NAME:…………………….

…………………………..CLASS…………………..
DEEPER LIFE HIGH SCHOOL
FIRST TERM E-LEARNING NOTES
SUBJECT: BUSINESS STUDIES
CLASS: J.S.S. TWO
SCHEME OF WORK
WEEKS TOPICS
1 a. The Reception Office
Meaning and Description of the Reception Office
b. The Receptionist: Meaning, Importance and Qualities of a Receptionist
C. Duties of a Receptionist
a. How to receive and treat visitors
b. Procedure involved in answering a telephone call
c. Appropriate office dress code
d. Documents Handled by a Receptionist
2. Office Correspondence
a. Correspondence Records: I. Types, II. Uses
b. Ways mail come into an organization.
c. Procedure for handling mails and correspondence
3. Office Documents
a. Meaning, Types of Office Document
b. Sales Documents: Preparation and Uses
c. Purchases Document: Preparation and Uses
4. Trade
a. Meaning and importance of Trade
b. Forms of Trade: Home Trade, Foreign Trade;
c. Aids to Trade: Banking, Insurance, Advertising, Communication,
Transportation, Tourism, etc.
d. Role of Custom and Excise in Foreign Trade
5. Market
a. Meaning and Features of Market
b. Types of Market: Capital Market, Money Market and Commodity Market
c. Institutions and instruments traded in each type of Market
6. Market
d. Careers in the capital market
e. Buying and selling : meaning, cash or credit
Transaction: Costs of Sale, Markup, turnover, profit and loss
7. MID – TERM BREAK
8. Distribution:
a. Meaning of distribution
b. Channels or Chains of distribution
i. Producer/Manufacturer
ii. Wholesaler
 iii. Retailer
iv. Consumer
Functions of each of the channels of distribution.

c. Licensed Chemical vendors d. Handling and distribution of chemicals

e. Effects of wrong handling of chemicals. F. when production ends.
9. Commercial Bank: a. Definition b. Bank Service c. Ethical Issues in Banking.
10 Revision
11 – 13. Examination

WEEK 1

DATE:____________________________
The Reception Office: Meaning and Description

SUB-TOPIC 1

Preview
a. The Reception Office
Meaning and Description of the Reception Office
b. The Receptionist:
Meaning, Importance and Qualities of a Receptionist

Full Content

The Reception Office: meaning and description. The reception office is

defined as the office in the organization where all visitors to the organization
are received.
Reception office is also that particular room in an organizations premises or building
where callers to that organization would first call and make inquiries in the course of
visiting the organization. It is the first port of call and from there, a visitor would receive
information on where to go in achieving the purpose of his or her visit.
The reception office is well-decorated and attractive in order to give the visitors a good
impression about the organization. There is always somebody in the reception office to
receive visitors to the organization. The person to meet in the reception office is referred to
as a receptionist.
The Receptionist: Meaning
The Receptionist is someone employed to receive and formally welcome visitors or business
associates to an organization. He is the first person a visitor sees immediately he or she
enters into an organization.
Importance of a Receptionist
1. A Receptionist creates the first impression to visitors about an organization
2. He/ She is a representative of the organization
3. A receptionist can provide the information the visitors need without referring them
to other officials.
4. He is considered as the face and the voice of the company.
5. He acts as an ambassador by welcoming people, screening phone calls, setting
appointments and directing visitors in an organization.
6. A good receptionist creates a welcoming atmosphere for visitors; help to keep staff
organized and serves as an information centre for employees and clients alike.

Essential Qualities of a Receptionist

For a receptionist to perform his duties well and successfully, he/she must have the
following qualities:
1. A neat physical appearance
2. Must be fluent in the use of English language and be able to communicate well.
3. A pleasant manner while either welcoming visitors or handling telephone calls.
4. A good knowledge and understanding of the people and the work they do in the
organization in which he/she works.
5. A good memory for names and faces so as to be able to welcome visitors personally.
6. Patience to be able to bear with highly demanding visitors. A pleasant, smiling facial
appearance is crucial here.
7. Tact in handling and dealing with difficult both unwanted and difficult visitors or an
unpleasant situations
8. A good human relation i.e. must be able to relate well with people.
9. He /she must have a positive attitude to the business, whether over the phone or In
person.
10. He or she must have technology skills i.e. he must be able to operate a variety
equipments and systems.
11. A good listening skill, he listens closely as clients or visitors are talking to be efficient
in solving their problems.
12. He / she must be capable of keeping confidential and secret matters safe.
SUB-TOPIC 2
DUTIES OF A RECEPTIONIST

PREVIEW
1. Duties of a Receptionist
2. How to receive and treat visitors
3. Procedure involved in answering a telephone call
4. Appropriate Dress code
5. Documents Handled by a Receptionist

Full Content

Duties of a receptionist:
1. Receiving and welcoming visitors into an organization.
2. Directing and helping visitors to the right department or unit that they are looking
for.
3. Handling telephone calls
4. Making appointment with visitors
5. Keeping a record of callers and taking down messages
6. Maintaining confidentiality as some visitors may request for too much information
which need not to be disclosed to an outsider.
7. To file documents and record keeping.
8. Forwarding phone calls.
9. Keeping the reception area or office tidy
10. To sort and distribute mails.
11. They may handle book keeping, prepare invoices and handle payments made by cash
or credit card.
12. They also book rooms for meeting or venue for conference.
How to Receive and Treat Visitors
How a receptionist receives and treats visitors will determine whether they will feel
welcomed or not. The following reveal the appropriate way of welcoming visitors:
1. Welcome visitors with a smile
2. Politely ask visitors what they want or who they would like to see. Otherwise, give
them a form to fill if such is available.
3. If any visitor is to see an officer, ask him or her to wait while you contact the officer
4. Make the visitor relax on a seat while in waiting.
5. Politely request the visitor to complete the visitors’ book/register before leaving the
organization.

Appropriate Dress Code :

The type of dress someone wears goes a long way to show the type of person wearing it,
what type of work they do and what the public is to expect. Since the receptionist meets
visitors and different personalities every day, it is important that he or she dresses smartly
and neatly.
There are three basic dressing styles:
1. Casual Dressing
2. Official or Formal Dressing
 3. Occasional or Ceremonial Dressing
CASUAL DRESSING

This refers to comfortable clothes that you wear in your free time and it is not suitable for
official meetings or settings

Examples of casual wears are shorts, jeans, sleeveless blouses and T – shirts.

OFFICIAL DRESSING OR FORMAL DRESSING

This is the type of clothes you wear to the office and formal engagements, eg suit , trouser
and shirt, skirt and a good blouse.( tucked in).

OCCASSIONAL OR CEREMONIAL DRESSING

It is won during ceremonies .eg Agbada, Iro and Buba with Head gear for a wedding
ceremony.

Activity: Teachers should show pictures of the different style of dressing.

