Subject: BUSSINESS, MANAGEMENT & FINANCE

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  • 1 Marks

BMF – May 2024 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society

Understanding the primary purpose of data protection law.

The purpose of data protection law is to protect the:
A. Managers
B. Owners
C. Governments
D. Individuals
E. Investors

Answer:
D. Individuals

Explanation:
Data protection laws are designed to safeguard the personal information of individuals, ensuring that it is used, stored, and processed in a way that protects privacy and prevents unauthorized access. These laws apply to companies, organizations, and governments handling sensitive data, focusing primarily on the rights of individuals.

  • 1 Marks

BMF – May 2024 – L1 – SA – Q4 – The Business Environment

Identifying what is not included as an aspect of employment law.

Which of the following is NOT an aspect of employment law?
A. Minimum wage
B. Working conditions
C. Cash flow
D. Redundancy
E. Discrimination

C. Cash flow

Explanation:
Employment law focuses on regulating the relationship between employers and employees, covering areas such as minimum wage, working conditions, redundancy, and discrimination. Cash flow, on the other hand, pertains to the movement of money in and out of a business and is not directly related to employment law.

  • 1 Marks

BMF – May 2024 – L1 – SA – Q3 – Business and Organizational Structures and Choices

Determining the primary focus of an informal organization within a business context.

Which of the following is the focus of an informal organization?
A. Process
B. Plan
C. Work
D. People
E. Organizing

Answer:
D. People

Explanation:
An informal organization focuses on the relationships and social networks that naturally form among individuals in a workplace. These relationships influence communication, collaboration, and the overall work culture, making “people” the central focus of informal organizations, as opposed to formal structures that emphasize tasks, processes, or plans.

  • 1 Marks

BMF – May 2024 – L1 – SA – Q2 – Business and Organizational Structures and Choices

Identifying the owners of a co-operative business organization.

Co-operatives form of business are owned by:
A. Owners
B. Managers
C. Members
D. Investors
E. Governments

Answer:
C. Members

Explanation:
In a co-operative form of business, the ownership and control rest with the members who use the services or products of the co-operative. These members contribute to the capital and share in the profits of the organization. It operates under a democratic structure where each member typically has one vote, regardless of the amount of capital they contribute.

  • 1 Marks

BMF- May 2024 – L1 – SA – Q1 – Nature of Business, Types, and Objectives

Identifying the objective of a not-for-profit organization in terms of business management.

Which of the following best describes the objective of a not-for-profit organization?
A. Maximizing benefits
B. Maximizing shareholders’ wealth
C. Earn a return for the owners
D. Increase in market value
E. Capital growth

Answer:
A. Maximizing benefits

Explanation:
The primary objective of a not-for-profit organization is to maximize benefits for the community or specific groups rather than to maximize profits for shareholders or owners. These organizations focus on serving public interest rather than generating wealth for stakeholders.

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