Business Studies B(Buss 030) Question Paper

Business Studies B(Buss 030)

Course:Education

Institution: Kenya Methodist University question papers

Exam Year:2012

TIME : 2 HOURS

Instructions: Answer FOUR Questions TWO in SECTION A and TWO from SECTION B.
SECTION A
Discuss the term business studies.
(5 Mark)
The are many reasons why business exist in society. Explain these reason.
(10 Marks)

Question Two
There are FOUR factors required to produce goods and services discuss.
(10 Marks)
Define the following terms:
(5 Marks)
Production.
Distribution
Consumption

Question Three
There are several factors that influence the size and location of a firm. Discuss.
(10 Marks)

What do you understand with terms below;
(5 Marks)
Domestic trade
International trade

Question Four
In every business venture there is a code of conduct that governs the way business are managers.
Explain the meaning of business ethics.
(5 Marks)
State the importance of business ethics.
(10 Marks)

SECTION B. Choose Two Questions
Question One
Jones is current running a business as a sole trader. But due to some constrains he has invited his friend to form a partnership with him.
Define a sole trader
(2 Marks)
Define partnership
(2 Marks)
Discuss the disadvantages of partnerships
(16 Marks)

Question Two
Discuss the major reasons for government involvement in business activities.
(10 Marks)
Explain the term "Privatisation" Argue a case for and against privatization in Kenya.
(10 Marks)

Question Three
State the characteristics and Traits of an entrepreneur.
(10 Marks)
Discuss the roles of entrepreneurship in Economic Development. (10 Marks)

Question Four
Every business needs to draw final accounts at the end of evry trading period. There are financial statement prepared to find the profit made by a business during a specific trading period.
Define a trading account
(2 Marks)
Explain Gross Profit
(2 Marks)
Explain Cost of goods sold
(2 Marks)
Explain Opening stock
(2 Marks)
Closing Stock
(2 Marks)

(i) What is the main purpose of profit & losses accounts.
(5 Marks)

(ii) What are the main expenses of a business. (5 Marks)

Gross Profit of A. Smith for the year ending on 31st Dec. 2011 is Kshs 11,000. We are given the following additional information about his expenses and gains for that period. Wages & salaries Shs. 2500. Rent & rates Shs.1,800 postage & telephone Shs. 500: Printing & stationary Shs. 800 and rent received Shs. 10,000. Prepare his profit & loss Account.
(10 Marks)

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