The Economy and Entrepreneurship - Unit 4: Businesses Question Title * 1. What is your name? Question Title * 2. Explain in brief the difference between formal business and informal business. Question Title * 3. Define income tax? Question Title * 4. Examples of formal businesses Supermarket, like Shoprite and Pick n Pay. Clothing tores, like Edgars and Mr. Price. Registered health care practices - doctors, dentists, opticians Factories, such as Volkswagen. Question Title * 5. Examples of informal businesses spaza shops hawckers, selling fresh foods and other goods car guards private home hairdressers sangomas markets that sell home-made produce, curious, clothes, and so on. Question Title * 6. What are the advantages of a formal business? List three advantages. Question Title * 7. What are the disadvantages of a formal business? List three disadvantages. Question Title * 8. What are the advantages of an informal business? List two advantages. Question Title * 9. What are the disadvantages of an informal business? List two disadvantages. Question Title * 10. A group of women may start a home industry baking bread, cakes, and biscuits, which they sell directly to neighbourhood consumers. This is a formal business This is an informal business Question Title * 11. The business is more likely to supply a group of supermarkets and cafes with these goods. Consumers will buy bread, cakes, and biscuits from a supermarket instead of directly from the baker. This is a formal business This is an informal business Question Title * 12. All businesses are consumers too. True False Question Title * 13. We have control over natural disasters. True False Question Title * 14. Examples of natural disasters are: floods droughts hurricanes and tornadoes tsunamis (giant waves) erupting volcanoes earthquakes Question Title * 15. What doe the term bankrupt mean? Question Title * 16. Define epidemic. Question Title * 17. List three examples of health epidemics. Question Title * 18. Explain how a business could be affected by a health epidemic. Question Title * 19. Explain how consumers could be affected by a health epidemic. Question Title * 20. Are you a member of the Wowos Club Yes No Question Title * 21. If not a member, do you want to join the Wowos club? Yes No Question Title * 22. If you want to be a member of Wowos Club, please provide your cellphone number Done