Commerce

Commerce (SS)

PARTNERSHIP: TYPES, ORDINARY PARTNERSHIP & LIMITED PARTNERSHIP

TYPES OF PARTNERSHIP There are two main types of partnership business namely: Ordinary Partnership (or General partnership) The Limited Partnership THE ORDINARY PARTNERSHIP (GENERAL PARTNERSHIP) Characteristics or features: Membership/Number of partners: May consist of between 2 to 20 persons. However by the companies Act 1967 this restriction of not more than 20 persons no longer …

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Commerce (SS)

BUSINESS UNITS & SOLE PROPRIETORSHIP

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 private individuals whereas the public sector or enterprise covers all enterprises owned and controlled by …

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Commerce (SS)

Presentation Package

A presentation package is a computer software package that is used to display information usually in form of a slide show.

 

Examples of presentation package

Microsoft PowerPoint

Macromedia flash

Windows movie maker

Commerce (SS)

COMMUNICATION

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 services thereby increasing demand for goods/sales It facilitates the settlement of business debts e.g. Mail …

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Commerce (SS)

STOCK EXCHANGE

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 a market for buying and selling of hand securities. it assists companies to raise capital …

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Commerce (SS)

THE FINANCIAL POSITION OF BUSINESS FIRMS

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 Exchange Report relating to quoted companies. Financial Ratios prepared by accountants and investment analysts.   …

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Commerce (SS)

PROFIT

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 cost or buying price to determine his selling price. i.e. Gross Profit   =  Sales  –  …

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Commerce (SS)

CAPITAL

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 process of earning income e.g. Buildings, machinery fixtures and fittings CIRCULATING OR FLOATING CAPITAL: This …

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Commerce (SS)

NIGERIA AIRPORT AUTHORITY (NAA)

The Nigeria Airport Authority is a statutory body or public co – operation charged with the responsibility of managing, maintaining, running, administrating and controlling all airports e.g. Murtala Muhammed Airport Ikeja, Aminu Kano Airport Kano etc. are international airports in Nigeria while Calabar airport are examples of local airports. FUNCTIONS OF THE N.A.A Control of …

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Commerce (SS)

NIGERIA PORT AUTHORITY {NPA}

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 boats, harbours, wharfs, trailers, forklifts etc. Nigeria has seaport in Apapa Lagos, port-Harcourt, Warri, Calabar, …

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Commerce (SS)

EXPORT PROMOTION COUNCIL

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 and invisible are services rendered abroad. Exeter port: is the re-exporting of goods that have …

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Commerce (SS)

CUSTOM AND EXICE AUTHORITY

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 internal affairs. Customs and excise authority collect the following during: Import duties: they are taxes …

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Commerce (SS)

DOCUMENTS USED IN FOREIGN TRADE

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 Bill of health Shipping note   BILL OF LADING :it is a document which enables …

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Commerce (SS)

INTERNATIONAL TRADE

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. FORMS OF FOREIGN TRADE Bilateral Trade: This takes place when one country agrees to (trade) …

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Commerce (SS)

MODERN TRENDS IN RETAIL TRADE

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 SYSTEM Is a system where the customers walk round the stores to select whatever goods …

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Commerce (SS)

INSURANCE IV

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 must be completed truthfully and honestly (i.e. with utmost good faith) by the person seeking …

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Commerce (SS)

INSURANCE III

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 dependants like children , wife and relations Term assurance: This is to cover the life …

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Commerce (SS)

INSURANCE II

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 have an interest in the subject matter of the insurance policy. This means that so …

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