Procedure Involved in Answering Telephone Calls

In answering telephone calls, the watchword is ‘Always Be Courteous’ -ABC of Telephone
manners. The receptionist should take note of the following:
1. Answer the phone after the second ring but before the third ring
2. Use your natural voice. A wrong voice tone can send unintended message to your
caller
3. Listen attentively. Do not do other things while on the telephone.
4. Always be ready with a pen and a pad to take down messages
5. Avoid shouting, talk softly but firmly
6. Ask question very tactfully from your caller
7. Keep accurate record of telephone messages
8. Allow the caller to drop the telephone receiver first. Never bang the telephone
receiver or cut the call while the caller is still speaking.
Teacher should demonstrate practically how a receptionist receives calls in an
organization. Students should take turns after teacher’s.

Documents Handled by a Receptionist

There are a number of documents handled by a receptionist. Some of these are
1. Visitor’s Book
2. Telephone Message Pad
3. Request Form
4. Business Card
5. Telephone Directory
 6. Diary
7. Mail register
8. Visitors register or appointment list.
Let’s look closely into each of them

1. The Visitor’s Book

This is used in recording all visitors who come into an organization. Visitors are
normally requested to sign this book before and after visiting. Below is an example of a
page in the visitor’s book. The book is sometimes called log of callers.
A VISITOR’S BOOK
Dat Name of Visitor’s Purpose Person Time of Time of Signature
e the Address of Visit to see Arrival Departur
Visitor e

2. Telephone Message Pad

This is used to record telephone messages for officers who are not on seat. It is a
record of the different calls received by the receptionist on a daily basis for officers
who busy at meetings. Below is an example of a Telephone Message pad:

Telephone Message Phone

Date………………………………… Time……………..…………….
Name of Caller …………………………………………………………………………….
Caller’s Phone No…………………………………………………………………………
For Whom …………………………………………………………………………………….
Message ……………………………………………………………………………………….
Message taken by………………………………………………………………………….

3. Request Form
This is a document which helps the receptionist determine the appropriate person to
direct a visitor to. If the staff a visitor intends to see is busy or unavailable, the
receptionist can direct the visitor to another officer capable of helping him or her
through what is written in the request form. It is also called visitor’s slip. An example
of a Request Form is as follows
 REQUEST FORM

Name and Address of Visitor___________________________________

Time: ______________________________________________________
Whom to see________________________________________________
Purpose of Visit _____________________________________________
Previous Appointment: Yes/No______________

__________________ ______________________
Date Signature of Visitor

Remarks/Comments __________________________________________

4.
Business Card
Sometimes, a visitor gives his business card to the receptionist to introduce
himself/herself or to inform the officer he wishes to see that he is around. A Business
card is a small piece of cardboard paper on which is printed the particulars such as
name, business address and other information about the owner of a business. The
receptionist then keeps this in a file or card index for future use. Another name for
business card is complementary card.
An example of Business card is shown below:

5. Telephone Directory
This document contains the names; telephone numbers and e-mail addresses of
telephone subscribers both individuals and organizations. This enables the
receptionist to contact them easily.
6 Diary:

This is a document used in recording daily events in an organization as well as future

appointments, interviews and meetings

7 Mail register: A register of mail is kept by the receptionist to keep track of all mail
coming in or leaving the organization.
8 Visitors Register or appointment list: The receptionist must know the visitors that
have appointment on each day and the information must be entered in an appointment list
or a register of visitors.

EVALUATION :
objectives
1. All the following are true about a receptionist except
a. He/ She is the mirror of the organization
b. He/she begs visitors for money
c. He/she welcomes visitors into the organization.
2. Items found in the reception office include …………..
a. Table and chair
b. Nail and hammer
c. Cutlass and hoe
3. A person employed in an organization to receive and attend to visitors is
called…… a. clerk b. receptionist c. secretaries d. none of the above.
4. All are the qualities of a receptionist except a. good appearance b.
Confidentiality c. rudeness and arrogance d. politeness and courtesy.
5. A receptionist is employed to do the following except:
A. receive visitors and handle telephone calls
B. make trouble with visitors
C. deliver telephone messages
6 A telephone message pad is used to ________
A. Answer calls
B. Record telephone messages
C. None of the above.
7 Documents handled by a receptionist include all except:
a. Pay roll b. Request Form c. Visitor’s book d. Telephone
message pad
8 ______ is not a column in the visitors’ book. A. Time out B. Address C.
What to eat

Date………………………………… Time……………..…………….
Name of Caller …………………………………………………………………………….
Caller’s Phone No…………………………………………………………………………
For Whom …………………………………………………………………………………….
Message ……………………………………………………………………………………….
 Message taken by………………………………………………………………………….

9 The diagram above is an example of ………………………. A. telephone message

pad b. request form c. visitor’s book d. telephone directory.
ESSAY

1. What are the uses of the following documents in a reception office?

a. Visitor’s Book
b. Request Form
c. Telephone Directory
d. Diary
2. List four duties of a receptionist
3. Outline four procedures involved in answering calls.
4. Mention five qualities of a receptionist.
5. List four importance of a receptionist in an organization.
6. Define the receptionist.

WEEK 2

OFFICE CORRESPONDENCE

PREVIEW
1. Correspondence Records –types and uses
2. Ways mail come into an organization
3. Procedure for handling mails and correspondence

Full Content

Correspondence Records refers to the various forms by which written

communication is carried out in the office.

It is also defined as any written communication exchanged by two or more parties

Types of Correspondence Records

a. Mail Inward Book
b. Mail Outward Book
c. Postage Book
d. Despatch Book
e. Address list/Directory
Let’s look into each of them in detail.
1. Mail Inward Book
When mails are received into an organization, all the particulars of the mail such as
the date received, sender of mail, to whom it is addressed; are all recorded in Mail
Inward Book. Therefore, this book is used to record all mails that are received into
an organization. Another name for mail inward book is incoming mail register.
Uses
a. It is used to record all mails that are received in an organization.
b. It enables an organization to trace all mails that are sent into an organization.
2. Mail Outward Register
This book is used to record the particulars of mails sent out from an organization. It shows
the name and address of the person to whom it is sent, the name of person sending it, the
time the mail was sent out and signature.

Uses

a. It is used to record all the letters that are for postage.

b. It enables an organization to know the time that a mail actually left the
organization for its destination.
3. Postage Book
This is book is used to keep record of all posted mails. It contains the value of stamp used,
the name of the receiver and the town to which the mail will be posted.

Uses

a. It enables organizations to record the number of stamp used within a specific

period of time
b. It helps to keep record of all letters posted.

4. Dispatch Book
This is a book where all mails delivered by hands are recorded. When mails are
delivered by a dispatch rider or a messenger the receiver signs the dispatch book, to
prove that he actually receives the mail.

Uses

a. It acts as a proof of delivery, as the receiver signs it when they receive mails or
parcels.
5. Address List/Directory
This is a book that contains an alphabetically arranged list of people or organizations’
names and addresses.

Uses
 a. It enables names and addresses of organizations to be easily gotten
b. Telephone numbers of business organizations can be confirmed from directories.

