Business Studies

What is business studies? Concept of business

len Alfred Ajibola -2nd January, 2020 @ 11:32 AM

Topics in Business Studies

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Academic Questions in Business Studies

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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.


What is Business Studies:

Business studies is defined as the study of how businesses work. Business studies is one of the academic subjects taught at the junior level of 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.


In the UK, business studies can be taken as part of the General Certificate of Secondary Education (GSCE). In this regard, certain schools in Nigeria requires the IGSCE version of this subject to be taught to students.

Take a minute to ponder on the question below:

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

Please read on the characteristics of business here.


Peter F. Drucker is considered as the father of business studies and management theory.

Please read more on management here.


What is Business?

You can consider 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.

You can read on the disadvantages of money here.

Please read on values in civic education here.


The point is: 'In any business, you render goods and services in exchange for money'.

Services in business may be referred to as intangible goods since they cannot be physically held. As an 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.


Meanwhile, 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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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