Business Studies

What is Business? Characteristics of Business

len Alfred Ajibola - 06th February, 2019 @ 11:37 AM

Topics in Business Studies

Business Structure: What is a business structure? Advantages and Disadvantages of franchise What is a franchise? Types of franchise What is Corporation? Types, Advantages and Disadvantages of Corporations What is Limited Liability Company? Its Advantages and Disadvantages Partnership in Business: Types, Advantages and Disadvantages Business Studies: What is Business Studies and Business? Management: Elements of Management What is Management? Importance of Management Advantages and Disadvantages of Air Transport Advantages and Disadvantages of Rail Transport Methods of Payment: Cheque - What is a Cheque? Cheque: Types of Cheque Cheque: Characteristics of Cheque Advantages and Disadvantages of Cheque Advertising and Types of Advertising Advantages and Disadvantages of Road Transport Advantages and Disadvantages of Water Transport Consumer Protection - Agencies of Consumer Protection Consumer Right and Protection

Academic Questions in Business Studies

Please check out our Test Your Knowledge page to see all Questions and Answers

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.

In buying and selling, the retailer will usually operate from the stall while the wholesaler operates from the _____.

  1. Chain store

  2. Hyper market

  3. Hypo market

  4. Warehouse

  5. Mobile shop

  6. Supermarket

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What is Business?

Whenever you exchange something of yours for another thing or money, then that's business.

Business is simply defined as an economic activity.

You can read on Foreign Trade here.

Business can also be defined as a process of exchanging goods and services between the buyers and sellers for the purpose of making profit.

Please read on the Functions and Characteristics of Commerce here.

Goods and services are exchanged in business (usually for money) from one party to another.

In business, profit goes beyond money. It also includes other items or goods and services exchanged in the place of money.

Please read on Management and Importance of Management here.

 

Characteristics of Business

  1. The exchange of goods and services is always involved.

  2. The goal of every business is to make profit.
    Please read on the Scope and Importance of Business Studies here.

  3. The buyer and seller comes into a contract agreement.

  4. It involves risk from unforeseen circumstances like fire and flood.
    Please read on Black Market here.

  5. Goods and services are constantly produced as a result of business.
    You can read more on Production here.

  6. Business is a continuous transaction between the buyers and sellers.

  7. Investments are required to begin a business.
    Please read on Business Structure (and Sole Proprietorship) here.

  8. Consumer goods and producer goods are involved in business.
    Please read on Consumer Rights and Protection here.

  9. Creativity and dynamism is required in modern business.

  10. They are subject to policies made by the government.
    You can read on the Importance of Government here.

  11. Nowadays, businesses have social responsibility to their customers and the society at large.
    Please read more on Civic Responsibility here.

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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 7 years of experience, a Versatile Writer, a Web Developer, a Cisco Certified Network Associate and a Cisco CyberOps Associate.

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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