SUB – TOPIC 2:
Ways mail come into an organization through
i. Letters: This could be delivered by hand or by post
ii. E-mail: Exchange of correspondence via the internet.
iii. Text messages through the telephone
iv. Telephones
v. Telegrams
vi. Newspapers
vii. Televisions
viii. Circulars
ix. Internal memorandum: A means of internal communication within an organization.
It is the correspondence or message exchanged by people in the same organization

MEMORANDUM

FROM: PRINCIPAL TO: ALL STAFF

DATE: 10TH September, 2014.

Procedure for Handling Mail Document

This will be discussed under two sub-divisions
a. Procedure for Handling in-coming mails
i. Collect the mail
ii. Empty mail bags to ensure nothing is left hidden in the mail bag
iii. Enter the particulars of the mail in the Mail Inward Register/Book.
iv. Sort mails into three categories, namely: private, urgent and official. Note
that mails marked ‘private’ or ‘confidential’ should be delivered to the
 addressee without opening them. Also urgent mails should be treated before
others.
v. Open the mails. It is advisable to use a letter-opening machine or a knife-like
object to open the mails so as to prevent damage to them.
vi. Stamp the mails with the date and time stamping machine to record the date
and time of receipt.
vii. Deliver letters to the addressee’s ‘in’ basket

b. Procedure for Handling Outgoing Mails

a. Check to confirm that each mail or parcel is properly sealed and addressed
with the name and address of the receiver. Check also that mails are stamped
with the correct amount of postage stamp.
b. Sort mails according to how it is going to be distributed: by hand, by postage
or courier.
c. Record the particulars of mail in the mail outward register and postage book
if it will be delivered by post or in the dispatch book if it will be delivered by
hand.
d. Take mails to the post office or courier office for posting.

EVALUATION

OBJECTIVES

a. A document that flows in and out of an office is called A. Register B.

Correspondence C. Procedure
b. A postage book shows all the following except ………………… (a) Calls made
B. Stamps used C. Stamps bought
c. Which of these are examples of correspondence records? A. Profit and Loss Book
B. Drawing Book and Exercise Book C. Inward and Outward mail
register
d. A __________ contains several organizations’ addresses and more information on
how to get across to them. A. Directory/Address list B. Complimentary card
C. Postage Book
e. ----------------is a means of internal communication a. memo b. pass book c.
dispatch book d. none of the above.
ESSAY
A. Define a Postage Book?
B. Explain the uses of Dispatch Book
C. Mention three ways through which mails come into an organization.
D. Outline the procedures for handling both incoming and outgoing mails.
E. List five types of correspondence record.
WEEK 3

Office Documents

PREVIEW
1. Meaning, Types of Office Document
2. Preparation and Uses of Sales Document
3. Preparation and Uses of Purchases Document

Full Content

OFFICE DOCUMENT
Office documents are documents used in an office to facilitate the work of an organization.
It serves as evidence of financial transactions. They enable accurate information to be kept
on either goods that have been sold or purchased. In Book Keeping, they are referred to as
Source Document.
Types of Office Document
Office document are divided into two major category
a. Sales Documents
b. Purchases documents

Sales Documents: These are documents used to record sales transactions. Business
documents that relates to sales of goods and services are called sales document. They
include:
i. Invoice
ii. Pro forma Invoice
iii. Credit Note
iv. Debit Note
v. Receipt
vi. Delivery note
vii. Price list
viii. catalogue
i. INVOICE:
This is a document sent by the seller to a buyer showing the description, quantity,
price of goods bought. An example of Invoice is shown below.

INVOICE
 Azure Net Co.,Ltd INVOICE # [100]
[Your Company Slogan] DATE: APRIL 7, 2024

[Street Address], [City, ST ZIP Code]

Phone [000.000.0000] Fax [000.000.0000]
[e-mail]

To [Name]
[Company Name]
[Street Address]
[City, ST ZIP Code]
[Phone]
Customer ID [ABC12345]
UNIT
QTY ITEM # DESCRIPTION DISCOUNT TOTAL
PRICE
3 Motor 250 10% 750

TOTAL
750
DISCOUNT
SUBTOTAL
 SALES TAX
TOTAL 750
Uses of Invoice
a. It is used to show that goods have been dispatched to the buyer.
b. It is used to inform the buyer of his debt to the firm (seller).
ii. Pro forma Invoice
The pro forma invoice has the word ‘Pro forma’ written on top of it, though it looks like
usual invoice. It is a document sent by the seller to the buyer for the following reasons:
Uses of Proforma Invoice
a. It used to ensure that the buyer pays for goods bought before they are dispatched to
him.
b. It is used when goods are sent for the customer’s inspection, and to equally inform
him about the prices of the goods.
c. It is sent as a response to a retailer’s (buyer’s) request for quotation from the
wholesaler (seller).
Below is an example of a Pro forma Invoice
PROFORMA INVOICE
ONYU NIG. LTD

General Contractors,
Km 4, Egbeda Road, Imo State

Mr. John Benchman

45 Bestway Street,
Enugu

L.P.O. 15323 Date: 4 th September, 2011

Qty Description of Goods Rate N K
80 Men’s Fancy Shirts N400 32,000 00
80 Ladies Fancy Blouse N300 24,000 00
40 Men’s Jacket N500 40,000 00
Total 96,000 00

………………………. …………………….
Customer’s Sign Manager’s Sign

iii. Debit Note

This is like an invoice. It is written out by the seller whenever the buyer has been
undercharged. For example: If Danladi Nig. Ltd. undercharged Obinna & Sons
Nig Ltd. on his invoice, or if the amount of money indicated on the invoice is less
 than what is actually due, Danladi Nig. Ltd. will then send a debit note to Obinna
& Sons to the tune of the amount owed.
Below is an example of a Debit Note
Debit Note

Odo & Co. Ltd

47, Sabo Road, Kudansa, Kaduna
September 20, 2011
To: Academier Books Co. Ltd Debited By:
3, Oba Lane Nsukka Odo & Co. Ltd

Quantity Description Unit Price Amount

2 2

Total

iv. Credit Note

This is prepared by the seller for goods returned by the buyer. It is also issued by the seller
to the buyer when the buyer is overcharged. It shows that the seller (supplier) owes a buyer
some amount of money in written in the note. It is usually printed in red.

Uses of Credit Note

i. It is used when supplier refunds money for damaged goods or corrects an

error of overcharge
ii. It is used when the supplier is unable to supply goods already paid for.
v. Receipt
This is a document issued by a seller to a buyer showing that goods bought have
been paid for. It is an evidence that payment for goods has been made.
 CASH RECEIPT

Received from
_____________________________________
The sum of
________________________________________
_______________________________________________
(Amount in Words)
Being payment for
_________________________________

_________________
N
___
Signature

Vi Delivery Note ; This is a note giving to the customer that gives detail of the goods
ordered ,which have been delivered to him on credit. the customer must sign the delivery
note to confirm the receipt of the goods , after through checking of the goods when they
arrive.

Vii price list : price list is a sales document that contains the list of all the product of
organization and their prices. The list must be updated from time to time as the market price
changes ,each item of an organization will be listed with its price either separately or in a
catalogue.

Viii catalogue : A catalogue is a document that contains the diagrams or picture of all the
products of an organization . each item in a catalogue has its own reference number and the
price with the pictures of a product .

