Business Studies- Question and Answers

About Course

Business Studies: The Class You Never Knew You Needed

Let’s face it – high school can be pretty boring. From math to science to English, it seems like every subject is just another hurdle you have to jump over to get to graduation. But what if we told you that there’s one subject that’s actually worth your time and will make you laugh in the process? Enter Business Studies.

In this Course, we’re going to take you on a journey through the world of Business Studies. We’ll show you why it’s the most interesting subject you’ll ever take, and how it’ll prepare you for life after high school. So sit back, relax, and let’s dive into the wonderful world of Business Studies.

Section 1: What is Business Studies, Anyway?

Let’s start with the basics. What is Business Studies? Well, it’s a subject that teaches you about the world of business. From accounting to marketing to entrepreneurship, Business Studies covers everything you need to know about running a successful business.

But here’s the best part – it’s not just about theory. Business Studies is a hands-on subject that allows you to apply what you’ve learned in the real world. Whether it’s creating a business plan or analyzing a company’s financial statements, Business Studies gives you the opportunity to learn by doing.

Section 2: Business Studies – The Class That Makes You Laugh

business might not sound like the most exciting thing in the world. But trust us when we say that Business Studies is anything but boring.

For starters, you’ll learn about all sorts of weird and wonderful things in this class. Like the fact that McDonald’s once tried to sell bubblegum-flavored broccoli, or that there’s a company in Japan that rents out actors to pretend to be your friends.

But the real humor comes from your classmates. Business Studies is full of characters – from the overeager entrepreneur who wants to start a business selling custom-made socks, to the student who keeps asking if they can use Monopoly money in the stock market simulation.

No matter what your sense of humor is, you’re sure to find something to laugh about in Business Studies.

Section 3: The Benefits of Learning About Business

Now that we’ve convinced you that Business Studies is actually pretty funny, let’s talk about why it’s actually a really important subject to take.

For starters, Business Studies will teach you about money – how to make it, manage it, and invest it. These are skills that are absolutely essential for life after high school, whether you’re planning on starting your own business or just want to be able to balance your checkbook.

But more than that, Business Studies will teach you about critical thinking, problem-solving, and decision-making. These are skills that will be useful no matter what career path you choose, and will help you succeed in all areas of your life.

Section 4: The Dos and Don’ts of Business Studies

Now that you’re convinced that Business Studies is the best subject ever, it’s time to talk about the dos and don’ts of this class.

Do come prepared to participate. It is a hands-on subject, which means that you’ll be expected to contribute to class discussions, work in groups, and present your ideas to the class.

Don’t be afraid to ask questions. This subject can be a complex subject, and it’s important that you understand the concepts before moving on to the next topic.

Do take advantage of all the resources available to you. From textbooks to online resources to your teacher, there are plenty of tools at your disposal to help you succeed in this class.

Don’t be afraid to think outside the box. Business Studies is all about creativity and innovation, so don’t be afraid to come up with unconventional ideas.

Section 5: The Future of Business Studies

The world of business is constantly changing, and so too is the world of Business management. As technology continues to evolve, new opportunities and challenges are arising in the business world – and International business is adapting to keep up.

From courses on e-commerce to classes on social media marketing, Business Studies is constantly evolving to stay relevant and prepare students for the future.

Section 6: The Importance of Ethics in Business

One important topic that Business Studies covers is the importance of ethics in it. While making money is obviously important, it’s also crucial that businesses operate in a way that is ethical and sustainable.

From learning about corporate social responsibility to discussing ethical dilemmas in the workplace, it teaches students about the importance of doing the right thing, even when it’s not the most profitable thing.

Section 7: Business Studies in the Real World

One of the best things about Commerce is that it’s a subject that translates directly into the real world. Whether you’re starting your own business or working for someone else, the skills you learn in Entrepreneurship will be applicable in any career path.

Plus, with Economics under your belt, you’ll have a better understanding of the world of business – from how companies operate to how markets fluctuate. This knowledge can be invaluable in helping you make informed decisions in your personal and professional life.

