Classwork Series and Exercises {JSS1 – Business Studies}: Introduction To Business Studies

 Business Studies JSS 1

Topic: Introduction to Business Studies

Contents:

• Meaning of Business
• Meaning of Business Studies 
• Importance of Business studies

Business: It is  any activity performed or service rendered which provide goods or services to satisfy human needs and desires. It should be noted that any business activity must be legal and must bring a reward or profit.

The goods and services provided in any business activity must result in the provision of tangible or intangible goods. A tangible good is a good you can see physically or hold e.g biro, shoes, dresses etc while intangible goods are what cannot be seen or touch, it involves services rendered by teachers, doctors, engineer,etc.

Business Studies can therefore be defined as the study of how businesses work, especially  the financial and the management aspects of business.

Importance of Business studies

The importance of business studies are the following

• Business studies helps to provide opportunity for self development
• It provides opportunity for making appropriate career selection
• It helps individual to make better investment decision
• The knowledge of business studies help consumer to make better decisions about their daily needs
• It develops individual ability to calculate
• It makes a person get good demand for the money spent.

Functions of Business

Business performs the following functions, which are:

• Business serves as employment opportunity for people
• It makes raw materials available for the production of goods required by the people.
• Business makes goods and services available for people
• It’s a source of livelihood
• Good business makes life comfortable for the people

Test and Exercise

1. The goods that can be seen and hold is referred to as ———-(a) good goods (b) tangible goods (c) bad goods (d) intangible goods
2. Any activity performed or service rendered which provides goods or service to satisfy human needs is ——— (a) business studies (b) goods (c) business (d) ideas
3. The aim of any business is to yield (a) profit (b) loss (c) capital (d) all of the above
4. All the following are example of tangible goods except (a) bag (b) biro (c) service of a doctor (d) clothes
5. The study of how businesses work is simply (a) business (b) business application (c) business interest (d) business studies      http://passnownow.com/classwork-support/