Topics in Business StudiesAdvantages 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 Transport Cheque explained with its terminologies Cheque: Types of Cheque Cheque: Characteristics of Cheque Advantages and Disadvantages of Cheque What is Advertising? Types of Advertising
Academic Questions in Business Studies
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.
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?
Which of the following is NOT a government agency of consumer protection?
Define Consumer Protection.
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A cheque is a written order to a bank requesting a specific sum of money to be paid to another person through the drawer's account.
Below are the characteristics or features of a cheque:
A cheque may be defined as an order to pay a person (called the payee) from another's account (that is; the drawer). A cheque is not made to be paid to a person based on conditions.
As an instance, a cheque cannot read: 'pay her if she comes along with the rent receipt'. In short, a written document made to conditionally receive money isn't a cheque in the first place. Such is considered as invalid.
The three parties involved in the transaction involving a cheque are the drawer, drawee and payee.
A drawer is a person who writes or draws or signs a cheque to his bank account, ordering his bank to pay the money specified on the cheque to another person (called the payee). The drawer is also referred to as the maker.
The drawee is the entity (typically a financial institution) whom the drawer gives an order to pay the payee. The drawee is always the party upon whom the cheque is drawn.
A payee is an individual or an entity (organization) to whom the cheque is made payable. The payee is responsible for cashing out the cheque: that is, gets paid through the cheque.
A drawer must write a cheque to the payee. There isn't anything like an oral cheque.
A cheque is usually written through an ink pen, but it can also be typed or printed.
Payments through cheque will be made to the payee by the drawer either in cash or by transfer. Meanwhile, understand that the transfer of money through cheques can be made into the payee's bank account or a third party's bank account.
Payments via transfer is usually accomplished via a crossed cheque. If a third party is involved in the transfer of payments, such is termed the 'transferor'.
A cheque is usually drawn on a bank (termed drawee) where the drawer has an account. This implies that the drawer must be a customer of the bank. To this end, cheque books are made available to some account holders in the bank who meet the necessary criteria in regards to owning a cheque book.
The bank's customer owning a cheque book will usually have accounts that are current. However, a savings account may also serve this purpose.
A cheque that has no date and isn't signed by the drawer is not considered a cheque. Such is regarded as invalid.
For a cheque to be considered valid, it must have the drawer's signature and a date.
The drawee or banker on whom the cheque is drawn shall be liable only to the drawer. This is so because in a situation where the cheque is dishonoured, the bearer (payee) has no remedy for such a dishonoured cheque. However, the drawer on his part can still make things right.
A cheque must contain an order to pay a specific sum of money to the payee.
Apart from the payment of money, if a cheque is drawn to do other things, then such is not considered a cheque. As an instance, a cheque cannot read pay N5,000 to Alfred Ajibola and recharge his phones with a card worth N2,500.
When the payee tenders a properly written cheque to the appropriate drawee (bank), the cheque will usually be honoured; that is, made payable to the payee.
However, depending on the type of cheque, the identity of the payee may be ratified.
Present on the cheque must be a clearly written date. The date comprises the day, month and year.
Note: In most cases, a cheque is verified as valid for a period of three months (or six months) from the day of issue.
A post-dated cheque and an anti-dated cheque cannot be invalid; rather, their validity is determined to commence from the written date on both cheques.
On the part of the drawee (or bank), the cheque requires neither a stamp nor another form of acceptance.
Meanwhile, there is this caveat among banks to mark a cheque as 'good' for the purpose of clearance. Such markings aren't considered as a cheque's acceptance.
A cheque drawn or writen by the drawer may be made payable to the drawer; and such cheque will be honoured.
Interestingly, it is quite common to see cheques made payable to the bearer at his or her demand.
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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:
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: