CSEC Principles of Business Paper 2 January 2025 - Free CXC Past Paper with Answers

Define the term 'entrepreneur'.

State TWO characteristics of a typical entrepreneur.

Describe EACH of the following functions of an entrepreneur in a business.

Conceptualizing

Bearing of risks

Accessing resources

Outline TWO roles of entrepreneurship in the development of Caribbean economies.

Karim wants to open a restaurant to sell fried chicken in the capital city of San Leo.

Explain how Karim could comply with TWO government regulations or policies for the protection of the environment and/or public health when establishing and operating the business.

State THREE characteristics of cottage industries.

List THREE types of goods or services that are often produced within cottage industries.

State TWO advantages of small business operations.

State TWO disadvantages of small business operations.

Jerome operates a small fruit juice manufacturing business in Spice Town. Recently, he has seen opportunities for the growth of the business and has been considering expanding.

State ONE way in which Jerome's business could grow internally.

State ONE way in which Jerome's business could grow externally.

Explain the likely effect that expansion could have on the organizational structure of Jerome's business.

Define the term 'linkage industries'.

Explain ONE backward or ONE forward linkage in which Jerome's business could engage.

List FOUR methods of retailing.

Describe EACH of the following terms of sales.

Hire purchase

Consignment

Layaway

State FOUR functions of consumer organizations.

Venus Communications Ltd provides mobile phone services to the citizens of Peanut Island. The management of the company is concerned that the business is often openly criticized for its poor customer service.

Explain ONE way in which poor customer service is likely to affect the success of Venus Communications Ltd.

Explain how online chats or surveys could be used by the management of Venus Communications Ltd to improve the company's customer service.

Define the term 'business technology'.

List FOUR factors that determine a country's standard of living and/or the quality of life of its citizens.

Define EACH of the following terms.

Gross domestic product (GDP)

Gross national product (GNP)

Low levels of production is a major economic problem facing Caribbean countries.

Outline TWO possible solutions, other than education, to this economic problem.

Explain TWO ways in which investment in education by Caribbean governments can lead to an increase in the production of goods and services in the region.