Management Farming N5 — Memo
June 2018 — N5 — Management Farming
N5
2018
Nated Business
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Q1— Section header —
1.1.1Economic innovation Determine rewards for factors of production Planning the organis ation Risk taking Create job opportunities Leadership in production Entrepreneurship as component of the free market system
1.1.5Change in the economic climate Change in the political environment Demographic changes Change in buying patterns of consumers Change in consumer behavior Any FIVE appropriate answers (5\ PARTNERSHIP
1.2.5Does not have legal personality Unlimited Cannot continue after death of a partner Taxed on the partner's profit Has own legal personality Limited and members may be required to sign surety for debts
1.3Sole trader is a business that was created by an individual and all profits goes to the owner of the business (2\
1.4All profits of the business belong to the owner. Termination of sole trader is relatively easy. Personal attention to the owner. Owner takes decision him/herself. [40]40
Q2— Section header —
2.1.1Partnership is the agreement among two or more parties. (2\
2.1.2When termination (due\ date of the partnership is reached. When changes to membership occur. If a partner is declared insolvent in his personal capacity then the partnership is dissolved. (4\
2.1.3Each partner has to contribute what has agreed upon in the contract and co partners have the right to demand the promised contribution form another partner. Each partner has the right to share in any profits.
2.2Offers continuity to its members because it is a legal person. Setting up is relatively cheap and easy Management is quite flexible. Decision making structures are not complex. May buy its members interest and provide financial assistance to its
2.3.1Risk Indicates a situation where there is adequate information about the possible result so that the expectation can be based on statistical probabilities. Uncertainty Indicates imperfect or inadequate knowledge
2.3.2Price uncertainties Risk due to ageing (obsolescence\ Political and social uncertainties Human uncertainties Financial uncertainties Mechanical uncertainties Uncertainties due to the elements o f nature and human
2.3.340
Q3— Section header —
3.1.1Centered on all aspects of the entire business It is focused on the future and considers all possible environment changes Continuou s adaptation to the environment More profitable opportunities for the farm may be identified.
3.2Production system used Level of technical competencies Extent of production Input cost (Any 5 (5\
3.3Managerial competencies Objectives of the farmer Personal preferences Available physical resources Must make adaptations to developments of technology. Such as seed cultivars, herbicides and pesticides, cultivation practices,
3.5What are the current objectives and strategies of the farmer? What are the strength and weakness of the farmer? What resources do farmer have at his disposal? What are the charactestics of the farming environment?
Q4— Section header —
4.1.1Testate succession takes place when the testator has a legal will on his death while Intestate succession takes pace when a person does not have a legal will at his death. Legatee is a person who receives a specific asset as described in
4.3The will must provide for continuity of the farming business. The will must divide the assets fairly. The will must be designed in such a way that income tax, as well as estate taxation be minimized. The will must allow the testator to keep control over his assets as long as
4.4To allow competent people to manage the funds of minors who do not have the necessary knowledge to do so. To involve experts in a formal way in the management of assets and investment of cash funds from an estate.
4.5Family members Friends Banks or trust companies [40]40
Q5— Section header —
5.1.5
5.2The yield generated on the policy is again taxable when paid out. At retirement, one third of the funds is available to be taken up and is tax xempted. At an early death of the insured, all payments contributed to the fund plus
5.3.1
5.3.2Damage caused by negligence Poor cultivation practices The amount of capital investment per hectare for that crop. Premiums are calculated per hectare of the crop, as well as the potential value of the crop.
5.4.1Compensation The principle is applicable to short term insurance. To restore to exactly the same financial position that he was in before the insured incident took place. The insured is compensated for the actual loss suffered.
5.4.2Security Is aimed at coverage against a definite occurrence, such as death or reaching specific age. Provision is made for the payment of a specified amount of money. It is not possible to determine the actual value of the loss.
Topics Identified
5
Business EnvironmentsForms of OwnershipBusiness FunctionsLeadershipBusiness Plan
Mark Allocation
Sections40 + 40 + 40 + 40 = 160 marks
Paper information
TitleMemo
SubjectManagement Farming
LevelN5
Document typeNated Business
Year2018
MonthJune
Pages8
Downloads4
Examination context
Decade2010s
Years ago8y
SeasonWinter (SH)
Start dayFriday
Exam periodJune 2018
Days since exam3,054
About Management Farming examination preparation
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