BUSINESS STUDIES JSS.3

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.

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.

• To help reduce the risk of business failure.

• All of the above.

What is meant by the term production?

• Changing raw materials into goods and service
• What happens on a movie set
• A small shop selling groceries
• Producing products by recycling

Unlimited liability means?

• The owner is personally liable to cover business debts and any costs the business can not cover

• The owner(s) do not have to cover all business costs personally in the case of them being sued or going into debt

• A corporation is not responsible for taking care of lawsuits

• A sole Proprietorship will have enough money and coverage to pay any and all debts

A person who buys goods and services is called a

• Consumer
• Producer
• Server
• Student

Messengers riding bicycle or motorcycle to dispatch letter

• Errand boys

• Bicycle boys

• Motorcyclist

• Dispatch riders

Buying on credit means

• paying immediately

• hire purchase

• paying later

• paying in advance

The electronic devices that accepts data, processes it and gives out the result is called

• photocopying machine

• typewriter

• computer

• duplicating machine

Which of the following are the main branches of trade?

• Home and Domestic

• Wholesale and Retail

• Hawker and Consumer

• Home and Foreign

A place where goods are kept until they are needed is called ……….

• Shop

• Warehouse

• Canteen

• Office