About Business Studies

Business studies is a subject taught in an academic curriculum in schools and colleges across a plethora of nations. Accountancy, studies, marketing, operations,  human resource management, finance,  and organization are all part of the research. Students will gain a complete grasp of the various facets of successfully operating a company by taking a business studies class, which is an all-encompassing subject that covers a wide number of topics.

The academic course in Business Studies

Because official commerce education is offered after the first 10 years of schooling, courses in Business Studies and Accountancy are introduced at the + 2 stages of Senior Secondary Education. As a result, it is critical that students get taught in these topics in such a way that they gain a thorough grasp of the ideas and procedures that govern business (trade and industry), as well as their connection with society.

Objectives of the Business Studies academic course

  • To instill a business mindset in pupils and build skills that will prepare them for higher education, the workforce, and self-employment.
  • To help students have a better grasp of business operations and their surroundings.
  • In order to familiarize pupils with the dynamic nature and interdependence of the business world;
  • To cultivate an interest in business, commerce, and industry theory and practice;

Importance of Business Studies

Students that take a Business Studies course will learn how to analyze, manage, assess, and respond to business developments. It gives you a new way to look at and engage with the business world. It acknowledges that social, legal, political, and economic forces impact and are influenced by business. It enables students to recognize the importance of business in society and to build an awareness of a variety of social and ethical concerns.

Conclusion

As a result, a Business Studies course would be beneficial in gaining a fundamental understanding of the business sector. It also provides kids with information on a variety of study and employment opportunities, bridging the gap between school and job.

Following are some of the multiple choice questions on the Business Studies with answers that will help the students in developing their knowledge.

Business Studies MCQ

1. What is a business plan?

  • Written document that only outlines the business practices of the new business.
  • Written document that describes the financial aspects of the business.
  • Written document that only describes the ownership of the business.
  • Written document that describes all the steps necessary for opening and operating a successful business.

2. Define Socio- economic Issues (UND)

  • All issues affecting the economy
  • refers to the issues that the country is facing
  • Issue that the people are facing and has affect to the economy
  • issues are concerns regarding the factors that can impact an individual or family‚Äôs social standing and economic status

3. What does plc stand for

  • public limited company
  • private limited company.
  • peoples lovely companies
  • public liked company

4. Tarang was a leading manufacturer of basic keypad mobiles. However, demand for such mobiles drastically decreased with the origin of smart phones. Identify the main cause of business loss.

  • Natural Cause
  • Human Cause
  • Economic Cause
  • Other Cause

5. Capital is not an essential element in

  • Business
  • Profession
  • Employment
  • None of these

6. It refers to a body with power to make and enforce laws within a state or over certain groups of people.

  • Business
  • Government
  • Shareholders
  • Stockholders

7. Power Ltd. decided to open a factory in the remote area of Bihar. Company's aim is to raise the standard of living of people in the rural areas. Identify the objective of business which is followed by the company.

  • Economic Obective
  • Individual Objective
  • Social Objective
  • Other Objective

8. A business plan

  • is useful once your business is operational but not much help during the startup phase
  • is not usually needed to secure financing in your business
  • can serve as a tool for managing your business once it is up and running
  • All of the above

9. What is the definition of a fixed cost?

  • A cost that varies with output
  • A cost that does not vary with output
  • Costs that do not change
  • Costs that change only when agreed

10. What is the formula for Profit?

  • Revenue - Sales
  • Revenue - Costs
  • Revenue - Fixed Costs
  • Revenue - Gross Profit

11. What is the formula for Revenue?

  • Output x Selling Price
  • Output x Cost
  • Selling Price x Costs
  • Selling Price x Total sales

12. Expenses are...

  • The cost of producing a product, otherwise called direct costs
  • Other costs that are not related to producing the product, otherwise known as indirect costs
  • Cost that do not change with output
  • Running costs

13. Which 3 of the following costs would be considered as expenses?

  • Rent
  • Utility bills
  • Tax
  • All of above

14. Expenses can be referred to as 'Overheads'.

  • True
  • False

15. If a business's costs exceeds it sales revenue, it will experience a ........?

  • loan
  • profit
  • loss
  • debt

16. What is a variable cost?

  • A cost which does not change
  • A cost which they must pay even if they produce nothing
  • A cost which changes the more or less the business produces
  • A cost the business pays when they start

17. Which 3 of these are costs?

  • Fixed
  • Variable
  • Operating
  • All of above

18. What helps to create brand identity?

  • Having multiple products
  • An increase in profits
  • Creating a logo for the company/product
  • Both A & B

