POB– Structured Response Exam Total Time:

Define the following terms: (i) Entrepreneurship (ii) Profit (iii) Sole trader

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Identify TWO characteristics of a private limited company.

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List TWO advantages and TWO disadvantages of operating as a sole trader.

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Explain the difference between a partnership and a public limited company.

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Jamal wants to start a small bakery. Outline the FOUR main factors of production he will need and provide one example of each.

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Suggest THREE reasons why an entrepreneur may want to start their own business.

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Describe how a business plan can help Jamal in his bakery business.

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Question 1– Marketing and Production (a) Define the term "marketing mix." (2 marks) (b) Identify and briefly explain TWO types of production. (4 marks) (c) Explain TWO reasons why packaging is important in marketing a product. (4 marks) (d) Outline the FOUR Ps of marketing and apply each to a small business selling local juice. (8 marks) (e) State TWO ways a business can ensure its product meets consumer expectations. (2 marks)

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Question 2 – Business Finance and Documents (a) State TWO sources of short-term finance and TWO long-term sources of finance. (4 marks) (b) Define the following terms: (i) Capital (ii) Loan (iii) Working capital (3 marks) (c) Explain the purpose of a cash book and an invoice in business. (4 marks) (d) A small business wants to raise funds to expand. Explain the advantages and disadvantages of using a loan from the bank versus using personal savings. (6 marks) (e) Calculate the working capital using the following information: Current Assets = $25,000 Current Liabilities = $10,000 (3 marks) (Show all working)

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Question 3 – Government and Business (a) State TWO ways the government supports businesses in the Caribbean. (2 marks) (b) Define the following: (i) Subsidy (ii) Taxation (4 marks) (c) Explain THREE reasons why the government imposes taxes on businesses. (6 marks) (d) Suggest TWO effects of high taxes on small businesses. (4 marks) (e) Outline TWO roles of the Central Bank in your country. (4 marks)

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