Section A. Attempt all questions in this section (40 marks)
1, Which
personal skill would be most useful for an entrepreneur to establish strong
relationships with clients? (2 marks)
A)
Intolerance
B) Empathy
C)
Technical skills
D) Time
management
Answer
B
Explanation:
Empathy allows an entrepreneur to genuinely understand and share the feelings
of their clients, which is foundational for building strong, long-lasting
business relationships.
2) Match
the following explanations with the correct characteristics of an entrepreneur.
(5 marks)
|
Characteristics |
Explanations |
|
a) Risk taking |
i) Spot chances available even
where others cannot see. |
|
b) Disciplined |
ii) Trusting his own powers and
capabilities |
|
c) Commitment |
iii) Assess the losses and
profits related to the business |
|
d) Self confidence |
iv) Ability to control him or
herself and his actions |
|
e) Opportunity seeking |
v) Determined to fulfil all the
obligations |
Answer
A------ > III
B------ > IV
C------ > V
D------ > II
E------ > I
3) Basing
on the following statements, what is a service? 2 Marks
A) It can
be seen and physically interacted with
B) It is a
tangible product and can be touched
C) It can
be stored for later use
D) It
is an intangible and cannot be touched
Correct:
D
Explanation: A service represents an action,
expertise, or time provided to a consumer rather than a physical good.
4) Which
of the following is the money earned from job or business? (2 marks)
A)
Liability
B) Profit
C)
Income
D) Expense
Correct
c
Explanation:
Income is the general term for financial returns obtained from a job, labor, or
business operations.
5) Which
is the common challenge faced by entrepreneurs? (2 marks)
A)
Unlimited financial resources
B) Lack of
market competition
C)
Financial risks and uncertainties
D)
Excessive government support
Correct
C
Explanation:
Entrepreneurs frequently navigate unpredictable markets, potential capital
loss, and varying cash flows.
6) Match
the goal setting term with its correct definition. (4 marks)
|
Goal Setting Term |
Definition |
|
I) Specific |
a) The goal should be
accomplishable based on available resources. |
|
ii) Measurable |
b) The goal should have a clear
start and end point |
|
iii) Achievable |
c) The goal should be detailed
and clearly defined |
|
iv) Time-bound |
d) The goal should have clear
criteria for success. |
Correct
I------
> C
II------
> D
III-----
> A
IV------
> B
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7) Match
the concept with the correct description in the table below. (4 marks)
|
Concept |
Description |
|
a) Economic development |
I. The improvement of social
conditions like education, health, and equity. |
|
b) Social development |
ii) The process of improving the
economic conditions of a country. |
|
c) Employment opportunities |
iii) Any activity involving
physical or mental efforts that is done in order to achieve a result or earn
money |
|
d) Work |
iv) Availability of jobs or
positions in the workplace that people can apply for and fill. |
Correct
A------
> II
B------
> I
C------
> IV
D------
> III
8) Which
of the following best defines a market? (2 marks)
A) A place
where only food is sold
B) An
environment where buyers and sellers exchange goods and services
C) A type
of business organization
D) A place
where only drinks are sold.
Correct
B
Explanation:
A market does not need to be a physical location; it is any system or setting
that facilitates trade.
9) Match
the following types of resources with appropriate explanation for each. (4
marks)
|
Resource type |
Explanations |
|
a) Natural resources |
i) These are necessary for buying
needed inputs |
|
b) Human resources |
ii) This looks at the possession
of the required knowledge on having data for the success of business. |
|
c) Information resource |
iii) These are provided freely by
God and they facilitate operation of different activities |
|
d) Financial resources |
iv) These involve skills and
abilities that are used to perform work in the enterprise |
Correct
A------
> III
B------
> IV
C------
> II
D------
> I
10) State
whether each of the following statements is True or False. (3 marks)
A) To
pursue a career in engineering, you would first need to complete a specific
degree program in engineering ……………………
Answer
True,
Explanation:
Engineering is a highly specialized field that legally and functionally
requires formal, specific degree programs.
B) People
should choose careers based only on how much money they can make……………………..
Answer:
False.
Explanation:
While compensation is important, choosing a career based only on money often
leads to burnout. Passion, skills, and work-life balance are also critical.
