SS 1 Commerce

Partnership Types There are two primary types of partnership businesses: Ordinary Partnership (or General Partnership) Characteristics: Membership/Number of partners: Can consist of 2 to 20 persons. However, the restriction of not more than 20 persons no longer applies to certain professionals according to the Companies Act 1967. Formation: No special formality, such as registration, is […]

A partnership is characterized by the collaboration between two or more individuals engaged in a joint business venture with the intention of generating profits.   In a partnership, individuals contribute their skills and financial resources to establish, own, and manage a business organization with the primary goal of making a profit.   Conditions conducive to

Business entities can be broadly categorized into two classes: the private sector, also known as private enterprise, and the public sector, referred to as public enterprise. The private sector comprises business enterprises owned and controlled by private individuals, while the public sector encompasses enterprises owned and controlled by the government. Under the private sector, there

Transportation serves as a crucial facilitator of trade and commerce, encompassing the movement of people and goods across various modes such as water, road, rail, and air.   Significance of Transportation: Facilitation of Goods and People Movement: Enables quick and efficient distribution of goods within a country. Encourages trade between different nations.   Improved Standard

The Nigeria Airport Authority (NAA) is a statutory body or public corporation tasked with the management, maintenance, operation, administration, and control of all airports in Nigeria. Notable international airports like Murtala Muhammed Airport Ikeja and Aminu Kano Airport Kano fall under its purview, while local airports such as Calabar airport represent examples of its jurisdiction.

The Nigeria Port Authority, a federal government body, is entrusted with the responsibility of establishing and overseeing facilities at sea ports within the country. Its aim is to ensure the efficiency and effectiveness of sea transportation by providing essential amenities such as boats, harbors, wharfs, trailers, forklifts, and more. Notable seaports in Nigeria include those

International Trade: This involves the sale of a country’s goods and services to other nations, encompassing both tangible products and services rendered abroad. Nigeria engages in export activities with products such as cocoa, crude oil, rubber, and cassava. Export transactions can be categorized as visible (tangible goods) and invisible (services provided).   Re-Export: This refers

The Customs and Excise Authority serves as a government agency tasked with the assessment and collection of revenue related to import and export activities. Operating under the Ministry of Internal Affairs, this department is a key revenue-collecting entity.   The responsibilities of the Customs and Excise Authority encompass various types of duties, including: Import Duties:

Documents Used in Foreign Trade Bill of Lading: Definition: A document conferring ownership claim on goods upon arrival, serving as proof of title for goods on board a ship. Content: Contains ship name, shipper details, and goods’ quality and types. Preparation: Typically created in three copies by the ship owner for the exporter, shipper, and

Trade Terms: This refers to the exchange prices between a country’s exports and imports. Favorable terms of trade occur when the prices of a country’s exports are greater than those of its imports, while unfavorable terms of trade occur when the reverse is true.   Visible exports primarily consist of tangible commodities recorded in a

International trade, also known as foreign trade, involves the exchange of goods and services between two or more countries through their residents and governments. In simpler terms, it encompasses the trading of goods and services among people and different nations.   Forms of Foreign Trade: Bilateral Trade: This occurs when one country agrees to exchange

The advancements in both economic and technical domains have given rise to various contemporary trends in the retail trade sector.   Key developments in retail trade: Self-Service System: Customers independently select goods from store shelves and make payments at the cashier, often without assistance. Features include well-organized displays, provision of trolleys and baskets, clear price

Warehousing involves the storage of produced or purchased goods in a designated location until they are required, ensuring a consistent and reliable supply. A warehouse serves as a storage facility for goods until they are needed.   Importance of Warehousing: Protection and Security: Ensures the safety of goods. Encourages Large Scale Production: Allows production ahead

Wholesaling, or wholesale trade, involves the purchase of goods in large quantities from producers or manufacturers, followed by the resale of these goods in smaller quantities to retailers. A wholesaler acts as an intermediary, obtaining products in bulk and facilitating their distribution to retailers.   Functions of the Wholesaler: To the Manufacturer: Providing valuable information

Self-Service Shopping: Self-service shopping is a customer-centric method that enables shoppers to independently navigate a store with minimal assistance from sales attendants. Goods are prominently displayed on shelves with corresponding price tags. Customers move through the store, examine items, make comparisons, and try on products as needed. They select their preferred items and place them