Section 8: Business Studies

What makes business so fantastic is that it allows individuals to explore different facets of trade and entrepreneurship, and if you want to run a successful business then it’s important to learn about its fundamental principles including how to create effective marketing campaigns and manage finances. Moreover, one could educate themselves regarding contemporary business trends as well as analyze data to formulate informed decisions.

Essential life skills that are vital for both your personal and professional life can be gained through the study of business as illustrated by this example it is possible for you to learn how to successfully negotiate and communicate while working on a team. You can add to your skillet by gaining invaluable experience in the areas of leadership and problem-solving that are highly sought after by employers.

In spite of its many advantages studying, it also has its fair share of challenges, as well as complex ideas and theories may need to be understood alongside real-world scenarios requiring the use of analytical skills for solving problems. The positive news is that numerous resources exist which can help you achieve success like textbooks or online materials along with the assistance of both classmates or teachers.

High schools students should not be intimidated by the idea of studying business as you will find this fun and rewarding subject to be full of potential for opening up multiple opportunities for your future. Who can predict the outcome? It’s within the realm of possibility for you to one day be the successful owner and CEO of a thriving business!

For this other Courses Visit here >>

INTRODUCTION TO BUSINESS STUDIES
BUSINESS AND ITS ENVIRONMENT
BUSINESS TRANSACTIONS
CASH BOOK
CHAIN OF DISTRIBUTION
COMMUNICATION
DEMAND AND SUPPLY
DETERMINING THE NET WORTH OF BUSINESS
ECONOMIC DEVELOPMENT AND PLANNING
ENTREPRENEURSHIP
FINANCIAL STATEMENTS
FORMS OF BUSINESS UNITS
GOVERNMENT AND BUSINESS
HOME TRADE
INCOMPLETE RECORDS
INFLATION
INSURANCE
INTERNATIONAL TRADE
THE LEDGER
MANAGING A BUSINESS
MONEY AND BANKING
NATIONAL INCOME
THE OFFICE
POPULATION AND EMPLOYMENT
PRODUCT PROMOTION
PRODUCTION
PUBLIC FINANCE
SATISFACTION OF HUMAN WANTS
SOURCE DOCUMENTS AND BOOKS OF ORIGINAL ENTRY
THE THEORY OF THE FIRM
TRANSPORT
WAREHOUSING

Course Content

INRODUCTION TO BUSINESS STUDIES
The topic entails; Emphasis on the meaning and importance of Business studies to day-to-day activities around school and society in general.

INRODUCTION TO BUSINESS STUDIES

BUSINESS AND ITS ENVIRONMENT
BUSINESS AND ITS ENVIRONMENT The topic entails; (i) Meaning and purpose of a business (ii) Explain Business environment with clear distinction between internal and external business environments. (iii) Understanding of what makes up a healthy business environment

BUSINESS TRANSACTIONS
The topic entails:- • Meaning and types of Business Transactions • Identifying the effects on the balance sheet items and preparations of eventual balance sheet. • Discussion on changes in capital • The process of determining initial and final capital.

CASH BOOK
The topic entails: - Explaining meaning of cash book and the types of transactions recorded in the cash book. - Discussing the purpose of a cash book - Types of cash book when used and format - Explain the concept contra-entry. - Preparation of the various types of cash books.

CHAIN OF DISTRIBUTION
The topic entails:- - Explain, the meaning of distribution; chain of distribution and channel of distribution. - Discuss the role of the intermediaries in the distribution of goods. - Discuss the factors to be considered in choice of a distribution channel and circumstances under which each channel will be preferable for various types of products.

COMMUNICATION
The topic entails; - Meaning of communication - Discussion of how communication contributes towards the success of business. - Distinguishing between form and means of communication - Various means of communication and circumstances under which they are used. - Advantages and disadvantages of the various means. - Discussion of factors that hinder effective communication. - Discussion of factors to consider in choice of a means of communication. - Identifying services that facilitate communication and circumstances under which they are used. - Identifying trends in communication e.g. cell phones, internet etc.

