CSEC Principles of Business Paper 2 January 2023 - Free CXC Past Paper with Answers

State TWO responsibilities of management to EACH of the following stakeholders.

Customers

Employees

Identify TWO stakeholders of a business, other than customers and employees.

List FOUR strategies that could be used to motivate employees in a business.

Outline TWO benefits of teamwork to the success of a business.

For quite some time, the employees of New Harbour Garment Factory have felt frustrated and shut out as a result of poor communication between themselves and management.

Explain TWO strategies that the management of New Harbour Garment Factory could implement to improve communication within the organization.

Answer ALL questions.

Define the term 'invitation to treat'.

Identify TWO characteristics of a simple contract.

State TWO ways of terminating a contract.

Describe TWO features which make a hire purchase agreement a type of specialty contract.

Distinguish between the insurance principles 'utmost good faith' and 'indemnity'.

Explain TWO unethical practices that a business could engage in which could violate its contractual obligations to the government and society.

Define EACH of the following terms.

Production

Productivity

Identify the type of production that takes place for EACH of the following activities.

Sugar cane harvesting

Development of townhouses

The creation of a new line of furniture

The provision of online banking

Outline THREE factors that could affect labour productivity.

Define the term 'market' as it relates to marketing.

Identify TWO elements of the traditional marketing mix.

State FOUR reasons for conducting market research.

Describe THREE factors which influence consumer behaviour.

Explain TWO ways in which businesses could use social media to promote sales.

Other than saving and investing, state TWO ways in which individuals could manage their personal incomes.

Differentiate between 'savings' and 'investments'.

Identify ONE form of savings and ONE form of investments.

Identify TWO personal sources of capital for setting up a business.

Distinguish between 'short-term financing' and 'long-term financing'. Give ONE source of each type of financing.

Explain ONE benefit and ONE risk of investing in the stock market.