and touch e.g. sugar.
• SERVICES: Services are intangible commodities that we cannot see, feel, and touch
but has the power to satisfy us e.g. transportation, seeing the doctor.
• ENTREPRENEUR: An entrepreneur is a person who takes risks and contributes

capital to start as well as sustain a business.
• MARKET: Market is the interaction between buyers and sellers.
• CAPITAL: Capital is defined as money or resources used to start as well as sustain a

business.
• NATIONALIZATION: Nationalization is the transfer of ownership from private citizens

to government/state ownership or control.
• PRIVATIZATION: Privatization is the transfer of ownership of government agencies to

private individuals.
Please click on the link below to view:-Video on Nationalization and Privatization

https://youtu.be/3Q87MixYPy4
5
ACTIVITY:
Answer the following questions, by stating “True or False”:
1. Goods are intangible items used by consumers to satisfy their desires. ……….
2. Wants can be defined as essential necessities for one’s survival. .……….
3. Services are tangible items that consumers use in the execution of their daily lives. ..………
4. Market is a place where goods and service are exchanged. ..………
5. A Customer can be defined as someone who buys goods and services. ………..
................................................................................................................................................................
Reference:
Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA, Study Guide
and Exercises, Carlong Publishers, 2011
6
LESSON # 2
WORKSHEET
GRADE 10
Name of Student: ______________________ Date: ____________________

LESSON # 2: Barter
CONTENT:
BARTER
Barter is the exchanging of goods and services for other goods and services, without the use
of money. NB: Early trade was done this way.
# ADVANTAGES OF BARTER DISADVANTAGES OF BARTER

1. People were able to dispose of the Double coincidence of wants -
surplus they had and at the same time this was the problem of finding someone to
obtain a wider range of things which exchange with, someone who had what you
wanted and wanted what you had.
they needed.
2. Productivity was increased to improve Rate of exchange -
the way of life, and it allowed for someone always felt cheated.
specialization in things that people
could produce best.
3. Increased productivity resulted in Some goods could not be traded in parts -
more surplus and further wealth. some goods had to be traded even though the
size and value were greater than what they were
being exchanged for e.g., you could not cut off the
leg of an animal because it valued more than the
good that you wanted.
4. It laid the foundation for the organized Some goods were easily perishable -
some goods could not be saved for use at a future
method of trading we have nowadays. date because they could not last long (tomatoes).
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ACTIVITY
Imagine that you are a vegetable farmer living in an era of the barter system and you wanted meat.
There is another farmer who rears chicken. Identify some things you would need to consider if you were
to trade with him.
………………………………………………………………………………….
…………………………………………………………………………………
…………………………………………………………………………………
…………………………………………………………………………………
………………………………………………………………………………..
………………………………………………………………………………
..........................................................................................................................................................................
Reference:
8
LESSON # 3
WORKSHEET
GRADE 10
Name of Student:_____________________ Date: _____________________

LESSON # 3: History of Money
CONTENT:
HISTORY OF MONEY
Money may be defined as any commodity that is generally acceptable as a

measure of value and a medium of exchange. From the origins of bartering to
modern money, this is how the system has evolved. At the dawn of humanity,
bartering was used in lieu of money to buy goods. As early man began to rear
domestic livestock, one of the earliest forms of barter included cattle, sheep, as
well as vegetables and grain.
CHARACTERISTICS OF MONEY
• It must be durable - it should be long lasting and must be able to withstand wear and tear.
• It must be generally acceptable - people must agree to use it.
• Divisible - we must be able to divide it into units.
• Scarce - its value is maintained when it is harder to acquire.
• Portable - it must be convenient to carry around.
• Homogenous - they must be of similar kind.
Please click on the link below to view:-video on history of money

https://youtu.be/YCN2aTlocOw
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Functions of money Descriptions
A medium of exchange Money makes the exchange of goods easier, and makes
barter unnecessary.
A measure of value Money can be used to state prices of goods.
A store of value Money can be saved whereas goods often cannot.
A standard for postponed payment Money can be earned at one time and spent at another.
ACTIVITY
1. State THREE (3) reasons why you think money replaced barter.
a) …………………………………………………………………………………………
…………………………………………………………………………………………
b) …………………………………………………………………………………………
…………………………………………………………………………………………
c) …………………………………………………………………………………………
…………………………………………………………………………………………
2. Give TWO (2) reasons why you think some countries like Canada and Australia use plastic
instead of paper notes?
a) ……………………………………………………………………………………………
……………………………………………………………………………………………
b) ……………………………………………………………………………………………
……………………………………………………………………………………………
.....................................................................................................................................................
Reference:
Robinson, K. and Hamil S., Principles of Business for CSEC with SBA, Study Guide and
Exercises, Carlong Publishers, 2011
10
LESSON # 4
WORKSHEET
GRADE 10
Name of Student: ____________________ Date: ____________________
WEEK # 2 – TOPIC: NATURE OF BUSINESS

LESSON # 1: Instruments used in Exchange and Payment
CONTENT:
INSTRUMENTS USED IN EXCHANGE AND PAYMENT
Bills of exchange: the bill of exchange is made out by the seller/exporter of goods. It requires that
the buyer/importer pay a sum of money on demand, or at an agreed future date. It is commonly
used in the settlement of international debts.
Documentary credit: is also known as a letter of credit; it enables exporters to

obtain payment before the documents of ownership are released to the importer.
Electronic Funds Transfer (EFT): this is the exchanging of money, but without paper money
changing hands. This can be done through various financial institutions e.g., a bank. It enables
exporters to obtain payment before documents of ownership are released to the importer.
Tele-banking: this is where the customer uses an appropriate type of telephone to access
services provided by banks e.g., checking account balances, transferring funds, paying bills etc.
……………………………………………………………………………………………………..
11
ACTIVITY
1. State the names of four (4) other ways in which payments can be made:
1. ……………………………………………………………….
2. ………………………………………………………………
3. ………………………………………………………………
4. ………………………………………………………………
2. Which of the following is not directly related to Electronic Funds Transfer (EFT)?
a) debit card
b) credit card
c) cheque issue
d) standing order
............................................................................................................................................................
Reference:
and Exercises. Carlong Publishers, 2011
12
LESSON # 5
WORKSHEET
GRADE 10
Name of Student: ________________________ Date: __________________

LESSON # 2: Instrument used in Exchange and Payment
CONTENT:
E-commerce: refers to the buying and selling of goods and services through an electronic medium
such as the internet.
Cheque: a slip of paper that the customer fills out and signs instructing his/her bank to do something
with money in his/her bank account.
Money Order: this is a printed order for payment of a specified sum which is facilitated by a
bank or post office. Money orders are prepaid.
Debit Cards: these allow the holder to make purchases at home or abroad and have same
connected directly to their account. This is a service provided by banks to their account holders.
The purchaser presents the card to the trader’s connection to the banking system at the Point of
Sale (POS) terminal.
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Credit Cards: these enable the holder to buy goods and services without using cash or cheque.
ACTIVITY
1. Briefly explain why you may prefer to use a debit or credit card as opposed to cash.
…………………………………………………………………………………………………
…………………………………………………………………………………………………
…………………………………………………………………………………………………
…………………………………………………………………………………………………
2. What does the abbreviation POS stand for?
………………………………………………….............................................................
3. Using a mobile phone to pay for products is referred to as:
……………………………………………………………………………………………
.................................................................................................................................................................
Reference:
Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA, Study
Guide and Exercises, Carlong Publishers, 2011
14
LESSON # 6
WORKSHEET
GRADE 10
Name of Student: _________________________ Date: ____________________

LESSON # 3: Instruments used in exchange and Payment
CONTENT:

Bank Draft: these are a form of cheque drawn on the issuing bank itself rather than the customer’s
bank account. This is as good as cash because the bank guarantees it for their customer, who would
have paid the value of the draft into the bank in advance.
Telegraphic Money Transfer: this is used when the sender wants to send money to an overseas
destination. Examples of companies that offer these services include Western Union and Money Gram.
Money Mobile/mobile wallet: this is sometimes referred to as m-money. It is an “app” running on a

mobile device that lets users store, send and receive money. The user can pay safely through their mobile
device instead on using cash and plastic card.
Standing order: this is where a particular amount of money has to be paid on behalf of a customer on a
regular basis e.g., monthly installment.
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ACTIVITY
Contemplate and answer the following questions:

1. If a business wants to pay the wages of its employees electronically, it will use:
a) a standing order b) a cheque c) an electronic funds transfer d) a bank draft
2. Which of the following involves the use of a PIN?
a) debit card b) cheque c) standing order d) bill of exchange
3. List and explain three (3) other ways in which monetary transactions can be conducted without the
use of cash.
......................................................................................................................................................................
......................................................................................................................................................................
......................................................................................................................................................................
......................................................................................................................................................................
......................................................................................................................................................................
......................................................................................................................................................................
.............................................................................................................................................................
Reference:
Robinson, K. and Hamil S., Principles of Business for CSEC with SBA, Study Guide
16
LESSON # 7
WORKSHEET
GRADE 10
Name of Student: _____________________ Date: ____________________

LESSON # 1: Public Sector and Private Sector
CONTENT:
PUBLIC SECTOR & PRIVATE SECTOR
Public sector entities are businesses controlled by the government. Their main aim is to offer services to
everyone and not to make a profit e.g., schools, healthcare facilities etc. It is funded by government
through taxes and fees paid by the citizens. On the other hand, private sector businesses are run for
profit and are owned by private individuals.
Public sector businesses fall into two categories:

1. Municipal Undertaking
2. State Undertakings
MUNICIPAL UNDERTAKINGS
Municipal undertakings are enterprises or services operated on a commercial basis by local

government authorities. They are financed by local taxation, and charges are made for the use of
their services or other commercial activities. Sometimes municipals are subsidized by grants from
central government. Neighbourhood Democratic Councils and Town Councils are examples of
Municipal undertakings found in Guyana.
Please click link below to view: video on Private and Public sector to enhance learning
https://youtu.be/5ma5-juhmJ0
17
ACTIVITY
1. List THREE (3) roles of the Local Neighbourhood Democratic Council or Township in
your community:
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
2. Identify TWO (2) services that are provided by the public sector and also the private sector
in your country.
Public sector:
……………………………………………………………………………………………..
…………………………………………………………………………………………….
Private sector:
………………………………………………………………………………………………
………………………………………………………………………………………………
...............................................................................................................................................................
Reference:
Robinson, K. and Hamil S., Principles of Business for CSEC with SBA, Study Guide
18
LESSON # 8
WORKSHEET
GRADE 10
Name of Student: _____________________ Date: ____________________

