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S.6 Ent. P230 UNEB questions
Accounting and finance
Kyambogo University
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P230/
ENTREPRENEURSHIP
EDUCATION
Paper 1 Nov/Dec 2015 3 hours UGANDA NATIONAL EXAMINATIONS BOARD Uganda Advanced Certificate of Education INSTRUCTIONS TO CANDIDATES This paper consists of two sections; A and B. Answer five questions only. Section A is compulsory. Answers to this section should be precise. Answer four questions from section B. Credit will be given for use of relevant diagrams and illustrations. Any additional question(s) answered will not be marked. SECTION A (20 MARKS) Answer all questions in this section
- (a) (i) Distinguish between an entrepreneur and an entrepreneur. (ii) Mention any two management skills of an entrepreneur. (b)(i) State the purpose of an insurance policy to an entrepreneur.
(ii) Under what three circumstances may an insurance policy be terminated? (c) (i) What is a distribution channel as an element of the marketing mix? (ii) Mention any three types of distribution channels used by entrepreneurs in Uganda. (d)Identify any four competencies that should be displayed by an applicant during an interview. (e) (i) What are debt instruments in relation to capital markets? (ii) List any three examples of debt instruments used in capital markets in Uganda. SECTION B (80 MARKS) 2. (a) Explain the services offered by the different support organizations to entrepreneurs in Uganda. (b)Examine the demographic factors that influence entrepreneurs’ business opportunities in Uganda. 3. (a) Describe the characteristics of a good business opportunity. (b)Why is it necessary for an entrepreneur to conduct a financial feasibility study after identifying a business opportunity 4. (a) Explain the various strategies used by entrepreneurs to maintain consumer acceptance and loyalty in Uganda. (b)Assess the impact of competition in entrepreneurship. 5. (a) Explain the importance of an action plan to an entrepreneur. (b)What challenges are faced by entrepreneurs when implementing business plans? 6. (a) Describe the different types of indirect taxes paid by entrepreneurs in Uganda.
(b)How does the government of Uganda benefit from the taxes imposed on entrepreneurs? 7. (a) Why should an entrepreneur carry out market research before starting a business? (b)Describe the methods that entrepreneurs should use when carrying out market research P230/ ENTREPRENEURSHIP EDUCATION Paper 2 Nov./Dec. 3 hours UGANDA NATIONAL EXAMINATIONS BOARD Uganda Advanced Certificate of Education INSTRUCTIONS TO CANDIDATES Answer four questions only. All questions carry equal marks. Credit will be given for use of relevant diagrams and illustrations. Any additional question(s) answered will not be marked.
- You plan to start a Plastic and Waste Management Project in your community. (a) State the; (i) Vision, (ii) Mission and of the business. (b)Prepare GEPIC structure advocacy of the community. (c) Draw a program for the official launch of the project by the District Environment Officer. (d)Formulate guidelines for ensuring safety and security of your employees at the work place.
- Nakawa Trading Co. which plans to start a business, has availed the following projected details for the six months of the year, 2016. I. Cash at bank Shs 4,000,000as at 1st Jan 2016. II. Cash sales for January 2016, Shs 5,500,000. The sales are expected to increase by shs 500,000 every month. All sales will be by cash. III. Capitalisation loan to be acquired from Stanbic Bank in February, 2016, shs 5,000,000. IV. Purchase of start-up assets during the month of February 2016 shs 5,000,000. V. Monthly payments starting with January 2016. Shs Salary and wages 1,500, Rent 500, Advertising 150, VI. pre-operating expenses to be paid January 2016 shs 4,200,000. VII. Monthly loan repayments shs 600,000 will begin June 2016.
