Grade 10 Business Studies Term 2 Flashcards

Flashcards covering socio-economic issues, social responsibility, entrepreneurial qualities, and forms of ownership based on Grade 10 Business Studies Term 2 curriculum notes.

What is the meaning of socio-economic issues?

Socio-economic issues are aspects that have a negative effect on the individual, communities and business, involving societal and economic factors in the macro environment.

Why does the absenteeism of employees affected by HIV/AIDS pose a challenge to businesses?

It results in a decrease in the productivity of the business.

What is the definition of 'productivity' in the context of socio-economic notes?

The rate at which work is done.

How is 'inequality' defined in society?

Inequality arises when some individuals are more prosperous than others or are given better opportunities than other individuals in society.

What is the definition of 'unemployment'?

The situation that individuals find themselves in when they are willing and able to work but are not able to find work.

According to the criminal statistics provided, what was the daily murder rate in South Africa?

$57$ murders a day at a rate of $35,7$ people murdered per $100\,000$ people.

What is the goal of 'inclusivity' in the workplace?

To ensure the business implements fair labour practices, redresses past inequalities, and creates a workforce representative of the country's demographics.

What does the Stage of Acquired Immune Deficiency Syndrome ($AIDS$) indicate?

It is the stage where the Human Immune Deficiency Virus ($HIV$) has weakened the immune system to the point of infection or diseases such as tuberculosis ($TB$).

What are 'pyramid schemes'?

Businesses that may potentially yield high revenues for people who invest, but often only individuals at the top of the pyramid receive large sums of money.

Define the process of 'money laundering'.

The process by which unlawful profits from crimes are invested in valid businesses to cover up wrongdoing and make the source of money seem lawfully gained.

What is 'piracy' and what are its forms?

The illegal copying or reproduction of a product, music, videos, movies, computer programs, or trademarks registered by another company.

What is the duration of protection for a registered trademark?

It is protected forever, provided it is renewed every $10$ years and a renewal fee is paid.

Under which law must a patent comply in South Africa?

The Patent Act No. $57$ of $1978$.

Define 'bootlegging'.

The unlawful manufacturing of fake goods for sale, or the recording of live/broadcast performances without permission from performers and copyright holders.

What is a 'strike'?

A situation where employees refuse to work, usually result in a dispute such as grievances or fear of retrenchment, often to petition for higher wages or better conditions.

What is the meaning of 'social responsibility'?

The duty of individuals to act in the best interests of their environment and society as a whole.

What does 'Corporate Social Responsibility' ($CSR$) entail?

A business's commitment to manage the social, environmental, and economic effects of its operations responsibly and ethically.

What percentage of total income do the top $10\%$ of South African earners take home according to the World Inequality Database ($2019$)?

$65\%$ of all the income in the country.

What is a 'patent' in the context of addressing piracy?

A right granted to an owner or inventor to prevent others from producing, using, or importing an invention for a limited period of $20$ years.

What are the primary qualities of an entrepreneur?

Flexibility, desire for responsibility, willpower to overcome obstacles, ambition, self-confidence, risk-taking, perseverance, and management/leadership skills.

What is the difference between a 'profit company' and a 'non-profit company' regarding taxes?

Profit organisations are responsible for paying taxes based on profit, while non-profit organisations are not required to pay taxes on net income.

What are the characteristics of a 'Sole Trader'?

Owner and business are not separate entities, the owner has unlimited liability, the business dissolves upon owner death, and the owner takes all profits.

What is 'unlimited liability' in a partnership?

Partners are jointly and severally liable for the debts of the business and risk losing their personal possessions.

What is the maximum number of members allowed in a 'Close Corporation' ($CC$)?

$10$ members.

What suffix must the name of a 'Private Company' end with?

(Proprietary) Limited or (Pty) Ltd.

How many directors are required as a minimum for a 'Public Company'?

A minimum of $3$ directors.

What is a 'State-owned company' ($SOC$)?

A legal entity created by the government to participate in commercial activities on its behalf, where the government is a major shareholder.

What is the minimum number of members required to start a 'co-operative'?

A minimum of $5$ members.