LESSON # 2: State Undertakings
CONTENT:
STATE UNDERTAKINGS
State undertakings, state ownership, public enterprise and nationalized industries are all terms that
refer to a variety of enterprises operated by the government on behalf of the public. Each public
corporation is set up by an ‘ACT OF PARLIAMENT’, to provide commercial or industrial functions often in
a monopolistic position. Each corporation has a legal identity separate from government and may include
transport, telecommunications etc. Public Corporations are owned by the public, but are managed by the
government on their behalf.
REASONS FOR STATE OWNERSHIP
State ownership exists to:
• take a monopoly out of private ownership for the good of all the citizens;
• keep natural monopoly in public ownership e.g., water, electricity;
• assist with the initial cost of setting up since it maybe too high for private enterprises;
• avoid duplication of services e.g., water;
• save an ailing essential industry; and,
• protect jobs.
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ACTIVITY
1. Identify THREE (3) examples of state-owned corporations found in Guyana.
………………………………………………………………………………………………...
…………………………………………………………………………………………………
…………………………………………………………………………………………………
2. Briefly explain why it is sometimes necessary to have state corporations.
…………………………………………………………………………………………………
…………………………………………………………………………………………………
…………………………………………………………………………………………………
.............................................................................................................................................................
Reference:
Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA, Study
20
LESSON # 9
WORKSHEET
GRADE 10
Name of Student: ________________________ Date: __________________

LESSON # 3: Advantages and disadvantages of state ownership
CONTENT:
ADVANTAGES AND DISADVANTAGES OF STATE OWNERSHIP
# Advantages of State Ownership Disadvantages of State Ownership
1. The government has the resources to fund It can be over cautious since they are answerable
a vast essential industry. to the public.
2. It ensures that essential services are always Local issues may be disregarded in favour of
provided. political objectives.
3. Profit benefits the whole nation as Losses have to be met/borne by taxpayers.
opposed to a limited number of persons.
4. It reduces possible duplication of services A state monopoly can lead to inefficiency and an
and equipment e.g., water. inefficient profit motive.
5. The large scale of public corporations The ultimate bosses are politicians who may
enables them to enjoy maximum not have the required expertise to run a major
economies of scale. Enterprise
Guyana Water Guyana Power and

Incorporation Light Incorporation
Types of State-owned
Businesses in Guyana
Georgetown Public Guyana Sugar

Hospital Corporation Corporation
21
ACTIVITY
Read the following sentences and state whether each is “true or false”.
1. Most state corporations are not monopolies. ……………
2. Politics/politicians may influence the management of

State-owned business. …….……..
3. Taxpayers bear the losses when politicians are inefficient. …………
4. Profit from state corporations benefit the country as a whole. …………..
5. State corporations result in duplicity of industries and services. …………..
……………………………………………………………………………………………………
References:
1. Dransfield, R and Butcher, S. et al., Principles of Business, Oxford University Press
Publishers, 2019
2. Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA, Study Guide and
22
LESSON # 10
WORKSHEET
GRADE 10
Name of Student: ______________________ Date: ____________________

LESSON # 1: Private Sector Business Organizational Units
CONTENT:
PRIVATE SECTOR BUSINESS ORGANISATIONAL UNITS
Private sector business organizations are operated for profit and are owned by private citizens. The
following are business organizational units that belong to the private sector:
• Sole Trader
• Partnership
• Cooperatives
• Private Limited Companies
• Public Limited Companies
• Franchises
Understanding risks involved in private sector businesses.
The most serious risk involved in investing in a business is bankruptcy; that is, the business cannot
pay the debts it owes to its creditors. If the business has:
Limited Liability - the owner of the company is liable only for debts equivalent to the amount of his/her
investment. This allows people to invest in a business without having to face the risks of losing personal
assets such as their homes; they can only lose the amount they have put into the business.
Unlimited Liability - the members are liable (legally responsible) for all of the business’s debts. Not
only can they lose the money they would have invested in the firm, but they can also have their personal
assets, such as their homes or vehicles, taken in order to pay off their debts.
23
ACTIVITY
1. Differentiate between limited liability and unlimited liability.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
2. Based on what you know, identify one (1) example of each business unit listed below:
Sole Trader:
…………………………………………………………………………………………….
Partnership:
……………………………………………………………………………………………
Cooperatives:
…………………………………………………………………………………………….
Private Limited Companies:

…………………………………………………………………………………………….
Public Limited Companies:

……………………………………………………………………………………………
Franchises:
……………………………………………………………………………………………..
……………………………………………………………………………………………………………
Reference:
24
LESSON # 11
WORKSHEET
GRADE 10
Name of Student: ______________________ Date: ______________________

LESSON # 2: Sole Trader
CONTENT:
SOLE TRADER
A Sole Trader is a one-person business and is sometimes referred to as a Sole Proprietor.
FEATURES OF A SOLE TRADER
It is easy and inexpensive to become a sole trader.
It is usually financed by the owner.
They usually provide a personal service to their customers.
The Sole trader bears all risks and suffers all losses, but he/she also enjoys all profit.
25
ADVANTAGES AND DISADVANTAGES OF SOLE TRADER BUSINESS
# Advantages of Sole Trader Disadvantages of Sole Trader

1. It can be easily and quickly formed. Finance can be difficult to raise as they are seen
as high-risk by banks.
The sole trader accounts to himself or herself Only one owner means a narrow range of skills.
2. only.
3. Decisions can be made quickly because he/she Having unlimited liability can endanger
has no one with whom to consult. personal possessions.
4. All the profits belong to him/her. Prices are often higher than those of larger
organization.
He/she enjoys a personal relationship with Illness, holidays and death etc., may affect the
5. his/her customers. running of the business.
A sole trader business can progress and grow Small scale limits discount and other benefits
6. into a large company. of large-scale production.
ACTIVITY
State whether each of the following statements is “true or false”:
a) All profit belongs to the sole trader. ……………..
b) His business will be stagnant - cannot grow if unable to

access loans to expand. ……………..
c) He is distant from customers. ….………….
d) It is not expensive to set up. …………….
e) He accounts only to himself. …………….
26
f) A sole trader has unlimited liability. Imagine you are a sole trader who has run
bankrupt. Explain what limited liability means and how this can affect you.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
…………………………………………………………………………………………………..
Reference:

Publishers, 2019
27
LESSON # 12
WORKSHEET
GRADE 10
Name of Student: _________________________ Date: __________________

LESSON # 3: Formation of a Sole trader
CONTENT:
FORMATION OF A SOLE TRADER BUSINESS
There are few legal stipulations regarding the formation of these types of businesses.
However, the sole trader should ensure that government regulations are adhered to, for
example a food vendor should:
➢
Have a valid food handler’s permit that should be renewed when required by the
regulations.
➢
Obey the dress code by wearing a cap and apron when handling food.
➢
Keeping the food preparation and point-of-sale area clean.
➢
Seek permission from the municipal, such as Neighboring Democratic Council
(NDC), to operate the business.
➢
If the sole trader trades under his own name, he may start his business immediately.
Example, “Joe’s hotdog”.
➢
If he is using a name different from his own, example “Exquisite Wine Bar”, then he
must register the business under the Business Name Act.
➢
A business must register with the Guyana Revenue Authority (GRA) and National
Insurance Scheme (NIS), if there are employees.
28
ACTIVITY
Imagine you are interested in starting your own sole trader business, list FIVE (5)
things that you will need to take into consideration:
Before starting:
1. ………………………………………………………………………………..
2. ………………………………………………………………………………
3. ………………………………………………………………………………
4. ………………………………………………………………………………
5. ………………………………………………………………………………
After starting:
1. …………………………………………………………………………….
2. ……………………………………………………………………………..
3. …………………………………………………………………………….
4. ……………………………………………………………………………
5. ……………………………………………………………………………
………………………………………………………………………………………………………
References:

Publishers, 2019
2. Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA, Study Guide
WEBSITE
https://slideplayer.com/slide/7460806/
29
LESSON # 13
WORKSHEET
GRADE 10
Name of Student: _________________________ Date: ________________

LESSON # 1: Partnership
CONTENT:
PARTNERSHIP
A partnership may be defined as a legal agreement between two (2) and up to twenty (20)
individuals who undertake to form themselves into a business with a common view to make a
profit.
DEED OF PARTNERSHIP
A partnership is formed by a ‘Deed of Partnership’ signed by all partners and contains the
following information:
• Number of partners
• Amount of capital contributed by each partner
• Type of trade engaged in
• Share of profits or losses accruing to each partner.
• Name of partnership
• Salary of each partner
• Mechanism for dissolution
Please click link below to view:- video on Partnership

https://youtu.be/P43-PPrWDuI
30
ADVANTAGES AND DISADVANTAGES OF A PARTNERSHIP BUSINESS
# Advantages of a Partnership Disadvantages of Partnership

1. A partnership is easy to form without legal All partners stand to lose if one makes a
formalities. mistake.
2. More capital can be raised by the combined Capital is limited.
resources of partners.
3. Specialization in management is possible as each Generally unlimited liability.
partner may participate in the field in which he has
experience and training.
4. The workload is shared among partners. There is a risk of disagreement and
quarreling with other members.
5 It can progress and grow into a large company. Increase in operation cost as a result of
higher overhead costs.
ACTIVITY
Say whether each of the following statements is ‘true’ or ‘false’ write your answers in the lines
provided:
1. The maximum number of persons who can form a partnership is twenty (20). ………..
2. A Deed of Partnership governs a partnership. ………..
3. The main aim of a partnership is to make a profit. .………
---------------------------------------------------------------------------------------------------------------------
References:
1. Dransfield, R and Butcher, S. et al. Principles of Business, Oxford University Press

Publishers, 2019
2. Robinson, K. and Hamil, S. Principles of Business for CSEC with SBA, Study Guide
31
LESSON # 14
WORKSHEET
GRADE 10
Name of Student: ______________________ Date: _________________