(vii) Net profit margin. (b)Interpret the following ratios using your results in 5(a) above; (i) Stock turnover, (ii) Interest cover. 6. You have been hired as a Human Resource Manager of DAKS enterprises which is experiencing a high labour turnover. (a) Draft a questionnaire to find out the causes of the high labour turnover in the enterprises. prepare a job specification for an accountant of the business. (b)Advise management on strategies that should be adopted to improve the welfare of the employees. (c) Design a procedure that should be followed by management when handling indisciplined employees of the enterprise. P230/ ENTREPRENEURSHIP EDUCATION Paper 3 Nov./Dec. 3 hours UGANDA NATIONAL EXAMINATIONS BOARD Uganda Advanced Certificate of Education INSTRUCTIONS TO CANDIDATES: This paper consists of three sections; A, B and C. Answer four questions only. All questions carry equal marks. Section A is compulsory. Answer any three questions from sections B and C, choosing at least one from each section. Credit will be given for use of relevant diagrams and illustrations. Any additional question(s) answered will not be marked. SECTION A: CASE STUDY Answer all parts of this section
- Read the case study below and answer the questions that follow: Elizabeth, an orphan, grew into a successful Social Entrepreneur. As a youth, she performed all types of work and associated with many people in her community. This enabled her to acquire diverse skills in production, marketing, customer care and ability o identify business opportunities. She also developed good interpersonal and effective communication skills and ability to speak many languages. Having scanned the environment around her, Elizabeth started a goat rearing project using her scarce resources. The project picked up after five years and Elizabeth hatched an idea of involving the entire community around her to improve their livelihood. She organized a meeting and shared her intended community development plan. Some members expressed fears that there were limited benefits from the proposed project, that it was exploitative, unsustainable and risky. The majority, however, agreed that it was a just, rewarding, participatory and self-sustaining project, open to all members of the community, irrespective of one’s gender, tribe, and socio-economic
status, religious and political affiliation. The only condition was that a member would receive a free goat from the initial donor, breed it and pass on its female off-spring to the next beneficiary. Members agreed to insure the project against risks. In the event of a goat producing only male off-springs, Elizabeth promised to exchange a female goat for two of these. At the inception of the project, Elizabeth donated 100 goats at a colourful ceremony attended by political, religious and clan leaders. After two years, the community realized a number of benefits from the project; development of livestock and pasture management skills, increased incomes through the sale of animal products, improved nutrition and food security, cheap energy and manure from animal droppings. During the annual community celebrations, Elizabeth was declared the heroine of the year for initiating a life-changing project. (a) Identify the different skills that Elizabeth employed to transform her community. (b)Explain the strategies put in place to ensure the sustainability of the project. (c) Giving reasons for your answer, suggest insurance policies that should be taken to minimize risks in the community project. (d)In what ways did the project contribute to the development of the community? SECTION B: SCHOOL BUSINESS CLUB Answer at least one question from this section. 2. Based on your School Entrepreneurship Club Business Project, (a) Describe the project. (b)State the objectives of the business. (c) Describe the entrepreneurship skills that were applied in the business. (d)(i) What challenges were faced by the business? 3. In relation to your School Entrepreneurship Club Business Project; (a) Describe the business project. (b)State the achievements of the business. (c) Use SWOT analysis to evaluate the business. (d)What measures were used to maintain the quality of the product(s). SECTION C: FIELD ATTACHMENT/FIELD TRIP Answer at least one question from this section. 4. For any business enterprise you were attached to; (a) Describe the nature of the business. (b)(i) List any five operating expenses of the business. (ii) Suggest measures that should be taken by the entrepreneur to minimize the expenses mentioned in 4(b) (i) above. (c) Mention any five ways used to motivate the employees of the business. (d)Describe the customer care services offered by the business. 5. With reference to any one business field trip you made either as an individual or group;
(b)Explain the responsibilities of social entrepreneurs to the community. 4. (a) Examine the factors that affect women participation in entrepreneurial activities in Uganda. (b)Suggest measures that should be taken to promote gender balance in entrepreneurial activities in Uganda. 5. (a) Describe the characteristics of appropriate technology used by entrepreneurs in Uganda. (b)Asses the factors that influence the choice of technology used by entrepreneurs in the production process. 6. (a) Describe the tools that should be used by entrepreneurs for effective marketing strategy. (b)Explain the merits of market segmentation to entrepreneurs. 7. (a) What are the functions of the Capital Markets Authority in Uganda? (b)Explain the benefits of collective investment schemes to entrepreneurs. P230/ ENTREPRENEURSHIP EDUCATION Paper 2 Nov./Dec. 3 hours UGANDA NATIONAL EXAMINATIONS BOARD Uganda Advanced Certificate of Education INSTRUCTIONS TO CANDIDATES Answer four questions only. All questions carry equal marks. Credit will be given for use of relevant diagrams and illustrations. Any additional question(s) answered will not be marked.
