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What is a key characteristic of a profession?
What is a key characteristic of a profession?
What is the primary objective of a business?
What is the primary objective of a business?
Which of the following is an example of a non-economic activity?
Which of the following is an example of a non-economic activity?
What is employment?
What is employment?
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Which of the following is a characteristic of a business?
Which of the following is a characteristic of a business?
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What is the element that is not found in non-economic activities?
What is the element that is not found in non-economic activities?
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Which of the following is NOT a dimension of business?
Which of the following is NOT a dimension of business?
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What is the intention of a business?
What is the intention of a business?
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What is the main objective of for-profit commercial organizations?
What is the main objective of for-profit commercial organizations?
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Which type of organization has a social goal in mind?
Which type of organization has a social goal in mind?
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What is the characteristic of charitable organizations?
What is the characteristic of charitable organizations?
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What is the primary function of state-owned public sector organizations?
What is the primary function of state-owned public sector organizations?
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What is a characteristic of businesses that operate internationally?
What is a characteristic of businesses that operate internationally?
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Which type of organization aims to raise money for a particular cause?
Which type of organization aims to raise money for a particular cause?
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What is the main difference between for-profit and not-for-profit organizations?
What is the main difference between for-profit and not-for-profit organizations?
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Which of the following is an example of a public service organization?
Which of the following is an example of a public service organization?
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What is the main objective of government regulation of business?
What is the main objective of government regulation of business?
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What happens if a business fails to comply with tax laws and regulations?
What happens if a business fails to comply with tax laws and regulations?
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What is the concept of 'economies of scale'?
What is the concept of 'economies of scale'?
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What is the purpose of tax courts?
What is the purpose of tax courts?
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What is required of a licensed accountant to stay updated with law changes?
What is required of a licensed accountant to stay updated with law changes?
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What is the primary role of the Bank of Industry in Nigeria?
What is the primary role of the Bank of Industry in Nigeria?
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What is a key issue in law and accounting today?
What is a key issue in law and accounting today?
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What is the meaning of international business?
What is the meaning of international business?
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What is the purpose of release forms in an accountant's office?
What is the purpose of release forms in an accountant's office?
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What is the main characteristic of a sole proprietorship?
What is the main characteristic of a sole proprietorship?
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What is a consequence of the evolution of the internet and the paperless world?
What is a consequence of the evolution of the internet and the paperless world?
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What is the primary purpose of a memorandum of association?
What is the primary purpose of a memorandum of association?
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What is one way the government has adapted to the paperless world?
What is one way the government has adapted to the paperless world?
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What is the concept of corporate social responsibility?
What is the concept of corporate social responsibility?
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How can businesses be classified?
How can businesses be classified?
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What is the primary function of a feasibility report?
What is the primary function of a feasibility report?
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What is the main difference between a limited liability company and a partnership?
What is the main difference between a limited liability company and a partnership?
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What is the main purpose of a business plan?
What is the main purpose of a business plan?
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What is the primary goal of a business?
What is the primary goal of a business?
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What is the role of finance in a business?
What is the role of finance in a business?
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What is the process of creating utilities in goods?
What is the process of creating utilities in goods?
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What is the primary function of marketing in a business?
What is the primary function of marketing in a business?
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Why is organization structure important in a business?
Why is organization structure important in a business?
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What is the primary aim of a business in relation to society?
What is the primary aim of a business in relation to society?
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What is the result of a business if the consumer is satisfied?
What is the result of a business if the consumer is satisfied?
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What is not considered a business if it is done in isolation?
What is not considered a business if it is done in isolation?
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Study Notes
Chapter 6: The Legal Forms of Business Ownership
- The chapter covers the classification of business organizations, determinants of the choice of forms of business ownership, and the basic forms of business ownership.
- The basic forms of business ownership include:
- Sole Proprietorship
- Partnership
- Limited Liability Company
- Public Corporations
- Franchises
Chapter 7: Forms of Business Combinations
- The chapter covers the concept of business combinations, types of business combinations, and the definition of merger.
- Types of business combinations include:
- Merger
- Acquisition
- Integration
- Consolidation
- Absorption
- Takeover
- Conglomerate
Chapter 8: Documents Used by Business Organizations
- The chapter covers the documents used by business organizations, including:
- Memorandum of Association
- Articles of Association
- Prospectus
- Certificate of Incorporation
- Certificate of Trading
- Feasibility Report and Business Plan
- Minutes of Meeting
- Schedule of Non-Current Assets
- Schedule of Directors
- Schedule of Shareholders
- Vision
- Mission
- Goals and Objectives
- Strategies
- Policies
Chapter 9: Scale Operation and Economies of Scale
- The chapter covers the concept of economies of scale, measurement of size of business, and the determinants of the size of the firm.
- Economies of scale can be broken down into:
- Technical economies
- Financial economies
- Managerial economies
- Marketing economies
- Purchasing economies
- The chapter also covers the concept of capitalism, socialism, and mixed economy.
Chapter 10: Government and Business in Nigeria
- The chapter covers the objectives of government regulation of business, reasons for government control of business, and the role of government in business.
- The chapter also covers the specific ways government in Nigeria has aided business development and the roles of some government agencies in the regulation and control of business.
Chapter 11: International Business Administration
- The chapter covers the meaning of international business, relevant forces of international business administration environment, and the challenges/barriers to effective international business administration.
- The chapter also covers foreign exchange market, foreign direct investment, tariffs, exporting and importing regulations and documentation, international trade, and classical theories of international trade.
Chapter 12: Business Social Responsibility
- The chapter covers the meaning, nature, and scope of business social responsibilities, dimensions of corporate social responsibility, and the arguments for and against corporate social responsibility.
- The chapter also covers the changing concept of social responsibility for business, the stakeholder concept, and the best practices and standards in corporate social responsibility.
Chapter 13: The Problems of Business Administration in Nigeria
- The chapter covers the economic activities, which can be classified into three: profession, employment, and business.
- The chapter also covers the definition of business and the problems of business administration in Nigeria.### Characteristics of Business
- A business is not just a single transaction, but a series of transactions that involve repeated buying and selling of goods or services.
- Business creates utilities in goods, such as storing and supplying them when needed, to meet consumer preferences and needs.
- An organization structure is essential for a business to operate successfully, with various activities divided into departments, sections, and jobs.
- Financing is necessary for a business to provide fixed and working capital.
- The ultimate aim of business is to satisfy consumer needs, and if consumers are satisfied, they will purchase again.
Functions of Business
- Production function involves transforming raw materials into goods and services.
- Marketing function involves all activities from getting products from producers to consumers, including creating customers and providing maximum satisfaction.
Importance of Laws and Regulations
- Businesses must comply with laws and regulations, including tax laws, to avoid penalties and interest.
- Tax authorities assess penalties and interest for non-compliance, and may even levy bank accounts and cancel permits.
- Tax courts provide a platform for resolving disputes between taxpayers and the Internal Revenue.
Role of Accountants
- Accountants must stay updated with changing laws and regulations to provide accurate information to clients.
- Continuing education is required for accountants to maintain their licenses.
- Accountants must maintain ethical standards and code of conduct, and avoid performing legal acts.
Classification of Businesses
- Businesses can be classified according to business objectives, areas of operation, size, types of products, sectors of the economy, and mode of ownership.
- By business objectives, businesses can be classified into profit-making, not-for-profit, charitable, and public service organizations.
- By area of operation, businesses can operate internationally, nationally, or locally.
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