LESSON # 2: Partnership
CONTENT:
TYPES OF PARTNERSHIP BUSINESS
TYPES OF PARTNERSHIP BUSINESS
There are different types of partnerships, such as ordinary (also known as “unlimited”, where
each partner is involved in the management of the business and shares the liability) and limited
(also known as “sleeping”; these partners are not involved in the management or day-to-day
running of the business).
GENERAL PARTNERSHIP
In a general partnership, at least one partner has unlimited liability. A general partner has
the authority to act and make binding decisions as an owner. The general partner may be
liable for all the debts of the business.
CHARACTERISTICS OF A GENERAL PARTNERSHIP BUSINESS:
1. The minimum number of members is two (2) and the maximum is twenty (20).
2. All partners are legally equal.
3. All partners are liable for the business’s debts.
4. No term of duration is fixed i.e. it may be dissolved by any partner at any time by giving
a written notice to all other partners of his intention to dissolve the partnership.
32
A General partnership business can be divided into two types:
1. Partnership-at-will: A partnership-at-will is one which has been formed for a fixed term, or
one which was originally formed for a fixed term, but has been continued after the expiry of that
term, without further agreement.
2. Specific partnership: A Specific partnership refers to that in which there is a partnership

with regard to a solitary commercial undertaking or adventure. This partnership business has a
limited lifetime.
LIMITED PARTNERSHIP
A partnership with at least one general partner and one or more limited partners who are liable
for losses only up to the amount of their investment, is called a limited partnership.
CHARACTERISTICS OF A LIMITED PARTNERSHIP BUSINESS:
1. It consists of one or more general partners who are liable for all debts and obligations
of the firm.
2. It must have at least one limited partner who contributes a certain amount of capital.
He shall be liable only for that amount of capital contributed by him.
3. A limited partner is not entitled to take part in the management of the partnership
business and cannot bind the firm. He can simply inspect the books of accounts and offer
advice.
4. In case a limited partner takes part in the management of the firm, he shall be liable for
all debts and obligations incurred when he so acts.
5. Every limited partnership must be registered.
33
ACTIVITY
1. Differentiate between “General partnership” and a “Limited partnership”.
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
• List TWO (2) characteristics of each type of partnerships:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
---------------------------------------------------------------------------------------------------------------------
References:
1. Dransfield, R and Butcher, S. et al. Principles of Business, Oxford University

Press Publishers, 2019
2. Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA, Study
WEBSITE
https://bankofinfo.com/types-of-partnership-business/
34
LESSON # 15
WORKSHEET
GRADE 10
Name of Student: ______________________ Date: _________________

LESSON # 3: Cooperatives
CONTENT:
CO-OPERATIVES
What is a co-operative?
A cooperative is a business organization that is owned and operated by its members.

Members are generally a group of people with corresponding interests who have established
the cooperative society.
TYPES OF CO-OPERATIVES
• Consumer Cooperatives - these provide members with goods and
services e.g., food and fuel.
• Producer Cooperatives - these are usually agricultural in nature and provide
members with purchasing, marketing and transport services.
• Financial Cooperatives - members pool their savings in order to secure
credit for themselves at low costs e.g., Credit Unions.
• Service Cooperatives - these provide their members with a variety of
services normally considered prohibitive e.g., healthcare, housing.
Please click link to view: - video on Cooperatives

https://youtu.be/3_W3h0zC9zs
35
ACTIVITY
Provide examples of the different types of cooperatives for the categories in the below:
➢
Consumer Cooperatives: …………………………………………………….....
➢
Producer Cooperatives: ………………………………………………………….
➢
Financial Cooperatives: …………………………………………………………
➢
Service Cooperatives: ………………………………………………………….
➢
Workers Cooperatives: ……………………………………………………….
---------------------------------------------------------------------------------------------------------------------
References:
1. Dransfield, R and Butcher, S. et al., Principles of Business, Oxford University

WEBSITE:
36
LESSON # 16
WORKSHEET
GRADE 10
Name of Student: _____________________ Date: _________________

LESSON # 1: Advantages and disadvantages of Cooperatives
CONTENT:
ADVANTAGES AND DISADVANTAGES OF COOPERATIVES
# Advantages of Cooperatives Disadvantages of Cooperatives
1. There is a guaranteed market for members. Management may be poor and

inexperienced.
2. Little or no advertising costs are incurred. Lack of capital may cause problems.
3. There is no profiteering. Capital base is limited.
4. There is a democratic form of management. It may be unable to attract skilled
professionals.
5. Economies of bulk buying are available to all Decision making is slow if members
members. are consulted.
6. Employment is created within the Conflict may arise when members are
organization. both employers and employees.
37
ACTIVITY
1. List TWO (2) advantages of being a member of a Cooperative.

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
2. List TWO (2) disadvantages of a Producer Cooperative.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
➢ List TWO (2) advantages of being a member of a Financial Cooperative.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
References:

WEBSITE
38
LESSON # 17
WORKSHEET
GRADE 10
Name of Student: ________________________ Date: _________________

LESSON # 2: Private Limited Company
CONTENT:
PRIVATE LIMITED COMPANY
A private limited company is one in which only two but not more than fifty (50) shareholders form
the company.
A private limited company is governed by:
1. A Memorandum of Association - this governs the external relationship of the

company and contains:
• Name of the business and its status.
• Objectives of the business.
• Country of operations.
• Method of finance (amount of capital with which the company is registered and how it is
divided into shares).
2. An Article of Association: this is a document detailing the control of the internal aspects of
a company and contains:
• The rights of shareholders.
• The methods and manner of electing directors.
• The manner in which meetings are to be conducted.
• The division of profit.
• The remuneration, appointment and removal of auditors.
• The issue, transfer and forfeiture of shares.
39
ACTIVITY
e) Explain the difference between an Article of Association and a Memorandum

of Association. (4 marks)
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
2. List two (2) characteristics of a Memorandum of Association. (2 marks)
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
3. List TWO (2) characteristics of an Article of Association. (2marks)
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
---------------------------------------------------------------------------------------------------------------------
References:
WEBSITE
40
LESSON # 18
WORKSHEET
GRADE 10
Name of Student: ____________________ Date: _________________

LESSON # 3: Private Limited Company
CONTENT:
PRIVATE LIMITED COMPANY
• It enjoys limited liability.
• It is a legal entity.
• It must have a Memorandum of Association and Articles of Association.
• There must be proper keeping of accounts for tax purposes.
• Directors are usually elected in an Annual General Meeting (AGM).
• A minimum of two (2) but not more than fifty (50) shareholders are legally allowed.
ADVANTAGES OF A PRIVATE LIMITED COMPANY
a) Privacy is retained.
b) There is limited liability.
c) Continuity is ensured - the death of a shareholder does not affect the company.
d) It enjoys benefits e.g., specialized help.
DISADVANTAGES OF A PRIVATE LIMITED COMPANY
a) Shares are not freely transferable without directors' consent.

b) The amount of capital is limited thus growth is slow.
c) It is vulnerable to changes in demand.
d) The entrepreneurial pool is restricted to family members and close friends.
e) Such companies are not known as innovators or for research and development.
41
ACTIVITY
1. In the table below, insert THREE (3) advantages and THREE (3)
disadvantages of private limited companies. (6 marks)
ADVANTAGES DISADVANTAGES
2. List THREE (3) features of a private limited company. (3 marks)
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
---------------------------------------------------------------------------------------------------------------------
References:

WEBSITE:
https://bankofinfo.com/types-of-partnership-business
42
LESSON # 19
WORKSHEET
GRADE 10
Name of Student: ______________________ Date: ___________________

LESSON # 1: Public Limited Companies
CONTENT:
PUBLIC LIMITED COMPANIES
Public Limited Companies (PLC’s) are distinguished from private companies in that the shares are
openly sold on the stock exchange while private companies’ shares are not. In addition, all PLC’s must
have the letters ‘PLC’ written after the company’s name whereas private limited companies have ‘Co.
LTD’ printed after the company’s name.
Advantages and Disadvantages of Public Limited Companies
# Advantages of Public Limited Disadvantages of Public Limited Companies (PLC’s)

Companies (PLC’s)
1. There is easy access to capital The objectives of the managers may be different from
for expansion. shareholders (owners).
2. They have limited liability. Shares can be easily transferred, which can cause the firm to
be taken over by another company that has managed to
obtain a controlling number of shares.
3. They enjoy economies of scale. When a company becomes very large, it can become
burdened by too much paperwork or ‘red tape’.
4. Specialist help is hired to run Workers feel left out of decision-making processes.
the company.
5. The PLC is independent of its Accounts must be submitted annually to the Department of
owners. Trade; hence, it is difficult to keep the affairs confidential.
6. Risk is spread over many The management of a large company can become inefficient
shareholders. and overstaffed, and therefore wasteful of resources.
43
ACTIVITY
1. Differentiate between a ‘Private Limited Company’ and a ‘Public Limited Company’.
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
2. Indicate whether each of the following statements is “true” or “false”.
a) It becomes easier to manage a large labour force. ……………
b) The objectives of the managers and shareholders are always the same. .…………..
c) Companies may benefit from economies of scale. …………….
d) A Public Limited Company has unlimited liability. .…………..
e) Accounts are submitted yearly to the Trade Department. ..………….
---------------------------------------------------------------------------------------------------------------------
References:

WEBSITE:
44
LESSON # 20
WORKSHEET
GRADE 10
Name of Student: _______________________ Date: _________________

CONTENT:
Structure of a Joint Stock Company
Shareholders Directors
Managing Directors
Finance and Administration Purchasing

Accounts
Employees
Production Stages
Sales and Marketing
Local Market Overseas Market
45
Setting up a Limited Company
All types of businesses, including sole traders and partnerships as well as private and public
companies, must register with the “Registrar of Business Names”, if they wish to trade in a
name other than that of the owner.
When a limited company is formed, it is registered by the Companies’ Acts of the country
to which it belongs and in which it operates. The registration is carried out by the
presentation of two completed documents by those initially forming the company:
➢
The memorandum of association
➢
The article of association
ACTIVITY
1. Draw and label a Public Limited Company’s structure of your choice.
----------------------------------------------------------------------------------------------------------------
References:

2. Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA,
Study Guide and Exercises, Carlong Publishers, 2011
WEBSITE https://bankofinfo.com/types-of-partnership-business
46
LESSON # 21
WORKSHEET
GRADE 10
Name of Student: _______________________ Date: _________________

CONTENT:
Miscellaneous declarations
Those forming the company must also make a number of other statements and declarations to the
Registrar of companies. These include:
➢ The amount of registered capital and the way it is divided into shares.
➢ A declaration made under oath by the Company Secretary or a Director confirming that
all requirements have been met.
➢ A list of the first directors.
➢ A statement of consent by each Director confirming they are willing to act in this
capacity.
➢ The registered address of the company (any change in address must be notified to the
Registrar within 28 days of the change).
If the Registrar of Companies is satisfied that all the requirements have been met, a Certificate
of Incorporation is issued. The business now has an identity separate from that of its owners.
A private company can now start trading and a public company can proceed to raise capital it has
declared it needs.
Please click link below to view:- video on Public Limited Company

https://youtu.be/CPU4eHUsYjY
47
ACTIVITY
1. List any FOUR (4) miscellaneous declarations of a company:
………………………………………………………………………………….
…………………………………………………………………………………
…………………………………………………………………………………
………………………………………………………………………………..
……………………………………………………………………………….
……………………………………………………………………………….
2. Explain under what conditions a Certificate of Incorporation is issued to a company.
………………………………………………………………………………..
……………………………………………………………………………….
………………………………………………………………………………..
……………………………………………………………………………….
……………………………………………………………………………….
---------------------------------------------------------------------------------------------------------------
References:

2. Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA,
Study Guide and Exercises, Carlong Publishers, 2011
WEBSITE
48
LESSON # 22
WORKSHEET
GRADE 10
Name of Student: _________________________________ Date:
WEEK # 7 – TOPIC: FRANCHISES

LESSON # 3: Definition of the term Franchise
Examples and Characteristics of a Franchise
CONTENT:
Franchise
A Franchise is a business entity wherein a franchisor (the

owner of the company) grants a franchisee (the purchaser
of the franchise) a license to use the established brand and
reproduce the franchisor’s product.
Royalties
The contract allows the franchisee to operate under the franchisor’s name, with the franchisor’s
guidance, in exchange for a fee. This fee is referred to as Royalties.
Examples of Franchises
Some Examples of franchises include:
➢ Kentucky Fried Chicken (KFC)

➢ Church’s Chicken
➢ Popeye’s
➢ Domino’s Pizza
➢ Burger King
49
Characteristics of a Franchise
The characteristics of a Franchise are dictated by the nature of the business, and the general
operational guidelines set out by the parent corporation.
Some characteristics are it:

➢ Bears the name of the parent corporation and enjoys its goodwill;
➢ Is licensed by the parent corporation;
➢ Pays a fee to the parent company; and,
➢ Receives assistance from the parent corporation in terms of professional advice and
marketing at a national level, as well as training for the staff.
ACTIVITY
1. In your own words, formulate a definition for the term ‘Franchise’.
_________________________________________________________
_________________________________________________________
_________________________________________________________
2. Explain the difference between the franchisor and franchisee.
Franchisor:_______________________________________________
________________________________________________
Franchisee: _______________________________________________
________________________________________________
3. List THREE (3) examples of Franchises found in Guyana.
1. ______________________________________________________
2. ______________________________________________________
3. ______________________________________________________
50
-------------------------------------------------------------------------------------------------------------------------------
Reference:
Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA, Study Guide and
For further reading and understanding of Franchise, click on the link below:
INSTRUCTION: right click on the document and go to hyperlink to OPEN
Website:
Learn SKN. CSEC Principles of business: what is a franchise [YouTube channel]. Retrieved January
29, 2022 from https://www.youtube.com/watch?v=Z3yM0nEPebo&t=4s
51
LESSON # 23
WORKSHEET
GRADE 10
WEEK # 8 – TOPIC: FRANCHISES

LESSON # 1: Advantages and Disadvantages of a Franchise
CONTENT:
Please click the arrow cursor to view video above
Advantages and Disadvantages of a Franchise

To the ➢ Broadens the franchisor’s access to international markets. ➢ The reputation of the franchisor may be ruined
Franchisor ➢ Larger capital base, hence easier access to financing for the because of unethical, irresponsible or sloppy
business. franchisees.
➢ Easy source of revenue.
To the ➢ Benefits from management, technical and financial support ➢ Must pay royalties to the franchisor, which reduces
Franchisee provided by the franchisor. profit.
➢ Less need to market the business as it is already established ➢ Does not have complete control over the business.
and recognized around the world or region. Must adhere to the regulations of the franchisor.
➢ Avoids the stresses and risks that come with starting a ➢ Cannot enhance or change the product or service,
business from scratch. which stifles the creativity of the franchisee.
For the ➢ Access to international standards of goods and services. ➢ May not be able to have access to local variety and
customer choice.
52
ACTIVITY
CASE STUDY
Maria Clark is considering 1. If Maria does invest in the franchise, will she
investing in a Franchise in be a Franchisee or a franchisor? Explain your
Guyana.
view.
2. What are some benefits that Maria might enjoy
if she purchases a franchise?
3. What are some of the possible drawbacks of
this investment?
-------------------------------------------------------------------------------------------------------------------------------
Reference:
Anderson, P. et al, Principles of Business for CSEC Examinations, Macmillan Education, 2016
53
LESSON # 24
WORKSHEET
GRADE 10
WEEK # 8 – TOPIC: ECONOMIC SYSTEMS

LESSON # 2: Definition of Economic Systems
Types of Economic Systems
Subsistence Economy
CONTENT:
Definition
Economic System is a system of production, resource allocation and distribution of goods

and services within a society or a given geographic area.
Economic systems ask the following questions: the things we all want, but it also follows the
basic economic
➢ What should be produced? - (For example, quantities of food, machinery)
➢ How production should be organized? - What are the best ways to combine the factors of
production such as land, labour, capital, and entrepreneur?
➢ For whom to produce? - Should everyone be entitled to an equal share of production, or
should some receive more than others?
Types of Economic Systems
Subsistence Economy
54
ACTIVITY
Create a poster in your notebook depicting

activities of a Subsistence Economy.
---------------------------------------------------------------------------------------------------------------------
Reference:
Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA, Study Guide and
55
LESSON # 25
WORKSHEET
GRADE 10
Name of Student: _________________________________ Date: ___________________
WEEK # 8 – TOPIC: TYPES OF ECONOMIC SYSTEMS - COMMAND ECONOMY

LESSON # 3: Definition, Examples, Advantages and Disadvantages
CONTENT:
Command Economic System
A command Economy is one in which the government assumes economic responsibilities for economic
planning to achieve the best possible use and distribution of a country’s scarce resources. The government
decides on what to produce, how it is to be produced and for whom it is to be produced.
56
Advantages and Disadvantages of Command Economy
➢ The state ensures that the needs of the entire community are
met and not just the needs of those with the most wealth.
➢ State-control eliminates wasteful competition.
ADVANTAGES ➢ The state will provide goods and services that private
enterprises would be unwilling to provide.
➢ It is not possible for a private monopoly to develop.
➢ A free-market economy and competition are discouraged.
➢ Too many non-productive government officials are required to

administer the system.
DISADVANTAGES ➢ Centralized production may not respond quickly enough to

changing conditions and needs.
➢ Creativity and efficiency are not encouraged.
CRITICAL THINKING
If your government were to implement a planned economy, do you think it
would be more advantageous or more disadvantageous for the citizens of
your country? Justify your view. You can ask your teacher to help you discuss
the pros and cons.
57
ACTIVITY
1. Define the term ‘Command Economy’.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
2. Identify TWO (2) benefits and TWO (2) limitations of the Command Economy.
Benefits:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
Limitations:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
---------------------------------------------------------------------------------------------------------------------
References:
1. Dransfield, R.et al, Principles of Business for CSEC, Second Edition, Oxford University Press, 2019
58
LESSON # 26
WORKSHEET
GRADE 10
WEEK # 9 – TOPIC: TYPES OF ECONOMIC SYSTEMS - FREE MARKET ECONOMY

LESSON # 1: Definition, Characteristics, Advantages and Disadvantages
CONTENT:
FREE MARKET ECONOMY
In a free market economy, there is little or no government interference. It is

based on the private ownership of the factors of production and the means of
distributing goods and services. Market forces are allowed to determine how
resources are allocated.
It is noteworthy that there is no pure one-hundred percent ‘free market’

economy, but the USA is a close example.
Other names for free market economy:
Capitalist economy
Unplanned economy
Laissez-faire economy
CHARACTERISTICS OF FREE MARKET ECONOMY
59
ADVANTAGES AND DISADVANTAGES OF FREE MARKET ECONOMY
➢ Free competition stimulates

innovation and keeps prices down. ➢ Monopolies develop and these can
exploit consumers since those
➢ Individuals are completely free to use monopolies can decide on higher
their income and labour to their best prices.
advantages.
➢ Large sums of money are spent
➢ Consumers decide what will be on advertising, which creates
produced by influencing market artificial demand and increased
forces. prices.
➢ A larger variety of goods and services ➢ It encourages inequalities of wealth.

are made available to consumers.
➢ Wealthy people can purchase goods
➢ Competition forces can force prices and services and influence the market;
down. the poor cannot.
60
ACTIVITY
Indicate whether the following statements are “True” or “False” by placing a ‘T’ or ‘F’
in the brackets provided.
1. Competition in free market economy increases price. ( )
2. Little or no government interference is a feature of a command economy. ( )
3. China is an example of a Free Market Economy. ( )
4. There is no ‘one-hundred pure’ free market economy in existence. ( )
5. Creativity is encouraged in the free market economy. ( )
---------------------------------------------------------------------------------------------------------------------
Reference:
Dransfield, R. et al, Principles of Business for CSEC, Second Edition, Oxford University Press, 2019
61
LESSON # 27
WORKSHEET
GRADE 10
Name of Student: ________________________ Date:__________________
WEEK # 9 – TOPIC: TYPES OF ECONOMIC SYSTEMS - MIXED ECONOMY

LESSON # 2: Definition, Examples and Features of Mixed Economy
CONTENT:
Ponder on the question below:
➢ When you hear the term ‘Mixed Economy’, what comes to mind?
Write your thoughts in the below.
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
Mixed Economy
A Mixed Economy (also refer to as a Dual Economy) is a combination of elements

from a free economy and a controlled economy. The means of production and/or
supply are shared between the private and public sector. The public sector is
influenced and controlled by the state and the private sector comprises of
FEATURES OF A MIXED ECONOMY
individuals who risk capital in producing goods and services for a profit, where
market forces have maximum influence.
62
Examples of Mixed Economies
All countries in the Caribbean have mixed economies, but some lean more towards the free
market and some towards central planning, as illustrated in the chart below:
63
ACTIVITY REVIEW ON ECONOMIC SYSTEMS
Answer the following questions. Circle the correct answer for the multiple-choice
questions.
1. Which of the following is an example of mixed economy?

a) Cuba b) USA c) Guyana d) China
2. Mixed economy can also be referred to as _____________?

a) Command economy b) dual economy c) collectivist economy d) laissez- faire
economy
3. Both public and private sector operate in a mixed economy.

a) Yes b) No
4. List TWO (2) types of Economic systems practiced today.

