South Africa has a number of pieces of legislation that governs the workforce. 1. The Constitution is probably the most important piece of legislation in South Africa, as it sets out the structure of the state. Discuss the role of the Constitution in the labour environment. 2. What are the main features of the LRA and the BCEA? Describe them. Question 3 Discuss the following questions: 1. How would you respond if you were the owner and manager of a business and the quarterly financial reports started showing your firm was making a loss? 2. A group of managers discuss financial planning. 'Compiling a budget is a waste of time. The business environment is simply too unpredictable', says one manager. Another manager responds, 'You must work according to a plan. Yes, your results will not match the budgeted figures 100 per cent, but failing to plan is planning to fail'. What is your view? 3. Two of the ratios that are used to evaluate the management of current assets are the current ratio and acid-test ratio. Assume a firm has a current ratio of 4:1 and an acid-test ratio of 3:1. Are these ratios indicating that the firm is managing its current assets well or could they possibly be indicating some problems