Business Studies

What is Management? Importance of Management

len Alfred Ajibola - Tue, 31st December, 2019 @ 5:19 PM

Topics in Business Studies

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Academic Questions in Business Studies

Please check out our Test Your Knowledge page 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.

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Concept of Management?

A good business structure is highly dependent on how it is managed. Importantly, the leaders of various organizations or institutions play an integral role in management. Similarly, as an entrepreneur, business man or woman, the growth of one's business will depend on how properly it is being managed.

Please read on business and characteristics of business here.


The term 'management' had be defined differently by various scholars. Below are some definitions:

  • Management is an art of getting things done or achieved through the people or members in formally organized groups.

    Harold Koontz


  • Management is an art of knowing what to do, when to do it and seeing that it is done in the best and cheapest way.

    F.W. Taylor


  • Management can also be defined as the art of creating an environment in which individuals and people can perform with cooperation the attainment of group goals.

You can read on your civic responsibilities here.


For me, I will simply define management to be the process of doing things and achieving the desired goals with the input of other people.

Please read on cooperation and factors that promote cooperation here.


Good management is a crucial factor required for the development of various business structures.

Please read on sole proprietorship as a business structure here.

Note: If developing countries can be properly managed by their leaders and those in government, businesses and other economic activities will thrive.

You can read on the functions of government here.


A good management will include the elements of management. In fact, it is these elements of management that make a business successful. A good knowledge on the elements of management is a required skill for every entrepreneur or business minded person.

Please read more on the elements of management here.

 

Importance of Management

  1. It gives one an edge in starting a business in a very competitive environment.
    Please read on how to start a home based fish farming.
  2. It helps maximize the ideas of business strategy.
    Please read on the principles of marketing here.
  3. It enables business owners to comprehend and interpret various laws required to start a business in foreign land.
    You can read on the constitution here.
  4. It enables one to comprehend the general rules surrounding a specific type of business.
    Please read on production here.
  5. It provides knowledge on reviving a falling business.

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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