__________________________________________________________________
__________________________________________________________________
5. Explain TWO (2) ways in which the Government of your country contributes to the
efficient operations of the economic systems.
I. _______________________________________________________________
_______________________________________________________________
_______________________________________________________________
II. _______________________________________________________________
_______________________________________________________________
_______________________________________________________________
6. What is the difference between TWO (2) economic systems practiced in the modern
economy?
I. _______________________________________________________________
_______________________________________________________________
_______________________________________________________________
II. _______________________________________________________________
_______________________________________________________________
_______________________________________________________________
LESSON REVIEW
64
Click the link below to view: video to gain a better understanding of Economic
Systems:
https://www.youtube.com/watch?v=rZe077DOXQ0
Website:
1. For the Nature of Business -This reference is from CSEC Principles of Business: Economic
System
INSTRUCTION: right click on the document and go to hyperlink to OPEN.
Learn SKN. CSEC Principles of business: What is a franchise [YouTube channel]. Retrieved January
29, 2022 from https://youtu.be/vjuCk_whM4c
……………………………………………………………………………………………………
References:
1. Bahaw, E. and Mollick, W., Comprehensive Economics for CSEC, Caribbean Educational
Publishers, 2008
2. Dransfield, R. and Others. Principles of Business for CSEC, Second Edition, Oxford University
Press, 2019
65
LESSON # 28
WORKSHEET
GRADE 10
WEEK # 9 – TOPIC: FUNCTIONAL AREAS OF A BUSINESS

LESSON # 3: Definition and responsibilities of the functional departments
CONTENT:
Definition The term functional area of a business refers to grouping individuals based
on their role or purpose in the organization.
Picture listing the Functional areas of a business
66
TABLE SHOWING THE DEFINITION AND FUNCTIONAL RESPONSIBILITES FOR
VARIOUS DEPARTMENTS/ FUNCTIONAL AREAS
FUNCTIONAL DEFINITION FUNCTIONAL

AREAS/DEPARTMENTS RESPONSIBILITIES
PRODUCTION ➢ Production is the ➢ Purchasing raw materials or

processes and stock for sale and storing
them in a suitable place.
methods used by
producers to ➢ Manufacturing goods from the
transform inputs such design to finished stage.
as raw materials,
➢ Conducting quality control.
semi-produced goods
and even ideas, ➢ Organizing production within
a certain period.
information or
knowledge into goods
and services.
MARKETING ➢ Marketing refers to ➢ Accessing market possibilities
all the processes by market research and sales
forecasting.
involved in
promoting and selling ➢ Advertising and sales
goods or services in promotion.
the most profitable

➢ Distribution of products.
and efficient manner.
➢ Risk assessment and quality
control.
➢ Coordinating the elements of

marketing referred to as “the
four P’s”.
67
ACTIVITY
1. Define the term ‘functional areas of a business'.

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
2. List THREE (3) functional departments found in the Gafoors Ltd.

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
3. Select any ONE (1) of the functional areas presented in the aforementioned lesson in the
Table captioned: “definition and functional responsibilities for various departments/
functional areas”, and write a paragraph describing what you have learnt.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
68
---------------------------------------------------------------------------------------------------------------------
References:
1. Bahaw, E. and Mollick, W., Comprehensive Economics for CSEC, Caribbean Educational
Publishers, 2008
2. Dransfield, R. et al, Principles of Business for CSEC, Second Edition, Oxford University Press, 2019
69
LESSON # 29
WORKSHEET
GRADE 10
WEEK # 10 – TOPIC: FUNCTIONAL AREAS OF A BUSINESS

LESSON # 1: Definition and responsibilities of functional departments
CONTENT:
FUNCTIONAL DEFINITION FUNCTIONAL
AREAS/DEPARTMENT RESPONSIBILITIES
Finance ➢ The Finance department is ➢ Producing the annual balance

the lifeline of any business sheet.
activity. It plays a vital

➢ Advising management on
role in that it provides the availability of capital
access to all the resources for expansion and plant
building and offering
employed in the
advice on how funds may
production and marketing be raised.
of products or services.
➢ Making all payments and
issuing receipts.
➢ Maintaining a satisfactory cash

flow position.
Research and Development ➢ The Research and ➢ Basic research identifies new
Development department knowledge that may or may
is responsible for the
not be used at some future
investigative activity a
business carries out with time.
the aim of getting new ➢ Applied research is carried out
knowledge that it can use
with a predetermined aim for
to create new products or
systems and to develop example, to create a new
70
prototype into finished product or to improve an
products. existing one.
Human Resource ➢ The Human Resource ➢ Recruiting and training

(HR) department of a employees.
business is concerned ➢ Firing and hiring employees.
with motivating and ➢ Maintaining staff record.
managing people in an ➢ Disciplining employees when
organisation. This necessary.
department is also known ➢ Ensuring the work
as the Personnel environment is safe and
department. healthy for employees.
ACTIVITY
State the department or functional area that best corresponds with the following activities:
Activity Functional Area/Department
1. Recruits and trains staff

2. Ensures that corporate information is
secured
3. Warehouses finished goods
4. Makes all payments on behalf of the
company
5. Determines the needs of consumers
6. Develops new products
71
.......................................................................................................................................................................
Reference:
Anderson, P. et al, Principles of Business for CSEC Examinations, Macmillan Education, 2016
72
LESSON # 30
WORKSHEET
GRADE 10
WEEK # 10 – TOPIC: STAKEHOLDERS INVOLVED IN BUSINESS ACTIVITIES

LESSON # 2: Definition of the term Stakeholder, Categories and Types of stakeholders.
CONTENT:
Definition of Stakeholder
A Stakeholder is a person or group that has
an interest in a business activity.
CRITICAL THINKING
Think about your school. Your school is not a profit-

making institution, but it has stakeholders. Name
some of these stakeholders and say what their
interests in your school are.
Stakeholders may be categorized into TWO broad groups:
1. Internal stakeholders: individuals within an organisation who have a special interest in its
activities and how well it performs.
2. External stakeholders: Individuals who are not employed by, or are members of, an
organisation but have a vested interest in its activities and its financial performance.
73
Diagram showing internal and external stakeholders
ACTIVITY
1. In your own words, define the term ‘stakeholders’.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
2. State the difference between the TWO (2) categories of stakeholders.

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
3. Your parents have decided to open a stationery supplies store where you live. Create a
chart showing at least four stakeholders the business would have.
74
...........................................................................................................................................................
References:
1. Anderson, P. et al, Principles of Business for CSEC Examinations, Macmillan Education, 2016
2. Dransfield, R. et al, Principles of Business for CSEC Second Edition, Oxford University Press, 2019
75
LESSON # 31
WORKSHEET
GRADE 10
WEEK # 10 – TOPIC: STAKEHOLDERS INVOLVED IN BUSINESS ACTIVITIES

LESSON # 3: Roles of stakeholders in business
CONTENT:
ROLES OF STAKEHOLDERS IN BUSINESS
INTERNAL
STAKEHOLDERS ROLES
➢ To invest capital into the business.
➢ To ensure that managers are fulfilling the objectives of
Owners/Shareholders
the firm and are utilizing resources and capital
contributions efficiently.
➢ To develop strategic goals for the business to ensure
profit maximization and wealth maximization.
➢ To make decisions as to how business profit and capital
contributions by the owner(s) should be invested to
achieve maximum profit.
Board of Directors
➢ To ensure that management objectives are in sync with
the overall objectives of the business.
➢ To ensure that the activities of the business and its
financial statements are in accordance with government
regulations.
➢ To ensure that the goals of the owner (s) and the Board
of Directors for the growth of the business are achieved.
➢ To maximize profit or make maximum returns on
Managers
investments made by the owners into the business.
➢ To ensure that employees are productive but are also
treated fairly.
76
➢ To perform duties to ensure that the business continues
Employees
to maximize profit, and that their jobs remain secure.
EXTERNAL
STAKEHOLDERS ROLES
➢ To ensure that businesses operate within the scope of
the laws of the country.
➢ To ensure that businesses publish financial reports that
are accurate and truthful.
Government
➢ To ensure that businesses pay all necessary taxes.
➢ To provide financial, managerial or technical assistance
to businesses where necessary.
➢ To protect consumers.
➢ To ensure that the products and services offered by
businesses are of a good quality and are reasonably
Customers priced.
➢ To encourage competition amongst firms and influence
product pricing.
➢ To provide businesses with the necessary raw materials
Suppliers
to produce goods and services.
➢ To provide financial assistance to businesses in the
Lending Institutions form of loans or financial advice.

➢ To ensure that businesses can repay loans.
Competitors ➢ To stimulate competition.

➢ To ensure that businesses within the community operate
Society within the law and contribute towards the development

of the community.
77
ACTIVITY
Match the following Stakeholders with their appropriate roles.
STAKEHOLDERS ROLES
A. Owners 1. Stimulate competition
B. Board of Directors 2. Protect consumers
C. Employees 3. Influence product pricing
D. Managers 4. Provide raw materials to the business
E. Lenders 5. Invest capital into the business
F. Government 6. Maximize profit on investments
G. Suppliers 7. Perform duties required within their job requirements
H. Customers 8. Ensure that firms contribute towards the development

of
society
I. The Community 9. Develop goals for the business
J. Competitors 10. Provide financing for business activities
LESSON REVIEW
Watch the video below to gain a better understanding of the Stakeholders involved in a business
Websites
For the Nature of Business -This reference is from CSEC Principles of Business: Stakeholders
involved in a business.
INSTRUCTION: right click on the document and go to hyperlink to OPEN.
Learn SKN. CSEC Principles of business: stakeholders [YouTube channel]. Retrieved January 29, 2022
from https://youtu.be/UJ0pTLNZT28
-------------------------------------------------------------------------------------------------------------------------------
References:
78
LESSON # 32
WORKSHEET
GRADE 10
WEEK # 11 – TOPIC: ETHICAL AND LEGAL ISSUES RELATING TO BUSINESS

LESSON # 1: Ethical and Legal issues: money laundering, national insurance and income tax
and value added or consumption tax
CONTENT:
CRITICAL THINKING
The types of issue listed below represent some of the moral dilemmas that entrepreneurs face.
What is your opinion on the statements below? Choose the number that corresponds with your
feelings about those statements.
(1 = Strongly Agree, 2 = Agree, 3 = Undecided, 4 = Disagree, 5 = Strongly Disagree)
• Maximizing profit should be the main motivation of driving a business. ..........
• Recruiting and promoting friends and family rather than advertising jobs is acceptable. .........
• Accepting gifts from clients is acceptable. ..........
79
ETHICAL AND LEGAL ISSUES
The government plays an integral role in regulating the operations of a business, since a business
is considered a legal entity which must function within a framework. There are legal and ethical
issues involved in the establishment and operations of business entities.
➢ Legal issues inform the way in which business operations need to be conducted and how the
business should be formally established. This is directly related to government regulations and
laws.
➢ Ethical issues refer to the moral responsibility of the entrepreneur to ‘do the right thing’ with
regards to internal and external stakeholders including: customers, suppliers, local and national
government, the local community as well as future generations, in terms of how the company
respects the environment.
MONEY LAUNDERING
Money Laundering is one illegal activity that has become increasingly frequent in today’s global
business. Money laundering is a term used to describe the process by which criminals disguise
the original ownership of the proceeds (profit) of their criminal conduct. They do this by making
it appear that such proceeds have originated from a legitimate source, by often investing those
proceeds into legitimate businesses.
NATIONAL INSURANCE AND INCOME TAX

