Business Studies

Scope and Importance of Business Studies

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

Topics in Business Studies

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Academic Questions in Business Studies

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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

Which of the following is not a characteristics of business?

  • A. The buyer and seller must always come into a contract agreement

  • B. Risk from unforseen circumstances is involved

  • C. They are subject to policies made by the government

  • D. All business transaction is aimed at making profit

  • E. It requires a discontinuous transaction between the buyer and the seller

  • F. Investments are required to begin a business

Which of the following is not a Right of Consumer Protection?

  • A. Right to Education
  • B. Right to Choose
  • C. Right to Safety
  • D. Right to the Good things of Life
  • E. Right to be Assured
  • F. Right to Compel

Which of the following is NOT a government agency of consumer protection?

  • A. Ministry of Sports
  • B. Ministry of Commerce
  • C. Consumer Protection Council
  • D. Ministry of Health
  • E. Ministry of Environment
  • F. National Drug Law Enforcement Agent

Define Consumer Protection.

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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 or 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.

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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 10 years of experience, a Versatile Writer, a Web Developer, a Cisco Certified Network Associate and a Cisco CyberOps Associate.


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Amazing facts in Business Studies

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