Mid-Annual Examination 2014

Class: 8 O Paper: BusinessMarks: 50Time: 1 hour 30 min

Attempt all QuestionsQuestion no.1 (a): What is opportunity cost? Explain with the help of an example. [3]____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(b): What are the four factors of production? [4]________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(c): Define added value with the help of an example. [3]__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Question no. 2: There are three stages involved in the production of a product, each stage is important for a product to bring into the hands of a consumer.(a): Explain the three stages involved in the production of a product. [6]__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(b): Define entrepreneur, and briefly explain any three characteristics of a successful entrepreneur. [4]______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Question no.3 (a): Briefly explain any four methods of comparing the size of a business. [4]____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(b): Give two advantages of partnership. [2]__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(c): Give one advantage and one disadvantage of public limited companies. [2]________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(c): What is franchise? Briefly explain. [2]________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Question no. 4: (a) Define business objectives. [2]________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(b): Define any two business objectives.[4]____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(c): What are stakeholders? Briefly explain any two types of stakeholders.[4]_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Question no.5: (a)Define motivation. Explain in detail Maslows hierarchy of needs.[10]______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________