One of the legal obligations of a business is to collect money on behalf of the government by
deducting it from their employees’ wages, to contribute to national insurance and income tax. The
business is then required to pass the money on to the appropriate authorities. Failure to do so is
regarded as fraud, and is criminal.
VALUE ADDED OR CONSUMPTION TAX

A value added or consumption tax also falls under the category of monies collected on the
government’s behalf.
Businesses that fail to make the obligatory payments defraud both the government and their
customers.
80
ACTIVITY
1. Look at the list below and classify each item as either a legal or an ethical issue:
ETHICAL OR
LEGAL
➢ misleading advertising
➢ business registration
➢ acquisition of licenses and permits
➢ disposal of waste
➢ filing tax returns
➢ remunerating employees for services offered
➢ adhering to Building and Town Planning Act
➢ adhering to Money Laundering Act
➢ noise pollution
➢ protection of the environment
➢ copyright infringement
➢ product safety and labelling
2. Do you know the various agencies that are responsible for investigating fraud in
Guyana?
YES ( ) or NO ( )
If yes, identify at least TWO (2) agencies that deal with fraud and fraudulent investigation.
1. ________________________________
2. ________________________________
---------------------------------------------------------------------------------------------------------------------
References:
81
LESSON # 33
WORKSHEET
GRADE 10
Name of Student: _________________________________ Date: ______________

WEEK # 11 – TOPIC: CONSEQUENCES OF UNETHICAL AND ILLEGAL BUSINESS
PRACTICES
LESSON # 2: Consequences of unethical and illegal practices
CONTENT: Consequences of Unethical and Illegal Practices
Entrepreneurs need to adhere to the various regulations governing business operations.
They are expected to honour their obligations to various stakeholders who may be impacted by
their actions.
Below are some of the consequences that can arise from unethical and/or illegal practices in
business.
Ethical and legal issues

Consequences of illegal practices
Misleading advertising Fraudulent practice on customers.
Not registering the business Denied financial assistance from financiers and the
business can be closed by government agencies.
Not acquiring licenses and permits Business can be closed due to its illegal operations.
Improper disposal of waste Governments can charge fines for breaching laws
and the business can be closed if citizens are at risk
from improper disposal of waste.
Withholding of taxes Cheating the government of its revenue.
Not filing tax returns Cheating the government of its revenues.
Not remunerating employees for Government can charge large fines for non-
services offered compliance.
Not adhering to Building and Town Employees can file lawsuits against the company
Planning Act whose reputation can be jeopardized.
Not adhering to Money Laundering Business can be demolished by municipal authorities
Act and investment lost.
82
NEGATIVE EFFECTS OF UNETHICAL AND ILLEGAL PRACTICES
If it becomes public knowledge that a business has acted illegally or ethically, the business loses
credibility. While some companies can and do survive, it is costly. The recovery cost usually
includes reimaging and advertising campaigns, and many businesses lose their customer base
during the time taken to restore their image and customers’ confidence.
ACTIVITY
The Small Business Association invited fifty (50) local entrepreneurs to a meeting to discuss some
issues affecting both internal and external stakeholders.
1. What are TWO (2) issues that are likely to be discussed at this meeting?
2. Differentiate between BOTH types of issues.
3. Give THREE (3) examples of EACH issue differentiated in question TWO (2).
4. State ONE (1) consequence of the illegal practice of the issues stated in your answer
above.
5. In what ways could the Small Business Association assist these entrepreneurs to improve
their business practices?
............................................................................................................................................................
References:
1. Anderson, P. etal, Principles of Business for CSEC Examinations, Macmillan Education, 2016
83
LESSON # 34
WORKSHEET
GRADE 10
WEEK # 11 – TOPIC: ETHICAL AND LEGAL BUSINESS PRACTICES

LESSON # 3: Principles relating to forming a business
CONTENT:
PRINCIPLES RELATED TO FORMING A BUSINESS
1. Code of Ethics
A code of ethics is an organization’s overall principles that guide its decisions and actions in
relation to internal or external issues. It provides a general understanding of the ethical or
moral responsibilities that the owners and governing bodies are expected to meet; for example,
acting with honesty and transparency. A code of ethics aims to demonstrate an open
commitment to stakeholders. It consists of a series of statements.
2 Code of Conduct
A code of conduct is an internal document that is the practical application of the code of ethics.
It is a set of rules and guidelines that describe how people within the organization are expected
to behave. It guides personnel regarding how to respond under certain circumstances including
personal behaviour, bullying etc. The code of conduct is often not a single document but a
series of policy documents. All personnel are given a copy of the full code of conduct and are
required to sign an acknowledgement.
3 Code of Practice
A code of practice is a set of written rules which explain how people working in a particular
profession should behave as they carry out their work. This is intended to reflect good practice
that is generally recognized by the whole profession. Code of practice can relate to a single
business, or it could represent an entire industry. Code of practice helps to uphold the
reputation of the business or the industry.
84
ACTIVITY
1. In a short paragraph, differentiate between a Code of Ethics and a Code of Conduct.

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
2. Give ONE (1) reason why it is important for a business to establish a code of practice.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
.........................................................................................................................................................................
References:
85
LESSON # 35
WORKSHEET
GRADE 10
Name of Student: _________________________________ Date: __________________
WEEK # 12: TOPIC: CAREERS IN BUSINESS

LESSON # 1: Careers found in the business field
CONTENT:
CAREERS IN BUSINESS
JOB
A job is the activity a person does in return for payment. A job may or may not require a
particular level of education or training. A person often holds several jobs during his/her
working life.
CAREER
A career: is often seen as a lifetime ambition that requires special learning beyond the scope of
training. A career takes motivation, strategic planning, and purposeful thinking. A career may
involve several job changes but always in the same field of work.
JOB CAREER
• The regular work a person does to earn • An occupation undertaken for a significant
money. period of a person’s life.
• Education or special training may or • Requires special learning that develops the
may not be required. abilities far beyond training.
• Jobs are safe as stability and income are • A career doesn’t mean stability as it
present. Job demand can change; encourages one to take risks. Risks are
therefore, risks are often external and often planned and come from the person
out of the person’s control. taking them.
• Income varies by demand and is often • Income varies depending on value. Often
wage-based. salary or commission.
• Short term • Long term
86
SIZE MATTERS
In considering career possibilities, you must consider the scope in terms of businesses available
and your career aspirations. In small businesses, roles are summarized (one-person multi-tasks).
In a large business, however, there will most likely be specialists for specific tasks.
CAREERS DESCRIPTION
ACCOUNTANT Accountants work with individuals or organizations, handling
monetary transactions by recording financial information. Their job
may also include financial analysis and reporting, preparing tax
returns, auditing accounts, and/or acting as consultants on a wide
variety of financial matters.
ADVERTISING Provides opportunities for those with good communication skills. An
advertising agency employs people who can create visual advertising
using video or graphics, requiring good design and writing skills.
PUBLIC RELATIONS PR work closely with journalists and have sound writing skills. They
(PR) need to be able to make each client feel special and listen to their
needs and expectations.
ENTREPRENEUR Entrepreneurs are the persons who take the risk to invest time and
money to venture into their own businesses.
WEB DESIGNER Web designers are those people who use their technical skills to
create new websites and redesign existing ones to promote
businesses.
WEB PLANNER These people design, build and maintain website applications.
SOFTWARE These are the people who design, install and test software
DEVELOPER systems.
87
ACTIVITY
1. Explain the difference between a “job” and a “career”.
Job:____________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
Career:_________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
2. Identify FIVE (5) careers that can be found in business.
i. _______________________________________________________________
ii. _______________________________________________________________
iii. _______________________________________________________________
iv. _______________________________________________________________
v. _______________________________________________________________
3. Give a brief description of any TWO (2) CAREERS listed above.

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
.......................................................................................................................................................
Reference:
88
LESSON # 36
WORKSHEET
GRADE 10
WEEK # 12: TOPIC: INTERNAL ORGANISATIONAL ENVIRONMENT

LESSON # 2: Functions of Management
CONTENT:
A manager is responsible for directing and/or controlling part or all an organisation.
Management: involves different levels of seniority, from senior and middle managers down to
junior and trainee managers.
89
FUNCTIONS OF MANAGEMENT
The diagram below shows the functions of management:
Planning
The purpose of a plan is to give a clear sense of direction by creating short- and long-term goals
and by setting out the methods and procedures to achieve these goals. Planning includes:
➢ Establishing short- and long-term goals;

➢ Creating the plans to achieve the goals (methods and procedures); and,
➢ Sourcing and preparing the required resources.
Example of Planning
Managers working for ‘Sean Food’ may intend to create and launch several new recipes for
Caribbean health foods, which are designed to win a leading market share. In order to carry this
out, managers must plan which recipes to use and how to source suitable resources (ingredients,
new machinery and equipment). They must also plan their advertising initiatives to let coustomers
know anout the new product.
90
ACTIVITY
1. Define the term ‘Manager’.
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
2. List FOUR (4) functions of Management.

a) _______________________________________________________________
b) _______________________________________________________________
c) _______________________________________________________________
d) _______________________________________________________________
3. Explain the difference between short-term goals and long-term goals.
Short-term goals ___________________________________________________
__________________________________________________________________
__________________________________________________________________
Long-term goals ___________________________________________________
__________________________________________________________________
__________________________________________________________________
4. Identify FOUR (4) qualities a manager should possess.

__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
91
LESSON REVIEW
Watch the video below to gain a better understanding of the Functions of Management
Websites
2. For the Nature of Business -This reference is from CSEC Principles of Business: Functions
of Management
INSTRUCTION: right click on the document and go to hyperlink to OPEN. Learn SKN. CSEC
Principles of business: Functions of Management [YouTube channel]. Retrieved January 29,
2022 from https://youtu.be/oxt9Lz79he8
............................................................................................................................................................
Reference:
92
LESSON # 37
WORKSHEET
GRADE 10
WEEK # 12: TOPC: INTERNAL ORGANISATIONAL ENVIRONMENT

LESSON # 3: Functions of Management cont’d
CONTENT:
FUNCTIONS OF MANAGEMENT
➢ Organizing
Having established clear goals for the business, management is responsible for ensuring that all
the necessary resources or factors of production are available, and that they are effectively
combined in order to realize the goals of the company. This entails assigning clear duties and
responsibilities to the various departments, establishing work schedules, allocating the necessary
resources to the respective departments, and ensuring that the lines of authority or the chain of
command is very clear and that employees are certain as to what their tasks are and to whom they
are to report.
➢ Directing
Directing entails ensuring that the tasks assigned to employees are clear and achievable, and that
these tasks are in line with the overall goals of the organisation.
➢ Controlling
Controlling involves monitoring employee performance against the standards of performance that
have been set in order to determine whether the organisation is on target to achieve its overall goals
and objectives. If actual performance does not measure up to the desired level of performance,
then management is required to use that information to take the necessary steps to address the
problem.
93
➢ Co-ordinating
This entails ensuring that all the factors of production and the departments of the business function
as an integrated or interdependent unit – working together towards the attainment of overall
organizational goals. This reduces the risk of departments functioning independently and
competing against each other, pursuing isolated departmental goals that may not be in the better
interest of the organisation.
➢ Delegating
This involves distributing or sharing the workload across the organisation from top management
down to middle and junior managers, supervisors, and floor employees. Delegating may also be
described as the act of assigning some measure of responsibility and authority to individuals within
lower-level positions in the organisation.
..................................................................................................................................................................
ACTIVITY
Identify the management function that best corresponds with the following activities:
MANAGEMENT
FUNCTIONS
1. Hiring individuals who are best suited for the job.

