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 business structure can exist in various forms. In this regard, partnership exists as one of the form of business structures.
Partnership in business is often considered to consist of 2 - 20 persons, excluding married couples; coming together with the intentions to utilize their money and skills for the purpose of building a business together.
As a form of business structure, a partnership must be legally agreed upon. This implies that all members comprising the partnership business structure must agree to the terms and conditions of the business. Regardless, a partner (member of the partnership) may take loan on behalf of the partnership business structure provided the legal agreement permits it.
Partnership can exist in three forms or types. These are:
General Partnership (GP)
Limited Partnership (LP)
Limited Liability Partnership (LLP)
In general partnership (GP), all the partners must contribute in financing the business. In addition, their various and unique skills may also be jointly utilized towards propelling the partnership business.
General partnership requires that the partners equally share the profit generated from the business; while also bearing the loss together. Interestingly, they will also share equally any debt incurred in the business; even if it's illegally obtained by one of its members.
A limited partnership (LP) implies that at least, one member must have a limited control of the partnership business. In this case, the LP must have at least one general partner and one limited partner.
A limited partnership must consist of one or more general partnerships; and at least, one limited partner. It should not be confused with the limited liability partnership whereby all the partners share a limited liability in the business.
In most cases, limited partners serve only as investors in the business. To this end, they tend to accept a lesser liability when things go wrong in the business, unlike the general partners who operate the business and will accept a greater liability.
A limited liability partnership (LLP) exhibit some of the features of limited partnership and corporations. This is so because some or all of the partners have limited liabilities (depending on the country's law where it is practiced); and they can exercise their right to directly manage the business if the need arises.
It is important to state that each of the limited liability partner is not liable for another partner's mistake in the course of business. Similarly, personal liability in partnership is limited to each member in accordance (ratio) to their contributions towards the business setup.
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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: