Form 1 Term 3 2023 Business Studies Marking Scheme 1. Features of Goods

FORM 1 TERM 3 2023 BUSINESS STUDIES
MARKING SCHEME
1. Features of goods
 They are tangible.
 They can be stored.
 They can be standardized.
 They can be separated from the producer.
 They can change in value over time.
 Not all goods are perishable. 4 × 1 = 4 mks
2. Advantages of indirect production :
 Leads to production of high quality goods.
 Leads to mass production.
 Allows for wider use of machines
 Encourages specialization
 Will create employment
 Will lead to inventions and innovations. 4 × 1 = 4 mks
3.
 Land
 Capital
 Entrepreneurship
 Capital. 4 × 1 = 4 mks
4.
 One cannot do without.
 They are felt needs
 They cannot be postponed
 They are satisfied before secondary wants
 They are universal. 4 × 1 = 4 mks
5.
 Place
 Time
 Form
 Possession 4 × 1 = 4 mks
6.
 Resources are limited
 Human wants are unlimited
1
 They require monetary value
 Human wants are insatiable
 Human wants are recurrent
 Human wants are competitive 4 × 1 = 4 mks
7.
 A document that demands payment for goods before delivery.
 Sent by seller to buyer to notify him/her that the ordered goods have been
dispatched.
 Sent by seller to the buyer to collect an overcharge in the invoice.
 Request from buyer to the seller to supply a specified quantity of goods under
specified terms and conditions. 4 × 1 = 4 mks
8.
 Itinerant traders
 Open air market
 Single shops
 Kiosks
 Market stalls
 Canteens
 Roadside sellers/traders. 4 × 1 = 4 mks
9.
 Drawer – The person who writes the cheque.
 Drawee – The bank.
 Payee – The person to be paid. 3 × 1 = 3 mks
10.
 Small in size.
 Sell fast moving goods.
 Operate in open air.
 Are flexible
 Sell non-durable consumer goods
 Easy to start with few legal requirements
 Relative require little capital and operate 4 × 1 = 4 mks
11.
 Well groomed/presentable
 Courteous /respectful/polite/humble /kind
 Cooperate /understanding
 Punctual
2
 Hardworking
 Loyal 4 × 1 = 4 mks
12.
 Inadequate raw materials
 Poor infrastructure
 Political instability& violence
 Inadequate government support
 Inadequate relevant courses in leaving institutions
 Unsupportive culture
 Insecurity 4 × 1 = 4 mks
13.
 Could be the cheque was post dated
 The cheque could be stale
 Request by account holder not to pay
 May be the amount in words was different from the amount in figure
 May be there was insufficient fund in the drawers account.
 Could be the signature of the cheque leaf was different from the bank
4 × 1 = 4 mks
14.
 Producer /capital goods
 Intermediate goods
 Public goods
 Free goods 4 × 1 = 4 mks
15.
 Open office layout
 Partitioned/enclosed
 Landscape. 4 × 1 = 4 mks
16.
 Deal with limited varieties of goods.
 No personal contact between business and customers.
 Sales are strictly on cash ( C.W.O or C. O. D. ).
 Orders are done online/ through mail.
 Use post office or courier services to deliver goods to customers.
 Carry out heavy advertisement to popularize their businesses in the dailies.
4 × 1 = 4 mks
17.
3
 Reading books, magazines, newspapers, journals, periodicals.
 Improving on an existing idea.
 Combining two existing ideas.
 Surveying and researching.
 Identifying market gap/ niche/ sporting market gap.
 Innovation and creativity.
 Gaining from wastes/ making use of wastes.
 Brainstorming/ consultations with business people.
 Building on one skills, hobbies and interest.
 Attending trade show, fairs and exhibitions.
4 × 1 = 4 mks
18.
 Receiving and recording information.
 Distributing information.
 Mailing.
 Reproduction of documents.
 Safeguarding and controlling organizations property.
 Communication.
 Filing. 4 × 1 = 4 mks
19.
 Increase in consumers’ income.
 Increase in population.
 Favourable government policies.
 Improved technology.
 Less or no competition.
 Favourable culture.
 Improved security.
 Well-developed infrastructure. 4 × 1 = 4 mks
20.
 It offers privacy.
 Easy to clean and tidy up.
 Provide security for valuable and sensitive items.
 Conducive working environment.
 Thes less noise and disruption from workers and machines. 4 × 1 = 4 mks
21.
 General line.
 Rack jobbers.
4
 Mobile.
 Regional. 4 × 1 = 4 mks
22.
 Dividing a commodity into smaller units for the convenience of the buyer.
 Putting goods in packets, boxes or cartons
 Mixing different grades to achieve desired tastes or other qualities.
 Giving a product a name by which it will be sold. 4 × 1 = 4 mks
23.
 They are large scale businesses
 They have separate branches which are managed and organized centrally
 They are uniform in outward appearance and interior layout
 All branches deal in the same type of product
 They sell at standardized prices all their branches 4 × 1 = 4 mks
24.
 Economics.
 Commerce.
 Office practice.
 Entrepreneur. 4 × 1 = 4 mks
25.
 Creates employment.
 Avails a variety of goods.
 Helps people to acquire what they may not be able to produce.
 Help producers to dispose their surplus produce.
 Ensures a steady supply of goods and services.
 Encourages specialization and division of labour.
 Provides revenue to the business people and the government. 3 × 1 = 3 mks
26.
 Skilled
 Semi-skilled
 Unskilled. 3 × 1 = 3 mks

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FORM 1 TERM 3 2023 BUSINESS STUDIES

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