2. Developing long-term and short-term goals for the firm.
3. Rewarding employees for excellent job performance.
4. Ensuring that employees are clear on the tasks assigned to them.
5. Ensuring that all the factors of production are available to
departments.
6. Ensuring that all departments work together.
7. Ensuring that employee performance matches the desired standard.
8. Ensuring that employees are aware of what is happening within the
firm.
9. Assigning authority and responsibility across the organisation.
...........................................................................................................................................................
Reference:
94
LESSON # 38
WORKSHEET
GRADE 10

LESSON # 1: Responsibilities of Management
CONTENT:
The following table shows management responsibilities to their respective stakeholder
groupings:
STAKEHOLDERS MANAGEMENT RESPONSIBILITIES
GROUPING
➢ Maximize profit.
➢ Manage the resources of the firm efficiently.
➢ Provide accurate financial reports.
➢ Ensure that the operations of the firm are always
OWNERS OR within the scope of the law.
SHAREHOLDERS ➢ Ensure that the firm achieves its strategic goals,
which are generally agreed upon in consultation
with owners or representatives of the owners.
➢ Pay fair salaries.
➢ Provide proper and safe working conditions.
➢ Provide the necessary raw materials and
equipment so that employees can perform their
jobs adequately.
➢ Provide opportunities for training and career
development.
➢ Maintain clear and proper channels of
communication.
➢ Treat staff fairly and with respect.
95
➢ Comply with the legal requirements of
employment contracts.
➢ Respect the rights of employees to join a trade
union organisation, where applicable.
➢ Pay all taxes due.

➢ Make the necessary statutory deductions from
employees’ salaries (such as National Insurance
and income taxes), and ensure that these
deductions are forwarded to the Inland Revenue
GOVERNMENT
Department.
➢ Adhere to all government regulations regarding the
establishment and conduct of business operations
within
the country.
96
ACTIVITY
1. Explain the management responsibilities for the following:
Government -
__________________________________________________________________
__________________________________________________________________
Employees -
_________________________________________________________________
__________________________________________________________________
Stakeholders -
__________________________________________________________________
__________________________________________________________________
2. What is the difference between a shareholder and a stakeholder?
Shareholder -
__________________________________________________________________
__________________________________________________________________
Stakeholder -
__________________________________________________________________
__________________________________________________________________
........................................................................................................................................................
Reference:
97
LESSON # 39
WORKSHEET
GRADE 10

LESSON # 2: Organisational Charts and Types of Organisational chart
CONTENT:
Organizational Charts
An organizational chart is a diagram of the organization of an enterprise.
Its pyramid shape illustrates the hierarchy system that exists in the organization. The most senior
position in the organization is placed by itself at the apex. The pyramid gets wider towards the
bottom depicting the greater number of workers at its base.
Diagram of an Organizational Chart
Description of the Organizational Chart Above
98
Those who have the power to issue commands have authority in an organization. In the
organization chart above the sales manager has the authority in the Sales department. All persons
with the same level of authority are placed at the same level on the chart. For example, the Sales
Manager and the Accounts Manager have the same level of authority within their various
departments.
Responsibility is the capacity to accept duties and to carry out their tasks. Both sales supervisors
are responsible to the sales manager.
The chart shows the following:
➢ each person’s position;

➢ the number of levels of managers;
➢ to whom each employee is responsible (reports);
➢ the span of or (area) of control for senior staff members.
TYPES OF ORGANISATIONAL CHARTS
1. Line or Direct
The line organizational chart depicts a straight line of command. Authority is said to flow
downwards only in the line organization. The line organizational structure is found in
schools or in the military.
99
2. Functional Organizational Chart
The Functional organization chart is a diagram of an organization that is arranged by its
functions. For example, there is a manager in charge of marketing and another in charge of
production. This type of organization has an advantage over the Line as experts are
appointed to run each department. All managers’ report to the General Manager.
EXPLANATION OF FUNCTIONAL ORGANISATION CHART ABOVE

The Functional organizational chart combines the straight line of command of the line organization
with horizontal dotted diagonal lines representing functional authority. The dotted diagonal lines
in the figure above show the authority that the Human Resource Manager has over other
departments. The Human Resource Manager is allowed authority in these departments over human
resource matters only. For example, to hire and fire workers. He therefore cannot give directives
on production or marketing matters.
100
3. Line and Staff Organizational Chart
The Line and Staff organizational charts combine the line and functional organization with the
addition of staff personnel. Staff workers assist and advise line workers. Staff workers include:
consultants, advisors, company lawyers, executive secretary, auxiliary workers etc. Staff officers
do not have authority, that is, the power to delegate tasks to subordinates in the organization. Their
main role is to advise and assist line officers. This is why there are no vertical lines connecting
staff officers to any other member of staff on the chart. They are therefore placed at the side,
directly below the line officer whom they assist or advise.
4. Committee Organizational Chart
101
Committees are advisory bodies. They are usually appointed to advise organizations.
Examples of committees include:

➢ Parent-teachers’ Associations
➢ Student Councils, which are committees within a school organization.
Committees usually delegate certain duties to sub-committees.
For example, an executive committee may appoint a finance committee to advise it on financial
matters.
Note that an element of the line organization exists in the committee organization as all sub-
committees are responsible to the executive committee.
ACTIVITY
1. Define the term ‘Organizational Chart’.
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
2. List THREE (3) types of Organizational Charts.
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
3. Explain any TWO (2) types of Organizational Charts listed in question 2.

_______________________________________________________________
102
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
4. What is the difference between ‘Span of Control’ and ‘Chain of command’?

_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
………………………………………………………………………………………………………
Reference:
103
LESSON # 40
WORKSHEET
GRADE 10

LESSON # 3: Leadership Styles
CONTENT:
A leader is someone who has been given authority over a group of individuals. His job is to motivate
the group to achieve the goals set out for it.
Leadership is therefore about influencing or inspiring an organized group towards the

accomplishment of goals.
CHARACTERISTICS OF A GOOD LEADER
➢ Integrity
It is important for a leader to possess this quality as it makes them trustworthy. They are
perceived as honest and therefore command the respect of their subordinates.
➢ Good communication skills

Leaders should be able to communicate effectively with persons at all levels of the
organization. Managers must pass down directives as well as listen to workers’ opinions,
complaints and ideas. This will foster good working relations between leader and followers.
➢ Intelligence
This is a very important characteristic for leaders. It refers to being rational and having good
judgment when making decisions. Leaders are decision makers and therefore need to be
intelligent. This characteristic also refers to shrewdness and therefore describes someone who
is smart, perceptive and wise.
104
➢ Devoted and Committed
A leader must be a role model for others. He/she should therefore believe in the goals of the
group and motivate others to achieve them. His/her continuous hard work will portray
dedication and loyalty to duty.
LEADERSHIP STYLES
1. Autocratic
This type of leader makes all decisions and asks members only to be obedient in following
orders. He will give detailed instructions and closely supervise subordinates.
2. Democratic
A democratic leader allows the participation of subordinates in decision making. The
leader asks for progress reports at intervals instead of continuous close supervision.
3. Laissez-Faire
This type of leader will give minimum directives and allow maximum freedom for workers
to make decisions about completing their tasks
105
TABLE SHOWING ADVANTAGES AND DISADVANTAGES OF LEADERSHIP STYLES
106
ACTIVITY
1. In which of the following situations do you think an Autocratic, Democratic or Laissez-

faire leader would be most suitable?
➢ Chief of a lifeboat rescue service.

➢ Head Teacher of a school.
➢ Leader of a design team in a manufacturing company.
➢ Head chef in a restaurant.
➢ Principal surgeon in a medical team.
2. Define the term leadership styles.

__________________________________________________________________
__________________________________________________________________
3. List THREE (3) characteristics of a good leader.

1. ________________________________________________________________
2. ________________________________________________________________
3. ________________________________________________________________
4. Briefly describe an Autocratic leader.

__________________________________________________________________
__________________________________________________________________
.....................................................................................................................................................
Reference:
107
LESSON # 41
WORKSHEET
GRADE 10

LESSON # 1: Conflict
CONTENT:
Definition of Conflict
Behaviour intended to obstruct the achievement of some other person’s goals.

Conflict can be described as a dispute or disagreement that prevents individual or
organizational goals from being achieved.
Internal Sources of Conflict:

➢ Differences in perception: People view things in different ways.
➢ Limited resources: Resources are limited and individuals have to compete for their share.
➢ Departmentalization and Specialization: Most work in organizations is divided into
specialist functions; people may tend to focus on their own areas and not on co-operating with
others.
➢ The Nature of Work Activities: Where the task or job of one person is dependent upon the
work of others, there is potential for conflict if there is no collaboration and co-operation.
➢ Role conflict: This is where the person is not clear on what he/she is supposed to do in the
organization.
➢ Unequal or inequitable treatment: Persons feel they are not treated fairly; for example,
discrimination based on gender, disability or position in the organization.
➢ Individual differences: People have different attitudes, personalities and stress levels.
108
Strategies for Managing Conflict
Strategies for managing conflict Explanation
Clarification of goals and objectives People need to be aware of what they have to
achieve - their role and functions.
Resource Distribution Ensure that, to some extent, people are
provided with the tools to do their jobs.
Develop proper policies and procedures Ensure that policies are fair to employees
For example:
- Health and Safety
- Promotion
- Discipline
- Grievance
Non-Monetary Rewards For example, praise, flexible working hours
etc.
Develop interpersonal and group process Encourage people to work through situations.
skills
Leadership and Management Choosing an appropriate leadership style
suited to the situation that is likely to assist in
dealing positively with conflict
Effective communication Ensure that there is effective communication
and the sharing of information throughout the
organization.
109
Third Party Involvement Strategies to resolve conflict
Strategies Explanation
Mediation This is a process whereby recommendations are made for resolving the
conflict after the mediator has heard both parties’ cases, but the final
responsibility for settlement still lies with the parties themselves.
Arbitration This is a process whereby the third party effectively adjudicates/ gives a
ruling/ passes judgment on the disputes by determining the means of
settlement, after hearing evidence from both parties. The parties agree in
advance to accept the arbitrator’s findings and the award is therefore
binding.
Conciliation A process of intervention designed to narrow disagreements between the

parties by clarifying positions and keeping negotiations going, but where
the responsibility for settlement of the dispute/conflict still lies with the
parties themselves.
Trade Union Representation Represent workers interest to help settle disputes between workers and
management.
110
ACTIVITY
1. Define the term ‘Conflict’.

