Business Studies E-Notes for Year 8, 2nd Term

Business Studies

This document contains e-notes for Year 8 Business Studies, 2nd Term, covering topics like insurance, entrepreneurship, business opportunities, consumer rights, shopping tips, bookkeeping ethics, ledger entries, petty cash book, and cash book for the 2024/2025 academic session.

Finance Business Accounting

23 Questions Easy Ages 12+ Mar 25, 2026

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About this Study Set

This study set covers Business Studies through 23 practice questions. This document contains e-notes for Year 8 Business Studies, 2nd Term, covering topics like insurance, entrepreneurship, business opportunities, consumer rights, shopping tips, bookkeeping ethics, ledger entries, petty cash book, and cash book for the 2024/2025 academic session. Every question includes the correct answer so you can learn as you go — pick any format above to get started.

Questions & Answers

Browse all 23 questions from the Business Studies E-Notes for Year 8, 2nd Term study set below. Each question shows the correct answer — select a study format above to practice interactively.

1 What is the primary purpose of insurance?

A To increase business profits
B To provide financial protection against future losses
C To eliminate all business risks
D To guarantee a fixed income

2 Which of the following is an example of an insurable risk?

A Risk of war
B Profit or loss from competition
C Motor vehicle damage
D Launching a new product

3 Comprehensive motor vehicle insurance provides coverage for:

A Only the third party's vehicle damage
B Damage to the insured's vehicle only
C Complete coverage for the insured and third parties
D Damage caused only by theft

4 What is the oldest type of insurance policy mentioned?

A Life assurance
B Fire insurance
C Marine insurance
D Vehicle insurance

5 Which principle of insurance states that all relevant information must be disclosed?

A Indemnity
B Contribution
C Utmost good faith
D Subrogation

6 An entrepreneur is defined as an individual who:

A Manages a business for others
B Takes risks to establish a business
C Only provides capital for a business
D Inherits a business

7 Which of these is NOT a characteristic of a successful entrepreneur?

A Willingness to take risks
B Quitting at the first obstacle
C Being action-oriented
D Thriving on uncertainties

8 What does 'networking' refer to for entrepreneurs?

A Connecting with clients
B Meeting people to share passion and gain support
C Attending business seminars
D Developing new product ideas

9 A business opportunity involves the chance to engage in production of goods or rendering of services to earn a:

A Social status
B Political influence
C Means of livelihood
D Creative outlet

10 Buying a franchise is an example of which type of business opportunity?

A Local
B National
C International
D It can be any of the above depending on the franchise

11 A business that operates in only one country but has many locations is considered:

A Local business
B National business
C International business
D Multinational enterprise

12 Which of these is NOT a well-known multinational enterprise mentioned in the text?

A Samsung
B Microsoft
C Toyota
D McDonald's

13 A consumer is a person who buys and uses a product or service for:

A Resale
B Production
C Direct use or ownership
D Manufacturing

14 Consumerism is a movement by consumers to obtain the greatest benefit from goods and services purchased for:

A Investment
B Consumption
C Production
D Resale

15 Which of the universal consumer rights states that consumers should not be sold dangerous goods?

A Right to be heard
B Right to choose
C Right to safety
D Right to seek redress

16 What is a consumer responsibility related to advertisements?

A To believe all advertisements
B To act as a guide against deceptive advertisements
C To create advertisements
D To ignore advertisements

17 Needs are described as:

A Mere desires for goods or services
B Wants that give satisfaction
C Fundamental to human existence
D Luxuries

18 The arrangement of needs or wants in order of priority is called:

A Choice
B Opportunity cost
C Scale of preference
D Impulse buying

19 Opportunity cost refers to:

A The price paid for a chosen item
B Forgone alternatives as a result of making a choice
C The total cost of all available options
D The satisfaction gained from a purchase

20 Impulse buying is described as:

A A planned purchase
B An unplanned decision to buy
C A purchase made after extensive research
D A necessity

21 A written commitment by the manufacturer that a product is in good condition and will be repaired or replaced if faulty is a:

A Guarantee
B Warranty
C Installation
D Delivery

22 Book-keeping ethics refers to the acceptable ways or mode of behavior for:

A Customers
B Managers
C Book-keepers
D Auditors

23 What does 'TAP' stand for in book-keeping ethics?

A Trust, Accountability, Probity
B Transparency, Accountability, Probity
C Trust, Action, Progress
D Transparency, Action, Progress

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