NSC Agricultural Management Practices Entrepreneurship: 3.1 Give ONE term for EACH of th

Question

3.1 Give ONE term for EACH of the following descriptions of a business plan:

3.1.1 The section that describes the pricing, marketing and promotion of the product

3.1.2 The section that describes the operation or manufacturing

3.1.3 The section that describes the employees

3.1.4 This section is also used to identify the internal and external factors that are favourable or unfavourable to achieve your goals

3.2 Name FIVE advantages of a business plan for a farming enterprise.

3.3 A successful entrepreneur has certain managerial skills and personal characteristics.

3.3.1 List THREE factors that contribute to a successful manager.

3.3.2 Use the information below to draw a flowchart that illustrates the phases of the entrepreneurial process. The different levels must be visible in your flowchart in the correct order.

- Starting and managing the enterprise
- Developing the business plan
- Identifying and evaluating the opportunities
- Determining the resources required

3.4 State THREE requirements of good business records.

3.5 Describe the importance of a Balance Sheet for a farm owner.

3.6 Distinguish between the following terms and give an appropriate example of each:

3.6.1 Diversification

3.6.2 Specialisation

3.7 There are several product organisations, such as Grain South Africa and Cape Mohair and Wool, which assist farmers with the production and marketing of their products.

3.7.1 Name and discuss the THREE roles of product organisations in the agricultural sector.

3.7.2 State TWO disadvantages of product organisations.

3.8 Examples of traditional methods of advertising are given in the list below.

- word of mouth; newspaper and magazine advertisements;
- radio and television; pamphlets and posters.

Name FOUR modern methods of advertising agricultural products that are not mentioned in the list above.

3.9 Explain FIVE factors that influence the consumer's willingness to buy an agricultural product.

3.10 The diagram below indicates the relationship between gross income and the different types of costs that will have an influence on the profit that a farmer will make. Study the diagram and answer the questions that follow.

3.10.1 Choose a label for each graph from the list below. Write the label next to the letter (A, B and C) in the ANSWER BOOK.
- Fixed cost
- Variable cost
- Total cost

3.10.2 Give the term for the point marked D.

3.10.3 Explain the economic importance of point D, before point D and after point C, as marked on the graph.

The section that describes the pricing, marketing and promotion of the product

The section that describes the operation or manufacturing

The section that describes the employees

This section is also used to identify the internal and external factors that are favourable or unfavourable to achieve your goals

Name FIVE advantages of a business plan for a farming enterprise.

List THREE factors that contribute to a successful manager.

Use the information below to draw a flowchart that illustrates the phases of the entrepreneurial process.

State THREE requirements of good business records.

Describe the importance of a Balance Sheet for a farm owner.

Distinguish between Diversification and Specialisation and give an appropriate example of each.

Name and discuss the THREE roles of product organisations in the agricultural sector.

State TWO disadvantages of product organisations.

Name FOUR modern methods of advertising agricultural products that are not mentioned in the list above.

Explain FIVE factors that influence the consumer's willingness to buy an agricultural product.

Choose a label for each graph from the list below. Write the label next to the letter (A, B and C) in the ANSWER BOOK.

Give the term for the point marked D.

Explain the economic importance of point D, before point D and after point C, as marked on the graph.

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