Commerce Scheme of Work for SS2 Second Term
SCHEME OF WORK
WEEK 1 CREDIT
WEEK 2 FUNCTIONS OF CREDIT
WEEK 3 TRADE ASSOCIATION
WEEK 4 OTHER FORMS OF TRADE ASSOCIATIONS
WEEK 5 INSURANCE
WEEK 6 TYPES OF INSURANCE
WEEK 7 CONSUMER PROTECTION
WEEK 8 CONSUMER PROTECTION CONTROL
WEEK 9 TRANSPORTATION
WEEK 10 DOCUMENTS INVOLVED IN TRANSPORTATION
Below are the 2022 complete SS2 Second Term Commerce Lesson Note
Second Term SS2 Commerce Lesson Note
Week 1
Topic: Credit
Contents:
- Meaning of Credit
- Sources and Types of Credit
- Mortgage, loan and overdraft, credit purchase, finance houses etc
Meaning of Credit
Credit can be defined as the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
Credit occurs when a seller grants permission to a buyer to take possession and enjoy a commodity with the aim or promise to pay in the future.
It is the process whereby goods and services are transferred to the buyer from the seller for his use and enjoyment without value being paid immediately. To learn more, Click here.
week 2
Topic: Functions of Credit
Contents:
- Functions Of Credit
- Credit Instrument
FUNCTIONS OF CREDIT
Credit is neither capital nor its creates capital. The credit instruments only represent money and facilitate the business. The importance of credit can be judged by the following functions:
1. Large Scale Production:-
Less developing countries like Nigeria face capital shortage problem. Our production sources are limited. So credit instruments have provided the money to the industrialists. Now production is on large scale and cost per unit has been reduced. The quality and quantity has been improved. To learn more, Click here.
Week 3
Topic: Trade Association
Content
- Trade Association – Aims and Functions
- Chamber of Commerce – Aims and Functions
TRADE ASSOCIATION
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 businesses.
Trade Associations may offer other services, such as producing conferences, networking or charitable events or offering classes or educational materials. Many associations are non-profit organizations governed by bylaws and directed by officers who are also members. To learn more, Click here.
AIMS AND FUNCTIONS OF TRADE ASSOCIATION
1) Trade association aims at creating uniformity in their business activities.
Week 5
Topic: Insurance
Contents:
- Definition of Insurance
- Importance of Insurance to Business and Individual
- History of Insurance
- Insurable and Non-insurable Risks
- Basic Principles: Insurable Interest, Indemnity, Utmost good faith etc
Definition of Insurance
Insurance is a contract by which one party undertakes to indemnify (restore) another party against loss, damages or liabilities arising from an unknown event.
It is a system of providing financial compensation for the effects of loss, the payment being made from accumulated contributions of all parties involved in the scheme.
Insurance is another commerce, it is basically based on the principle of pooling of risk. The insured i.e the person insuring life or property contributes funds called premium to the insurer i.e the party who is indemnified, the accumulated premium is then used to compensate the insured when the needs arise. To learn more, Click here.
Week 6
Topic: Types of Insurance
Content:
- Life Insurance: whole life and endowment, Non-life Insurance, Motor Vehicle, Fire, Fidelity, Burglary/Robbery/Theft, Accident, Marine, Export Credit etc.
- Underwriting, Re-Insurance Corporation of Nigeria, Types of Risk, Fundamental risks, Particular risks, Speculation risks, pure risk, etc
Types of Insurance
a) General Insurance
a) Fire Insurance: Building due to fire.
b) Contents Insurance: Contents
c) Comprehensive Fire Insurance: Building, Contents, Riots, Floods and Earthquakes.
d) Consequential Loss Insurance: Loss of profit while rebuilding is going on. To learn more, Click here.
Week 7
Topic: Consumer Protection
Content:
- Meaning
- The need for Consumer Protection
- Government legislation in: food and drug Act 1955, Weight and Measure Act of 1963, Price Control decree of 1979, Trade description Act of 1966 etc
Meaning of Consumer Protection
Consumer protection is a group of laws and organizations designed to ensure the rights of consumers, as well as fair trade, competition, and accurate information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors. They may also provide additional protection for those most vulnerable in society. Consumer protection laws are a form of government regulation that aim to protect the rights of consumers. For example, a government may require businesses to disclose detailed information about products—particularly in areas where safety or public health is an issue, such as food. To learn more, Click here.
Week 9
Topic: Transportation
Content:
- Meaning and Importance of Transportation
- Forms of Transport: land, water, air and pipeline.
- Advantages and disadvantages of each choice of transportation
Meaning of Transportation
Transportation is the movement of people, animals and goods from one location to another. Modes of transport include air, rail, road, water, cable, pipeline and space. The field can be divided into infrastructure, vehicles and operations. Transport is important because it enables trade between people, which is essential for the development of civilizations. To learn more, Click here.
Week 10
Topic: Documents involved in Transportation
Content:
- Advice note, Bill of Lading, Freight note, etc.
- Terminologies associated with transportation
Documents involved in Transportation
Air waybill, bill of lading, carrier’s certificate, etc., that serves as evidence of acceptance and receipt of goods for carriage and may also serve as a document of ownership (title).
When items are transported either domestically or internationally the delivery must be accompanied by the relevant documentation. The amount of documentation varies depending if the shipment is within the Nigeria or another country. As far as interstate transportation of goods in Nigeria, there are three documents that are of the greatest importance; the bill of lading, freight bill, and the Free On Board (FOB) terms of sale. To learn more, Click here.
