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Question 1

DEFINITION OF BUSINESS
Goods:-
Services:-

Answer 1

Business can be defined as all human activities that satisfy human needs and wants geared towards making a profit.
-are physical products include both basic necessities andluxuries
are activities that help people or organizations without
directly creating a physical product.

Question 2

Major Functions of Business

Answer 2

I. Business converts resources to useful goods and services
II. Business transforms input into output
III. Adds utility to outputs

Question 3

Components of Business

Answer 3

Broadly, business can be classified categories:
I. Industry
II. Commerce

Question 4

What is Industry?

Answer 4

• Industry is a collection of all businesses that perform similar operations to provide some general kinds of goods and services.

Question 5

Types of Industry

Answer 5

-Primary industry include extractive and generic industry, whereas
-secondary industry include manufacturing and construction industries

Question 6

1.Extractive, 2.generic, 3. Construction, 4. Manufacturing Industry

Answer 6

1-applicable to the discovery and use of natural resources
Example: fishing, hunting, mining, farming,
2-are engaged in reproducing and multiplying animals and species of plants with the aim of getting profit. Example:- Cattle breading, Poultry, breeding plants etc.
3.characterized by construction of roads, bridges, canals, dams,
4.converting raw materials into finished products or semi-finished products.

Question 7

Manufacturing industry is subdivided into the following groups.

Answer 7

analytical, synthetic ,processing ,assembling Manufacturing industry

Question 7

Manufacturing industry is subdivided into the following groups.

Answer 7

analytical, synthetic ,processing ,assembling, CONTNIOUS Manufacturing, SERVICE industry

Question 8

WHAT IS COMMENCE

Answer 8

exchange process which ensures free movement and flow of goods from producer to consumers
A part of business which help to establish healthy contacts between producers and consumers by removing obstacles of place ,time, possession, finance, risk and others.

Question 9

Commerce can be classified into two categories,
Trade can be divided into TWO what are they

Answer 9

1.TRADE :- the process of taking goods from the production center or procurement place TO consumer.
a. Wholesale trade:- Buying in large quantities from producer and sell to retailers in small quantities.
b. Retail trade:- Traders who engaged in selling goods in small quantities directly to the public.

Question 10

Requisites for Success in a Business
controlling costs what is direct ,indirect, overhead costs.
in responding to changes what are innovation ,demand , competition, control

Answer 10

setting objectives
working with people
measuring and controlling costs
responding to changes
managmnent tecniques

Question 11

what is buisness enviroment
Business environments are classified as internal and external environment what are they and explain the external env

Answer 11

is the collection of factors outside and inside the business system that influence the activities.
-The internal business environments
i. The market
ii. Suppliers
iii. Marketing intermediaries
The external business environments
are composed of forces outside and beyond the immediate control of the business firm. It includes the following forces:
I. Economic environment
II. Legal environments
III. Socio-cultural environment
IV. Physical environment
V. Technological environment.

Question 12

what is A peak or boom
what Are recession contraction
A trough or depressions

Answer 12

is reached when the economy has produced the greatest amount of output.
–* output actually decreases(the rate of growth becomes negative)
* unemployment begins to rise
* the inflationary pressure on prices fades
–* unemployment tends to beat its peak
* production at it low point
* There is very little upward pressure on prices and in some cases there is downward pressure on prices (deflation).

Question 13

what are The types of Economic System

Answer 13

The free-market system encourages entrepreneurs to risk their capital to own businesses.
Command economy does not encourage entrepreneurs the desire to risk their capital in order to generate profit.

Question 14

II. Legal Environment
Why legislations have been enacted?

Answer 14

The legal environment is shaped by the interaction between businesses and government.
-to ensure the existence of free and fair competition among companies.
to protect consumers from unfair business practices.

Question 15

what is Business law

Answer 15

legal system that provides for a smooth and orderly flow of business transactions

Question 16

what is Business law

Answer 16

legal system that provides for a smooth and orderly flow of business transactions

Question 17

Law of contracts:

Answer 17

A contract is a voluntary agreement between two or more parties to do or not to do something
Useful laws in business: the law of contract, lawof sales, the law of agency, the law of negotiable instruments, the law of
warrants and product liability, the law of trademarks, copyrights and patents, and the law of bankruptcy.

Question 18

For a valid contract toexist, thefollowing requirementsmust bemet:

Answer 18

1. Voluntary agreement:
   * there is a mutual consent betweentheparties.* The buyer without being forcedmust accept agenuine offer unconditionally
2. Competent contracting parties:
   Contracts with parties who are under legal age, insane, seriously intoxicated, or otherwise unable to understand the nature of the transaction are typically unenforceable.
   3.Legal act:
   * The subject of the agreement must not be in conflict with public policy
3. Consideration:
   * Something of value, or consideration, must be received by the seller in exchange of what it gave to the buyer
4. Form of contract:
   * Contracts may be written or oral. * Some contracts must be in written form to been forceable

Question 19

Real property may be transferred by deed or lease in law of sale .

Answer 19

A deed actually transfers ownership to a new owner
A lease gives temporarycontrol of realproperty.

Question 20

what is Agency

Answer 20

An agent is a person or company authorized to carry out business and enter into agreement son behalf of another person or company called the principal.

Question 21

Law of Negotiable instruments The law specifies a negotiable instrument must have the characters in order to be transferable to anewowner, that is, to circulate much like cash.It must, for example, be written and properly signed.It must contain an unconditional promise to pay” either on demand or at a definite future date .Example: Checks

Question 22

A warranty
Express warranties

Answer 22

is a legal assurance that goods or services being sold have certain characteristics
-often state that the seller will repair any defects or replace the merchandise if defects are found.
The main provisions of an implied warranty are that:
(a) The buyer is receiving ownership of the property and that the seller is authorized to sell

Question 23

A trademark
Copyright

Answer 23

-is any word, name, symbol or device used to distinguish the product of one manufacturer from those made by others.For example, Pepsi Cola
-protects property created by the mind.

Question 24

Patents

Answer 24

protect the invention or discovery of anew and useful process, an article of manufacture , a machine, a chemical substance ,or an improvement on any of these.

Question 25

Bankruptcy laws

Answer 25

are intended to protect as fully as possible both a company and person with no enough money to pay debts to creditors

Question 26

The socio-cultural environment ismadeup of institutions and other forcesthataffect society’s basic values, perceptions,preferences, andbehaviours.

Question 28

a. Cultural Values and Beliefs
Core beliefs and values have a high degree of persistence.
Believing in marriage is a core belief; believing that people should get married early in life is a secondary belief.
b. People’sViewsBusiness enterprises need to find ways to win consumers’
confidence.
IV. Physical EnvironmentBusiness enterprises should be awareof threetrendsinthe physical environment:
a) Shortage of raw materials
b) Energy supply
c) Environmental

Question 29

a) Shortagesof RawMaterials

Answer 29

Renewable resources such as forests arenot foundasthey were in the past. Non-renewable resources, such as oil, ironore, andsalthave recently posed a serious problem.