MNB1501-23-S2  Welcome Message  Assessment 1

QUIZ

Started on Sunday, 20 August 2023, 10:29 PM

State Finished
Completed on Sunday, 20 August 2023, 10:49 PM
Time taken 20 mins 8 secs
Marks 15.00/20.00
Grade 75.00 out of 100.00

Question 1
Correct

Mark 1.00 out of 1.00

A reason for the success of Southwest Airlines lies in the treatment of the airline’s
personnel. Management believes that when employees are treated well, they will
treat customers well, providing a beneficial situation for all stakeholders.
Southwest Airlines’ wages are generally lower than those of its competitors but the
company sweetens the deal by making stock options available to employees,
enabling them to benefit from the airline’s financial success.
The personnel at Southwest Airlines are part of the _________________ resources that
make up the business.

a. natural

b. physical

c. capital

d. human 

Your answer is correct.

The correct answer is:
human
Question 2
Correct

Mark 1.00 out of 1.00

Which one of the following can be considered an entrepreneurial activity?

Select one:
a. Lucy starts her own cleaning business following a request from a local 
insurance firm to take over their cleaning.
b. Caron is tired of being driven to perform at the hotel where she works and
decides to run her mother’s guesthouse.
c. Sam wants to learn professional photography and applies for a position at
the local photography shop.
d. Kabelo is afraid of working at a high risk firm and asks for a demotion.

The correct answer is: Lucy starts her own cleaning business following a request
from a local insurance firm to take over their cleaning.

Question 3

Correct

Mark 1.00 out of 1.00

As an entrepreneur, Herman Heunis has to be able to set up specific objectives,

organise projects and draw up schedules to ensure that the necessary resources are
in the right place at the right time. To which one of the following entrepreneurial
skills does this refer?

Select one:
a. Marketing
b. Project management 
c. Planning
d. Strategy

The correct answer is: Project management

Question 4

Incorrect

Mark 0.00 out of 1.00

_________________ is characterised by actions of intense, prolonged and repeated

efforts to accomplish something that is difficult.

Select one:
a. Achievement motivation
b. Risk-taking
c. An internal locus of control 
d. An external locus of control

The correct answer is: Achievement motivation

Question 5
Correct

Mark 1.00 out of 1.00

Which one of the following is an example of an operating resource needed by an

entrepreneur?

Select one:
a. A management team
b. Raw materials 
c. A bank overdraft
d. Technical consultants

The correct answer is: Raw materials

Question 6
Correct

Mark 1.00 out of 1.00

True entrepreneurs differ dramatically from small-business owners in the following

ways:

a They have no intention of growing or developing their business and are happy with
some autonomy.
b They need to be personally responsible for solving problems.

c They have an internal locus of control.

d They have an external locus of control.

Select one:
a. a b

b. a c

c. b c 

d. c d

The correct answer is: b c

Question 7
Incorrect

Mark 0.00 out of 1.00

An internal locus of control indicates ____________________________________.

Select one:
a. a person’s need to be in charge of his/her own destiny
b. that a person is attracted to a job that challenges their skills and problem-
solving abilities
c. a person’s ability to create something new or original
d. that a person believes that the outcome of an event is primarily out of 
his/her control

The correct answer is: a person’s need to be in charge of his/her own destiny

Question 8
Correct

Mark 1.00 out of 1.00

Which one of the following statements referring to the entrepreneurial characteristic

of risk-taking is correct?

Select one:
a. Successful entrepreneurs do not take any risks.
b. Successful entrepreneurs lengthen the time between the conceptualisation
of an idea and the availability of the product in order to limit the risk.
c. The successful entrepreneur feels it necessary to take many chances.
d. Entrepreneurs investigate the probable results before they take 
decisions.

The correct answer is: Entrepreneurs investigate the probable results before they
take decisions.

Question 9
Correct

Mark 1.00 out of 1.00

Kohler has adopted several strategies to sustain a culture of continuous innovation.

Growth has been generated substantially from within, by people creating an idea,
getting it financed internally and executing it successfully. This is an example of
___________________.

Select one:
a. external locus of control
b. franchising
c. intrapreneurship 
d. entrepreneurship

The correct answer is: intrapreneurship

Question 10
Correct

Mark 1.00 out of 1.00

A major law firm has entered into a contract with Healthy Eats, an independent
catering company, to provide daily meals for the employees and visitors to the law
firm. The law firm has __________________ its catering needs to Healthy Eats.

Select one:
a. in-sourced
b. outsourced 
c. privatised
d. localised

The correct answer is: outsourced

Question 11
Correct

Mark 1.00 out of 1.00

Which one of the following statements referring to the entrepreneurial characteristic

of risk-taking is correct?

