JSS1 Second Term Business Studies Notes & Scheme of Work| Complete Curriculum Guide
JSS1 Second Term Business Studies Notes & Scheme of Work. Access our curriculum guide to plan and deliver effective business studies lessons.
JSS1 Second Term Business Studies Notes & Scheme of Work
JSS1 Business Studies Scheme of Work
WEEK TOPIC
1. Production – Meaning of Production, Types of production: industry – Extractive manufacturing and constructive industry. Commerce- Trade, Aids to Trade, Services. Effects of Production on the Environment/Society
2. Factors of production: land, labour, capital, entrepreneur and importance of each.
3. Forms of business organization: Types of business organization – Sole Trade/sole proprietorship, partnership, limited liability companies, cooperative society, advantages and disadvantages of each forms of business organization
4. Relationship between producers and consumers.
5. Insurance: advantages and disadvantages of insurance
6. Methods of Buying: sample method, inspection method, description method, auction method.
7. Trade: Meaning, Home and foreign trade, visible import and export, invisible import and export.
8. Double entry bookkeeping: meaning of double entry, double entry treatment of asset, double entry treatment of liability, double entry treatment of expenses, meaning of journals, types of journals, meaning of ledgers, classes of ledger, classification of accounts: real, personal and impersonal
9 Revision
10, Revision
11 – 12 Examination
Read Also: JSS1 Creative Arts Lesson Notes and Scheme
WEEK 1: PRODUCTION
CONTENT:
1. Meaning and Forms of Production
2. Factors of Production
Sub-Topic 1: Meaning and Forms of Production
Production could be defined as any human activity that involves the making of physical goods and provision of services for the satisfaction of human wants. It is also seen as creation of utilities, utility means the ability of goods and services to satisfy human wants.
Forms of Production
There are three forms of production namely primary (extractive industry), secondary production (manufacturing and constructive industry) and tertiary production (commercial and personal or professional services).
Primary Production (Extractive Industry)
This type of production involves the extraction of raw materials or tapping and harnessing of natural resources from the land, sea and atmosphere. It includes farming, fishing, hunting, mining, quarrying, oil drilling etc. This form of production is referred to as primary production.
Secondary Production (Manufacturing and Constructive Industry)
This is the process of converting of raw materials or primary products from the extractive industry into finished or semi-finished goods. This class of production includes furniture making, road construction, bridges, paper milling, food processing, car production, chemical, textile etc.
Tertiary Production (Commercial and Professional Services)
It is made up of those who render commercial and professional services to satisfy other people. The help commercial services help to bring the raw materials, finished or semi-finished goods to those who need them (the users).
Such services include, trading, banking, advertising, warehousing, insurance, transportation and communication. The professional services which are equally known as direct or personal are services provided or rendered directly or indirectly by people to give satisfaction to those who want them. These are services like teaching, catering, tailoring, hair dressing etc.
Evaluation:
1. What is Production?
2. State the three forms of production.
WEEK 2: Factors of Production
The term factor of production is defined as all the visible and invisible resources
that are combined together for the purpose of production of goods and services. There are four factors of production.
(a) Land: Land refers to gift of nature or all the natural resources available, applied and used for production without the help of a man. It includes the fixed natural land and other natural resources such as water, forest, mineral deposits etc. The reward for land is rent.
(b) Labour: Labour means all human efforts physical or mental, skilled or unskilled directed toward the production of economic goods and services. The reward of labour is wages and salaries.
(c) Capital: These are wealth used for the production of further wealth. Capital consists of machinery and equipment, buildings, motor vehicles, tools, raw materials and money. The reward for capital is interest.
(d) Entrepreneur: This is a factor that organizes and coordinates the human and material resources in the production of goods and services. The entrepreneur is the initiator, innovator, risk-bearer, and decision-maker. These functions distinguish entrepreneurship from routine managerial activities. The entrepreneur gets profit as a reward for his services.
Evaluation:
1. Explain the term factors of production
2. Explain the four factors of production.
Reading Assignment:
Business Studies for Junior Secondary School Book 1 produced by Cross River State Government Chapter 5 pages 26-27
Weekend Assignment:
Objectives:
1. The first form of production usually referred to as primary production consists of
(a) manufacturing industry (b) extractive industry (c) commercial services
2. There are ——- forms of production (a) 2 (b) 5 (c) 3
3. ———- as a factor of production is a free gift of nature.