C) A
career assessment can help individuals understand their strengths and guide
them toward suitable career paths…………………..
True
Explanation: Career assessments identify
aptitudes and personality traits to suggest well-fitting professional paths.
Also read Physics and Mathematics here
11) Which
of the following is an example of "Poor Service"? (2 marks)
A) A
waitress brings the menu promptly and explains unavailable food items.
B) A
server in a restaurant who does not bring the menu and fails to inform about
unavailable items.
C) A staff
member goes above and beyond to ensure customer satisfaction.
D) A
restaurant employee politely answers questions and provides helpful
information.
Answer
B
Explanation:
This represents a failure to communicate basic information, leading to a
negative customer experience.
12) If a
country specializes in research and technology services, it is likely to have a
strong: 2 Marks
A) Primary
sector
B)
Secondary sector
C)
Tertiary sector
D)
Quaternary sector
Answer:
D
Explanation:
The quaternary sector focuses specifically on knowledge based activities,
including information technology, research, and development.
13) Which
of the following is the most significant reason why customs authorities impose
import duties?
A) To
increase product prices
B) To
protect local industries and generate revenue
C) To
discourage all imports
D) To
create barriers to international trade
Answer:
B
Explanation:
Tariffs make imported goods more expensive, which helps domestic producers
compete and provides the government with tax income.
14) Which
section of a business plan provides details about the target market? (2 marks)
A)
Executive summary
B)
Financial plan
C)
Organizational structure
D)
Marketing plan
Answer
D
Explanation:
This section is dedicated to defining the target audience, competitor analysis,
and how the business will reach its customers.
15) Which
of the following is a negative impact of business activities on the
environment? (2 marks)
A)
Increased biodiversity
B)
Improved air quality
C)
Deforestation
D)
Conservation of natural resources
Answer
C
Explanation:
Industrial and agricultural expansion often requires clearing large areas of
trees, heavily degrading the natural environment.
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Section B: Attempt any three
questions (30 marks)
16)
Analyze the following items and classify them as fixed assets and current
assets. Use a tick (√) to show classification. (10 marks)
|
Items |
Fixed assets |
Current assets |
|
1)Prepaid rent |
|
✔ |
|
2)Cash at bank |
|
✔ |
|
3)Machinery |
✔ |
|
|
4)Cash at hand |
|
✔ |
|
5)Motor vehicle |
✔ |
|
|
6)Stock |
|
✔ |
|
7)Furniture |
✔ |
|
|
8)Debtors |
|
✔ |
|
9)Paid electricity |
|
✔ |
|
10)Bicycle |
✔ |
|
17) The
following are transactions made by KABANO trader in the month of July 2018. 10
Marks
July 6th
purchase of a wheelbarrow at 85000 Frw from Kabera
July12
purchase of office equipment at 227,460 Frw from Muneza
July 19
received cash of 500,000 Frw from Tom
Answer:
|
Date (2018) |
Particulars |
Debit (Frw) |
Credit (Frw) |
|
July 6 |
Equipment (Wheelbarrow)
Accounts Payable (Kabera)
(To record purchase of
wheelbarrow on credit) |
85,000 |
85,000 |
|
July 12 |
Office Equipment
Accounts Payable (Muneza)
(To record purchase of office
equipment on credit) |
227,460 |
227,460 |
|
July 19 |
Cash
Accounts Receivable (Tom)
(To record cash received from a
debtor) |
500,000 |
500,000 |
18) Peter
is a teacher who earns 100,000 Frw, he has discovered that he does not manage
his finance well. To solve his problems, he has decided to make a personal
budget every month to know how much he should save. He expects that following
the budget strictly will enable him to go through the month without having to
borrow other money. Explain any five roles you think the budget will play in
his life.
Answer:
Expense
Tracking: It will show Peter exactly where his 100,000 Frw goes each month,
identifying areas of waste or unnecessary spending.
Enables
Structured Saving: By deciding in advance to set aside a specific amount, Peter
guarantees he builds an emergency fund before spending his remaining income.
Prevents
Debt: A budget sets strict limits, ensuring he stays within his means and
avoids borrowing to survive the rest of the month.