- You plan to start a business based on the environment in your community. (a) What factors will you consider when formulating your business idea other than the market? (b)Describe the personal entrepreneurship skills you will use to make your business successful? (c) State the social concerns your business will meet. (d)Explain the aspects you will address in your business implementation planning.
- You have agreed with your family to use family resources to start a wholesale shop in your community. (a) Identify the family resources you will use in the business. (b)How will the family benefit from the business? (c) What challenges are you likely to face with the family involvement in the business? (d)Suggest measures you will put in place to ensure success of the business.
- You intend to start a restaurant business in your home town. (a) State the vision of your business.
(b)Give four goals of your business. (c) Prepare a Financial Plan for your business. (d)Explain the marketing strategies you will use in the business. 4. Tell enterprises has availed you with the following projections for the months of July, August, September and October 2014. I. On July 1st 2014, cash balance shs 26,000,000. II. The sales Manager expects to sell goods on credit worth shs 40,000,000 monthly. Payment from credit customers is expected as follows: 60% of credit sales in the month of sale and the balance in the month following sale. III. The finance Manager expects to obtain two loans of shs 20,000,000 in each of the months of August and October 2014. IV. Monthly cash sales are expected to be shs 60,000,000. A commission of 10% is paid to salesmen each time cash if received. V. Monthly cash purchases worth shs 40,500,000 are expected to be made. VI. A delivery van is to be bought in the month of August 2014 at a cost of shs 35,000,000. VII. Monthly wage bill is estimated to be shs 12,500,000. An increase of 10% is expected in the month of October 2014. VIII. A loan interest of 5% per month is payable in the month following acquisition of the loan. IX. Expansion of business buildings expected cost shs 6,200,000 in the month of July 2014 and shs 30,000,000 in the month of August. X. General expenses are expected to amount to shs 7,100,000 per month. All expenses are paid in the month in which they are incurred. XI. Income tax for the 1st quarter of the year shs 12,000,000 to be paid in September 2014. Required: (a) Prepare a Cash flow statement (cash budget) for Tell Enterprises for the period of July to October 2014. (b)Suggest to Tell Enterprises five ways of managing cash short falls in the cash flow statement. 5. The treasurer for the Teachers’ Canteen in your school presented the following financial statements to the members at their meeting. Teachers’ Canteen Income Statement for the period Ended 31 st Dec 2013. (SUMMARY) Shs Net sales 240,000, Less cost of goods sold 180,000, Gross profit 60,000, Less operation expenses 25,000, Net profit 35,000,
(b)The following VAT exclusive transactions were availed to you by VAT registered businesses in your community for the month of July 2014. I. Musa bought goods worth shs 40,000, II. Musa sold the same goods to Suba for shs 58,000, III. Suba sold the same goods to Mweso the retailer for shs 70,000, IV. Mweso sold the goods to the final consumer for shs 84,000, Required: (a) Using the VAT for the entrepreneurs the VAT chargeable for the value added at each stage. (b) Advise Mweso on the gross sales value for his goods to the consumer. P230/ ENTREPRENEURSHIP EDUCATION Paper 3 Nov./Dec. 3 hours UGANDA NATIONAL EXAMINATIONS BOARD Uganda Advanced Certificate of Education ENTREPRENEURSHIP EDUCATION INSTRUCTIONS TO CANDIDATES: This paper consists of three sections; A, B and C. Answer four questions only. All questions carry equal marks. Section A is compulsory. Answer any three questions from sections B and C, choosing at least one from each section. Credit will be given for use of relevant diagrams and illustrations. Any additional question(s) answered will not be marked. SECTION A: CASE STUDY Answer all parts of this question
- Read the case study below and answer the questions that follow. Maliya owns and operates MALI hardware shop strategically located in Mukono municipality. It is well stocked with plumbing materials, electrical equipment and general hardware tools.
