3.3 Source documents are unnecessary for the accounting process. 4. List 2 types of source documents. (2) SECTION D: 5 marks 1. Indicate whether the following questions are true or false. (5) a) The owner of a sole proprietorship can lose even his or her own personal assets when the business fails to pay its debts. b) When one of the partners of a partnership dies, the partnership can carry on as normal. c) There can be between one and fifty members in a close corporation. d) In a close corporation, the members have limited liability. e) The sole proprietor will pay company tax on the profit generated by the business. SECTION E: 20 marks 1. What are the 3 main types of leaders? Name and explain each type. (6) 2. List the 3 levels of management and explain what each level does. (6) 3. What 4 elements or managing tasks are vital in managing a successful business? Name and explain each element/task. (4) 4. Do you think you would make a good manager? Why or why not? (4)

Let's break down the questions and provide detailed answers for each section. ### SECTION D: True or False Questions 1. **a)** True - Explanation: In a sole proprietorship, the owner is personally liable for all business debts. This means that if the business fails, creditors can pursue the owner's personal assets to settle debts. 2. **b)** False - Explanation: When a partner in a partnership dies, the partnership typically dissolves unless there is an agreement in place that allows it to continue. The remaining partners may need to form a new partnership. 3. **c)** True - Explanation: A close corporation can have between one and fifty members, as per the regulations governing such entities. 4. **d)** True - Explanation: In a close corporation, members enjoy limited liability, meaning they are not personally responsible for the debts of the corporation beyond their investment in it. 5. **e)** False - Explanation: A sole proprietor pays personal income tax on the profits generated by the business, not company tax, as the business is not a separate legal entity. ### SECTION E: Management and Leadership Questions 1. **Three Main Types of Leaders:** - **Autocratic Leader:** This type of leader makes decisions unilaterally, without much input from team members. They maintain strict control over the team and expect compliance. This can lead to quick decision-making but may stifle creativity and morale. - **Democratic Leader:** A democratic leader encourages team participation in decision-making. They value input from team members and foster a collaborative environment. This can enhance team morale and creativity but may slow down the decision-making process. - **Laissez-Faire Leader:** This leader takes a hands-off approach, allowing team members to make decisions and work independently. While this can empower employees and foster innovation, it may lead to a lack of direction if not managed properly. 2. **Three Levels of Management:** - **Top Management:** This level includes executives like CEOs and presidents who set the overall direction and strategy of the organization. They make high-level decisions and are responsible for the organization's success. - **Middle Management:** Middle managers implement the strategies set by top management and oversee the day-to-day operations. They act as a bridge between top management and lower-level employees, ensuring that goals are met. - **Lower Management:** This level includes supervisors and team leaders who manage the operational staff. They are responsible for overseeing the work of employees, ensuring tasks are completed efficiently, and providing support and guidance. 3. **Four Vital Elements of Managing Tasks:** - **Planning:** This involves setting objectives and determining the best course of action to achieve them. Effective planning helps in resource allocation and anticipating potential challenges. - **Organizing:** This task involves arranging resources and tasks to implement the plan. It includes defining roles, responsibilities, and the structure of the organization to ensure efficient workflow. - **Leading:** Leading involves motivating and guiding employees to work towards the organization's goals. Effective leadership fosters a positive work environment and encourages team collaboration. - **Controlling:** This element involves monitoring performance and making adjustments as necessary. It ensures that the organization stays on track to meet its objectives and allows for corrective actions when needed. 4. **Personal Reflection on Being a Good Manager:** - Whether I would make a good manager depends on my ability to communicate effectively, motivate others, and make informed decisions. If I possess strong interpersonal skills, a clear vision, and the ability to adapt to challenges, I believe I could be a good manager. However, if I struggle with delegation or conflict resolution, it may hinder my effectiveness in a managerial role. Ultimately, self-awareness and a willingness to learn and grow are crucial for successful management.