Business Studies

Question 1

What is a co-operative society

Answer 1

A co-operative society is a group of people with common interests who come together to promote the welfare of members

Question 2

What are the two agencies that supervise and monitor chemicals?

Answer 2

NAFDAC and SON

Question 3

What are the two advantages of co-operative society?

Answer 3

Members have equal rights
Profit is shared among members

Question 4

List two disadvantages of co-operative society

Answer 4

Slower decisions
Inexperienced leadership

Question 5

List 3 examples of public enterprises

Answer 5

BBC
WBC
NNPC

Question 6

List all the types of co-operative society

Answer 6

Credit and thrift
Producers
Consumers
Retailers
Wholesalers

Question 7

What is the difference between Invoice and reciept?

Answer 7

An invoice is a note given to a buyer for unpaid goods while receipt is the note given to the buyer for paid goods

Question 8

What is Book-Keeping?

Answer 8

Book-Keeping is the art of recording business transactions in an orderly manner

Question 9

List 4 types of journal

Answer 9

Sales journal, purchase journal, Cash book, general journal

Question 10

What is a society?

Answer 10

Society is a group of people with common interest