2 Purchases Document
These are documents used in keeping records of purchases in an organization. They include:

a. Letter of Enquiry
b. Quotation.
c. Order
d. Cheque
a. Letter of Enquiry
This is a document sent by the buyer to the seller requesting for the availability of
certain products in his store. The buyer enquires about the quantity, quality, prices
and delivery date. Below is an example of a letter of enquiry
-

LETTER OF ENQUIRY
2 Ikorodu Road,
Apapa, Lagos,
20 th September, 2012

The Marketing Manager

Haruna and Sons Ltd,
Sabon-gari, Kano.

Dear Sir,
Letter of Enquiry.
We would like to enquire if your company has enough quantities of Laser Jet Printers
and Zerox Copier.
Please send us detailed information about these products as soon as possible.

Yours faithfully,
Adekunle A. A.
Purchasing Manager.

b. Quotation:
This is reply to a letter of enquiry. It is prepared by the seller and sent to the buyer
giving him details of stock available in his warehouse such as the quality and
quantity, the price, terms of payment, terms of delivery.
D.J INVESTMENT LTD
Quotation number:…………………………….. Date: ………………………………
Refernce:…………………………………………….

ITEM QUANTITY UNIT PRICE

Spectrum Business Studies 2000copies #2000.00

WARP Business Studies 2500copies #1500.00

Cash Discount 5%

Free Hand delivery within FCT

c. Order
This is a document used for making request to purchase a product from the seller. It is sent
by the expected buyer to the expected seller. It contains the description of the goods to be
bought, the quantity, delivery date and price of the item, and the address where the goods
will be delivered to.

An Example of Order is shown below:

A PURCHASE ORDER

Mr. Emmanuel Agunbiade

18, Arinze Road, Ikeja

To: G. Audu & Co. Ltd 20, September, 2013

26, Mahauta Street,
Kaduna
Please Supply
Quantity Description Unit Price Total value

20 dozens Margarine #500 10,000

Delliver before 20, October, 2013

d. CHEQUE:
This is an order requesting a bank to pay the amount indicated to the bearer by the
owner of the cheque.
Three parties are involved in the payment of a cheque :
a. The Drawer: this is the person who draws and signs the cheque , and from whose
account the money is removed.
b. The Drawee: this is the bank on whom the cheque has been drawn.
c. The payee: this is the person to whom the amount of money on the cheque is
paid.
An Example of a Cheque is shown below:
EVALUATION:
1. Which of the following is not a Purchase document?
a. Purchase Order b. Invoicec. Receipt
2. Sales Documents include all except: a. order b. Debit Note c. Proforma
invoice
3. Which of the following is an essential information on an Invoice a. Details of
goods purchased b. Amount Debited c. Amount credited
4. Which of the following is used in making payment? A. Purchase Order b. Cheque
c. Invoice
5. A type of invoice that has the word ‘Proforma’ written on it is known as …………………..

ESSAY
1. Write Short Notes on:

a. Credit Note
b. Debit Note
c. Purchase order
2. Define office document.
3. List two types of office document and explain them with three examples each.

WEEK 4

Trade

Preview
a. Meaning and importance of Trade
b. Forms of Trade: Home Trade, Foreign Trade;
c. Aids to Trade: Banking, Insurance, Advertising, Communication, Transportation,
Tourism, etc.
d. Role of Custom and Excise in Foreign Trade

Full Content
a. Meaning of Trade

Trade can be defined as the process of buying and selling of goods and services. When
one thing is exchanged for another, trade can be said to have taken place.

b. Importance of Trade
a. Trade helps the producer to sell his/her goods to the consumer.
b. Trade allows the consumer to have a variety of goods to choose from.
c. It makes it possible for consumers to enjoy goods and services from other
countries.
d. It can lead to improvement in the standard of living of people.
e. Good provided in surplus in one area are able to get to where it is not available.
f. Trade brings the buyer and the seller together
g. Trade gives value to a nation’s currency.
c. Forms of Trade
There are two forms/kinds of Trade namely:
a. Home Trade or Domestic Trade
b. Foreign Trade or External Trade

a. Home Trade or Domestic Trade

Home trade is trade that is carried out within a country .it can be at local, regional ,or
national level . It is referred to as internal or domestic trade. For example, a trade between
Lagos State and Anambra State is referred to as Home Trade.

Home trade is further divided into Wholesale Trade and Retail Trade

i. Wholesale Trade: This is concerned with the buying of goods in large

quantities or in bulk from the producer and selling in small quantities to the
retailer. The person who engages in wholesale trade is referred to as the
Wholesaler.
ii. Retail Trade: this is concerned with the buying of goods in small quantities
from the wholesaler and selling in smaller units directly to the final
consumer. The person who engages in retail trade is referred to as the
Retailer.

b. Foreign Trade or External Trade

This is the exchange of goods between countries. It is also called International Trade. For
example, if trade occurs between Nigeria and Sierra Leone, it is referred to as Foreign Trade

Foreign Trade is further divided into: Import Trade, Export Trade and Entrepot. Let’s look
into each of them in details:
 a. Import Trade: This is the buying of goods from another country into a
particular country. For example, the importation of Cars from Japan is
referred to as Import Trade
b. Export Trade: this is the selling of goods from a country into other countries.
For example, Nigeria engages in export trade when she sells her crude oil to
USA or cocoa to Germany.
c. Entrepot: this is the re-exporting of goods already brought into a country
from another country without further processing or transformation.

c. Classification of Trade

TRADE

HOME TRADE FOREIGN TRADE

WHOLESALE RETAIL IMPORT ENTREPO

EXPORT
TRADE TRADE T

d. AIDS TO TRADE
These are services which facilitate or make trade easy. Without them trade
cannot be completed. They include the following:
i. Transportation
ii. Warehousing
iii. Communication
iv. Banking
v. Insurance
vi. Advertising
vii. E-commerce
viii. Tourism
 AIDS TO TRADE
TRANSPORTATION

INSURANCE

TOURISM

ADVERTISING

WAREHOUSING

COMMUNICATION

BANKING

E-COMMERCE

i. Transportation: This is the movement of people, goods and services to where

they are needed.
ii. Warehousing: This is the provision of storage facilities for raw materials and
finished goods until they are needed or to be distributed.
iii. Communication: This is the provision of fast means of interaction between
buyers and sellers. Examples of means of communication are telephone, e-
mails, radio, etc.
iv. Banking: This facilitates trade by providing business with loans, safe-keeping
of money and valuables, helping businesses to transfer money, etc.
v. Insurance: this helps to insure businesses against unforeseen events like fire
hazards, theft of goods etc by compensating them when such incidences
occur.
vi. Advertising: this refers to media through which awareness about products or
services offered by a company is created to the public.
vii. E-Commerce: This means electronic commerce. It involves the carrying out
of trade through the use of internet
viii. Tourism: This makes it possible for people to visit places of interest for fun, or
educative purposes. Such visits usually boost trading activities.

e. Role of Custom and Excise in Foreign Trade

In every country, there is usually an agency charged with the responsibility for
Customs and Excise. In Nigeria, the agency responsible for this is The
Nigerian Customs Service. The roles of Custom and Excise Authority include
the following:
 a. They collect tariffs and custom duties.
b. They regulate import and export so as to ensure that goods imported or
exported are of high quality and of required quantity.
c. They prevent importation of banned goods.
d. They prevent smuggled goods from getting into the market and also arrest
defaulters.
e. Supervision of bonded warehousing: Bonded warehouse is where imported
goods are kept till their import duties are paid.
f. Collection of taxes on locally made products.
g. Ensuring that the currency control as laid down by government is strictly
adhered to.
h. Security function.
i. Monitoring foreign exchange utilization
j. Generating statics for planning and budgeting purposes.

