JSS1 - SS3 Lesson Notes
Lesson Notes, Audio Lessons, Exam Questions
Lesson Notes, Audio Lessons, Exam Questions
A partnership is defined as the relationship that exists between two or more (but more than twenty) persons carrying on a business in common for the purpose of making profits. A partnership is the relationship that exist when two or…
Business units can be divided into two broad classes namely, the private sector or private enterprise and the public sector or public enterprise. The private sector or enterprise is made up of all the business enterprises owned and controlled by…
Communication is the act of sending and receiving message/information from one person or place to another. Communication could be oral, written or visual. IMPORTANCE OF COMMUNICATION TO COMMERCE It facilitates contacts between businessmen It creates awareness for goods and…
A stock exchange is a specialized market where investors can buy and sell existing securities like shares, stocks, debentures and gill edge securities. It is a part of the capital market. FUNCTIONS (IMPORTANCE) OF THE STOCK EXCHANGE It is…
DETERMINATION OF THE VIABILITY OF A BUSINESS To determine whether or not a business is viable an investigation into the following sources of information must be made. Trading, Profit and Loss Account. Balance Sheet Annual Reports of Limited companies. Stock…
The profit of a business firm could be either Gross Profit or Net Profit. GROSS PROFIT This is the total sales less Cross Price: It is the same as mark-up which is the amount a seller adds to his…
Capital in business refers to all the assets and property of a firm. TYPES OF CAPITAL FIXED CAPITAL: This refers to the assets of a firm which the business is carried on, and which are used continuously in the…
Information processing is the acquisition, recording, organization, retrieval, display and dissemination of information. Information processing could also be referred to as the manipulation of digitalized information by computers and other digital electronic equipment, known collectively as Information technology. A computer…
Transportation is one of the aids to trade and branches of commerce which is a means whereby people and goods are moved from one place to another either through water, road, rail or air. IMPORTANCE OF TRANSPORT Movement of goods…
Nigeria port authority is an organ of the federal government charged with the responsibilities of producing facilities and controlling sea ports in a country. They provide facilities at the port to ensure effective and efficient sea transportation. The facilities are…
Export trade: the selling of goods/service of a country abroad. It includes goods and services sold to other countries. Nigeria’s export products are cocoa, crude oil, rubber, cassava, etc. Export can be visible and invisible. Visible export are tangible goods…
Custom and Excise authority is an agency charged with the responsibilities of assessing and collecting revenue due from import and export. It is a revenue collecting organ of the government. The department of customs and excise under the ministry of…
DOCUMENTS USED IN FOREIGN TRADE Bill of lading Airway bill Indent Certificate of insurance Consular invoice Ship manifest Make receipt Certificate of origin Weight note Dock lading account Export/import license Custom specification Dock warrant Export invoice Ship report Freight note…
Terms of Trade: This means the prices at which the country’s exports exchanges for her imports. If the prices at which a country’s exports exchange for her imports are greater, it is said that the country has favourable terms of…
International trade /foreign trade refers to the exchange of goods and services across the boarder of two or more countries by their resident and government. In other words, it is exchange of goods and services between people and different countries.…
Improvement in both economical and technical development have given both to various modern trends in retail trade. Development in retail trade are: Self – service Branding Credit cards Pre – packaging Credit cards E – retailing electrical SELF – SERVICE…
PROCEDURES OF INSURANCE CONTRACT The various processes involved in obtaining an insurance are: An Inquiry- i.e. finding out about the insurance either directly from the insurance company or agents(brokers) Proposal Form – This is issued by the insurance company. It…
FORMS OF LIFE POLICY Whole life Assurance: Premiums are paid throughout the lifetime of the assured and the sum assured is payable only when death of the holder of the policy occurs. This policy is taken for the benefit of…
PRINCIPLES OF INSURANCE There are six main principles which underlie insurance contracts and which must be present for the contract to have validity. These principles are: INSURABLE INTEREST: The person who takes an out insurance policy (i.e. the insured) must…
Insurance is a contract whereby an insurer or underwriter agrees to compensate the insurer in the event of his suffering a loss, in return for the payment of a premium by the insured. Insurance is indeed a contractual agreement between…