Maliya employs a cashier, two sales assistants, two casual labourers and two security guards. The workers are promptly paid their monthly salary and are provided with lunch, transport and medical allowance. Maliya supervises the workers, orders and receives materials and authorizes payment. She conducts weekly stock-taking, keeps valuable business documents in a safe, monitors the flow of stock, determines the re-order level and lead time, and holds weekly meetings with workers.
Maliya ensures that customers are satisfactory served. Regular customers receive credit and sometimes have their products delivered to
their premises. As a result of constant advertising, the hardware has also attracted schools, churches and hospitals as its customers.
Given the MALI hardware shop deals with many cash transactions, physical security systems have been put in place. Any cash beyond one million shillings is banked. There are plans to insure the business.
Due to the high profits enjoyed by MALI hardware shop, new entrepreneurs from the area have invested in similar businesses. Questions (a) How are the workers of MALI hardware shop motivated? (b)Mention the management tasks performed by Maliya in the business. (c) Identify the measures taken by Maliya to control inventory in the business. (d)Explain the marketing strategies used in MALI hardware shop. (e) Giving reasons for your answer, advise Maliya on the insurance policies that should be taken for the business. (f) Why may MALI hardware be able to survive despite the competition from the new hardware shops in the area? SECTION SCHOOL BUSINESS CLUB Answer at least one question from this section 2. With reference to the School business project owned and operated by your entrepreneurship club; (a) Describe the business project. (b)Explain the measures that were taken to ensure proper cash management. (c) Describe the techniques which were used to promote sales. (d)(i) What risks were faced by the business? (ii) Outline the precautions that were taken to minimize the risks mentioned in 2d(i) above. 3. In relation to the school business club project in which you participated; (a) Give the goals of the project. (b)State the measures that were adopted to maximize profits. (c) Describe the marketing plan which was used by the business.
(d)Explain the measures that were taken to ensure proper management of inventory. (e) What strategies were used to maintain a large market share amidst competition?
SECTION C FIELD ATTACHMENT/FIELD TRIP Answer at least one question from this section 4. For any business enterprise you were attached to; (a) Describe the nature of the business. (b)(i) Name any two tools/equipment used in the business.
Net sales 4,500, Cost of sales 3,225, Discount received 150, Discount allowed 225, Calculate the: (i) Gross profit, (ii) Net profit.
(e) DINGI-DINGI Group of entertainers; books of accounts showed the following information as at 30th June 2012. Shs Machinery 40,000, Debtors 7,200, Creditors 12,000, Cash at bank 8,000, Bank overdraft 3,200, Closing stock 4,800, Calculate the (i) Liquidity ratio, (ii) Quick acid ratio. SECTION B (80 MARKS) Answer any four questions from this section 2. (a) Describe the elements of a marketing mix. (b)Explain the factors that determine a target market population. 3. (a) Distinguish between a private limited company and a public limited company. (b)Examine the merits and demerits of a public limited company. 4. (a) Describe the principles of a good tax system. (b) Explain the need for taxation to the government. 5. (a) Differentiate between job performance standards and job description. (b)Explain the various methods used in paying workers. 6. (a) Describe the different types of business laws used in your 7. country. (b)Explain the importance f business laws in your country. 8. (a) Outline the various distribution channels used by entrepreneurs. (b)Explain the factors that influence the choice of distribution channel for a product.