(a) land (b) capital (c) labour
4. The reward for capital is (a) rent (b) interest (c) profit
5. The factor of production that organizes or coordinates other factors is
(a) Entrepreneur (b) capital (c) labour
Theory:
1. What is production?
2. Explain the factors of production.
WEEK 3: FORMS OF BUSINESS ORGANIZATION
CONTENT: 1. Types of Business Organisations
2. Advantages and Disadvantages of each of the Business Organisation
Sub-Topic 1: Meaning of Sole Trade
Meaning: Sole Trade is a business owned by one person. The size of the business may be large or small but it is important to note that it is owned by one man. Examples are restaurants supermarkets, Filing Station, Schools etc. The owner of the business is called a sole trader or a sole proprietor. Another name for sole trade is sole proprietorship.
Advantages and Disadvantages of Sole Trade
Advantages of Sole Trade:
1. It is easy to start.
2. The sole proprietor has a close contact with his customers and attends to them personally.
3. He takes all decisions affecting his business alone.
Disadvantages of Sole Trade:
1. The provision of capital and ability is limited.
2. The business ends when a sole trader dies.
3. He suffers and bears risks alone
4. If business fails, he may have to sell his personal property to pay the debt.
Evaluation:
1. State at least three advantages of Sole Trade
2. Identify at least three disadvantages of Sole Trade.
Reading Assignment:
Business Studies for Junior Secondary School Book 1 produced by Cross River State Chapter 7 pages 38-39
Partnership
CONTENT: 1. Meaning of Partnership
2. Advantages and Disadvantage of Partnership
Sub-Topic 1: Meaning of Partnership
Meaning of Partnership: A Partnership is a business owned and managed by two or more persons who become partners by written agreement. The partnership act of 1890 and the companies Act of 1958 state that the maximum number of people who can form a Partnership is restricted to 20 persons while the minimum should be 2 persons. These partners share the profit or losses and the responsibilities of their business.
Types of Partnership: There are various types of partnerships as stated below:
(a) Ordinary Partnership: This is a partnership in which all members are held liable for the debts of the business. Partnership may be dissolved if one partner dies.
(b) Limited Partnership: This is a partnership with limited liability in that members will not be asked to contribute more money that the one used to start the business in case the business fails. For Partnership to become limited, it must be registered with the Registrar of Companies otherwise it will be treated as ordinary partnership.
(c) Active and Sleeping Partners: Partners who take part in running the business are active partners while those who do not take part in the running of the business are sleeping partners.
(d) Quasi or Nominal Partners: A quasi partner is not really a partner but may conduct himself in such a way as to make himself liable for the debts of the firm, even though he does not take part in sharing the profit of the business.
Advantages of Partnership:
(i) It has more capital than sole trading
ii Partners have different ability and talents therefore, each partner specializes in an aspect of business which he is best suited.
(iii) Partners meet to discuss matters relating to the firm
Disadvantages of Partnership:
(i0 Partners have unlimited liability for debts in case of business failure.
(ii) If one partner takes a wrong decision, it affects other partners.
(iii) Disagreement among partners causes confusion in the business.
(iv) Partnership comes to an end with the death or resignation of a partner.
Evaluation
Objectives:
1. Another name for Sole Trade is ——– (a) Sole Proprietorship (b) Partnership (c) Restaurant
2. Sole Trade is the business of ———- (a) two people (b) two men (c) one person
3. The simplest and most common form of business organization is (a) Partnership (b) Sole trade (c) Filing station
4. One of the disadvantages of Sole trade is ———- (a) He takes all decisions affecting his business (b) He bears and suffers risk alone (c) he enjoys his profits alone
5. One of the source of capital to a sole trader is (a) easy to start (b) personal savings (c) members’ contribution
6. The minimum number of Partners in Partnership is (a) 5 (b) 2 (c) 4
7. The type of partnership in which all the members are held liable for debts of the business is —— (a) quasi partnership (b) Ordinary partnership (c) limited partnership
8. One of the sources of capital for partnership is —— (a) contribution of capital by members (b) personal saving (c) limited partners
9. The disadvantage of partnership is ———- (a) Wrong decision of one partners affect others (b) Losses are shared among partners (c) it has more capital than sole trading
10. All are advantages of Partnership except (a) Death of one partner may end the business (b) Responsibilities are shared among partners (c) It has more capital than sole trading.
Get more educational material here
Essay
1. What is Sole Proprietorship?
2. Mention all the sources of capital of sole trade.
3. What is Partnership?
4. Outline two advantages and two disadvantages of Partnership
5. Define Partnership.
6. Explain the following types of partnership: (a) ordinary Partnership (b) Quasi Partnership
Reading Assignment:
Business Studies for Junior Secondary School Book 1 produced by Cross River State Government Chapter 7 pages 39-41
Cooperative Societies
Meaning of Cooperative Societies
A cooperative Society exists when groups of workers, individuals, organizations, farmers or
Communities pull their resources together towards a common goal. The main purpose of the cooperative society is to:
(i) Sell goods and services to members at a cheap rate.