DEMAND AND SUPPLY
DEMAND AND SUPPLY The topic involves:- - Definition of demand and discussing factors that influence the demand for a product - Identify various types of demand - Discuss the concept of demand and demand curve and derive demand curve form demand schedule. - Explain clearly, movement along a demand curve and a shift in demand curve. - Define elasticity and categorize elasticity of demand and explain importance of the concept. - Define supply and discuss factors that influence the supply of goods and services. - Define supply schedule and curve; and derive supply curve from supply schedule. - Differentiate between shift and movement along a supply curve. - Define elasticity of supply and their various categories. - Meaning of equilibrium price, point and quantity.

DETERMINING THE NET WORTH OF BUSINESS
DETERMINING THE NET WORTH OF BUSINESS The topic entails:- (i) Introduction and explanation of the meaning of assets, liabilities and capital and relate the concepts to operation of business. (ii) Derive the book-keeping equation and relate it to the operation of the business. (iii) Explain the meaning of a balance sheet and relate it to the book keeping equation (iv) Preparing the balance sheet explaining the order in which items are presented in the balance sheet. (v) Discuss purpose and limitations of a trial balance. (vi) Classify ledger accounts and discuss the various types.

ECONOMIC DEVELOPMENT AND PLANNING
ECONOMIC DEVELOPMENT AND PLANNING The topic entails: - Distinction between economic growth and economic development. - Discussion of characteristics of under development. - Discussion of the goals of development and factors that hinder development - Discuss the meaning and importance of planning in an economy. - Outlining common features of a development plan. - Outline problems encountered in development planning.

ENTREPRENEURSHIP
ENTREPRENEURSHIP The topic entails: • Understanding the meaning and importance of entrepreneurship. • Discussing the characteristics a successful entrepreneurs must have. • Discussing the factors that inhibit enterpreneual development. • Discussing the possible causes of business.

FINANCIAL STATEMENTS
FINANCIAL STATEMENTS The topic entails: - Explaining the meaning of a financial statement and identifying basic financial statements and discuss purpose of each. - Prepare basic financial statements as per the relevant formats. - Discuss the various types of capitals and their implication on performance of business - Identify basic financial ratios and compute the various ratios form financial statements - Discussing the importance of each financial ratio.

FORMS OF BUSINESS UNITS
FORMS OF BUSINESS UNITS The topic entails: • The basis of classification of business units e.g. sole proprietorship. • Classification of business units on the basis of meaning, features, ownership, formation, sources of capital, merits and demerits, circumstances under which each form will be dissolved. • Trends in business ownership.

GOVERNMENT AND BUSINESS
GOVERNMENT AND BUSINESS The topic entails:- • Reasons to why the government involves in business and various ways through which • Merits and demerits of government in business activities • Discussion of meaning of consumer protection, the rationale for it and the various methods by which consumers may be protected.

HOME TRADE
HOME TRADE The topic entails:- • Explanation of the meaning of trade and importance of trade. • An attempt of classification of trade and why its done. • Discussion of type sand functions of various retailers and wholesalers. • Meaning, importance, source, destination and functions of various documents used in home trade are discussed. • Meaning and main terms of payment used in home trade • Meaning, various and merits and demerits of means of payment.

INCOMPLETE RECORDS
INCOMPLETE RECORDS The topic entails: - Meaning of incomplete record, giving examples and explain how they come about. - Explaining the meaning of a statement of affair and show the difference between statement of affairs and balance sheet. - Preparation of statement of affairs - Identifying the items used in updating the records - Prepare financial statement from the updated records.

INFLATION
INFLATION The topic entails: - Explaining the meaning of inflation bringing out clearly how that affects the economy. - Computation of the price index - Discussing different types of inflation and how they may occur in real life situation and their consequences to an economy. - Discuss the levels of inflation - Discussing how to control the various types of inflation and how the government controls inflation rates so as to provided conducive environment for business to perform and contribute to the general growth and development of the economy.