P230/
ENTREPRENEURSHIP
EDUCATION
Paper 2 Nov./Dec. 3 hours UGANDA NATIONAL EXAMINATIONS BOARD Uganda Advanced Certificate of Education ENTREPRENEURSHIP EDUCATION INSTRUCTIONS TO CANDIDATES Answer four questions only. All questions carry equal marks. Credit will be given for use of relevant diagrams and illustrations. Any additional question(s) answered will not be marked.
- You have a goat rearing project and you would like to introduce exotic breeds. (a) Write a letter to the Veterinary Officer seeking technical advice on your project. (b)Design a market survey guide for your project. (c) Prepare an advert for the post of a Farm Manager. (d)Draw up the duties and responsibilities of the Manager.
- The following information relates to Umoja Investments for the months of May, June, July and August 2012. (i) Opening balance as at 1st May 2012 was shs 320,000. (ii) Output of 800, 900, 700 and 100 units were sold at shs 500 each during the months of May, June, July and August respectively. (iii) Loans of shs 500,000 and shs 300,000, shs 80,000 and Inland Bank Ld in June and August. (iv) Receipts from debtors of shs 100,000, shs 80,000 and shs 30, were registered for the months of June, July and August respectively. (v) Purchases of 700, 800, 90 and 1,000 units of raw materials were made in the months of MAY, June, July and Agust respectively at a cost of shs 200 per unit. (vi) A machine was bought and paid for in July for shs 1,000,000. (vii) Monthly fixed costs of shhs 20,000 per month were paid. (viii) Monthly rent receivable from a shoe-shiner shs 50,000. Required:
6 loaves of bread at shs 1,200 each and 2 packets of coffee at shs 800 per packet. Prepare an invoice to record the transactions. (d)Formulate a financial policy for proper management of business funds. 6. For any business you intend to establish: (a) (i) State the mission statement of the business. (ii) Give a general description of the business. (b)Prepare the: (i) Production, (ii) Marketing, (iii) Management and administration Plans of your proposed business. P230/ ENTREPRENEURSHIP EDUCATION Paper 3 Nov./Dec. 3 hours UGANDA NATIONAL EXAMINATIONS BOARD Uganda Advanced Certificate of Education ENTREPRENEURSHIP EDUCATION INSTRUCTIONS TO CANDIDATES: This paper consists of three sections; A, B and C. Answer four questions only. All questions carry equal marks. Section A is compulsory. Answer any three questions from sections B and C, choosing at least one from each section. Credit will be given for use of relevant diagrams and illustrations. Any additional question(s) answered will not be marked. SECTION A: CASE STUDY Answer all parts of this section
- Read the case study of Kirabo Diary Farm and answer the questions that follow: Kirabo Diary Farm is located in Nyabushozi, Kiruhura District in Western uganda. The Farm is now owned and operated by Kirabo Flavia, a daughter of the Mwesigye John. The farm employs twenty 920) workers recruited from the local community. It was started in the late 1960s by Kirabo’s grandfather. Kirabo took over the farm when it had eight cows. She has been adding to the herd since that time. Although the farm owns two large buildings and diary cows, it is considered a small business by diary farm standards. The farm occupies 178 acres of land. Flavia ploughs the land and plants elephant grass to feed the present herd of Friesian, Jersey diary cows and five replacement heifers. The average production is 2,000 litres of milk per cow per year. The product is sold to local consumers and to a local milk packaging agent
who takes it to his principal consumer in Kampala. The milk is sold at market rates. On December 31st 2012 Kirabo’s records showed the following:
Fixed assets i. land, buildings; farm machinery, milk tanks, milk equipment and cows valued at shs 190,000,000. In addition there was shs 3,450,000 in cash, shs 3,450,000 in accounts receivable owed to the farm by milk buyers and prepaid insurance of shs 5,560,000. The current liabilities for the farm were shs 10,000,000 on short term loan and shs 900,000 on salaries and wages owed to farm workers. The long term liabilities were shs 55,000,000 on long term loan. The income from milk sales was worth shs 134,000,000, the direct costs of milk production (cost of goods sold) were shs 42,000,000 and the operating expenses were shs 38,000,000. The net profit for the year was shs 54,000,000. Many diary farms are now being established and others expanded in the nearby areas. These may pose a lot of competition to Kirabo Diary Farm, hence reduce its market share. Kirabo has fears that the sales income may greatly reduce. (a) Use the above information to develop a balance sheet statement for Kirabo Diary Farm. (b)Give five reasons why financial record keeping is important for Kirabo Diary Farm. (c) State three reasons for Kirabo’s choice of the type of business. (d)Explain any three benefits Kirabo Diary Farm gets from the local community. (e) What other possible business opportunities can Kirabo undertake to effectively utilize the 178 acres of land? (f) Advise Kirabo on five ways of maintaining and expanding the market share. SECTION B: SCHOOL BUSINESS CLUB Answer at least one question from this section 2. with reference to the business project owned by your school business club: (a) Give the general description of the business project. (b)Describe the production process of the business project. (c) Explain four internal control systems used in the project to ensure quality products/service. (d)With examples, give three types of costs incurred by the business project during the production of goods and services. (e) (i) State the nature of product packaging used by the business. (ii) Give five reasons for the choice of packaging in (e) (i) above. 3. In relation to a business project owned by your school club; (a) Describe the business project you carried out. (b)Explain four sources of finance for the business. (c) Give five factors that favoured the establishment of the business project in the school. (
(c) Prepare a menu for your business. (d)Design a certificate of recognition to be awarded to an employee for excellent performance.
- Muchafu an entrepreneur, uses an analyzed Petty Cash Book with columns
for office entertainment, postage and stationery, motor expenses,
cleaning, ledger accounts. The petty cash system is based on an imprest
of shs 1,000,000 which he replenishes on the last day of the month.
Muchafu supplies you with the following information for the month of April
- 2012 shs April 1 two crates of soda 40, 3 postage stamps 15, 4 one ream of typing paper 30, 6 Komu-settlement account 150, 7 office cleaning materials 20, 8 parking fee 40, 10 three cartoons of mineral water 20, 14 car polish 30, 16 brake fluid and oil 70, 18 registered mail 20, 20 office carpet shampoo 10, 21 cakes and drinking straws 70, 25 serviettes and disposable cups 70, 27 Obia-settlement of account 250, 28 Alubo-settlement of account 60, 29 carbon paper (one packet) 40, Required: (a) Record the above transactions in a ruled petty cash book, duly balanced. (b)Show the necessary accounts in the ledger.
- You want to revive a meat packing factory by inviting shareholders, restocking the farm, installing new machinery recruiting employees. (a) Write a notice inviting shareholders for a meeting to discuss the revival of the project. (b)Develop a programme for the recruitment of employees. (c) Design a schedule for the routine maintenance of machines.
(d)Prepare an organizational plan for the factory.
- A retail business had the following information in the year ended 30.06. Particulars shs Sales 3,600, Land and buildings 790, Capital 1,200, Plant and machinery 600, Bank loan 1,430, Motor cycle 320, Drawings 260, Furniture 400, Net profit for the year 600, Closing stock (30.06) 600, Creditors 540, Debtors 500, Bank overdraft (inland bank) 400, Bank balance (coastal bank) 360, Cash balance 350, Required: (a) Prepare the balance sheet as at 30.06. (b)Calculate: (i) Working capital (ii) Return on capital employed. (iii) Average collection period.
- You are operating a micro-finance institution offering short-term loans to farmers and retailers in your locality. (a) Design a deposit slip to be used by your clients. (b)Design a loan repayment schedule to be followed by your clients. (c) Prepare terms ad conditions for lending. (d)Advertise the sale of a motor vehicle which was used by a client as security but has defaulted.
S.6 Ent. P230 UNEB questions
Course: Accounting and finance
University: Kyambogo University
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