Page 39 - Business Studies
P. 39
Business Studies for Secondary Schools
(v) Calculate your profit by subtracting Revision exercise
your expenses from your income.
(vi) Think about what worked and what Choose the correct answer among the
did not. How can you improve your given alternatives in questions 1 to
business next time? 5 and write its letter in your exercise
book.
FOR ONLINE READING ONLY
Remember: Start small and simple.
Have fun and be creative. Learn from 1. Which of the following functions of
your experience. management deals with recruiting,
placing, training, and terminating
Chapter summary employees?
(a) Planning
1. Management is the process of (b) Directing
overseeing an organisation’s operations (c) Staffing
using various effective and efficient (d) Organising
methods to ensure that the organisation
achieves its goals. 2. Mr Moses has been operating his
small business of selling fruits for
2. Good business management enables the almost two years. He decided to
owners to achieve their predetermined hire one person to assist him. Which
goals. function of management did he
3. Planning, organising, staffing, directing, apply?
and controlling are the functions of
management. (a) Controlling
4. Small businesses can calculate their (b) Recruitment
(c) Staffing
profit and loss by comparing income (d) Leading
and expenditures and preparing income
statements. 3. The Form Two business club
5. Preparation of a budget in the business members at Mwembeni Secondary
enables the business to estimate both School have been preparing income
revenues and expenditures. statements at the end of each year.
6. Efficient record-keeping is essential What makes them prepare it?
for accurate financial reporting and (a) To analyse budget
decision-making. Organising financial (b) To calculate profit and loss
information helps in tax compliance (c) To keep daily records
and evaluating business performance. (d) To estimate incomes
33 Student’s Book Form Two
03/10/2024 16:07
Business Studies Form 2.indd 33
Business Studies Form 2.indd 33 03/10/2024 16:07
