Business Studies

Scope and Importance of Business Studies

len Alfred Ajibola - Mon, 10th June, 2019 @ 01:25 PM

Topics in Business Studies

What is an Office? Qualities of a good office layout Small office explained with its characteristics Large office: Characteristics of large office Advantages and disadvantages of small office Advantages and disadvantages of large office Advantages and Disadvantages of Corporations Advantages and Disadvantages of Limited Liability Company Advantages and Disadvantages of Partnership Credit card and Debit card explained with their similarities and differences Business Structure: What is a business structure? Advantages and Disadvantages of Franchise What is a franchise? Types of franchise Corporation explained with its types What is Limited Liability Company? What is Partnership Business? Types of Partnership What is business studies? Concept of business Elements of Management What is Management? Importance of Management Advantages and Disadvantages of Air Transport Advantages and Disadvantages of Rail Transport


Academic Questions in Business Studies

Please click here to see all Questions and Answers

A one-man business is termed _____.

  • A. Proprietorship

  • B. Sole Proprietorship

  • C. Individual Entrepreneurship

  • D. Sole Trader

  • E. All of the Above

  • F. None of the Above

Which of the following is not a function of the wholesaler?

  • A. They distribute goods

  • B. They store goods

  • C. Specialization of goods

  • D. They bring about price variability in goods

  • E. They act as shock absorbers during the movement of goods

  • F. Packaging of goods

A person employed by an organization to carry out the everyday duties of a typical office, and at the same time perform a couple of other functions for their company which may vary from one company to another, is termed a _____.

  • A. Secretary

  • B. Personal Assistant (P.A)

  • C. Secretary General

  • D. Clerical Staff

  • E. Supervisor

  • F. Bookkeeper

Dual Entry System - Len Academy

The above image best describes the _____.

  • A. Ledger system

  • B. Journal system

  • C. Double entry system

  • D. Balance sheet system

  • E. Principles of accounting system

  • F. Balanced accounting system

An accounting system focused primarily on a balanced debit and credit side is termed _____.

  • A. Ledger system

  • B. Journal system

  • C. Double entry system

  • D. Balance sheet system

  • E. Principle of accounting system

  • F. Balanced accounting system

With regards to money, which of the following statement is incorrect?

  • A. Money is crucial for the survival of every human being

  • B. Money is completely advantageous

  • C. Money is defined as anything that is generally accepted as a medium of exchange

  • D. Monopoly is said to exist when money and wealth exists in the hands of a few

  • E. Excess money in an economy can lead to inflation

  • F. When a person receives money that isn't commensurate with the job he or she had done, then that's underemployment

Which of the following statement is wrong with regards to business?

  • A. Business involves the exchange of something for another thing or money

  • B. Business is an economic activity

  • C. In business, profit goes beyond money

  • D. Businesses do not have social responsibilities to their customers

  • E. The exchange of services is an aspect of business

  • F. Businesses can be affected by government policies

Consumer _____ are the laws and methods put in place by various agencies so that consumers can enjoy maximum satisfaction on the goods they buy and services rendered to them.

  • A. Protection
  • B. Policy
  • C. Rights
  • D. Defence
  • E. Guide
  • F. Safety



Scopes of Business Studies:

Scopes of business studies is the same as branches or divisions of business studies.

At the basic level, students willing to study the academic fields of accounting or banking will need to first understand the concept of business studies since both academic fields (accounting and banking) evolve or emanate from business studies. In this regard, we can therefore state that both the accounting and banking fields of study are scopes of business studies.

Please read on business and characteristics of business here.


Below are some of the scopes, branches or divisions of business studies:


  1. Marketing
    Please read more on marketing here.


  2. International Relations


  3. Human Resources Management
    Please read on the elements of management here.


  4. Commerce
    Please read on the definitions and scopes of commerce here.


  5. Economics
    You can read on supply here.


  6. Bookkeeping


  7. Accounting
    Please read more on accounting and bookkeeping here.


  8. Banking and Finance


  9. Business Administration and Management
    You can read on conflict management here.


  10. Entrepreneurship
    Please read how to start a home based fish farming business here.


  11. Search Engine Optimization


  12. Digital and Social Media Marketing


  13. Real Estate


  14. Business Communications


  15. Foreign Exchange Trading
    Please read on balance of trade and balance of payments here.

    You can read on foreign trade here.


 

Importance of Business Studies

  1. Business studies facilitate the exchange of goods and services.
    Please read on the functions and characteristics of commerce here.

  2. Understanding how business work can earn you more money.
    Please read on the concept of business studies here.

  3. It will aid students in choosing a career.

  4. As a producer, it helps you to understand the market.
    You can read on production here.

  5. A good knowledge of marketing makes one relevant in any institution.

  6. It will assist you in making better buying decisions.
    Please read on scale of preference and opportunity cost here.

  7. Knowledge of business studies will assist you in making better investment decisions.
    You can read on business structures here.

  8. It will improve an individual’s calculation ability.

Kindly share this article via the links below:


len


Please click here to contact Alfred if you require any of the following services:

  • If you need a standard website at an affordable price.

  • Online training on the academic subjects: biology, chemistry and basic science.

  • If you require an advanced smart school management system (web application) for your school.

Click here to read on Len Academy Smart School Software.


Please click here to follow Len Academy on Google News.



Amazing facts in Business Studies

Utrecht - Len Academy

According to the Global Bicycle Index, Utrecht in Netherlands is the most bike-friendly city in the world

The world's 100 richest people earned enough money in 2012 to end global poverty four times over


Notable points in Business Studies

Consumer protection refers to the ways or methods through which consumers enjoy maximum satisfaction from the goods they buy and services rendered to them.

The agencies of consumer protection assists in protecting the consumer rights. These agencies may also be referred to as the organs of consumer protection. Basically, we have three of them, they are:

  1. Government Agencies

  2. Independent Agencies

  3. Legislation

Please read on consumer protection here

One of the responsibilities of the government of every nation is to set up agencies or organizations that will protect the interest of the consumers and invariably, the people.

Below are some of the government agencies of consumer protection:

  • National Drug Law Enforcement Agency (NDLEA)
  • National Agency for Food, Drug Administration and Control (NAFDAC)
  • Consumer Protection Council (CPC)
  • Rent Tribunal
  • Ministry of Health
  • Ministry of Commerce
  • Ministry of Transportation
  • Ministry of Environment
  • National Wages and Salaries Commission

Please read on the government agencies of consumer protection here