Goal
Achievement: It provides a financial roadmap, allowing him to direct portions
of his salary toward long-term goals rather than immediate consumption.
Financial
Control and Peace of Mind: Knowing exactly how much money is allocated for
essentials like rent and food relieves the stress of financial uncertainty.
(Simple language)
19)
Business enterprises play a major role in promoting economic development in the
country. As a student in Senior 3, explain to your community any five economic
benefits of enterprise to Rwanda.10 Marks
Answer:
Job
Creation: Enterprises provide vital employment opportunities for the local
community, which directly reduces poverty levels.
Tax
Revenue: Businesses pay taxes to the government (such as CIT and VAT), funding
public services like education, healthcare, and infrastructure.
Provision
of Goods and Services: Businesses produce the essential products and services
required to satisfy the daily needs and wants of the Rwandan population.
Skills
Development: Through training and daily operations, businesses improve the
technical and professional skills of the local workforce.
Infrastructure
Expansion: Successful enterprises often attract supporting infrastructure like
better roads, internet connectivity, and electricity to their operating
regions.
Section C: Attempt any two
questions (30 marks)
20) Given
the list of workers of BET Enterprise and their monthly salaries as shown
below:
Akimana
gets 260,000 Frw
Kamaliza
gets 150,000 Frw
Muhire
gets 54,000 Frw
Nakure
gets 300,000 Frw
a. Determine
the total monthly personal income tax to be paid by each worker? (13 marks)
Correct
Total
monthly personal income tax (PAYE) for each worker:
Akimana
(260,000 Frw):
First
60,000: 0 Frw
Next
40,000: 40,000× 10% = 4,000 Frw
Next
100,000: 100,000 × 20% = 20,000 Frw
Remaining
60,000: 60,000 × 30% = 18,000 Frw
Total
Tax = 42,000 Frw
Kamaliza
(150,000 Frw):
First
60,000: 0 Frw
Next
40,000: 40,000 × 10% = 4,000 Frw
Remaining
50,000: 50,000 × 20% = 10,000 Frw
Total
Tax = 14,000 Frw
Muhire
(54,000 Frw):
Since this
is below the 60,000 Frw threshold, the tax is 0%.
Nakure
(300,000 Frw):
First
60,000: 0 Frw
Next
40,000: 40,000 × 10% = 4,000 Frw
Next
100,000: 100,000 × 20% = 20,000 Frw
Remaining
100,000: 100,000 × 30% = 30,000 Frw
Total
Tax = 54,000 Frw
b)
Calculate the total tax paid by BET Enterprise to RRA for all its workers. (2
marks)
Total
tax paid by BET Enterprise to RRA for all its workers is 110,000 Frw
21) Assume
your friend is in charge of customer care in any company, advise him/her on any
five principles of customer care. (15 marks)
- Clear
Communication: Ensure all interactions are easy to understand, avoiding
jargon, and making sure the customer's expectations are properly set.
- Active
Listening: Let the customer fully explain their needs or problems without
interruption, showing that their concerns are acknowledged and validated.
- Empathy:
Approach the situation from the customer's perspective. Being understanding,
especially during complaints, de-escalates tension.
- Timeliness:
Respond to inquiries and solve problems as swiftly as possible. Delayed
responses often signal to a customer that they aren't valued.
- Honesty
and Integrity: Always be truthful about products, delivery times, and
mistakes. If an error is made on the company's end, take ownership and resolve
it fairly.
22) Your
friend wants to start a business; she/he asks you to show her/him key elements
of a business plan that must be put into consideration when preparing it. (15
marks)
1. Executive
Summary: A high-level overview of the entire plan, summarizing the business
concept, mission, and the core financial targets.
2. Company
Description: An explanation of what the business does, the legal structure,
the specific problems it solves, and its competitive advantages.
3. Market
Analysis: Detailed research on the target audience, industry trends, and an
evaluation of the existing competitors in the space.
4. Marketing
and Sales Strategy: The roadmap for how the business intends to attract and
retain its customers, including pricing models, advertising, and distribution
channels.
5. Financial
Plan/Projections: A clear breakdown of expected costs, revenue forecasts,
cash flow statements, and how much funding the business requires to operate and
grow.
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