EVALUATION
OBJECTIVES
1. When trade exists within the boundaries of a country, it is called a. export trade
b. Home trade c. foreign trade
2. The person that breaks the bulk of the manufacturer is called a. producer
b. wholesaler c. Retailer
3. A ______ sells goods in small bits. A. Wholesaler b. Consumer c.
Retailer
4. _________ is an aid to trade that helps to make goods known to the general public.
A. Tourism b. Advertising c. Banking
5. The provision and protection which a business man takes against a future loss is
called……………….. a. insurance b. warehousing c. security d. banking.
ESSAY
a. Explain the difference between Home Trade and Foreign Trade.
b. Explain each of the following Aids Trade :
a. Transportation
b. Communication
c. Banking
d. Insurance
c. List three examples of goods that can be exported from Nigeria to other countries
d. Outline 5 roles of Custom and Excise Department
WEEK 5

MARKET

Preview
a. Meaning and Features of Market
b. Types of Market: Capital Market, Money Market and Commodity Market
c. Institutions and instruments traded in each type of Market

Full Content

1. Meaning of Market
A market refers to a place where goods and services are bought and sold. It is a place
where buyers and sellers come together to trade. Examples of Market are Dugbe
Market in Ibadan, Kaduna Central Market, Balogun Market in Lagos, Onitsha main
Market, ogbete market in Enugu, Ariaria market in Aba .

2. Features of a market
a. There must be at least a buyer
b. There must be at least a seller
c. There must be goods or services which is bought or sold.
d. There must be medium exchange (money)
e. Determination of price.
f. There must be free entry and free exit.
g. There must be a meeting place.

3. Types of Market
There are basically three types of Market, namely:

a. Commodity Market,

b. Money Market

c. Capital Market.

a Commodity Market
This is the market for buying and selling of raw materials, semi-finished and
finished good. A good example of commodity market is a market for Foodstuff,
provisions, gift items, clothes, household equipment, etc.
Types of Commodity markets include
Open Air Market, Shops, and Stalls

i. Institutions that operate in commodity market are:

a. Commercial banks
b. Cooperative Societies
c. State Agricultural Development Agencies
 ii. Instruments used in commodity market include agricultural products (timber,
cocoa, rubber, fish, cassava etc) and consumer/finished products (television, car,
furniture, books etc).

c. Money market
This is a type of market where money is borrowed for a short term period.
Money market is not meant for everybody that wants to borrow. It is only
the central bank and commercial banks that can go into negotiation and
agreement to borrow in money market.

a. Institutions that operate in Money Market include:

iii. Commercial Banks
iv. Central Banks
v. Discount Houses
vi. Bill Brokers
vii. Acceptance houses
b. Instruments used in Money Market are
a. Treasury bills
b. Short-Term loans
c. Overdrafts
d. Bank drafts
e. Telegraphic funds transfer

iii. Capital Market

The Capital Market is the market for medium or long-term loan. The capital market
is not like the commodity market because only stocks and shares instead of goods
are sold there.

a. Institutions that operate in the Capital Market are:

a. Issuing houses
b. Stock Exchange
c. Banks
d. Pension funds
e. Insurance companies
b. The Instruments used in capital markets include:
a. Shares
b. Debentures
c. Stocks
d. Bonds.
EVALUATION;

1 Define the term market.

2 State five features of market.
3 List three types of market and explain them.
4 List five instrument traded in each type of market.
WEEK 6

MARKET

Preview
a. Careers in the capital market
b. Buying and selling : meaning, cash or credit
c. Transaction: Costs of Sale, Markup, turnover, profit and loss

Full Content

4. Careers in the Capital Market

Careers are available in the capital market for those who study Accountancy,
Economics, Finance and Business administration. Such people can work in:
a. Stock broking firms as stockbrokers
b. Pensions funds administration
c. Stock Exchange
d. Issuing House
e. Insurance Companies, etc.
They can also be employed as
a. jobbers
b. bankers
c. stock brokers
d. insurance agents
e. financial advisers
f. Bull
g. Bear
h. Stag etc.
5. Buying and Selling
Buying is the ability to obtain or purchase goods and services by paying cash or on
credit. Selling is the offering of goods and services for sale in exchange for cash or
credit. Therefore buying and selling can be defined as the transfer of ownership of
goods in exchange for money.
Buying and selling can be done through various methods which are:
Methods of Buying and Selling
a. By Sampling: in this case, the buyer is shown a part or an exact copy of the
goods he wishes to buy. The buyer can be allowed to taste, test, see and feel
the quality of the good before making any payment.
 b. By Inspection: here, the buyer sees the actual goods he wishes to buy and
may even test it. The buyer’s impression about the tested goods determines
if he will buy the goods or not.
c. By Description or Grade: Here also, the buyer relies on the description of
the goods made by seller. He may choose to buy if he agrees with the
stipulated made by the seller on the goods. For example: eggs are classified
and sold based on their sizes , coffee , soft drinks, ice cream, cocoa drinks .
d. By Auction: Auctions are public sales in which goods are sold to the buyer
who offers the highest price (highest bidder).
6. CASH AND CREDIT SALES
A cash sales is one in which the buyers pay for the goods in cash. It occurs when goods are paid
for on the spot and the buyer receives a receipt as an evidence of payment. While Credit sales
occur when payment is to be made for sales later than the time the goods was bought. it is a
means by which goods and services are transferred to the buyer from the seller without any
spot payment.

7. Cost of Sales
The cost of sales means the price paid for the product plus any additional expenses
incurred in order to put the goods into stock and ready to sell. Such other expenses could be
transportation and delivery cost, packaging cost, handling costs etc.

The formula for calculating the costs of sales is =

Opening stock + purchases – closing stock

EXAMPLE

Opening stock =#500

Purchases =# 800

Closing stock =# 700

Cost of goods sold = #500 + #800 - #700 =#600

8. Mark-Up, Turnover, Profit and Loss

Turnover is total sales less discount which is known as net sales. It is also the number of time
a trader replenishes his stock.

