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.
Our status as consumers of one or more products establishes our need for consumer protection.
Consumers naturally do not like to be exploited by producers and those involved in the channels of distribution (middlemen). These exploits may come in the form false advertisement, purchasing low quality products and payment of exorbitant prices for inferior goods and services. For this reason, consumer protection is required by everyone.
Please read on your fundamental human rights here.
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 may also be referred to as the organs of consumer protection. Basically, we have three of these agencies. They are:
In this article, we will look at the various government agencies that functions to protect consumers.
Please read on the characteristics of government here.
One of the responsibilities of the government of every nation is to set up agencies or organizations that will protect the interest of consumers and invariably, the people.
The government agencies of consumer protection discussed below are found in Nigeria and other countries of the world. They include:
In Nigeria, NAFDAC is an agency responsible for the production, administration and control of food and drugs. It was officially established on January 1st 1994 as a parastatal of the Federal Ministry of Health.
It is also the responsibility of NAFDAC to ensure that food and drugs are produced in a healthy environment. In this regard, any manufactured food or drug within Nigeria must have its specific NAFDAC registration number, otherwise it will be considered as counterfeit or illegal.
Apparently, we have seen, heard and read on the media about the destruction of large quantity of illegal food and drugs by this agency. On many occasion, NAFDAC will hand over those involved in the production of fake food and drugs to the respective security agency; for instance the police.
Meanwhile, understand that it is also in the power of NAFDAC to close down any illegal factory or company that manufactures food and drugs.
Please read on black market here.
Please ensure you always check the presence of NAFDAC registration number on any processed food and drugs purchased, together with the expiry date of such product.
The NDLEA is an agency present in various countries around the world.
In Nigeria, it was established on January 1, 1993 by the federal government with the sole aim of enforcing the law against the use of hard drugs, banned substance and trafficking.
Functionally, NDLEA will also prosecute anyone found guilty of drug and other related crime.
Please read on causes of drug abuse in adolescents here.
The Consumer Protection Council of Nigeria was established under the military rule on November 23rd, 1992. It is a body setup to educate consumers on their rights (that is: consumer rights) while also assisting them in getting compensation whenever these rights are violated.
Please read more on consumer rights here.
The Standards Organization of Nigeria (SON) is a government agency which commenced its functions on the 1st of January, 1970. SON ensures that all goods produced in Nigeria are of standard quality.
It is also the responsibility of SON to check the standard and quality of all consumer products imported into Nigeria.
Please read on commodity market and its importance here.
Rent tribunals protect tenants from being exploited by landlords and various housing agents.
Through the rent tribunals, tenants can sue fraudulent landlords and agents with ease, justice and fairness through the judiciary.
This is one of the ministries from the executive arm of government.
Please read on the arms of government here.
The ministry of health is responsible for preserving the quality of food items sold to consumers, making sure they are safe and healthy. They also ensure that the animals to be slaughtered are in good health and the abattoirs (place where animals are slaughtered) are disease free.
The ministry of health also sensitize the citizens on the processes to follow when a disease breaks out as a result of consumption of certain kinds of food. For instance, when ebola was reported in Nigeria, the ministry of health warned the Nigerian populace not to eat animals like monkeys and bats, as they are reported to transmit the ebola virus.
Please read on the foods and other factors that causes bloating here.
Note: Various parastatals falls under the ministry of health. These include NAFDAC and NDLEA.
Food and other consumer products must be transported to various parts of the country from where they are produced to their respective places of sale and consumption. For this reason, the ministry of transportation is essential.
The ministry of transportation is responsible for the provision of good roads, railways, trains, buses and other transportation facility in order to preserve the quality of transported food and other consumer products.
Please read on the means and modes of transportation here.
It is the responsibility of the ministry of commerce to regulate the importation and exportation of goods. They also oversee the setting up of industries while ensuring that these industries function with the protection of consumers in mind.
Please read on the characteristics of Commerce here.
One of the duties of the ministry of environment is to monitor and regulate how houses and production industries are structured. They also ensure that certain industries are cited away from waste sites (e.g food manufacturing industries); thus ensuring the safety of the consumer of their products.
Please read on production here.
They are setup by the government to regulate how labor should be rewarded. In some cases, minimum wages are setup so that workers can get enough appreciation for the services they render.
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Amazing facts in Business Studies
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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:
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
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