A company is an artificial person which is recognized in law as a separate legal entity. It is also referred to as joint stock Company that makes profit by producing or selling goods and services. It can only act though its organs like the board of directors and shareholders. NOTE: A company is an artificial …
These are special organization set up by the government. Through the act of parliament, managed and controlled by the government to perform essential services to the citizens of the county. OR Public enterprises/corporation are businesses owned and run by the government in the public interest. OR Public corporation, also known as public enterprises or statutory …
ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS) ECOWAS was established on May 28th , 1975 after the treaty establishing it was signed in Lagos, Nigeria. The member countries of ECOWAS are: Sierra Leone 2. Gambia 3.Cape verde 4. Guinea 5. Guinea Bissaau Cote D’ivoire 7. Liberia 8.Burkina Faso 9.Mali 10. Mauritania Niger 12. Nigeria 13.Senegal …
PRIVATIZATION Privatization is the process whereby ownership and control of the businesses, companies, industries or co-operation are transferred from the Government (public sector) to private individual (private sector) ADVANTAGES OF PRIVATIZATION It promotes efficiency in the business that are commercialized or privatized. Government generates more revenue during the implementation of policies. It leads to …
INDIGENIZATION Indigenization is the policy initiated by the government to ensure and accelerate the participation of Nigerian citizens in the ownership and management of business organizations hitherto owned by foreigners. Indigenization transfers ownership of some foreign business operating in Nigeria to indigenous entrepreneurs. The major objective is to reduce the power of control of the …
NATIONALIZATION This is the taking over (or transfer of ownership) of privately owned business enterprises by the government for economic, social and political reasons. Such industries involved are known as NATIONALISED INDUSTRIES and the individual owners of the affected industries are paid compensation by the government. REASONS WHY GOVERNMENT NATIONALIZE INDUSTRY To prevent the …
AUTHORITY Authority is defined as the right to give orders or command (directive) and enforce compliance (obedience) to the order.Authority may be used directly or delegated. Delegation of Authority: This is a practice whereby decision making powers and authority to handle a particular assignment is transferred to a subordinate by a superior officer.The superior …
Organizational structure is the framework by which tasks are divided, grouped and co-ordinated. It entails the division of the activities of a business organization into departments, division, units and sub-units and the allocation of positions, responsibilities and authorities to the official of a business. USES (PURPOSES) OF AN ORGANISATION CHART It shows the line …
DEPARTMENTS IN A BUSINESS ORGANISATION Business organizations are usually divided into different departments on the basis of their functions. The typical departments to be found in a business organization include: Personnel Department. Accounts / Finance Department Training & Manpower Development Department Production Department Sales Department Marketing Department Administration Department Maintenance Department Mails Department etc. …
Management has been variously defined as follows: The organ of leadership, direction and decision in a business enterprise. The process of preparing, directing, planning and organizing people and material in order to attain business objectives. DUTIES OF A MANAGER He is the departmental head. He is responsible for planning and executing work in his …
Business can be defined as the sum of all activities involved in the creation and distribution of goods and services for profit. Business management is the act of planning, organizing, directing and controlling business resources in order to attain some set objectives. CLASSES OF BUSINESS Primary/Extractive Business Processing/Conversion Business Distributive/Commercial Business Services Business – …
GOVERNMENT REGULATION OF BUSINESS 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 …
AGENCY Agency is the relationship which arises whenever one person (the agent) acts on behalf of another person (the principal) and has power to affect the principal’s legal position with regard to a third party. In practice, the two most important function of an agent are: Making contracts on his principal’s behalf Disposing of his …
TYPES OF AGENCY An agent could belong to one of the following classification: Universal Agent – An agent has given unlimited or unrestricted power to enter into any type of business contract on behalf of the principal. General Agent – An agent that has authority to act in all matters relating to a particular business. …
The cost of using any of the media
The type or nature of the product to be advertised
The reach (i.e. the extent of coverage/size of the audience) of the medium
The merits and demerits inherent in using the medium
ADVERTISING Advertising is the branch of commerce which deals with promoting sales of goods, services or ideas through messages that are meant to inform, educate and persuade the general public by means of various methods such as newspaper, radio, television. FUNCTIONS OF ADVERTISING Creation of demand for goods and services Informing customers about the …
See also GOVERNMENT REGULATION OF BUSINESS AGENCYTYPES OF AGENCY english language past questions financial accounting
COMMERCE SS 3 FIRST TERM Business Capital and Customer Services – Capital – Credit – Profit – Turnover Establishment and Management of Business – Business Law – Law of Agency – Contract of Sale of Goods – Contract of Employment and Government Regulation of Business – Structure of Business – Introduction to Business Management …
COMMERCE (COMM) SSS 2- FIRST TERM 1. Career Opportunities 2. Cooperative Societies 3. Public Enterprises 4. Limited Companies COMMERCE (COMM) SSS 2- SECOND TERM 1. Trade Associations and Other enterprises 2. Transportation 3. Communications 4. Advertising COMMERCE (COMM) SSS 2- THIRD TERM 1. Tourism 2. Insurance 3. Banking 4. Warehousing. Also See …
COMMERCE SS 1 FIRST TERM 1. Introduction to Commerce 2. History of Commerce 3. Occupation 4. Production, Division of Labour, Specialization and Exchange COMMERCE SS 1 SECOND TERM 1. Trade 2. Home Trade 3. Foreign Trade (International) 4. Commodity Exchange COMMERCE SS 1 THIRD TERM 1. Sole Proprietorship 2. Partnership 3. Money Also …