MARK UP –Mark up is the difference between the cost of goods and services and its selling
price

OR

Mark-Up is the addition to cost price to get the selling price while cost is the price at which a
product is bought. It is also the profit expressed as a percentage of the cost price or selling
price. This will be demonstrated with an illustration. Supposed a retailer buys ten dozens of
milk at N720 per dozen

Cost price unit of crate = N720 = N60

N12
If the retailer decides to mark up its price by 50%
 Then Mark Up = 50 x 60 = N30
100
This means that the retailer wants to fix his selling price as N60 + N30 = N90
Now, suppose the retailer gives discount of 10% to his customer.
His net selling price = N90 - (10% of 90)
= N90 - (10/100 x 90)
= N81
If he sells two dozens of milk,
His turnover, which is total sales minus discount, will be
2 x 12 x 81 = N1944
Therefore, turnover be
Profit (and Loss) is total Selling Price – total Cost Price
To calculate the Profit, other expenses like transportation cost, and other
running cost will be deducted from the total sales. These expenses are known
as Overhead Cost. Then the total Cost Price will be deducted.
For Example: Assuming the Overhead cost N300, net Profit is shown as follows:
Turnover (Total Sales) = N1944
Cost of Products (Cost Price) = 60 x 2 x 12 = N1440
Gross Profit = N504
Net Profit = Gross Profit – Overhead Cost
= N504 - N300
= N204

EVALUATION
Objectives
a. A ___________ is a place for selling raw materials and finished goods (a) Market
square (b) Free Market (c) Commodity market
b. A market where shares and stocks are traded is called a. Small market
b. Debt market d. capital market
c. A method of buying in which goods are sold to the buyer who offers the highest
price (highest bidder) is called (a) Sampling b. Description c. Auction
d. ___________ is not an instrument traded in the Money Market (a) Food
Stuff (b) Treasury bills (c) Overdrafts
e. _________ is the market for long term loans. (a) Capital market (b) Oshodi
Market (c) Kaduna Central Market
ESSAY

a. Explain the following concepts

i. Cost of Sales
ii. Mark up
iii. Turnover
iv. Profit
 v. Cash Transaction
vi. Credit Transaction

b. List Three items traded in the Capital Market

c. Mention 10 products in which buying by description is common

d. Retailer B bought the following items for sale:

200 bags of rice at N6000 each
250 tins of cooking oil at N2500 each
10 gas cooker at N60, 000 each with 60% discount allowed by the seller

Determine the amount to be paid by the Retailer

C Define buying and selling.

WEEK 7 MID -TERM BREAK

WEEK 8
Distribution

PREVIEW
a. Meaning of Distribution
b. Channels or Chains of distribution
c. Functions of each of the channel of distribution

Full Content

a. Meaning of Distribution
Distribution is the process by which goods produced are made to reach the final
consumer. It includes the totality of activities that occur between the time when goods
are produced and when they reach the final consumer. These activities could be
packaging, warehousing, transportation, etc.

b. Channels or Chains of Distribution

These are routes or sequence through which goods move from the manufacturer to the
consumer. This is illustrated below:
c. Functions Of The Channels Of Distribution

i. The Producer
The producer is the person who manufactures goods or provides services to satisfy
consumers’ need

Functions of the Producer

a. He ensures that the goods produced or services rendered suit the consumer.
b. He advertises his goods and services to enhance patronage
c. He offers after sales service to customers

ii. The Wholesaler

This is an intermediary who buys in large quantities from the manufacturer and sells
in small quantities to the retailer.

Functions of the Wholesaler

a. He buys in bulk from the producer.
b. Sells in small quantities to the retailer
c. Gives useful information about the market to the producer so that he can
adjust his production to meet consumers’ needs
d. Allows the retailer to buy on credit.
e. Finances the producer by making prompt or advance payment
f. Packages and brands the goods for the producer.
g. Provides warehousing facilities for the goods of the manufacturer.
h. Advertises the goods for the manufacturer.

iii. The Retailer

This is the last link in the channel of distribution. The retailer buys from the
wholesaler in small quantities and sells in smaller quantities to the final consumer
 Functions of the Retailer
a. Sells in smaller quantities to the final consumer
b. Provides after sales services to consumers
c. Makes a variety of goods available to the consumers.
d. Provide useful information such as complaints about the goods to the
wholesaler.
e. Sometime allows consumers to buy on credit.
f. Opens at convenient hours for the consumers.
g. Offers door to door services to the consumers.

iv. The Consumer

This is the end user of a product. Without the consumer, there will not be
any need to produce goods or services.

Functions of a Consumer
a. Determines what is to be produced, the quantity and quality of the goods
b. Encourages competition among producer/manufacturer
c. He is the end user of a product.
SUB TOPIC

PREVIEW
C. Licensed Chemical Vendors
D. Handling and Distribution of Chemicals.
E. Effects of Wrong Handling of Chemicals.
F. When Production Ends.

Full Content

C LICENSED CHEMICAL VENDORS:

These are those under license to sell or distribute chemicals to various
manufacturers. They are also known as chemical distributors. They process,
formulate, blend, re-package, warehouse, transport and market chemical products
under license.
Examples: 1 National Association of Chemical Distributors (NACD).
2 Melvyn Nickson Nigeria Limited
3 Chemical industry GIG Business Premiums Nigeria Limited
4 Johnson Wax Nigeria Limited
5 Global sterling products Limited.
They have the following responsibilities:
1. They enhance the professionalism and stewardship of chemical distribution.
2. They process their products and provide value-added services to their customers in a
professional and responsible manner.
3. They are actively engaged in various phases of importation and exportation of
chemical.
4. They are committed to responsible distribution in every phase of chemical storage,
handling, transportation and disposal of chemicals.
 5. They connect their members with the pressing legislative and regulatory issues
affecting the chemical distribution including environment, health, safety, security and
transportation issues at the national, international and state level

HANDLING AND DISTRIBUTION OF CHEMICALS

Manufacturers require consistent supply of chemicals to enable them produce goods constantly and
to avoid scarcity of goods in the market. There should be safety during the distribution of chemical
to ensure that chemicals reach the manufacturers in perfect condition.

In handling and distribution of chemicals, the following should be taken into consideration

1 LABELLING:
This is the act of giving a distinctive name to a chemical to differentiate it from other
chemicals. Every chemical is distinct with different properties and should be giving name or
mark to distinguish it from similar chemicals. All information is to be clearly indicated. This
helps in segregation according to the nature of chemicals. Identification of chemicals is
simplified with the use of symbols.

Details of the chemicals should be made on the containers they are being transported
indicating:

a. Chemical’s name
b. Manufacturing date
c. Manufacturing Company’s name
d. Hazardous nature of the chemical
e. Concentration of the chemical
f. Emergency information.
2. SPECIAL PACKAGING:
As chemicals vary in forms and nature , so should the packaging , while chemicals in liquid
forms ask for different packaging and handling .chemicals produced in powder form require
different packaging methods.

Generally chemicals depending on their form and nature can be packed in drums , bags and
bulk super sacks.