19. Which of these is a method of product differentiation?

  • Having a unique selling point
  • Selling a product in multiple territories
  • Introducing a product at a low price
  • All of above

20. Which of the following describes the money going into a business?

  • An input
  • Revenue
  • An output
  • None of these

21. What is a car an example of?

  • A cost
  • A service
  • A product
  • All of above

22. Which industry sector are raw materials a part of?

  • The primary sector
  • The secondary sector
  • The tertiary sector
  • All of above

23. Which industry sector is an advertising agency part of?

  • The primary sector
  • The secondary sector
  • The tertiary sector
  • None of these

24. What is an operating cost?

  • Something a business pays before the company starts
  • Something the company receives
  • Something the company pays for their day to day running
  • Something the company cant afford

25. Start up costs are...

  • the amount of money spent setting up a business
  • money spent on a regular basis to keep a business running
  • Fixed Costs + Variable Costs
  • costs which change with output

26. Which of the following is it OK to leave out of a business plan?

  • Location
  • Marketing
  • Employees needed
  • None of the above

27. True or False: Business plans are used by new, rather than established, firms

  • TRUE
  • FALSE

28. Your business plan should never list any risks or potential problems.

  • True
  • False

29. All partnerships must be 50 - 50?

  • True
  • False

30. Why do you need a business plan?

  • To explain your idea
  • the ability to get financing.
  • it's a road map that sets objectives and goals for the business
  • All of the above

31. Which of the following statements about business plans is TRUE?

  • Business plans eliminate risk to lenders
  • Business plans reduce risk to lenders
  • Business plans increase risk to lenders
  • Business plans have no impact on risk to lenders

32. Which of these pieces of information would NOT be in a business plan put together by a new business?

  • Target market
  • Market research
  • Profit
  • Estimated cashflow

33. An entrepreneur is creating a business plan for a new business ; they are including a section on sources of finance. Which of these are appropriate sources of finance to suggest? (Suggest as many as are appropriate)

  • Grant
  • Bank loan
  • Owner savings
  • All of above

34. A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.

  • Companies, Business
  • Companies, Research
  • Customer, Business
  • Business, Customer

35. What are the solutions to the unemployment?

  • Encourage Entrepreneurship
  • All secondary schools should have active partnerships with employers
  • Earlier Career Guidance
  • All of the above

36. Which one from the above is not the main cause of unemployment?

  • decrease in Population
  • Slow Economic Growth
  • Fall of Cottage and Small industries:
  • slow Growth of Industrialisations

37. What is the unemployment?

  • refers to the person who does not have a job.
  • All people who are not working.
  • Unemployed citizens
  • Unemployment or joblessness is the situation of actively looking for employment but not being currently employed

38. Which places that are most affected by the poverty?

  • Rulal areas
  • Surbubs
  • Urban areas
  • Township

39. How can the poverty be addressed?

  • Create jobs
  • raise a minimum wage
  • Establish work schedules that work
  • All of the above

40. What are the causes of poverty?

  • corruption
  • world hunger
  • Lack of access to education
  • all the above

41. Who is the current president of south africa

  • Donald Trump
  • Cyril Ramaphosa
  • Jacob Zuma
  • Privan Gordan

42. How many people in SA live in poverty?

  • 50%
  • 66.6%
  • 33,7%
  • 7%

43. Poverty is the condition where by people cannot afford basic needs like food, clean water and shelter.

  • True
  • False
  • maybe
  • all of the above

44. .......... relating to both economics and social factors.

  • Social justice
  • socioeconomic
  • poverty
  • inequality

45. Which one of these is the impact of unemployment?

  • Crime rate increase
  • Political disturbance
  • Decrease in the country's GDP
  • All of the above

46. ................. is not the example of socio-economic issues

  • inequality
  • Poverty
  • Inclusive
  • education

47. What effects does poverty have?

  • violence at home and outside
  • population
  • lack of transport
  • poverty

48. How can we end poverty?

  • Develop national poverty reduction plans.
  • Enhance economic growth with targeted action
  • Equal education.
  • All of the above

49. Name the function of management which is concerned with finding out deficiencies in implementation of plans.

  • Planning
  • Staffing
  • Directing
  • Controlling

50. What is meant by Efficiency??

  • Completing a task in time
  • Completing a task with minimum resources
  • Completing a task in minimum time however the cost may be more
  • All are correct

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