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Q1— Section header —
1.1Answer the following questions regarding the entrepreneur
1.1.1Name TWO approaches of entrepreneurship. (2\
1.1.2State the THREE dimensions of the entrepreneurial process. (3\
1.1.3State FIVE personal characteristics of a good entrepreneur. (5\
1.1.4Briefly explain FOUR economic value of the entrepreneurship in the agricultural sector. (4 2\ (8\
1.1.5Name any FIVE factors that can influence the business and cannot be controlled by the farmer. (5\
1.2Compare the PARTNERSHIP and the CLOSED CORPORATIONS as forms of undertaking on the basis of the following criteria:
1.2.1Corporate body
1.2.2Liability of debts
1.2.3Number of members
1.2.4Continuity
1.2.5
1.3What is meant by sole trader (2\
1.4State any FIVE advantages of sole trader. (5\ [40]40
Q2— Section header —
2.1Answer the following questions regarding partnership as a form of business.
2.1.1Define the term partnership (2\
2.1.2Give FOUR reasons why a partnership can be dissolved. (4\
2.1.3Name SIX common rights and obligations in which a partnership agreement should provide for. (6\
2.2Outline SIX advantages of closed corporations. (6 2\ (12\ 4090555
2.3Answer the following questions regarding risk and uncertainty in the farming strategy.
2.3.1Differentiate between risk and uncertainty (4\
2.3.2Name EIGHT sources of risk and uncertainty in farming. (8\
2.3.3State FOUR guidelines for decision making in an uncertain environment. (4\ [40]40
Q3— Section header —
3.1Answer the following questions regarding strategic planning.
3.1.1State FIVE characteristics of strategic planning.
3.1.2
3.2List FIVE factors that influence the profitability of crop branching. (5\
3.3State FIVE factors that influence the profitability of animal branching. (5\
3.4State and explain the FOUR most common factors that should be considered when a farming strategy is planned. (4 (12\
3.5Name the steps in the formulation of a farming strategy. (8\ [40]40
Q4— Section header —
4.1Differentiate the following terms regarding estate administration.
4.1.1Testate and intestate succession
4.1.2Legatee and heir
4.1.3
4.2o be legal, a testament has to comply with certain requirements. Explain these requirements (10\
4.3State FOUR guidelines to be followed when drafting a practical and effective will. (4 2\ (8\
4.4Give FIVE reasons for the use of testamentary trusts. (5\ 4090555
4.5Name any FIVE persons and/or bodies who generally act as administrators of an estate. (5\ [40]40
Q5— Section header —
5.1Choose the type of policy from COLUMN B that matches each description in COLUMN A. write only the letter (A F\ next to the question number (5.1.1
5.1.5\ the ANSWER BOOK. COLUMN A COLUMN B
5.1.1
5.1.2
5.1.3
5.1.4
5.1.5 Only the paid premiums plus bonuses is paid out. needs are of a temporary nature. The insured amount is only paid when the insured dies. This is a life policy with which a declining term cover policy is
5.2Write explanatory notes on retirement annuities as an alt ernative for farmers to build their own pension fund for retirement. (10 1\ (10\
5.3Discuss harvest insurance under the following headings
5.3.1What is covered (4\
5.3.2What is not covered? (3\
5.3.3How the premiums are determined and calculated (3\
5.4Differentiate between the following principles of insurance
5.4.1Compensation
5.4.240