Commerce Scheme of Work for SS1 Third Term

SCHEME OF WORK

WEEK 1 DOCUMENTS USED IN FOREIGN TRADE

WEEK 2 CUSTOMS AND EXCISE AUTHORITY

WEEK 3 NIGERIAN PORT AUTHORITY (NPA)
WEEK 4 BANKING SYSTEM
WEEK 5 SOLE PROPRIETORSHIP
WEEK 6 PARTNERSHIP
WEEK 7 KINDS OF PARTNERS AND RIGHTS OF PARTNERS
WEEK 8MONEY
WEEK 9 SAVINGS AND SPECIALISED BANKS
WEEK 10 BUSINESS ADMINISTRATION THIRD TERM: CHEQUE – MEANING AND FEATURES OF CHEQUE

Below are the 2022 complete SS1 Third Term Commerce Lesson Note 

Third Term SS1 Commerce Lesson Note

Week 1

Topic- Documents Used in Foreign Trade (Revision)

Contents-

1. The types of documents used in international trade

Introduction

Export and Import Documents lies at the heart of all international trade transactions. It provides exporters and importers with an accounting record; shipping and logistics companies with instructions of what to do with freight information; and banks with instructions and accounting tools for collecting payments.

For international trade to succeed and go smoothly, there is a need for some documents to be made available and provided, these documents are as follows:

1. Indent: This is a document used in international trade; it is an order or privilege to buy goods conveyed by an importer to a potential buyer. Indent is an official order or requisition for goods; it gives details of the goods, approximate price, date of delivery etc. To learn more, Click here.

Week 2

Topic: Customs And Excise Authority

Contents:

1. Functions of the customs and excise authority
2. Preventive services and tax duties
3. Export promotional council and functions

Customs And Excise Authority

The customs and excise authorities assess and collect the customs and excise duties levied by the government as an important source of revenue. The customs and excise authorities make sure that the amount of certain imports does not exceed the quota or limit allowed to be imported within a specified period. Quotas are imposed to protect the local manufacturers from foreign competition and only a limited amount of foreign goods will be allowed into the domestic market to compete with the locally manufactured goods. To learn more, Click here.

Week 3

Topic: Nigerian Port Authority (NPA)

Contents:

1. Meaning of Nigerian Port Authority
2. Function of Nigerian Port Authority
3. Nigerian Airports Authority (NAA)
4. Function Airports Authority

Nigerian Ports Authority

The Nigerian Ports Authority (NPA) is a federal government agency that governs and operates the ports of Nigeria. The major ports controlled by the NPA include: the Lagos Port Complex and Tin Can Island Port in Lagos; Calabar Port, Delta Port, Rivers Port at Port Harcourt, and Onne Port. Operations of the NPA are carried out in affiliation with the Ministry of Transport and the Nigerian Shippers’ Council. The Head office of the Nigerian Ports Authority is located in Marina, Lagos. To learn more, Click here.

Function of Nigerian Ports Authority

• Ownership and administration of land and water within port limits.
• Planning and development of port operational infrastructure.
• Leasing and concession of port infrastructure and setting benchmark for tariff structure
• Responsible for nautical/Harbour operations and hydrographic surveys.

Week 4

Topic: Banking System

Contents:

1. Meaning and History of Banking
2. Types of banks – Central banks, Commercial banks, Saving banks, etc.
3. Central Bank of Nigeria (CBN)
4. Origin and Functions
5. Meaning and Function of Commercial Banks
6. Types of Accounts

Meaning and History of Banking

A bank is an establishment authorized by a government to accept deposits, pay interest, clear checks, make loans, act as an intermediary in financial transactions, and provide other financial services to its customers. Money can also be borrowed from the banks for business activities or for personal use. A bank is a financial institution that creates credit by lending money to a borrower, thereby creating a corresponding deposit on the bank’s balance sheet. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial system and influence on national economies, banks are highly regulated in most countries. A bank is a financial institution licensed as a receiver of deposits. To learn more, Click here.

Week 4

Topic – Sole Proprietorship

Contents

1. Meaning of sole proprietorship
2. Characteristics of sole proprietorship
3. Sources of capital for a sole proprietorship
4. Advantages and Disadvantages of sole Proprietorship

Meaning of a Sole Proprietorship

The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

A sole proprietorship is a form of business enterprise owned, financed, and managed by one person with the primary aim of making a profit.  A sole proprietor is a one-man business; it is the oldest and cheapest means of business organization.

Examples of a sole proprietorship are found in primary industries like farming, doctor, lawyer etc. To learn more, Click here.

Week 6

Topic: Partnership (I)

Contents: PARTNERSHIP 

1. Meaning of partnership
2. Formation of partnership and terms of agreement
3. Characteristics of partnership
4. Sources of capital of partnerships
5. Types of partnership

Meaning of Partnership

A partnership can be defined as the type of business organization in which two to twenty persons agree together legally to set up and manage a business with the aim of making a profit.

A Partnership is a business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.

The partnership is usually formed by an association of two to twenty persons who by an agreement (usually legal) decide to pool their resources (capital) or skill together in order to establish a business enterprise.

In section 1 of the Partnership Act, 1890 partnership is defined as a relationship which subsists between persons carrying on a business in common with a view of making a profit. To learn more, Click here.

Week 7

Topic: Kinds of Partners and Rights of Partners

Contents:

1. Kinds of Partners
2. Rights of Partners
3. Advantages and disadvantages
4. Balance sheet, items of partnership
5. Conditions for dissolution

A partnership is a unique type of business. It’s composed of at least two owners, but it could have many owners (thousands, even). These owners share in the benefits and drawbacks of the business partnership, according to the terms of a partnership agreement that they sign when they join the partnership. To learn more, Click here.

Week 8

Topic: Money

Contents:

1. Meaning of Money
2. Evolution
3. Functions
4. Qualities
5. Forms/Types of Money

Meaning of Money

Money is anything that is generally acceptable as a medium of exchange and in the settlement of debts. Money can also be defined as anything generally acceptable as a means of payment. Legal definition of money says: ‘It is what the law says it is.’ Before the advent of money exchange took place by means of barter. The use of money facilitates the exchange of goods and services. Money includes all those things that perform the functions of money. Money came to be employed as a result f the numerous defects of barter. To learn more, Click here.

Week 9

Topic: Savings and Specialised Banks

Contents:

1. Specialised Banks
2. Development Banks
3. Micro Finance

SPECIALISED BANKS