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

Bookkeeping is the name used to describe the recording of cash and credit transactions so that information relating to the transactions may  be easily obtained. Or Bookkeeping can be defined as the activity of recording business transactions in a given order, so that the records will show the exact situation of the business at any […]

Meaning of Chemicals A chemical is defined as any substance which is capable of breaking down or combining with its kind or other substances under a suitable environment, to become a new substance, having a completely different character, behavior, quality, or use. Chemicals suitable for use and those not suitable for use. Characteristics of Chemicals

Meaning of consumer A consumer is any person who buys goods and services for his / her personal use. Also a consumer can be seen as a person who purchases a product or service for his use and not for resale or for use in manufacturing another product. Meaning of Market A market has two

The various forms or types of business organization can best be illustrated with the table below TYPES /FORMS OF BUSINESS ADVANTAGES A: Sole Proprietorship B: Partnership C: Co-operative Society D: Private Limited E: Public Limited Shoe mending Manufacturing Thrift Co-op Liability Company Liability Company Kiosk ownership Farming Farmers WABP LTD Zenith Bank Farming Estate Management

Meaning of Entrepreneurship: Entrepreneurship, as we have earlier noted, comes from the French verb  ‘entrepreneur’ which means ‘to undertake. Entrepreneurship is the act or art of organization or owning a business by taking financial risks with a view to making profit. IMPORTANCE OF ENTERPRENEURSHIP Entrepreneurs have the ability to bear risks and so create jobs

Entrepreneurship comes from the French verb ‘entrepreneur’, which means to ‘undertake’, Entrepreneurship is the act or art of organization or owning a business by taking financial risks to make a profit. FACILITIES AVAILABLE FOR SELF-EMPLOYMENT If you want to be self-employed,  you have to start by thinking of a new idea for business. The questions

Ethics are the values, principles/ rule and behavior by which people in the society, or group of people is a profession or association live. It is a set of rules that makes people to be aware of right and wrong. ETHIC GUIDING THE SOURCING OF CHEMICALS A person or business organization dealing in chemical from

MEANING OF TRUTHFULNESS Truthfulness is a quality that is exhibited by  a person who tells the truth all the time even if it will put him or her in trouble. A truthful person is an honest person. ATTRIBUTES OF TRUTHFULNESS Some of the attributes of truthfulness are Avoiding lies Standing by the truth always, even

For the activities of production to take place, factors must be available. These are the things that make  the production of goods and services possible; hence they are called factors or agents of production. They are; Land Labour Capital and Enterpreneur These factors supply the money, physical effort, land or place of business and managerial

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

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

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

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

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

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

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

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

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