A business plan explains how an entrepreneur will make money and what the starting costs of the business will be - NSC Agricultural Management Practices - Question 3 - 2016 - Paper 1

1. Strengths: These are internal attributes and resources that support a successful outcome.
2. Weaknesses: These are internal factors that present challenges or limitations.

1. Opportunities: External factors that the business can utilize to its advantage.
2. Threats: External challenges that could hinder the success of the business.

Entrepreneurship is the process of discovering, evaluating, and exploiting opportunities to create and grow a new business or venture.

1. Risk-Taking: Entrepreneurs are willing to take calculated risks to pursue new business opportunities.
2. Visionary Thinking: They possess the ability to envision the future and strategize accordingly.
3. Resilience: Entrepreneurs show persistence and resilience, particularly in the face of challenges.

Agritourism can be considered a primary business as it involves producing and offering agricultural products directly to consumers.

In the context of agritourism, a secondary business could involve processing agricultural products, such as making jams or cheeses, thereby adding value to the raw produce.

Agritourism can also fall under tertiary business as it includes providing services to tourists and customers visiting the farm, such as guided tours or workshops.

The primary aim of record-keeping by a farmer is to maintain an accurate and comprehensive account of all farming activities, which aids in planning, monitoring progress, and managing resources effectively.

1. Personal Information: Name, ID number, and contact details.
2. Date of Employment: When the worker started and their current status.
3. Attendance Records: Information on absences, sick leave, and vacation days.

1. Date of Purchase: Essential for maintenance schedules and depreciation calculations.
2. Price of the Item Purchased: Useful for financial tracking and budgeting.

An inventory document is used to keep a detailed record of all assets and resources owned by the farm, ensuring that the farmer can manage stock levels effectively.

A cheque is used as a method of payment for goods and services, enabling the farmer to manage cash flow efficiently while providing a formal record of the transaction.

An invoice is issued to document the sale of goods or services, providing a clear record for both the farmer and the buyer.

To complete the trial balance, add the debit and credit totals from the provided information, ensuring that they match to confirm the accuracy of the accounts.