Select one:
a. Successful entrepreneurs lengthen the time between the conceptualisation
of an idea and the availability of the product in order to limit the risk.
b. Entrepreneurs investigate probable results before they take decisions. 
c. Successful entrepreneurs do not take any risks.
d. The successful entrepreneur feels it necessary to take many chances.

The correct answer is: Entrepreneurs investigate probable results before they take
decisions.
Question 12
Correct

Mark 1.00 out of 1.00

The most important characteristic of the business world in countries that adopt a
market economy is _____________________.

a. that the business involves human activities

b. that the rationing of products occurs and prices of products are set by the
state

c. that businesses produce predominantly tangible products such as bread,

cars and houses

d. that individuals themselves decide what to produce, how to produce it 

and at what price to sell the product

Your answer is correct.

The correct answer is:
that individuals themselves decide what to produce, how to produce it and at what
price to sell the product

Question 13
Correct

Mark 1.00 out of 1.00

Deregulation within the airline industry was introduced in South Africa in 1991.
Before deregulation, South African Airways (SAA) was the only service provider on
the main domestic airline routes as well as the international airline routes. The first
decade after deregulation resulted in a wave of low cost airline competitions such as
Flitestar, Sun Air, Phoenix Air, Nationwide, 1time and Velvet sky entering the
domestic market.

There are several factors in the business world that apply pressure on a modern-day
organisation such as SAA. Which one of these factors is depicted in the mini-case
study above?

a. Profitability

b. Corporate Social Investment

c. Consumerism

d. Environmental change 

Your answer is correct.

The correct answer is:

Environmental change
Question 14
Correct

Mark 1.00 out of 1.00

The fundamental economic problem society is confronted with involves

_______________ .

a. making as much profit as possible regardless of the needs of society

b. choosing how it will use its scarce resources to the maximum effect in 
order to satisfy its needs

c. ensuring the lowest possible satisfaction of needs with these scarce

resources

d. ensuring they get what they want

Your answer is correct.

The correct answer is:
choosing how it will use its scarce resources to the maximum effect in order to
satisfy its needs

Question 15
Incorrect

Mark 0.00 out of 1.00

Which one of the following is a disadvantage of a command economy?

a. There are high social costs.

b. Planning is difficult or impossible.

c. State organisations can be unproductive. 

d. The environment is unstable.

Your answer is incorrect.

The correct answer is:

Planning is difficult or impossible.
Question 16
Incorrect

Mark 0.00 out of 1.00

A reason for the success of Southwest Airlines lies in the treatment of the airline’s
personnel. Management believes that when employees are treated well, they will
treat customers well, providing a beneficial situation for all stakeholders.
Southwest Airlines’ wages are generally lower than those of its competitors but the
company sweetens the deal by making stock options available to employees,
enabling them to benefit from the airline’s financial success.
By providing their employees with a salary, Southwest Airlines is satisfying the
________________ needs of the employees.

a. security

b. physiological

c. esteem 

d. self-realisation

Your answer is incorrect.

The correct answer is:
physiological

Question 17
Correct

Mark 1.00 out of 1.00

If SAB were to introduce a rewards programme whereby employees who performed

very well every month are given recognition and financial incentives, the company
would be satisfying the __________________ needs of their employees.

a. physiological

b. security

c. self-actualisation

d. esteem 

Your answer is correct.

The correct answer is:

esteem
Question 18
Correct

Mark 1.00 out of 1.00

In a country such as South Africa, the most important characteristic of the business
world in which it operates includes ___________________ .

a. the limited choice of products and services that the state offers

b. the state owning and controlling the community’s resources or factors of

production

c. the freedom of individuals to establish any business of their choice 

d. the allocation of resources which are not affected by free markets

Your answer is correct.

The correct answer is:

the freedom of individuals to establish any business of their choice

Question 19
Correct

Mark 1.00 out of 1.00

By its nature, brewing beer is a water-intensive process. Making more beer, but using
less water, is one of SABMiller’s three global focus areas. The transformation of
water and other ingredients, by SAB, into beer and other alcoholic beverages is
known as _________________ .

a. economic principle

b. production 

c. exchange

d. consumerism

Your answer is correct.

The correct answer is:

production
Question 20
Incorrect

Mark 0.00 out of 1.00

The voluntary compliance of businesses with practices that are sustainable is known
as ___________________.

a. consumerism

b. corporate sustainability 

c. business ethics

d. corporate social responsibility

Your answer is incorrect.

The correct answer is:

corporate social responsibility