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 – …
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 …
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 and persons: transportation facilitates quick and efficient distribution of goods, in a country. It encourages …
TRANSPORTATION: ROAD, AIR, WATER, RAIL, IMPORTANCE, FORMS Read More »
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 …
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, …
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 …
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 …
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 …
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) …
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 …
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 …
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 …
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 …
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 the insured (the individual or entity seeking insurance coverage) and the insurer or underwriter (the …
INDUSTRIAL COMBINATION Industrial combination (or integration) is the coming together of two or more firms in order to form one large economically stable firm. REASONS FOR INDUSTRIAL COMBINATION Firms may integrate in order to fight economic recession The desire to reap the advantage of monopoly To obtain stable prices. To obtain raw materials from direct …
TRADE ASSOCIATIONS Trade Association is an association of traders or producers engaged in the same line of trade whose major aim is to protect and safeguard the interest of their members as well as their business. Examples are M.O.A.L.S (Motorcycle Operators Association of Lagos State) FEATURES OF TRADE ASSOCIATION Membership is voluntary They are regionally …
PUBLIC ENTERPRISES Public Enterprises are business organizations established, owned, managed and controlled by the government. They are also referred to as Public Corporations or Statutory Corporations. Examples of Public Enterprises in Nigeria are PHCN, NNPC, NRC, NPA e.t.c. METHODS OF FORMATION OF PUBLIC ENTERPRISES Creation by Act of Legislature or a Decree Nationalization of private …
A co-operative society is a voluntary association of persons, businessmen, traders or organization with common needs and interests. The resources of members of are pooled together to promote the economic and welfare interest of the members. PRINCIPLES OF CO-OPERATIVE SOCIETIES Co-operative societies are based on the following principles. Open and Voluntary membership Democratic management and …
Data Processing is the process of producing meaningful information from raw data. It describes the series of actions taken to produce useful information by collecting all items of data together and performing operations on them. The aim of data processing is to convert raw data into information. Data: Data represent the raw unprocessed input element …
This refers to the various ways by which government controls the activities of business organization to ensure social and economic order in the society. REASONS FOR GOVERNMENT REGULATION OF BUSINESS To raise money through taxes e.g. V.A.T. Education tax etc To protect consumers against exploitation by producers and middle-men eg by ensuring quality products or …