JSS 3 BUSINESS STUDIES

4th August,2020

Questions

1a. What is Gross profit

b. Use the following information to calculate:

i. Cost of goods available for sale.

ii. Cost of goods sold

iii. Gross profit

From the book of kunle iyanda for the year ended 31st December,2016.

#

Sales—————–12625

Purchases————-10000

Opening stock———-1200

Closing stock———–1100

Return inward———-525

4th August,2020

CORRECTION ON THE PREVIOUS LESSON

1. Ctrl + A
2. Undo
3. Ctrl + E
4. Copy
5. Ctrl + V
6. Centralize
7. Ctrl + S
8. One
9. Two
10. Two

28^th, July, 2020

REVISION QUESTIONS ON KEYBOARDING

1. To  highlight all, use control+—————–.
2. Control+Z  is used for ————————–.
3. Control+—————-is used to centralize word.
4. Control+C is used to—————-.
5. To paste a text , use control+—————-.
6. Control+ E is used to —————–
7. To save a text, use control+—————.
8. Leave————space(s) after a comma.
9. Leave ———–space(s) after a fullstop
10. Leave ———–space(s) after a question marks.

No Fields Found.

21^st July, 2020.

GENERAL QUESTIONS

1. The form of business unit whose capital is derived from the  government is ——————-
2. Ownership of private company is restricted to————— people.
3. Idowu  told his friend Adiza that the account kept with Union bank, Ibadan is in red , this statement means that Idowu’s account has —————–
4. The reward of capital is—————–
5. The book used in sorting transactions in a convenient form for subsequent posting to the ledger is the———————
6. The officer that plays the role of an ambassador in a business is the————–
7. The provision made for the protection of properties against risks is—————
8. The sum of money paid by the insured to the insurance company is————–
9. The highest financial institution in Nigeria is ————- bank.
10. Overdraft can be allowed on—————- account.
11. The part of profit distributed to the shareholders is known as—————
12. The fixed amount given out to a petty cashier is known as————-
13. —————- is the account that contains the accounts of losses and gains
14.  The acts  of keeping accounts in a regular and systematic manner is called————–
15. An established method used in performing office duties is known as————–
16. Obtaining resources from their natural form is known as————– production.
17. A transaction where the transfer of ownership takes place before payment to the supplier  is —————-
18. A document which contains pictorial representation of goods for sale and their prices is called—————-
19. A system of filing whereby all correspondence is filed according to state of origin  is————filing.
20. The best means of transporting  liquid  is ————transportation.

21^st July, 2020.

CORRECTIONS ON THE PREVIOUS LESSON

1. Bank overdraft
2. Wages
3. Manufacturing production
4. Retailer
5. Foreign trade
6. Indemnity
7. Insurable interest
8. For every debit entry there must be a corresponding credit entry, and for every credit entry there must be a corresponding debit entry.
9. Trading Account
10. Purchases Journal
11. Cash Book
12. Quotation
13. Bank overdraft
14. Fifty(50) people
15. Cubicle office
16. Contra entry
17. Eight(8) columns
18. Trial Balance
19. Centralized office
20. Partnership

14^th July, 2020.

GENERAL QUESTIONS

1. Money a current account holder is allowed  to withdraw above his credit balance is ————–
2. The payment made to daily paid workers is called ————–
3. Changing raw materials into finished products is an example of —————- production.
4. The last link in the channel of distribution is ——————-.
5. Trade between two countries is known as ——————.
6. The principle of insurance that restores the insured to the state he was before a loss is ————.
7. If Ibrahim insure Bola’s car for #500,000, the principle of insurance that deprive Ibrahim from making a claim is —————-.
8. Double principle of book keeping states that —————–.
9. —————– is the account prepared to determine the gross profit.
10. Goods bought on credit are recorded in —————- journal.
11. —————- is a book of original entry as well as ledger.
12. ————— is a reply to letter of enquiry.
13. An instrument of payment drawn by a bank on behalf of its customer is called ————–
14. Ownership of a private company is two to ————–people.
15. The closed plan set up of an office is sometimes called —————-
16. A transaction affecting both the cash and bank column of the cash book is known as ———— entry.
17. The simplest form of ledger has a total of ————— columns.
18. ————— is a list of balances extracted from the ledgers
19. Another name for an open plan office is ————–
20. The business owned by two to twenty people is —————

14th July,2020.

CORRECTIONS ON THE PREVIOUS LESSON.

1. Account department
2. Payment Cash Voucher
3. Pay As You Earn
4. Personnel department
5. Mail Outward book
6.  Filing
7. Dispatch Riders
8. Proforma invoice
9. Postage book
10. Payee, drawee, drawer
11. Bank statement/statement of account
12. Credit note
13. Petty cashbook
14. Chronological method
15. Annual gross pay=#100,000
16. Net pay=100,000-4000=#96000
17. Take home every month=96000/12=#8000
18. Entrepot
19. Personnel department
20. Sleeping partner

7th July, 2020

GENERAL QUESTIONS

1. The department that pays wages and salaries is _______.
2. The abbreviation PCV in Petty cash accounting means_________.
3. P.A.Y.E stands for________.
4. For participating in Workers Congress, a clerk was laid off. The department to be approached for redress is___________.
5. Particulars about mails leaving an organization by post are contained in a book called___________.
6. The storing of correspondence in a retrieval system is called___________.
7. Those who dispatch letters are called_________.
8. ___________document is a polite way of asking for payment before goods are sent to consumers.
9. ____________book is used to record the cost of postage and stamp used.
10. The three parties to a cheque are _____ , ______ and _______.
11. ________is the statement sent periodically by a bank to its customer to show his financial position.
12. The document sent to the buyer correcting an overcharge is called _______.
13. In an office, payment for small items are usually recorded in a special book called _____.
14. ___________method of filing is used when documents are filed according to date.

Suppose Adesina earns #100,000 per year and pays #2500 as tax per year and her employer deducts #500 and #1000 as car and house loan respectively:

15. Calculate her gross income per year.
16. What is the net pay for a year.
17. Adesina’s take-home every year is _______.
18. Re-exporting of goods brought into Nigeria to other countries is known as _______.
19. The ________department is responsible for recruitment, discipline, promotion and dismissal of staff.
20. A dormant partner is also known as __________.

7th July, 2020.

CORRECTIONS ON THE PREVIOUS LESSON

1. Oral method.
2. Telephone subscribers.
3. Six (6) months.
4. General post office.
5. Local call.
6. Internal call.
7. World wide web.
8. MTN, GLO, AIRTEL, 9MOBILE.
9. Visual method.
10. Trunk call.
11. Private mail bag.
12. Internet.
13. Subscriber Trunk Dialing.
14. Encoder.
15. Decoder.

30^th June 2020

CORRECTIONS ON PREVIOUS LESSON

1. Air transportation
2. Pipeline transportation
3. Road transportation
4. Rail transportation
5. Charter party
6. Lay days
7. Dead freight
8. Ship manifest
9. C.O.D stands for Cash On Delivery
10. F.O.B refers to Free On Board
11. ADVANTAGES OF ROAD TRANSPORTATION

1. It delivers goods to the doorstep of the consumers.
2. Road transportation is convenient for short distance.
3. It is cheaper in carrying less bulky goods than rail.
4. Road transport is easily available since roads are connected to all parts of the country.
5. Most times there is no special bus stop for vehicles therefore it can stop at any desired point of the passengers.

30^th June, 2020

We shall be considering COMMUNICATION this week.

     Communication may be defined as the passing of information from one person to another person or from one organization to another organization

METHODS OF COMMUNICATION

1. Oral communication.
2. Written communication.
3. Visual communication

Other forms of communication are: Beating of gong or the talking drum for signals in case of emergency situation, bells and alarms could be used to send messages in a modern world.

AGENCIES OF COMMUNICATION

1. NIPOST_ Nigeria Postal Service
2. NITEL_ Nigeria Telecommunication Service
3. Radio Nigeria
4. NTA_ Nigeria Television

Privately owned agencies of communication are: MTN, Airtel, Multi links,Globacom,9 Mobile(etisalat),Other TV stations etc.

IMPORTANCE OF COMMUNICATION

1. Communication facilitates speedy delivery of information between industries and people.
2. It is an aid to trade.
3. It creates awareness about new products that exist in the market.
4. It provides employment for people.
5. It is an avenue for advertisement.
6. It helps to reduce the risks involved in travelling.
7. Modern means of communication has made the world a global village.

QUESTIONS

1. Telephone is an example of———-method of communication.
2. The people making use of telephone services are called————.
3. How long does a postal order stays before expiration.
4. What does the abbreviation G.P.O stands for.
5. Mrs Adesina made a telephone call under the same telephone call exchange to his wife in a town where they live. What type of call is this?
6. Telephone call within an organization is ————call.
7. The acronym www stands for—————
8. ————is an example of GSM Service provider.
9. Diagrams, charts, signs etc are———— method of communication.
10. Calls that take place outside the state is————-calls.
11. P.M.B refers to————-
12. The global connection of people by telecommunication links with millions of computers together is—————
13. STD in local calls means————
14. A sender of any information can also be called————
15. The receiver of an information can be termed as———–

.

23rd June, 2020

NOTICE: I want to commend the following students for doing their assignment regularly:
Awoyele Seyifunmi, Adesina Ibukun,Omitogun Tobi, Akinwande Adekunle, Ojezele Enoch, Ogunkeyede Joshua, Adeniji Tomiwa, Adeyemo Eunice, Ariyo Victoria,Odunsin Alexander, Omotunde Juwura.
Don’t relent in your efforts, also encourage other students.
We shall be considering TRANSPORTATION this week.

TRANSPORTATION
Transportation is the means by which goods and people are moved from one place to another.

IMPORTANCE OF TRANSPORTATION

1. It encourages both local and international trade.
2. It ensures effective and efficient distribution of goods and services.
3. It helps to move productive resources from where they are available to the areas they
   are needed.
4. It serves as a means of improving the standard of living by making goods and services available in the right place and at the right time.
5. It encourages tourism.
6. It provides employment.
7. It encourages the development and growth of rural areas.
8. It prevents wastages of perishable goods.

TYPES OF TRANSPORTATION

1. Road transportation
2. Rail transportation
3. Water transportation
4. Air transportation
5. Pipeline transportation

QUESTIONS

1. The fastest means of transporting passengers and goods is by_________.
2. __ is most convenient for transporting liquid.
3. Congestion and hold_ups that cause delay in transportation occur in _________transportation.
4. The type of transportation that is suitable for carrying bully goods within the country is___________.
5. ___________is the Contract between ship owner and the shipper.
6. The number of days for ship to lie in port for loading and unloading is called_________
7. ___________is the payment made for unoccupied spaces within the ship.
8. The list of cargo involved or list of passengers on board during one voyage is called _.
9. C.O.D stands for___________.
10. F.O.B refers to____________.
11. State two advantages of Road Transportation.

23rd June, 2020

CORRECTIONS ON PREVIOUS LESSON

1. B
2. C
3. C
4. B
5. B
6. C
7. B
8. Mass/Joint advertising
9. Billboard
10. INFORMATIVE ADVERTISING: This type of advertising focuses on new products. It gives necessary information to consumers on the existence of a product or service. *PERSUASIVE ADVERTISING: This type of advertising is used to convince the public to .buy or patronize a product or service in the market. It focuses mainly on existing produces. Most times,gifts items are used to convince consumers.

16th June, 2020

The topic we shall be considering this week is advertising.

ADVERTISING
Advertising is the act of giving information about a product to the public.
OR
Advertising is an aid to trade that deals with creating awareness in the minds of the public about a product.

METHODS OF ADVERTISING

1. Direct advertising.
2. Indirect advertising.

FORMS OF ADVERTISING MEDIA

1. Newspaper
2. Radio
3. Television
4. Magazines
5. Pictures
6. Handbills
7. Stickers
8. Sales van
9. Billboards
10. Internet,etc.

ADVANTAGES OF ADVERTISING

1. It is a guide to the consumer on a product that exists in the market.
2. It encourages mass production.
3. It helps the consumer to compare the quality of products.
4. It helps the public to know the cost of most products.
5. It creates employment opportunities for people.

DISADVANTAGES OF ADVERTISING

1. It is relatively expensive.
2. Some advertisements are false and misleading.

QUESTIONS

1. The__________medium of advertisement reaches both cities and rural areas.
   A. Magazine. B. Radio C. Newspaper
2. An advertisement that is targeted to a particular or specific group of buyer is___________
   A. Target advertisement. B. Group advertisement. C. Direct advertisement
3. ____________advertisement are called audio-visual
   A. Radio. B. Audio. C. Television
4. The best method of explaining the uses and merits of a new product is by_______
   A. Transportation. B. Advertisement. C. Insurance
5. ____________advertisement is limited to only those who can read and write.

A. Television. B. Newspaper. C. Radio

6. When product demonstration is needed, it is advisable to use_________advertisement
   A. Demonstration. B. Radio. C. Television
7. ________advertising is directed to everybody or all the members of the public.
   A. Direct. B. Indirect. C. Radio
8. ________advertising helps the producers of similar products to combine their advertising method.
9. The advertising medium that is usually found major roads is_______
10. Explain the following types of advertising
    a. Informative advertising
    b. Persuasive advertising

16th June,2020

Corrections on previous lesson.

1. Guillotine machine
2. Franking machine
3. Letter opening machine
4. Stapler
5. Photocopier
6. Perforator
7. Computer
8. Typewriter
9. Postage meter
10. Shredder or shredding machine

Disadvantages of using office machine

1. Some office machines are quite expensive to justify their acquisition.
2. With rapid technological development, office machines quickly become obsolete.
3. Equipment breakdown can occur anytime and this may lead to stoppage of work.
4. The introduction of some office machines may make some workers lose their job.
5. Most machines cannot work without electricity etc.

Hello Students, hope you are staying safe. It is well with you in Jesus’ name(Amen).

Note: I want you to write the answers in your notebooks as you are doing it online as well,so as to be able to endorse it when we resume.

Make sure you are faithful to all these exercises for the sake of your JSS 3 Neco and state examination.

9th June,2020

We shall be considering OFFICE EQUIPMENT this week.

OFFICE EQUIPMENT

Office equipment are machines,tools or devices that facilitate or simplify the activities of an office.

Office equipment are:

1. Typewriter
2. Computer
3. Photocopier
4. Filing cabinet
5. Stapler or staple machine
6. Printer
7. Perforator
8. Fax machine
9. Adding machine
10. Duplicating machine
11. Shredding machine
12. Guillotine machine
13. Franking machine

Other frequently used office equipment are: Telephone, counting machine,mail opener/mail opening machine,scanning machine,etc

ADVANTAGES OF OFFICE EQUIPMENT

1. It saves time
2. It reduces stress and boredom at work
3. Little labour is involved when office machines are used in an office
4. It guarantees uniformity, neatness and legibility of job. Etc

QUESTIONS

1. A paper cutting machine used in trimming or reshaping papers is known as _______
2. _______machine can be used to stamp several outgoing mails
3. _______is used to open letters/mails carefully.
4. _______is used to join papers together.
5. The machine that is used to produce exact copies of a document is_______
6. ________machine is used to make holes on paper.
7. An office machine which processes an office data at great speed is called_______
8. __________machine can be operated electrically and manually.
9. Another name for Franking machine is________
10. _______machine is used to destroy unwanted papers.
11. Mention two disadvantages of using office machine.

No Fields Found.

3rd June,2020

CORRECTIONS ON PREVIOUS LESSON.

1. Items that can be kept in a store.

• Raw materials
• Spare parts
• Finished goods
• Equipment
• Stationeries etc

2. Methods of stock taking

• Perpetual stock taking:- This is the physical counting of goods in the store on a daily basis.
• Periodic stock taking:- This is the physical counting of goods in the store on a monthly or weekly basis.
• Annual stock taking:- This is the physical counting of goods at the end of an organization financial year I.e once in a year.

3. Minimum stock level

4. Maximum stock level

5. Re-order stock level

2^nd June, 2020.

This week, we shall be revising STOCKS AND STORE RECORDS.

Stocks are the materials kept in the store.

Store is place goods or materials are kept.

Store Records are detailed account of all items of goods, materials

and finished goods in store as well as the movements of goods in and out.

Types of store records

1. Stock record card
2. Stock requisition form
3. Delivery note/ Gate pass

Stock taking

Stock taking is the physical counting of items in the store room and checking it with the book value or stock card.

Importance of stock taking

1. It helps to detect fraud .
2. It shows at glance where there is disagreement between records of book value and physical stock counted.
3. It discourages theft.
4. It helps to identify the materials that are in wrong location in the store etc.

Questions

1. State four items that can be stored in the store.
2. Mention and explain the three methods of stock taking.
3. The level at which stock is held below the re- order level is ————.
4. The level at which stock is held above the re- order level is ————.
5. The level at which the purchase requisition has to be made is ———.

No Fields Found.

27^th May, 2020.

Corrections on previous lesson.

                 Question 1: The following are the equipment that aid work in an organization:

1. Computer
2. Typewriter
3. Adding Machine/Calculator
4. Photocopier
5. Cash register machine
6. Franking machine
7. Shredding machine
8. Stapler etc

Question 2: The following are the method of making payment

1. By cash
2. By cash
3. By bank draft
4. Bank transfer
5. Point of sales terminal (POS)
6. Automated Teller Machine (ATM)
7. Fuel voucher
8. Luncheon voucher etc.

Question 3: 1 block N120

80 blocks = N120 x 80 = N9600

The method used is piece rate method.

26th May, 2020.

This week, we shall be considering OFFICE PROCEDURE

Office procedure refers to the orderly methods or ways of performing office duties in order to achieve the goal of the organization.

IMPORTANCE OF OFFICE PROCEDURE

1. It helps in defining the duties of each staff in an organization.
2. It makes room for uniformity in the activities of an organization.
3. It makes it possible to make reference to transactions in future.
4. It helps to run business smoothly.
5. It shows clearly how wages and salaries are handled in the organization.

DOCUMENT NEEDED FOR THE EFFECTIVE RUNNING OF AN ORGANIZATION.

1. Bills
2. Invoices
3. Vouchers
4. Receipts,etc

WAGES SYSTEM IN OFFICE PROCEDURE.

WAGE

A wage is payment made to casual workers for work done or service rendered. Wages are paid daily,weekly or monthly.

SALARY

This is payment made to permanent workers at the end of the month for work done.

METHODS OF PAYING WAGES OR SALARIES

1. Piece rate method
2. Time rate method
3. Profit sharing method
4. Commission basis method
5. Premium bonus method

DIFFERENCES BETWEEN WAGES AND SALARIES.

1. Wages are not easily taxable by the government WHILE Salaries are taxable by the government.
2. Wages are strictly based on output WHILE salaries are not strictly based on output.
3. Wages are not fixed WHILE salaries are relatively fixed.

QUESTIONS

1. Mention five equipment that can aid work in an organization.
2. State five methods of making payment.
3. A worker was asked to produce blocks . He was promised to be given #120 Naira for producing a block. He was able to produce 80 blocks that day.

• How much was he given as wages?
• State the method used in calculating wages here.

CORRECTION OF PREVIOUS LESSON 21/5/2020

TYPES OF CONSUMER COMPLAINT

1. Justified complaint
2. Unjustified complaint

JUSTIFIED COMPLAINT:

This is simply a valid or reasonable complaint. They are about a legitimate problem that is as a result of a company doing something wrong. e.g late deliveries, faulty products, poor quality service, mistakes on invoice. etc

UNJUSTIFIED COMPLAINT:

This complaint is invalid, untrue or unreasonable or not made according to the laid down rules or laws. Examples are: unreasonable expectation from a product or service, complaint of perpetual complainers who wants more from a company and complaints that are due to misuse of the goods.

CHARACTERISTICS OF JUSTIFIED COMPLAINT:

1. It is usually made according to the terms of agreement.
2. It uses facts, rules, regulations or laws to its claim.
3. It is usually true and reasonable.

Hello Students, hope you are staying safe. It is well with you in Jesus’ name(Amen)

This week we shall be revising consumer compliant.

What is consumer complaint?

Consumer complaint is an oral or written expression of dissatisfaction about a business transaction.

Ways of making complaint

1. Through a telephone conversation.
2. Sending an email.
3. Seeking a legal redress a lawyer.
4. Through an official letter.

Types of consumer compliant

Justified complaint

Unjustified compliant

Questions

Explain the two types of consumer compliant and give two examples each.

Mention two characteristics of a justified complaint.

Answer these questions in the message box using the following format:

Name of subject

Date/Topic

Answers

No Fields Found. No Fields Found. No Fields Found.