KCSE BASED BUSINESS STUDIES QUESTIONS WITH ANSWERS
Using a diagram, explain the circular flow of income in a two sector economy
a)using a diagram, explain the circular flow of income in a two sector economy.
House holds supply their resources (factors of provision) to various types of businesses and receive payment on the form of rent, wages and profit On the other hand, businesses sell finished products to household and households pay for the goods and services received
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Explain five ways in which the government of Kenya may reduce the level of unemployment
Ways in which the government of Kenya may reduce the level of unemployment
The diagram below shows an oligopolist kinked demand curve DD and current price and quantity at P and Q respectively.
(i) Name the curve represented by the gap WZ
(ii) State Why the curve WZ is vertical to price axis (iii) Advice when the oligopolist can raise and lower the price of the commodity
Expected Responses
The trial balance of Zakayo Traders as at June 2008 is given below
During the month, the following transactions took place
2008
Expected Response
Explain five demerits that may be associated with water transport
Demerits that may be associated with water transport
Explain five measures that the government may take to improve the volume of exports ( 10 mks)14/12/2020 Explain five measures that the government may take to improve the volume of exports
Measures that the government may take to improve the volume of exports
Explain five features of sole proprietorship form of business
Features of sole proprietorship form of business
The following balances were extracted from books of Simba Traders for the year ended 31 December 2006,
Additional information
(i) Motor vehicle is depreciated by Sh187 500 while furniture is to be depreciated by Sh16 050 per year. (ii) Interest on loan is charged at 18% per year. This interest was still owing on 31 December 2006. (iii) Rent unpaid on 31 December 2O06 was Sh 2400 Prepare (a) Profit and loss account for the year ended 31 December 2006 (b) Balance sheet as at 31 December 2006.(12 marks) Explain four circumstances in which a trader may offer after sales service to the buyer. (8 marks)13/12/2020 Explain four circumstances in which a trader may offer after sales service to the buyer.
Circumstances in which a trader may offer after sales service to the buyer.
Explain six circumstances under which a country may restrict international trade. (12 marks)13/12/2020 Explain six circumstances under which a country may restrict international trade.
Circumstances under which a country may restrict international trade.
Describe four measures that the Government may put in place to reduce the amount of money in circulation.
Measures that the Government may put in place to reduce the amount of money in circulation.
Memon Traders does not keep a complete set of accounting records. The following information relates to the year ended 31 December 2006.
Additional information
Included in credit sales are drawings of stock ra1ued at Sh 25 000. For the year ended 31 December 2006, determine the following: (i) Total sales (ii) Total purchases (iii) Commission receivable (iv) Insurance expense (v) General expenses (10 marks) Explain five circumstances that would influence a producer to use wholesalers in distributing farm produce.
Explain five reasons why an effective filing system is important in an office, (10 marks)13/12/2020 Explain five reasons why an effective filing system is important in an office,
Explain five ways in which effective management practices may contribute to the success of a business.
Ways in which effective management practices may contribute to the success of a business.
On 1 September 2006, Igonji had Sh55 000 in hand and Sh 250 000 at bank.During the month, the following transactions took place:
Explain five challenges that may be experienced by a country whose population is made up of large proportion of young people.
With the aid of a diagram, explain the behaviour of average cost curve in the short run for a firm with fixed production capacity.
Explain five features that differentiate a Public Limited Company from a partnership form of business.Outline the circumstances under which each of the following characteristics of human wants may be observed:(a) Complementary wants,(b) Wants become habitual(a) Complementary wants: - where wants are simultaneous/when two or more items must be used together at the same time for example:- car and petrol. (b) Wants become habitual: - where one becomes addicted to a particular want/when one develops a taste/liking for a commodity so that he needs it again and again. State the type of ledger account to which each of the following accounts relates: (4 marks)13/12/2020 State the type of ledger account to which each of the following accounts relates:
(i) Nominal.
(ii) Nominal. (iii) Creditors/purchases ledger. (iv) Real/general ledger. The following trial balance was prepared from the books of Mugambi Traders for the year ended 31 December 2005
Prepare
(i) A balance sheet for the year ended 31 December 2005 (ii) Determine Working capital Capital employed Borrowed capital Explain five features that you would consider in establishing a warehouse for imported goods.
Features that you would consider in establishing a warehouse for imported goods.
Draw a diagram to show how equilibrium price and output are determined under- monopoly. (10mks)12/12/2020 Draw a diagram to show how equilibrium price and output are determined under- monopoly.
Determine determination of equilibrium price and output under monopoly.
Discuss five reasons why less developed countries are reluctant in implementing free trade agreement.
Reasons why less developed countries are reluctant in implementing free trade agreement.
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