Alfred Ajibola
- Sat, 15th June, 2019 @ 4:17 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 TransportAcademic Questions in Business Studies
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
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.
As students or workers, we may have carried out one or more transactions through commercial banks. Some of these transactions may include:
The above transactions can be done either physically or online.
An online transaction is done over the internet. As a result, we do not have to be physically present at the transaction center.
Please read the introduction to credit and debit cards here.
During the registration and payment procedures for an online examination: let’s say JAMB for instance, we don’t necessarily need to go to the bank, neither a JAMB agent nor the physical office of JAMB. All we need do is to connect to the internet where we can register, make payments (perhaps through a credit card) and select our examination center on JAMB's website. This is made possible since we live in a digital world driven by the internet.
Please read on internet evolution here.
The methods of making payments through commercial banks include the following:
Bank Notes and Coins
Cheques
Please read on cheques here.
Credit Cards
Debit Cards
Please read the similarities and differences between credit and debit cards here.
Travellers' Cheque
Bank Drafts
This is the most widely used form of payment since it involves the direct exchange of currency (money). Bank notes are used more in developing countries due to the low valuation of their currencies. Meanwhile, understand that notes and coins are also frequently used in developed nations although the cashless policy is encouraged for security reasons.
Note: Bank notes are coins are generally accepted as legal tenders.
A legal tender is a recognized and valid medium of payment according to the legal and financial systems of a country.
The images below shows an American coin (Half Dollar) and the Nigerian Note (1,000 Naira).
Different countries have got their respective currencies in circulation. The table below shows the currencies within some countries and their respective symbols:
|
Country |
Currency value |
Symbol |
|
Nigeria |
Naira |
₦ |
|
United States of America |
Dollar |
$ |
|
United Kingdom |
Pounds |
£ |
|
Japan |
Yen |
¥ |
|
France, Spain, Italy, Estonia and Latvia |
Euro |
€ |
In Nigeria, the currency denominations are ₦1,000, ₦500, ₦200, ₦100, ₦50, ₦20, ₦10 and ₦5 respectively.
Please read on the Nigerian national symbol here.
Note: Coins are no longer in circulation within Nigeria.
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Amazing facts in Business Studies
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:
Government Agencies
Independent Agencies
Legislation
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:
Please read on the government agencies of consumer protection here