(ii) to do business together for profit purpose and share the profits among the members.
Types of Cooperative Society:
The common types of cooperative societies are:
(a) Producers Cooperative
(b) Consumers Cooperative
(a) Producers Cooperative:
Producers form a common association in order to sell their products in a uniform price instead of selling individually, e.g. producers of yam, garri, cocoa etc may form a cooperative society for the selling of their products.
(b) Consumers Cooperative:
In consumers’ cooperative, the members are consumers who contribute funds and buy goods in large quantities from the producers and sell in retail prices to members at a reduced and cheaper rate.
Advantages of Cooperative Society:
1. Members have equal rights and votes.
2. Prices are lower as they buy in bulk.
3. Benefits of repayment of capital to any member who withdraws.
Disadvantages of Cooperative Society:
1. Election of committee members may not lead to efficient business.
2. Calculation of dividends to members is always a problem.
3. Non-members may be reluctant to engage in marketing activities with the cooperative.
Evaluation:
1. What do you understand by the term Cooperative Society?
2. Mention three advantages of Cooperative society.
Reading Assignment:
Business Studies for Junior Secondary School Book 1 produced by Cross River State Chapter 7 pages 42-43.
Weekend Assignment:
Objectives:
1. What is the maximum of number of persons that can be admitted into the society? (a) No maximum (b) 20 (c) 30
2. Cooperative Society is managed by (a) Board of Directors (b) Committee of management (c) shareholders
3. The common types of cooperative societies are
(a) Sole Proprietorship and partnership (b) Young and old cooperative (c) Producer and Consumer Cooperative
4. In cooperative Society every members have equal rights and votes. True/False
5. The main purpose of cooperative society is to (a)buy goods for everybody (b) provide essentials services at cheaper rate (c) sell goods and services to members at a cheap rate
Limited Liability Company (Public Limited Liability Company)
Limited Liability Company:
A Limited Liability Company is a company in which the responsibility or liability of members for debts of the company is limited to the capital they have contributed or agreed to contribute. The private property of members are excluded, and all that members lose if the company fails is the money they have contributed. It is formed and registered under the law known as the Company Act. When a company is formed and registered with the Registrar of Companies, it is said to be incorporated.
There are two types of Limited Liability Company namely, Private and Public Companies.
Public Limited Liability Company:
A Public Limited Liability Company is a business unit that carries on business to make profit
for its owners. Examples are Nigerian bottling company Ltd., Total Nigeria Limited, First Bank of
Nigeria Plc. It is owned by Shareholders and managed and control by Board of management.
Advantages of Public Limited Liability Company
It can raise money from the public through issuing of shares and debentures. This
enhances the company expansion.
2. It is a legal entity because it can sue and can be sued.
3. The company’s properties are different from that of its owners.
4. It enjoys continuity because it has perpetual life. The company can only be wounded voluntarily or on the order of a law court.
5. Share holders cannot lose more than the value of their shares. This is because the company enjoys limited liability.
Disadvantages of Public Limited Liability Company:
1. Shareholders have little say in the running of the company
2. It does not enjoy privacy. It annual account must be published in the Newspaper for the public to see.
3. It suffers from double taxation. The net profit of the company is taxed and the dividends of the shareholders are also taxed.
EVALUATION
1. What is a limited liability company?
2. State 3 advantages of public limited liability company
READING ASSIGNMENT
Business studies for junior secondary schools, new edition book 1 by O. A. Lawal Chapter 5 pages 23-24
Limited Liability Company (Private Limited Liability Company)
CONTENT
1. Private Limited Liability Company (Meaning)
2. Advantages, Disadvantages and Comparison between Public and Private companies
Meaning of Private Limited Liability Company:
A private limited liability company is a profitable making business with few shareholders and no open market for its shares. Examples of private limited liability company are Newswatch Communication Ltd., Ekene Dili Chukwu Transport service Ltd., JIMBAZ Construction Company Ltd. etc.
Advantages of Private Limited Liability Company
(i) They enjoy privacy.
(ii) Their annual report and accounts are not required by law to be published, except for
Taxation.
(iii) Management and control is less complex than in public limited company. Its
management structure is simple.
Disadvantages of Private Limited Liability Company
(i) Shares cannot be issued to the public.
(ii) Capacity to raise external finance to expand business is limited.
(iii) Transfer of shares to others is made difficult.
Kindly like and share this update.
