JSS 1 Business Studies (1st, 2nd & 3rd Term)

Book – keeping is the systematic recording of daily transactions (cash and credit) in the appropriate book. It is the art of keeping proper accounting records of business transactions. IMPORTANCE OF BOOK – KEEPING Book – keeping serves as a proof in time of doubt or confusion. It helps to determine the profit of the […]

Meaning of chemicals – Chemicals are distinct compounds or substances which are prepared or purified artificially using different chemical reactions. E.g., baking soda, flavours of juice, medicine, food etc. GRADES OF CHEMICALS Reagent A.C.S. – these are used in a laboratory. R. – is used for chemical research. C.C. – is used in the requirements

Who is a consumer?  A consumer is defined as an individual who buys goods for his personal use. He/she buys goods and services and uses them to his satisfaction. Meaning of Market A market is a place or situation where buyers and sellers come in contact to sell goods and services. A market need not

This is a business organisation which has been in corporation. It is an association of individuals who agreed to jointly put their resources together for the purpose of having a business distinct from their owners. It is a legal entity created through state approval and separate its owners. There are two types of limited liability

Public corporation is a business organization set up, financed and managed by government not necessarily to make profit but to provide essential services for the members of the public. FEATURES OF PUBLIC CORPORATION It is owned by government It is financed by the tax payers money It is set up to render essentials services to

SOLE PROPRIETORSHIP Sole trade is the oldest form of business organization. It is a form of business owned, engaged, and controlled by one person to make a profit. Another name for sole trade is sole proprietorship or one–man business. A man/woman who engages in sole trade is known as a sole trader are a shoe

Entrepreneurship is important. It benefits the locality by creating jobs for people and leads to a better standard of living. Entrepreneurship plays a crucial role in the economy and society as a whole. Here are some key reasons why entrepreneurship is important Importance / Advantages of Entrepreneurship 1. Economic Growth and Job Creation: Entrepreneurs are

Entrepreneurship is a self-employed person who puts together all the factors of production to start a new venture. In other words, entrepreneur is a person who organises and manages a commercial undertakings or business undertaking.

There are four factors of production namely:

(1) Land : rent
(2) Labour: wages or salary
(3) Capital: Interest
(4) Entrepreneur: Profit

Production is the transformation/changing or conversion of raw materials into finished goods. It is the changing of natural resources or raw materials into finished goods, exchange and distributed in order to satisfy human wants. In other words, it is the creation of goods and service. Production is not complete until the goods reach the final

DIRECT SERVICES Direct services are simply those services that are rendered to directly on person- to-person basis and the payment for them is made by us directly to the service providers. Examples of direct service occupations are barbing, services of a private doctor, a private teacher, a personal lawyer, a steward etc   INDIRECT SERVICES

MEANING OF AIDS TO TRADE By the expression Aids to Trade we mean those things or agents that make trade to grow . The aids to trade make trade easy and for this reason they are called aids to trade or factors of trade or auxiliary to trade.   THE AIDS TO TRADE These aids

Meaning of Trade Trade is the buying and selling of goods and services. It can also be defined as the activities which cover exchange, buying and selling of goods and services   Branches of Trade Trade has three main branches which are as follows Home Trade: this is the act of exchanging, buying and selling

Occupation refers to various activities that are legal, ( that is not against the law ) which people engage in,  in order to earn their daily living. It can also be defined as the activities in which people engage themselves in, in order to earn a living.   CLASSIFICATION OF OCCUPATION Occupations are divided or

DEFINITIONS A clerical staff is someone who keeps record of account or sales in an office .Generally , a clerical staff is assigned to do written work. Examples of a clerical staff are Accounts clerk Sales clerk, etc   QUALITIES OF A CLERICAL STAFF Must possess a sound minimum education of West African Senior School

Office equipment are tools and assets used by a firm or an organization. The organisations use them for the following:- To receive information To disseminate information For saving valuable items, etc. VARIOUS TYPES OF OFFICE EQUIPMENT The various types of office equipment in use in an office are :- OFFICE CABINET This is a place

DIFFERETNT DEPARTMENTS IN AN ORGANSIATION The size of an organization depends on various departments in an organization. In a one man business the owner can act as an accountant, receptionist, clerk, manager, personnel manager, e.t.c in this type of organization the departments are few. But in a large organization where division of labour is practiced

TYPES OF OFFICE Basically there are two types of office and they are: Big or large office Small office   BIG OR LARGE OFFICE: this is a large building partitioned into small offices. SMALL OFFICE: This could just be a single room with a table, telephone and in some cases, fax machine and a computer.

MEANING OF BUSINESS STUDIES Some decades ago, the means by which people earned their living was through trade by barter system. Trade by barter is a means of exchanging good s for goods and services for services. In this system, someone who needs one thing or the other has to look for someone who has

Usually, punctuation marks as used in sentences give meaning to sentences. Punctuation marks can be used to separate sentences, or to put an end to sentences. Punctuation marks include comma, full stop, colon, exclamation mark. Computer Symbols and Punctuation Marks .           Full stop or Period ,           Comma :           Colon ;           Semi colon ?          Question mark