Business Studies

Business Studies: What is Business Studies and Business?

len Alfred Ajibola - Thu, 02nd January, 2020 @ 11:32: AM

Topics in Business Studies

Franchise Business Structure: Types, Advantages and Disadvantages 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 Methods of Payment: Credit Cards and Debit Cards Methods of Payment: Bank Notes and Coins | Characteristics of Legal Tender


Academic Questions in Business Studies

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

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 Studies:

Business Studies is one of the academic subjects taught at the junior level of many secondary schools around the world. It is a commercial and social science subject aimed at financial and managerial aspects of businesses.

Students who intend to explore a career in banking, accounting or any other scope of business studies must give a high priority to this subject.

Please read on the Scope and Importance of Business Studies here.

Note: In England, Business Studies can be taken as part of the General Certificate of Secondary Education (GSCE); whereas certain schools in Nigeria requires the IGSCE version of this subject to be taught to students.

Take a minute to imagine the question below:

What would our world look like if we had no form of business taking place in it?

Business Studies can simply be defined as the study of how businesses work.

Please read on the Characteristics of Business here.

Peter F. Drucker is considered as the Father of Business Studies and Management Theory.

Please read on Management and Importance of Management here.


What is a Business?

Think of a business to be any of the followings (as far as they earn you legitimate money):

I can go on and on in regards to the above concepts of business; but as a rule:

Any legitimate or legal activity that gets you money is business.

Note: Making money through criminal acts or dubious means is not considered as business in business studies.

It is morally, socially and constitutionally wrong to participate in an illegal business activity.

Please read on the Disadvantages of Money here.

You can read on Values in Civic Education here.

The point is: In any business, you render goods and (or) services.

Note: Services in business may be referred to as intangible goods since they cannot be physically held. For instance, this article you are reading is a service rendered by Len Academy to every student and teacher (for free) in order to support and encourage Education in our world.

You can Attempt LEN ACADEMY Questions and Answers on various Academic Subjects here.

On the other hand, goods are tangible since they can be physically touched. For instance, vegetables purchased from the market are considered as goods since they can be touched.

Please read on Commodity Market here.

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len

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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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