INSURANCE
INSURANCE The topic entails; - Meaning, purposes and principals of insurance. - Discussion of classes of insurance and the basis of the classification - Distinction between Re-insurance and contribution and circumstances under which each may be necessary. - Explain the procedure for obtaining an insurance policy and claiming of compensation.

INTERNATIONAL TRADE
INTERNATIONAL TRADE The topic entails: - Meaning and importance of international trade - Clear distinction between balance of trade, and balance of payment. - Computation of balance of trade. - Accounting for the differences in terms of trade of various countries - Identifying components of balance of payment account and their preparation - Discussing causes of disequilibrium in the balance of payment and measures to resolve them. - Discussion on the terms of sale used in international trade and their cost implication of each to the seller and the buyer. - Discussing the meaning of economic integration and distinguish between the various forms of integration. - Discuss the benefits as well as the disadvantages of integration. - Discuss free trade outlining case for and against free trade. - Discuss merits and demerits of trade restrictions. - Discuss the benefits of trade agreements such as A.G.O.A - Meaning of exchange rates and comparison between salient features of flexible and fixed systems. - Discuss reasons for various development.

THE LEDGER
THE LEDGER The topic entails: • Meaning and purpose of ledger • Record information in relevant ledgers • Explain the concept of double entry as the basis of making entries into the ledger. • Discussing the rule of recording transactions in various ledger accounts. • Discussing procedure of balancing ledger accounts and explain the uses of the various columns. • Preparation of trial balance from the ledger account balance. • Discuss purpose and limitations of a trial balance. • Classify ledger accounts and discuss the various types.

MANAGING A BUSINESS
MANAGING A BUSINESS The topic entails: • Definition of management and how it can be applied to day to day lives • Discussion of management functions and how they contribute to the success of a business.

MONEY AND BANKING
MONEY AND BANKING The topic entails: (i) Explanation of meaning of barter and highlight its major limitations in facilitating trade. (ii) Explaining the meaning of money and its characteristics (iii) Discussing function of money and how each of the characteristics of money facilitate these functions. (iv) Discuss the factors that influence the demand and supply of money. (v) Meaning of banking and discuss the role of banking in an economy. (vi) Discuss the development of banking (vii) Discuss the various types of accounts offered by commercial banks (viii) Discuss the functions of non-bank financial institutions bringing out the differences between commercial banks and non-bank financial institutions. (ix) Discuss the role played by the central ban in an economy (x) Identify trends in banking.

NATIONAL INCOME
NATIONAL INCOME The topic entails:- - Meaning of national income as a measure o f money value of goods and services resulting from productive activities of a country in any one year. - Explain the circular flow of factors of production to business, and flow of goods and services back to households; and payments made for them. - Measurements and uses of national income. Mention the three approaches and components of each.

THE OFFICE
THE OFFICE The topic entails: • The meaning and importance of an office. • Discussion of functions of an office and how they influence business activities. • Discussion of various office layouts and circumstances under which each is appropriate. The advantages and disadvantages of each layout should be brought out. • Identification of different equipments in an office and how they are used to enhance the running of an enterprise. • The advantages and disadvantages of each equipment is discussed. • The role of a good filing system in an office for effective running of business enterprises is discussed. • The office staff is also discussed n terms f categories and essential qualities the various office staff. • Trends in office management is discussed especially the use of information and communication technology.

POPULATION AND EMPLOYMENT
The topic entails:- - Meaning and importance of population - Explain the demographic concepts such as fertility and explain how they influence business activities and the growth of the economy in general. - Discussing implications of the number of people as well as the structure of the population in a country and their implications on economic development. - Meaning of employment and unemployment and their implication to the economy. - Discussing the various types of unemployment and their specific causes. - Solutions to the various types of unemployment problem in Kenya i.e. control measures to unemployment

PRODUCT MARKETS
The topic entails:- - Meaning and types of product markets - Show clearly price and output determination in all markets - Discuss the causes of various types of market situations - Discuss other methods of price determinations.

