Alfred Ajibola
- 30th January, 2023 @ 07:35 AM
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.
A small office refers to a micro-enterprise carried out in homes, shops and small spaced apartments. It has few workers, and can also be referred to as a microbusiness or micro-enterprise. The number of workers may range from one to ten persons.
SOHO is a typical example of a small office. In fact, SOHO stands for: 'Small Office Home Office'. It distinguishes small offices from mid-sized and large businesses.
Other examples of small offices include a barber's shop, point of sale (PoS) shop, information technology personnels who work remotely, online writers, and any other business that generates income from their respective location through the use of internet. Also, business personnels like carpenters, tailors, hairdressers, plumbers, tilers, electricians and aluminum engineers may also be considered as owning a small office.
Please read the introduction to an office and qualities of a good office layout here.
Sole proprietorship is a business structure that often require a small office. Since the sole proprietor carries out different job roles in the course of running their business, specialization of duties and division of labour may therefore be lacking in small offices. In this regard, an individual working in a small office may likely perform more than one task.
Please read more on sole proprietorship here.
They are typically owned by one person. In some cases, they may be owned a few persons.
You can read on partnerships in business here.
They can be situated in a small shop, an apartment or from the comfort of one's home.
A small office has a minimum of one worker, and maximum of ten workers.
A small office generates lower revenue in comparison to a large office.
Please read on corporations here.
The workers typically receives information directly from the owner of the micro-enterprise.
The goals and challenges of a small office are discussed openly and directly between the owner and workers.
Please read on conflict resolution in organizations here.
If recruitments are made, they are usually from the local workforce. Expatriates are usually not recruited into small offices.
The functions of workers may not be clearly spelt out, giving rise to a lack of specialization. As a result, division of labour may be lacking in small offices.
Please read the concept of division of labour here.
Small offices are easier and cheaper to start.
The owners of small offices are always their own boss. However, they may hire some few persons if the need arises.
Small offices are more flexible, and can easily change their business structure. In this regard, the owners can close their small offices without notice to the general public, and may even commence a new business if the need arises.
The technologies and gadgets utilized in small offices are usually not the most sophisticated.
You can read on the internet of things here.
Small offices located in shops will often have a local reach (within its location). However, when the services of small offices are rendered online, they may have global audience and customers in addition to their local customers.
The workers in small offices hardly goes on leave.
Please read on large office explained with its characteristics here.
There is hardly any form of pension or gratuity whenever one resigns from a small office.
The cost of running and maintaining a small office is cheaper. Therefore, the salaries of workers in small offices are quite lower in comparison to those in large offices.
Small offices may practice the master and apprentice system of workers' formation.
Please read on the advantages and disadvantages of a small office here.
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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