__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
2. Identify THREE (3) causes of conflict in the workplace.

a) _______________________________________________________________
________________________________________________________________
b) _______________________________________________________________
________________________________________________________________
c) _______________________________________________________________
________________________________________________________________
3. Review a local newspaper and see if you can find an example of a recent industrial conflict.
Then answer the following questions:
a) What was the cause of the conflict?
_______________________________________________________________
______________________________________________________________
b) Who were the TWO (2) sides in the conflict?

_______________________________________________________________
______________________________________________________________
(c) What Industrial Action was taken?
_______________________________________________________________
_______________________________________________________________
111
c) What was the result of the conflict?
_______________________________________________________________
_______________________________________________________________
...................................................................................................................................................
Reference:
112
LESSON # 42
WORKSHEET
GRADE 10
Name of Student: _____________________ Date: ___________________

WEEK # 14: TOPIC: THE NATURE OF BUSINESS & INTERNAL ORGANISATIONAL
ENVIRONMENT
LESSON # 2: LESSON REVIEW
CONTENT:
Section ONE contains TEN (10) questions. Answer all questions.
Four answers are given, but only ONE is correct. Write the correct answer (A, B, C, D) on
your answer sheet.
SECTION ONE
1. Selecting the objectives and the procedure for achieving goals is referred to as
a Planning
b Organizing
c Controlling
d Motivating
2. An entrepreneur may reduce his risk of loss by

a. planning ahead
b. securing bank loans
c. cleaning offices regularly
d. purchasing additional fixed assets
3. An entrepreneur who wants to maintain control of the business would be advised to

operate the business as a:
a. Sole trader
b. Partnership
c. Limited company
d. Private limited company
4. The PRIMARY role of the personnel department of a firm is to
113
a. hire, recruit, train and motivate workers
b. promote recreational activities for workers
c. compile magazines highlighting outstanding workers
d. assist employees to understand industrial relations
5. Which of the following is NOT a functional area of a business?

a. Finance
b. Production
c. Public Relations
d. Human Resources
6. Which of the following are functions of management?

I. Co-ordinating the work of employees
II. Delegating work to subordinates
III. Controlling employees and raw materials
IV. Ensuring that employees join a trade union
a. I and II only
b. II and III only
c. I, II and III only
d. II, III and IV
7. Which of the following is not a function of the Accounts department?

a. Making payments to suppliers and receiving payments from customers
b. Deciding on the method of sales to be used
c. Paying of wages
d. Keeping cash flow forecasts
8. A system involving the exchange of goods and services without the use of money is
known as
a. Money
b. Barter
c. Specialization
d. Equal exchange
9. In a planned economy, the allocation of scarce resources is made by the

a. Consumer
b. State
c. Trade unions
d. Business persons
10. The policies of a company are formulated by the
114
a. Auditors
b. Directors
c. Managers
d. Shareholders
11. The responsibility of conducting quality control on finished goods and services belongs to
the
a. Finance department
b. Production department
c. Marketing and sales department
d. Human resources department
12. Deciding on a performance management system, compensation packages and recruitment

and selection are key elements of
a. Production function
b. Marketing and sales function
c. Human resource or personnel function
d. Finance function
13. Making payments on behalf of the company, designing payroll systems and making
statutory deductions are responsibilities of
a. Human resource department
b. Marketing and sales department
c. Production department
d. Finance department
14. The formal relationships in an organization and the outline of reporting relationships from
top to bottom of the organization is specifically the
a. Organization structure
b. Organization chart
c. Span of control
d. Responsibility
115
15. An organization structure that reflects the chain of command from top to bottom of the
organization and the authority flow shows
a. Staff relationships
b. Line relationships
c. Responsibility
d. Authority
TOTAL 15 MARKS
---------------------------------------------------------------------------------------------------------------------
References:
2. Dransfield, R. et al. Principles of Business for CSEC, Second Edition, Oxford University Press, 2019
116
LESSON # 43
WORKSHEET
GRADE 10
WEEK # 14: TOPIC: CON’T. THE NATURE OF BUSINESS & INTERNAL

ORGANISATIONAL ENVIRONMENT
LESSON # 3: LESSON REVIEW
CONTENT:
SECTION THREE contains THREE (3) questions, ANSWER ALL QUESTIONS.
1. Mrs. Greenwood is the owner of Refreshing Water, a bottled water business. In the last
month, she has been having mechanical problems at the factory and as a result has not
been able to meet time or quantity demands.
a) Define the term ‘Entrepreneurship’. (2 marks)

____________________________________________________________
____________________________________________________________
____________________________________________________________
b) Explain ONE (1) way in which Mrs. Greenwood could use her entrepreneurial skills
to solve the problem at Refreshing Water. (3 marks)
____________________________________________________________
____________________________________________________________
____________________________________________________________
c) Outline THREE (3) reasons why Mrs. Greenwood may have decided to start her
own business. (6 marks)
117
____________________________________________________________
____________________________________________________________
____________________________________________________________
____________________________________________________________
d) Identify THREE (3) ethical practices in which Mrs. Greenwood could engage to
ensure that she does not lose business. (3 marks)
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
e) Outline THREE (3) unethical practices in business. (6 marks)

________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
TOTAL 20 MARKS
2.
(a) List FOUR (4) functions of Management. (4 marks)
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
(b) Choose any ONE (1) function that you mentioned at (a) and explain why it is
important in the running of a supermarket. (2 marks)
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
118
3. (a) Briefly describe the following types of business organizations:
Sole Trader -
____________________________________________________________
____________________________________________________________
____________________________________________________________
Partnership -
____________________________________________________________
____________________________________________________________
____________________________________________________________
Franchise -
____________________________________________________________
____________________________________________________________
________________________________________________________________
(6 marks)
(b) State TWO (2) advantages each, for any TWO (2) of the business organizations
stated at (c) above. (8 marks)
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
TOTAL 20 MARKS
119
4. (a) List FIVE (5) characteristics of an effective leader. (5 marks)
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
(b) Distinguish between 'Autocratic leadership style' and 'Democratic leadership style’
(4 marks)
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
(c) State ONE (1) situation where authoritarian leadership is appropriate. (2 marks)
__________________________________________________________________
__________________________________________________________________
(d) Describe the concept of 'laissez- faire leadership style'. (4 marks)
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
TOTAL 15 MARKS
........................................................................................................................................................................
References:
2. Dransfield, R. et al. Principles of Business for CSEC, Second Edition, Oxford University Press, 2019
120

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MINISTRY OF EDUCATION

Name of Student: ________________________ Date: ____________________

WEEK #1 – TOPIC: NATURE OF BUSINESS

• WANTS: These are the luxurious things in life e.g., bed.

• ENTREPRENEUR: An entrepreneur is a person who takes risks and contributes

• MARKET: Market is the interaction between buyers and sellers.

• CAPITAL: Capital is defined as money or resources used to start as well as sustain a

• NATIONALIZATION: Nationalization is the transfer of ownership from private citizens

• PRIVATIZATION: Privatization is the transfer of ownership of government agencies to

Please click on the link below to view:-Video on Nationalization and Privatization

Answer the following questions, by stating “True or False”:

2. Wants can be defined as essential necessities for one’s survival. .……….

4. Market is a place where goods and service are exchanged. ..………

Name of Student: ______________________ Date: ____________________

WEEK #1 – TOPIC: NATURE OF BUSINESS

# ADVANTAGES OF BARTER DISADVANTAGES OF BARTER

Name of Student:_____________________ Date: _____________________

WEEK #1 – TOPIC: NATURE OF BUSINESS

Money may be defined as any commodity that is generally acceptable as a

• It must be generally acceptable - people must agree to use it.

• Divisible - we must be able to divide it into units.

• Scarce - its value is maintained when it is harder to acquire.

• Portable - it must be convenient to carry around.

• Homogenous - they must be of similar kind.

Please click on the link below to view:-video on history of money

Name of Student: ____________________ Date: ____________________

WEEK # 2 – TOPIC: NATURE OF BUSINESS

INSTRUMENTS USED IN EXCHANGE AND PAYMENT

Documentary credit: is also known as a letter of credit; it enables exporters to

Name of Student: ________________________ Date: __________________

WEEK # 2 – TOPIC: NATURE OF BUSINESS

2. What does the abbreviation POS stand for?

3. Using a mobile phone to pay for products is referred to as:

Name of Student: _________________________ Date: ____________________

WEEK # 2 – TOPIC: NATURE OF BUSINESS

INSTRUMENTS USED IN EXCHANGE AND PAYMENT

Money Mobile/mobile wallet: this is sometimes referred to as m-money. It is an “app” running on a

Contemplate and answer the following questions:

a) a standing order b) a cheque c) an electronic funds transfer d) a bank draft

2. Which of the following involves the use of a PIN?

a) debit card b) cheque c) standing order d) bill of exchange

Name of Student: _____________________ Date: ____________________

WEEK # 3 – TOPIC: NATURE OF BUSINESS

Public sector businesses fall into two categories:

Municipal undertakings are enterprises or services operated on a commercial basis by local

Name of Student: _____________________ Date: ____________________

WEEK # 3 – TOPIC: NATURE OF BUSINESS

REASONS FOR STATE OWNERSHIP

State ownership exists to:

1. Identify THREE (3) examples of state-owned corporations found in Guyana.

2. Briefly explain why it is sometimes necessary to have state corporations.

Name of Student: ________________________ Date: __________________

WEEK # 3 – TOPIC: NATURE OF BUSINESS

# Advantages of State Ownership Disadvantages of State Ownership

Guyana Water Guyana Power and

Georgetown Public Guyana Sugar

1. Most state corporations are not monopolies. ……………

2. Politics/politicians may influence the management of

Name of Student: ____ Date:

Name of Student: __ Date:

Name of Student:_ Date: _

Name of Student: Date:

Name of Student: ______ Date:

Name of Student: _____ Date:

Name of Student: _ Date:

Name of Student: _ Date:

Name of Student: ______ Date:

Name of Student: __ Date:

Name of Student: Date:

Name of Student: _______ Date:

Name of Student: _________ Date:

Name of Student: ______ Date: _

Name of Student: ______ Date: _

Name of Student: _____ Date: _

Name of Student: ________ Date: _

Name of Student: ____ Date: _