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.
A corporation is a business structure and legal entity that comprises a group of people or investors who buy shares as an evidence of being a member of the corporation. To simply put it, the corporation is a business structure owned by shareholders and managed by a Board of Directors.
Corporation can be profit or nonprofit oriented. Generally, corporations exist in two types or forms. These are:
Liability is limited to the amount invested by the shareholders.
Please read on limited liability company here.
Easy transfer of ownership via the selling of shares and stocks.
Capital can be easily raised through the sale of stocks and bonds.
A corporation continues to exist after the death of its owners (shareholders).
Please read on sole proprietorship here.
There is no double taxation in an S Corporation.
The shareholders can receive tax-free benefits.
You can read on community service and it's benefits here.
The C Corporation has an unlimited number of investors.
You can read on the advantages and disadvantages of a franchise business structure here.
Shareholders may pay tax twice on their income and dividends. This is termed double taxation.
You can read on the double entry system here.
The investors may have very little knowledge on how the corporation is managed.
Forming a corporation can be quite rigorous and expensive.
Please read on business partnership here.
States will typically charge an annual franchise fee for corporations.
Please read on franchise and types of franchise here.
Only one class of stock is allowed in an S corporation.
The maximum number of shareholders in an S corporation is 100.
There are limitations in the type of stock in an S corporation.
The tax filing process for a corporation can be complex.
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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: