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Academic Quotes

The first problem for all of us, men and women, is not to learn, but to unlearn - Gloria Steinem

The act of unlearning is an excellent form of learning. Infact, you will need the skills of unlearning if you intend to become an expert in your desired field.

Do yourself a favor by unlearning, learning and re-learning on a daily basis

If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much - Jim Rohn

There's something special about you. It doesn't matter whether you work for a company or someone; what matters is the amount of investment you've made on yourself.

Investing in yourself is the best life plan you can design for your future

Smile - Len Academy

Peace begins with a smile - Mother Teresa

Never underestimate the power of your smile. It can lift up the depressed, improve the mood of the downtrodden and even discourage a suicidal attack. Also remember that your smile makes you more beautiful

Smile always for your own good and the good of others

The only person who is educated is the one who has learned how to learn …and change - Carl Rogers

To perfect your learning process, you must learn, unlearn and re-learn. Infact, we all need to learn how to unlearn those vices we know about ourselves.

Do you know that seeing the devastating consequences of vices (perhaps in movies or real-life) can initiate the unlearning processes in one who does such?

Start where you are. Use what you have. Do what you can - Arthur Ashe

Start now. You've got all it takes to achieve greatness, so no environment can limit you. Just begin something, give in your best and don't stop.

Remember, don't stop giving your best if you truly desire greatness. Nothing can stop you except yourself


An accounting system focused primarily on a balanced debit and credit side is termed _____.

  • A. Ledger system

  • B. Journal system

  • C. Double entry system

  • D. Balance sheet system

  • E. Principle of accounting system

  • F. Balanced accounting system

ANSWER: Double entry system

The process of keeping an account with debit and credit sides is termed a double entry system or dual entry system. Understand that both sides of the account must be balanced.

The principle of double entry (also called the duality principle) states that 'for every debit entry made, there must be a corresponding credit entry'.

Please read on the principle of double entry here

With regards to money, which of the following statement is incorrect?

  • A. Money is crucial for the survival of every human being

  • B. Money is completely advantageous

  • C. Money is defined as anything that is generally accepted as a medium of exchange

  • D. Monopoly is said to exist when money and wealth exists in the hands of a few

  • E. Excess money in an economy can lead to inflation

  • F. When a person receives money that isn't commensurate with the job he or she had done, then that's underemployment

ANSWER: Money is completely advantageous

The above options gives a clue to what money is. However, money is not completely advantageous. Infact, money has got various disadvantages.

Please read on the disadvantages of money here

Which of the following statement is wrong with regards to business?

  • A. Business involves the exchange of something for another thing or money

  • B. Business is an economic activity

  • C. In business, profit goes beyond money

  • D. Businesses do not have social responsibilities to their customers

  • E. The exchange of services is an aspect of business

  • F. Businesses can be affected by government policies

ANSWER: Businesses has no social responsibilities to their customers

Nowadays, businesses have social responsibilities to their customers and that's why we see various giveaways (or freebies) by some businesses. The do these giveaways in an attempt to support and appreciate their customers and the society at large.

To this end, some businesses may even repair or build roads in order to facilitate their business. Recall that roads are meant to be built by the government; but when a private business does this, then it becomes a social responsibility because the society benefits from it.

Note: Social responsibility in business is a theory that asserts that businesses have an obligation to act in a manner that benefits their customers and the society at large.

Please read more on the concept of business here

Consumer _____ are the laws and methods put in place by various agencies so that consumers can enjoy maximum satisfaction on the goods they buy and services rendered to them.

  • A. Protection
  • B. Policy
  • C. Rights
  • D. Defence
  • E. Guide
  • F. Safety

Which of the following is not a characteristics of business?

  • A. The buyer and seller must always come into a contract agreement

  • B. Risk from unforseen circumstances is involved

  • C. They are subject to policies made by the government

  • D. All business transaction is aimed at making profit

  • E. It requires a discontinuous transaction between the buyer and the seller

  • F. Investments are required to begin a business

Answer: It requires a discontinuous transaction between the buyer and the seller

Business is a continuous transaction between the buyer and the seller. Understand that the buyer and seller are always present during a business transaction and either entities can be me, you or any other person

Please read on Business and Characteristics of Business here.

Which of the following is not a Right of Consumer Protection?

  • A. Right to Education
  • B. Right to Choose
  • C. Right to Safety
  • D. Right to the Good things of Life
  • E. Right to be Assured
  • F. Right to Compel

ANSWER: Right to Compel

Right to Compel is NOT a Right of Consumer Protection.

You can read on the Rights of Consumer Protection here

Which of the following is NOT a government agency of consumer protection?

  • A. Ministry of Sports
  • B. Ministry of Commerce
  • C. Consumer Protection Council
  • D. Ministry of Health
  • E. Ministry of Environment
  • F. National Drug Law Enforcement Agent

ANSWER: Ministry of Sports

Ministry of Sports is not an agency of consumer protection.

Please read on the explanations of the Government Agencies of Consumer Protection here

Define Consumer Protection.

Consumer Protection refers to the ways or methods through which consumers enjoy maximum satisfaction from the goods they buy and services rendered to them

Three agencies responsible for promoting consumer protection are:

  1. Government Agencies
  2. Independent Agencies
  3. Legislation

Please read on consumer protection here

In buying and selling, the retailer will usually operate from the stall while the wholesaler operates from the _____.

  1. Chain store
  2. Hyper market
  3. Hypo market
  4. Warehouse
  5. Mobile shop
  6. Supermarket

ANSWER: Warehouse

A warehouse is a building where large quantities of goods are stored. They are usually managed and operated by the wholesaler.

Please read on the Characteristics of a Wholesaler here

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