Business Studies

Advantages and Disadvantages of Rail Transport

len Alfred Ajibola - Tue, 24th December, 2019 @ 9:03 PM

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Academic Questions in Business Studies

Please click here to see all Questions and Answers

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.

Advantages of Rail Transport:

  1. It is the most dependable and organized form of transport.
    Please read an introduction to transportation here.

  2. The rate of accidents in rail transport is very low. In fact, it is often considered as the safest means of transportation.
    Please read on domestic accidents here.

  3. There is a fixed schedule for arrival and departure.

  4. Rail transport can carry large amount of bulky or heavy goods.

  5. Bad weather has little or no effect on rail transportation.
    Please read on advantages and disadvantages of air transport here.

  6. Speed trains are very fast and can run between countries through railway transportation.
    Please read more on foreign trade here.

  7. Rail transportation is cheaper for commuters compared to other modes of transportation. In this regard, it is considered as a national necessity since it benefits the masses.
    Please read on fundamental human rights here.

  8. Railway stations provide convenience for the collection of return loads.

  9. Large numbers of people are conveyed through rail transportation daily, hence minimizing heavy traffic in road transport.
    Please read on the advantages and disadvantages of road transport here.

  10. Like road transport, rail transportation also provide employment opportunities for the citizens of a country.

  11. Rail transport promotes interstate trade since they usually connect two or more states.
    Please read on the advantages of foreign trade here.

  12. Rail transport promotes agriculture because farmers can now sell their agricultural produce to different regions of the country.
    Please read on the roles of government in agriculture here.

Disadvantages of Rail Transport

  1. Railway or railroad are not flexible. Instead, they are fixed and unalterable.
    Please read on the advantages and disadvantages of water transport here.

  2. The building of railways by the government is a capital project and requires a huge amount of money.
    Please read on the importance of government here.

  3. The delivery of goods is not door to door. Instead, they are first delivered at the railway station.

  4. Rail transport requires the maintenance of stations, tracks and signaling systems which overall constitute an expensive exercise.
    Please read on maintenance here.

  5. Since the rail transport is generally owned by the government, lack of competition may bring about its inefficiency and corruption of the rail transportation sector.
    Please read on the advantages and disadvantages of air transport here.

  6. Rail transport system is scarcely present in rural environment.

  7. Single railway may pose inconveniences to the railway passengers and railway organizations.

  8. Railway transport is not suitable for short distance journey.

  9. There is a form of restriction on the movement of goods and passengers because of its organized schedule of movement.

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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