Business Studies Lesson JSS 3 Second Term
Secondary School Business Studies note JSS 3 Second Term
SECOND TERM SCHEME OF WORK FOR JSS3
BUSINESS STUDIES
| WEEKS | TOPICS |
| 1 | Revision of last term’s work |
| 2 – 3 | Personal finance |
| 4 | Book – keeping ethnics |
| 5 | Trading, profit and loss account |
| 6 | Shorthand principle, speed development in shorthand |
| 7 | Applied keyboarding |
| 8 | Display |
| 9 | Types of Display |
| 10 | Printers correction signs / speed development |
| 11 – 12 | REVISION / EXAMINATION |
Edudelight.com lesson note
WEEK TWO – THREE
TOPIC: PERSONAL FINANCE
FINANCE: means decisions on how money is spent or invested i.e. it is the study of how money is managed, invested or spent on any project.
Personal finance – is the process of controlling your money and making decisions to keep finances in check and out of debt. It helps to make monetary decision for individuals family/household.
SOURCES OF FINANCE
- Personal savings
- Borrowing from friends and family
- Credit cards
- Retained profits
- Loan and overdraft from bank
CONSUMPTION AND CHOICE
A consumer is an individual who buys products or services for personal use. The demand for goods and services available depends on the price of goods and the consumer’s willingness and ability to pay these prices.
Money is limited or scarce, consumers cannot afford to pay for all goods and services. So there is need to make choice. Choice is the ability to choose the pressing want first among many things.
Consumer’s choice and scale of preference is related to each other. It is showing the order in which they want to satisfy our wants in order of priority that is pressing wants come first and the least pressing wants come last.
MODESTY: Modesty means simplicity, humbleness. It is a state of not being expensive to be moderate in spending or buying.
ATTRIBUTES OF MODESTY
- Moderate living within one’s income
- Contentment – we must be contented with what we have from time to time
- Honesty – be honest with yourself, do not spend more than what you have
- Simplicity – live a simple life
EFFECTS OF LIVING MODESTY
- Self – control
- Prudence
- Peace of mind
- High self – esteem
- Refusal to indulge in corrupt practices
Link Between Modesty and Extravagance
Only link is that they are totally opposite in nature. A modest person is simply honest, humble and lives within his/her means while extravagant person involves in uncontrolled spending, spending above his/her earning.
PERSONAL FINANCE
Preparation of an individual budget. A personal budget is the most basic tool individuals use to manage money. It is a financial planning. A personal budget is a short term individual financial plan on his/her expenditure within a given period usually a year. It is designed by an individual to monitor and control expenditure so that long term objective can be achieved.
Thing to be considered while preparing a personal budget:
- Identify a goal and set time before budget.
- List all the expenses.
- List all source of income.
- Ensure that expenses do not exceed 60% of the income 40% should be for investment for the future.
- Subtract total expenses form total income if negative ,revist expenses and reduce it.
- If the income is more than expenses put the excess into savings.
Example of individual budget:
| Categories | Budget amount |
| Income: | |
| Wages and bonuses | |
| Investment income | |
| Income taxes : | |
| Income tax | |
| Spendable income | |
| Expenses : | |
| Home | |
| Mortgage or rent | |
| Home repairs/maintenance | |
| Utilities : | |
| Electricity | |
| Water | |
| Natural gas or oil | |
| Telephone | |
| Food : | |
| Caro cerise | |
| Eating out | |
| Family obligations : | |
| Child support | |
| Day care, baby sitting | |
| Health and medical : | |
| Insurance | |
| Out pocket medical expenses | |
| Transportation : | |
| Clothing | |
| Investment/savings | |
| Miscellaneous : | |
| Toiletries | |
| Gift | |
| Total investment and expenses | |
| Surplus/shortage {spendable income minus expenses and investment} |
Uses of personal budget.
- It teaches member of family the worth of money.
- It is a tool for planning and thinking ahead.
- It identifies areas in which one can spend or take necessary steps to curtail expenditure.
- It alerts you against cash flow problem in the future.
- It gives ideas of how much credit are in a position to take on without landing in serious debt.
- It helps to support long term goals.
Questions :
- What is personal finance?
- What is investment
- Explain modesty.
Edudelight.com lesson note
WEEK FIVE
TRADING, PROFIT AND LOSS ACCOUNT.
Trading account is prepared to determine the profit or gross loss in a particular business period. The gross profit or loss is the different between sales and cost of goods sold.
Business prepares trading, profit and loss account to ascertain the financial position of a business at the end of the year.
Contents of trading account :
- Opening stock – is a usually the stock at the beginning of the period.
- Closing stock – is the stock hot used up at the end of the business period.
- Returned outward – are goods bought but return to the owner due to one reason or the other e.g. defective or substandard.
- Return inward – are goods sold to the customers but returned due to one reason to the other.
- Carriage inward – is the cost of carrying goods bought into an organisation.
- Cost of goods available for sales – is the summation of opening stock , purchases, carriage inward and deduct goods returned.
- Gross profit – is the excess of sales over the cost of goods sold.
- Net sales – is the sales less return inward.
Simple Layout Of Trading Account
Trading Account.
Opening stock *** sales ***
Add: purchases *** less: sales return **
*** Net sales ***
Less: return outward **
Cost of goods available ***
Less : closing stock ***
Cost of goods sold ***
Gross profit c/d ***
*** ***
Profit and loss Account.
After the preparation of trading account is the profit and losss account. we ought to prepare it together but for learning :we have to separate them.
Profit and loss account is prepared to determine the net profit or net loss of the business.
Simply Layout Of Profit and Loss Account
Wages and expenses *** gross profit b/d ***
General expenses *** add discount receive ***
Advertising *** ***
Electricity *** ***
Office expenses ***
Discount allowed ***
***
net profit ***
*** ***
Assignment : prepare trading, profit and loss account of babasuwe Nig. Ltd at 31st Dec. 2008, use the following information.
Sales 10000
Purchases 2000
Discount allowed 200
Discount received 400
Opening stock 2000
Closing stock 1000
Rent expenses 500
Insurance 600
Return outward 100
Return inward 150
Electricity 300
Edudelight.com lesson note
WEEK SIX
SPEED DEVELOPMENT IN SHORTHAND
Compound consonants are two or more consonants sounds that are pronounce and written together.
There are six compound consonants.
Letter Sign Example
KW quickly quote
GW Guava Gwari
MP, MB lump
LR killer scholar
RR fairer bearer
WH somewhere white where
Difficult words with their shorthand outlines {to be repeated several times}.
Drug
Cocaine
Challenge
Pollution
Paracetamol
Nigeria
Exercise in the textbook.
Edudelight.com lesson note
WEEK SEVEN
APPLIED KEYBOARDING
International paper sizes.
Paper sizes are produced and prepared base on folding and getting half of such a paper to arrive at other sizes.
The larges + sizes of the international paper is AO half of it is A1 – AO.
A1 is half of AO 594mm * 841mm
A2 is half of A1 594mm * 420mm
A3 is half of A2 297mm * 420mm
A4 is half of A3 219mm * 297mm
A5 is half of A4 148mm * 210mm
A6 is half of A5 105mm * 148mm
A7 is half of A6 74mm * 105mm
Foolscap 330mm * 203mm
Six Mo 203mm * 165mm
Quarto 254mm * 203mm
Octavo 203mm * 127mm
Paper size landscape portrait
A6 25 35
A7 17 25
Foolscap 48 78
Six Mo 39 48
Quarto 38 60
Octavo 30 48
Exercise :
Display the following menu vertically on A5 landscape paper using double line spacing.
| MENU ESTIT GUEST HOUSE Dinner |