Chemicals while distributed to various manufacturers should follow safety procedures to

ensure their protection and proper handling. Such safety procedures include;

e. Vehicles conveying the chemicals.

f. Proper packaging to leaking out on transit.
g. Safety equipment

3 CLASSIFICATION:
Chemicals should be grouped according to their classes. This is to avoid wrong mixture of
chemical. The various classes include
 a. Corrosive: Chemicals that cause visible destruction or irreversible alteration in
human tissues at the sight of contact.
b. Toxic: Chemicals that cause serious biological effects following inhalation,
ingestion or skin contact with relatively small amounts.
c. Flammable/combustible:
d. Explosive: These are reactive and unstable substances which readily undergo
violent chemical change. Explosive decomposition may occur at normal
temperatures and pressures.
4 USE OF SYMBOLS
Be it industrial or laboratory chemicals, the use of symbols always help when chemicals are being
handled. Every chemical belongs to a specific category; therefore only the ones belonging to the
same category are to be stored together. For example the symbol or sign for toxic is skull and
crossbones and this indicates that the chemical is poisonous. There are also signs to show that a
chemical is corrosive, oxidizing or inflammable. Chemical symbols help in the proper handling of
chemicals.

5. DISPOSAL:

Contaminated chemicals should be disposed carefully. Under no circumstances should

chemicals be disposed of down drains or into the atmosphere. This is to avoid inhalation of
such chemicals or coming in contact with them which can cause damage to human body.

N.B Safety procedures to follow differ from chemical to chemical e.g. liquid chemicals, powdered
form chemicals.

GUIDELINES IN HANDLING CHEMICALS INCLUDE;

a. Do not work alone in the laboratory. If you must work alone, notify someone.
b. Use required personal protective equipment.
c. Label all containers with chemical content.
d. Keep hand and face clean. Wash hands and face thoroughly with soap and water
after leaving the laboratory.
e. Avoid direct contact with any chemical. Always wear a laboratory coat.
f. Always use chemicals with adequate ventilation.
g. Use hazardous chemical only as directed and for intended purposes.
h. Inspect equipment or apparatus for damage before adding a hazardous chemical.
i. Minimize exposure to chemicals.

OTHER WAYS INCLUDE:

i. Planning and maintenance of storage areas is necessary to avoid material losses,

accidents and disasters.
ii. Good warehousing facilities for the chemical.
iii. Suitable location of products/chemicals
iv. Written instruction on storage practices should be provided.
v. Special attention should be paid to incompatible substances.
 vi. Chemicals’ Material Safety Data Sheets (CMSDS) should be available in the store.
vii. Different classes of chemicals should be illustrated in a storage map.
viii. Chemical Register should be available which should contain a maximum quantity of
all chemical products and the maximum allowed quantity per class of chemical
product.
ix. All chemicals should be received in central location for proper monitoring and
control.
x. An inventory of chemical information store should be kept.
xi. Stored chemicals should be periodically examined.
xii. Expired chemicals and leaking containers should be disposed safely.
xiii. Storage place should be well ventilated and free from dampness.

EFFECTS OF WRONG HANDLING OF CHEMICAL

Chemicals have become a part of our lives, sustaining many of our activities, preventing and
controlling many diseases and increasing agricultural productivity.

However, improper handling of the chemicals may, especially endanger our

health and poison our environment.
If it enters human body through inhalation or absorption, it can cause terrible damage to the body
system. There could be acute/immediate or chronic effect in the body.

Below are some of the effects of wrong handling of chemicals.

1. Pneumoconiosis: This is the disease of the lung caused by consistent inhalation of

industrial/chemical dust, fumes or gases.
2. Damage of the nervous system.
3. Petroleum based chemical causes accelerated ageing of the brain, blood brain
barrier.
4. Alters critical hormone necessary for teenage neurological and behavior
development.
5. Cancer of the lungs both in adult and children.
6. Weakening of the immune system.
7. Miscarriages and child behavior disorder e.g. learning disabilities, mental
retardation.
8. Gradual weakening of the brain primary defense.
9. Inflammation of the eyes.
10. It can cause skin cancer
11. It can cause death.
12. It can cause nose bleeding
13. It can lead to contamination of underground water
14. It can destroy plants on and below the soil
15. It can cause dizziness
16. It can trigger asthmatic conditions

WHEN PRODUCTION ENDS

The consumer is the end user of every product. Production is incomplete until it gets to the final
consumers. Production ends when the goods produced reach to the final consumer thereby
satisfying their wants and needs.

PRODUCTION DISTRIBUTION CONSUMPTION

Production ends when the commodity produces gets to the final consumers.

EVALUATION:
OBJECTIVES:
a. The last link in the chain of distribution is (a) the Consumer (b) the Retailer
(c) the Producer d. the wholesaler.
b. The end user of a product is called (a) The Producer (b) The Consumer (c)
the Retailer d. the wholesaler
c. Which of the following provides finance to the Producer (a) Consumer (b)
Wholesaler (c) Retailer (d) manufacturer.
d. The wholesaler performs the following roles in the channel of distribution except
a. Finances production b. warehousing c. advertises the goods for the
manufacturer d. last link in the channel of distribution.
e . The service that involves using containers to wrap or pack chemicals before transporting
them to the manufacturers is called ………….. a. wrapping b. packaging c. labeling d. all of the above

f . Giving distinctive name or symbol to a chemical to differentiate it from other chemicals is

known as ……………… a. product identification b. use of symbols c. labeling d. packaging.

g. Production is not complete until …………………. A. the goods get to the final consumer b. the
goods are distributed. C. goods are warehoused. D. all of the above.

h. All are wrong effects of handling chemicals except a. cancer of the lungs b. death c.
accelerated brain ageing d. strengthened immune system.

I. Details of chemical labeling include all except a. Chemical’s name b. Manufacturing date c.
Manufacturing Company’s name d. none of the above.

ESSAY
a. Draw out the Channel of Distribution
b. Outline five functions of the wholesaler in the channel of distribution.
c. Explain how a consumer encourages competition among manufacturers.
d. List three effects of wrong handling of chemicals
e. State four proper ways of handling chemicals
f. Identify two licensed chemical vendors you know
g. Identify who is at the end of production.

WEEK 9 BANK SERVICE

COMMERCIAL BANK

PREVIEW
a. Definition
b. Bank service
 c. Ethical Issues in Banking

Full Content

Banks are public limited liability companies that are in the business of providing financial
services to customers and businesses.
They receive, transfer, pay, exchange, lend, invest and safeguard money and other valuables
for people or companies.
COMMERCIAL BANKS

A commercial bank is a financial institution that renders financial activities/services to

customers to make profit. It performs a number of functions which are listed below:

FUNCTIONS OF COMMERCIAL BANKS/SERVICES PROVIDED BY

1. Accepting deposits from depositors/customers

2. Keeping money and valuables in safety for customers
3. Assisting customers with loan and overdraft to start or expand their business
4. Giving financial/investment advice to customers
5. Trading in foreign currency and giving traveler’s cheque to customers travelling
abroad.
6. Assisting customers to transfer money from one country to another
7. Acting as a trustee or guarantor on behalf of their customers.
8. Issuance of travelers cheque to their customers
9. Planning of pension and retirement schemes
10. Issuing of credit cards, ATM cards and debit cards.
11. They engage in money transfer services

Let’s take a closer look into each of the functions.