PRODUCT PROMOTION
The topic entails: (i) Meaning and purpose of product promotion and its impact on the business performance. (ii) Discussion of the various methods of production with characteristics of each method; advantages and disadvantages of each method. (iii) Discuss factors that influence choice of a product promotion medium as well as advantages and disadvantages of each. (iv) Discuss ethical issues in product promotion and how these issues affect the business. (v) Discuss the emerging issues and explain their impact on the business.

PRODUCTION
The topic entails:- • Definition of production. • Definition of utility and give the various types of utilities • Identifying types and levels of production and stating the rewards. • Differentiation between division of labour and specialization in production process • Discuss the concept of mobility and factors of production process • Discuss the concept of mobility and factors that influence mobility of factors of production. • Attempt , classification and distinction between goods and services.

PUBLIC FINANCE
The topic entails: - The meaning of public finance and the purpose - Identifying various sources of public finance. - Categorizing public/government expenditure and explain various ways the government uses public finances and their influence on business activities in an economy. - Discuss taxation and its contribution to public finance - Discuss the purpose and principles of taxation laying emphasis on characteristics of a good tax system. - Classify taxes and outline the merit and demerits of each. - Meaning of the budget and discuss the role of a budget as a tool for planning.

SATISFACTION OF HUMAN WANTS
The topic entails: • Meaning and characteristics of human wants with clear distinction between wants. • Discussion of the meaning and characteristics of economic resources. • Clear distinction among wants should be emphasized. • Define and explanation of the concepts of scarcity, choice and opportunity cost.

SOURCE DOCUMENTS AND BOOKS OF ORIGINAL ENTRY
The topic entails; - Meaning of source documents; identify source documents and explain how they are used in recording business transactions - Meaning a book of original entry - Discussing the various types of books of original entry - The journal as the main book of original entry and how to record information from source documents into relevant journals. - Posting information from the journals to relevant accounts.

THE THEORY OF THE FIRM
The topic entails ; - Meaning and distinction between firm and industry;. - Discuss factors that influence the decision on what to produce. - Discuss the various costs of production and their derivation. - Differentiate between small and large firms - Discuss the various factors influencing location of firms; reasons for localization and delocalization. - Explain meaning of economies and diseconomies of scale and how they influence production decisions of the firm. - Explain the reasons for continued existence of small firms despite economies enjoyed by large scale firms. - Discuss environmental implications on production activities.

TRANSPORT
The topic entails: • Definition/meaning and importance of transport • Discussing the various essential elements of transport • Differentiate between mode and means of transport • Discussing the advantages and disadvantages of the various means of transport • Identifying factors considered in choice of an appropriate means of transport and implication of each factor to business. • Trends in transport in relation to business.

WAREHOUSING
The topic entails; - Meaning and importance of warehousing to business - Outline the essentials of a good warehouse - Distinction between the various types of warehouses as well as the advantages and disadvantages of each type of warehouse.

Question and Answers Part I
Business Studies Q&A for Long Answers

Question and Answers Part II
Questions and Answers for short question in an exam format

Student Ratings & Reviews

5.0

Total 1 Rating

1 Rating

0 Rating

Tikitaka Soccer

1 year ago

It has what I wanted. Good Content.

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

About Course

Business Studies: The Class You Never Knew You Needed

Section 1: What is Business Studies, Anyway?

Section 2: Business Studies – The Class That Makes You Laugh

Section 3: The Benefits of Learning About Business

Section 4: The Dos and Don’ts of Business Studies

Section 5: The Future of Business Studies

Section 6: The Importance of Ethics in Business

Section 7: Business Studies in the Real World

Section 8: Business Studies

What Will You Learn?

Course Content

INRODUCTION TO BUSINESS STUDIES The topic entails; Emphasis on the meaning and importance of Business studies to day-to-day activities around school and society in general.

INRODUCTION TO BUSINESS STUDIES

BUSINESS AND ITS ENVIRONMENT BUSINESS AND ITS ENVIRONMENT The topic entails; (i) Meaning and purpose of a business (ii) Explain Business environment with clear distinction between internal and external business environments. (iii) Understanding of what makes up a healthy business environment

BUSINESS AND ITS ENVIRONMENT

BUSINESS TRANSACTIONS The topic entails:- • Meaning and types of Business Transactions • Identifying the effects on the balance sheet items and preparations of eventual balance sheet. • Discussion on changes in capital • The process of determining initial and final capital.

