Business Studies Lesson Notes JSS 2 Second Term
Scheme Of Work
WEEK 1&2 INSURANCE
WEEK 3 LEDGER ENTRIES
WEEK 4 PETTY CASH BOOK
WEEK 5 THE CASH BOOK
WEEK 6 SPEED DEVELOPMENT AND ACCURACY SKILLS
WEEK 7 BOOKKEEPING ETHICS
WEEK 8 PERSONAL QUALITIES OF AN ENTREPRENEUR
WEEK 9 BUSINESS OPPORTUNITIES
WEEK 10 CONSUMER RIGHT
WEEK 11 RESPONSIBILITIES OF A CONSUMER
lesson note on Business studies for JSS2 Second Term
Below are the 2022 business studies lesson notes for JSS 2 Second term
Week 1 & 2
Topic: Insurance I
- Meaning of Insurance
- Principles of Insurance
- Types of Insurance
- Importance of Insurance
A. Meaning of Insurance
Insurance can be defined as the process whereby there is protection against any risk that may terminate life or destroy the business or individual property. Loss of damage to property may arise from accident, theft, fire, flood and so on.
Insurance can also be defined as the transfer of risk of life or property from one person that insures himself (called the insured) to another person i.e. the insurance company (called the insurer) in return for a fixed amount (called premium) which the insured has made to the insurer. To learn more, Click here.
Topic: Ledger Entries
- Meaning of a ledger
- Items on a ledger
- Classification of a ledger
- Record cash transaction
Meaning of a ledger
A ledger can be defined as an important book of account in which all accounts are recorded . It contains account of individuals, account of properties (assets) of the business and also account of expenses and incomes. To learn more, Click here.
Topic: Petty Cash Book
- Meaning of petty cash book
- Uses of petty cash book
- Importance of keeping a petty cash book
Meaning of Petty Cash Book
A petty cash book can be defined as a book that is used to record expenses that are described as minor. The petty cash book is always kept by a petty cashier, who is in charge of making small cash payments.
It is used to record items of expenditure like postage, transport, stationary, transport fares, etc are first recorded in the petty cash book. To learn more, Click here.
Topic: The Cash Book
- Meaning of bookkeeping
- Meaning of cash book
- Rule of cash book
- Types of cash book
- Meaning of Contra Entries
Meaning of bookkeeping
Bookkeeping can be defined as the art of recording a business transaction. These recordings are done from source documents such as the invoice and credit notes.
Meaning of Cash Book
Cash book means the cash account. It is part of the ledger which is kept by a cashier
Cash account is an account in which all receipts and cash payments transaction are recorded. The cash book has two sides namely, the debit side which is on the left hand side where all cash receipts are recorded , the credit side is on the right hand side where all cash payments are recorded. To learn more, Click here.
Topic: Speed Development And Accuracy Skills
- Preliminary Instruction
- Quick Operation of the Tabulator Key
- Line space Regulator
One of the most essential skills to have been discontinued from teaching during your schooling age is typing. Although people tend to underestimate the value of typing faster and more accurately, it is one of the most fundamental skills required in any field you wish to pursue. Be it in writing Emails, writing a blog post, or writing copy, typing is one of the most important skills. As a blogger, typing faster and better will save you a tremendous amount of time spent proofreading your article for typo mistakes and crafting the article itself. While the average typing speed is around 38-40 Words Per Minute, the world record for the fastest typing speed is of Stella Pajunas, who struck a whopping 216 WPM on an IBM Electric Typewriter! To learn more, Click here.
Topic: Book-Keeping Ethics
- Meaning of Ethics
- Transparency, Accountability and Probity (TAP)
- Meaning of TAP
- The need for TAP in Business
- Attributes of TAP
- Problems created by TAP
Working in a bookkeeping role means that you have a responsibility for behaving in the interest of the public. You need to behave ethically and professionally which, at times, can be difficult due to conflicts between what is best for the public and what is best for the client or company you work for.
Ethics refers to moral principles that govern a person’s behaviour or the conduct of an activity. To learn more, Click here.
Topic: Personal qualities of an entrepreneur
Meaning of Entrepreneurship
In recent times, entrepreneurship has become an important concept in Nigeria especially among policymakers and the academia who are concerned with the economic development of Nigeria. It is now a compulsory course for our students in the tertiary institutions. This is because the government has realized that it can no longer cope with the developmental stride required by the country in providing adequate goods and services and employment for the people. It is now believed that entrepreneurship will bring out the developmental strides necessary to meet the needs of the people. To learn more, Click here.
Topic: Business opportunities
Meaning of business opportunity
A business opportunity, in the simplest terms, is a packaged business investment that allows the buyer to begin a business. (Technically, all franchises are business opportunities, but not all business opportunities are franchises.) Unlike a franchise, however, the business opportunity seller typically exercises no control over the buyer’s business operations. In fact, in most business opportunity programs, there’s no continuing relationship between the seller and the buyer after the sale is made. To learn more, Click here.
Topic: Consumer Right
Meaning of Consumer Rights
Consumption (or right of the consumer) is the name given to the set of rules emanating from public authorities aimed at the protection of the consumer or user in the market of goods and services, giving and regulating certain rights and obligations. The right of use is not an autonomous branch of the law, but a cross-discipline, with items that fit within commercial law, Civil law and others within the administrative law and procedural law.
The consumption law covers several key aspects of relations between producers and consumers:
• Contracts of adhesion: prohibits unfair terms that alter the contractual relationship in favour of the supplier of goods and services and tries to ensure that consumers know in advance all the General conditions of the contract that the employer intends to use. To learn more, Click here.
Topic: responsibilities of a consumer
Who is a consumer?
When a baker produces bread, he produces it for someone to eat or to consume. A farmer produces yam for people to consume. A consumer is a person or group of people who buys and uses a product or service at a particular time. He is the end user of the product and the one who completes the process of production.
A customer on the other hand is a regular buyer of a product or service, who has established a sustainable relationship with the supplier or producer of the product. He may not necessarily be the end user of the product. For example, in some homes, the father buys noodles while the children eats the noodles. In this example, the father is the customer while the children are the consumers. To learn more, Click here.