FUNCTIONS/SERVICES OF COMMERCIAL BANKS

1. Acceptance of Deposit: By accepting deposits from borrowers and then lending the
money to borrowers, banks encourage the flow of money to productive use and
investment. This in turn allows the economy to grow.
2. Keeping Valuables in Safety for Customers: Commercial banks help in safe-keeping
valuables such as jewelries, company’s share certificates, etc and thereby prevent
such from being stolen or damaged.
3. Giving of Loans and Overdraft: This effort provide ready fund to those who want to
engage in business but lack the fund to go into such businesses. A loan is a long term
credit facility that enables a current account holder to borrow money from the bank
while an overdraft is a short term credit facility that allows a current account holder
to withdraw more than what he has in his account.
 4. Giving Financial Advice to Customers: This helps prevent taking risk that could affect
customers financially.
5. Traveler’s Cheque: Commercial Banks issue travelers’ cheques to their customers to
enable them have enough money when they get to other countries. It is a document
issued by banks on payment of local currency which is acceptable in international
currency.
6. Electronic Banking: This service enables banks to provide services to their customers
to help them to withdraw and deposit money in his account at any branch or bank.
This service is made possible by a self service computerized device (ATM).
Automated Teller Machine helps the user to;
a. Make fund transfer into and out of his account
b. Check his account balances
c. Make deposit and withdrawal in his account
d. Payment of bills.
6. Discounting of Cheques: Commercial banks collect cheques not due for payment
from their customers and give them cash in exchange.
7. Foreign Exchange: Banks helps their customers to exchange foreign currency with
the local currency. This enables the customers to transact their business effectively.
TYPES OF ACCOUNTS OPERATED IN COMMMERCIAL BANKS.

1 SAVINGS ACCOUNT:
This is a type of account opened to enable an individual save money and avoid
careless spending. It is the easiest account to open with commercial bank and
requires a small amount of money to open it. Saving accounts attracts interest and
uses passbook/withdrawal slip for withdrawal.
2 CURRENT ACCOUNT:
This is an account which enables the owner to withdraw money at any given time
provided there is enough money in it. Cheques are normally used to withdraw
money the current account. The current account holder pays interest on the current
account.
4. FIXED DEPOSIT ACCONT:
This type of account requires a huge amount of money to be deposited in the bank
without making any withdrawal for a specific period at least 6 months. If the account
holder wants to make withdrawal, he will give notice of 7 to 14 days to the bank. It
attracts a higher interest from the bank.
ETHICAL ISSUES IN BANKING
This refers to the code of conduct or moral standard guiding the banking profession. They
are to determine whether bankers have done wrong or not.

1. Banks should keep all financial matters of individuals confidential.

2. Bank officials must keep customer’s account accurate.
3. Officials of bank must avoid stealing from the bank.
4. Bank clerks must not steal from customers.
5. Banks must follow government regulation.
6. Bank should not give false report to the government.
7. There should be no cover up of customers’ financial crime.
8. All documents related to criminal activities must be made available to the
appropriate government agencies when demanded.
9. Banks must not manipulate their accounts illegally.

EVALUATION
Objectives:
1. Which of the following is not among banking services
a. Loan b. Traveller’s Cheque c. Banker’s draft
2. Which of the following is not an ethical issue in the banking sector?
a. Confidentiality b. Integrity c. Non-transparency
3. When banks allow customers to draw more money than he has in his bank account,
this is called_____________ a. loan b. overdraft c. bank draft d. travelers cheque.
4. An account which does not allow the account holder to make withdrawal for a
specific period and with notice is called ……………….account A. savings b. current c.
fixed deposit.
5. ATM stands for a. Automatic Teller Machine b. Automated Teller Machine c.
Automated Transfer Machine d. Automatic Telegraphic Machine.
ESSAY
1. Define a commercial bank.
2. Outline four functions of commercial banks
3. Differentiate between loan and overdraft.
4. Outline five banking ethics you know.
5. List and explain types of accounts operated in commercial banks.
WEEK 10

REVISION

WEEK 11 – 13

EXAMS AND CLOSING

NAME.......................................................................CLASS..............................

DEEPER LIFE HIGH SCHOOL

THIRD TERM: E – LEARNING NOTES

JS 2 (BASIC 8)

SUBJECT : BUSINESS STUDIES

SCHEME OF WORK

WEEK TOPIC
1. petty cash book – meaning of petty cash book, columns in a petty cash book ,
Recording receipts and payment in a petty cash book, preparation of petty cash
book, imp rest system – petty cash, retirement and reimbursement.
2. Cash Book; Meaning of cash book, types of cash book – single column cash book,
two/double column cash book, items on a column cash – cash column, bank column
and discount column, preparation of cash book – cash column, bank column and
discount column, preparation of cash book.
3. Printers correction signs: proof readers marks and signs : Identification, Uses.
4. Speed Development and Accuracy Skills: Alphabetic sentence drills(b) One line
sentence drills (c)Accuracy and speed drills (d) Speed burst of one ten to 10 minutes
5. Techniques Development in keyboarding : create table; techniques of using the
create table function, (b) line space regulator , Description and uses (c) Enter keys ,
description ,uses ,techniques of use.
6. Paragraphing: Methods of paragraphing –Block paragraphing, indented
paragraphing and hanging Paragraphing.
7. MID - TERM BREAK
8. Page setup: Practical work.

New page , (b) correct page alignment (c) production of document.

9 Memorandum/e-mail: (a) Memorandum (1) Meaning (ii) Features (iii) Format

(b) E- mail (i) Definition (ii) Features (iii) Format

10. Revision.

11 – 13. Examination
 DEEPER LIFE HIGH SCHOOL

SECOND TERM: E – LEARNING NOTES

JS 2 (BASIC 8)

SUBJECT: BUSINESS STUDIES

SCHEME OF WORK

WEEK TOPIC

1. Insurance (a) Insurance (i) Definition (ii) Insurance service (b) Types (policies):
Vehicle, Fire, Burglary, Marine, Life insurance, Pension, Health. (c) Benefits of
insurance.
2. Personal qualities an Entrepreneur
3. Business opportunities (a) Meaning of business opportunities (b) Types: Local
National, International.
4. Consumer Rights: (a) Meaning of consumer rights (b) Origin of consumerism (c) Eight
universal Consumer rights.
5. Responsibilities of a consumer: (a) Meaning of consumer responsibility (b)
Responsibilities of consumer.
6. Shopping Tips: (a) Meaning of needs and wants (b) Differences between needs and
wants (c) Making decisions about needs and wants (d) Impulse buying (e) Effects of
impulse buying (f) After sales services: Warranty, Installation etc.

7. MID –TERM BREAK

8. BOOK -keeping Ethics: (a) Transparency, accountability and probity: (i) meaning (ii)
Need for TAP (iii) Attributes of TAP. (a) Due process: (i) meaning (ii) operation (iii)
Truthfulness (iv) Openness (v) Fairness (vi) impartiality (vii) Due process (viii) Respect
for the rule of law, etc. (ix) problems created by lack of TAP and their solution.
9. Ledger Entries: (a) Meaning of ledger (b) Items on ledger: date, particular, folio,
discounts, amount (c) How to record cash received/ payment, discount received
discount allowed, contra entries.
10. Revision
11. Examination

WEEK 1

REVISION/INSURANCE

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