BUSINESS TRANSACTIONS

CASH BOOK The topic entails: - Explaining meaning of cash book and the types of transactions recorded in the cash book. - Discussing the purpose of a cash book - Types of cash book when used and format - Explain the concept contra-entry. - Preparation of the various types of cash books.

CASH BOOK

CHAIN OF DISTRIBUTION

COMMUNICATION

DEMAND AND SUPPLY

DETERMINING THE NET WORTH OF BUSINESS

ECONOMIC DEVELOPMENT AND PLANNING

ENTREPRENEURSHIP

FINANCIAL STATEMENTS

FORMS OF BUSINESS UNITS

GOVERNMENT AND BUSINESS

Draft Lesson

Draft Lesson

INFLATION

INSURANCE

INTERNATIONAL TRADE

THE LEDGER

MANAGING A BUSINESS MANAGING A BUSINESS The topic entails: • Definition of management and how it can be applied to day to day lives • Discussion of management functions and how they contribute to the success of a business.

MANAGING A BUSINESS

Draft Lesson

NATIONAL INCOME

THE OFFICE

POPULATION AND EMPLOYMENT

PRODUCT MARKETS The topic entails:- - Meaning and types of product markets - Show clearly price and output determination in all markets - Discuss the causes of various types of market situations - Discuss other methods of price determinations.

PRODUCT MARKETS

PRODUCT PROMOTION

PRODUCTION

PUBLIC FINANCE

SATISFACTION OF HUMAN WANTS

SOURCE DOCUMENTS AND BOOKS OF ORIGINAL ENTRY

THE THEORY OF THE FIRM

Transport

WAREHOUSING The topic entails; - Meaning and importance of warehousing to business - Outline the essentials of a good warehouse - Distinction between the various types of warehouses as well as the advantages and disadvantages of each type of warehouse.

WAREHOUSING

Question and Answers Part I Business Studies Q&A for Long Answers

QUESTIONS & ANSWERS – Discussions and Accounting

Question and Answers Part II Questions and Answers for short question in an exam format

Question and Answers Part II – Short Answers Questions

Student Ratings & Reviews

Quick Links

Resources

Registrations

Cookie Notice

INRODUCTION TO BUSINESS STUDIES
The topic entails; Emphasis on the meaning and importance of Business studies to day-to-day activities around school and society in general.

BUSINESS AND ITS ENVIRONMENT
BUSINESS AND ITS ENVIRONMENT The topic entails; (i) Meaning and purpose of a business (ii) Explain Business environment with clear distinction between internal and external business environments. (iii) Understanding of what makes up a healthy business environment

BUSINESS TRANSACTIONS
The topic entails:- • Meaning and types of Business Transactions • Identifying the effects on the balance sheet items and preparations of eventual balance sheet. • Discussion on changes in capital • The process of determining initial and final capital.

CASH BOOK
The topic entails: - Explaining meaning of cash book and the types of transactions recorded in the cash book. - Discussing the purpose of a cash book - Types of cash book when used and format - Explain the concept contra-entry. - Preparation of the various types of cash books.

MANAGING A BUSINESS
MANAGING A BUSINESS The topic entails: • Definition of management and how it can be applied to day to day lives • Discussion of management functions and how they contribute to the success of a business.

PRODUCT MARKETS
The topic entails:- - Meaning and types of product markets - Show clearly price and output determination in all markets - Discuss the causes of various types of market situations - Discuss other methods of price determinations.

WAREHOUSING
The topic entails; - Meaning and importance of warehousing to business - Outline the essentials of a good warehouse - Distinction between the various types of warehouses as well as the advantages and disadvantages of each type of warehouse.

Question and Answers Part I
Business Studies Q&A for Long Answers

Question and Answers Part II
Questions and Answers for short question in an exam format