Who is a consumer? A consumer is defined as an individual who buys goods for his personal use. He/she buys goods and services and uses them to his satisfaction. Meaning of Market A market is a place or situation where buyers and sellers come in contact to sell goods and services. A market need not […]
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Entrepreneurship is important. It benefits the locality by creating jobs for people and leads to a better standard of living. Entrepreneurship plays a crucial role in the economy and society as a whole. Here are some key reasons why entrepreneurship is important Importance / Advantages of Entrepreneurship 1. Economic Growth and Job Creation: Entrepreneurs are
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SOLE PROPRIETORSHIP Sole trade is the oldest form of business organization. It is a form of business owned, engaged, and controlled by one person to make a profit. Another name for sole trade is sole proprietorship or one–man business. A man/woman who engages in sole trade is known as a sole trader are a shoe
Meaning of chemicals – Chemicals are distinct compounds or substances which are prepared or purified artificially using different chemical reactions. E.g., baking soda, flavours of juice, medicine, food etc. GRADES OF CHEMICALS Reagent A.C.S. – these are used in a laboratory. R. – is used for chemical research. C.C. – is used in the requirements
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This is a business organisation which has been in corporation. It is an association of individuals who agreed to jointly put their resources together for the purpose of having a business distinct from their owners. It is a legal entity created through state approval and separate its owners. There are two types of limited liability
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Book – keeping is the systematic recording of daily transactions (cash and credit) in the appropriate book. It is the art of keeping proper accounting records of business transactions. IMPORTANCE OF BOOK – KEEPING Book – keeping serves as a proof in time of doubt or confusion. It helps to determine the profit of the
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Public corporation is a business organization set up, financed and managed by government not necessarily to make profit but to provide essential services for the members of the public. FEATURES OF PUBLIC CORPORATION It is owned by government It is financed by the tax payers money It is set up to render essentials services to
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Entrepreneurship is a self-employed person who puts together all the factors of production to start a new venture. In other words, entrepreneur is a person who organises and manages a commercial undertakings or business undertaking.
There are four factors of production namely:
(1) Land : rent
(2) Labour: wages or salary
(3) Capital: Interest
(4) Entrepreneur: Profit
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Production is the transformation/changing or conversion of raw materials into finished goods. It is the changing of natural resources or raw materials into finished goods, exchange and distributed in order to satisfy human wants. In other words, it is the creation of goods and service. Production is not complete until the goods reach the final
Usually, punctuation marks as used in sentences give meaning to sentences. Punctuation marks can be used to separate sentences, or to put an end to sentences. Punctuation marks include comma, full stop, colon, exclamation mark. Computer Symbols and Punctuation Marks . Full stop or Period , Comma : Colon ; Semi colon ? Question mark
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Occupation refers to various activities that are legal, ( that is not against the law ) which people engage in, in order to earn their daily living. It can also be defined as the activities in which people engage themselves in, in order to earn a living. CLASSIFICATION OF OCCUPATION Occupations are divided or
Meaning of consumer A consumer is any person who buys goods and services for his / her personal use. Also a consumer can be seen as a person who purchases a product or service for his use and not for resale or for use in manufacturing another product. Meaning of Market A market has
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MEANING OF ENTREPRENEURESHIP Entrepreneurship comes from the French verb ‘entrepreneur’, which means to ‘undertake’, Entrepreneurship is the act or art of organization or owning a business by taking financial risks with a view to making profit. EVALUATION Define entrepreneurship What is the chief purpose of entrepreneurship? FACILITIES AVAILABLE FOR SELF-EMPLOYMENT If you want
The Double Entry principle: The double entry principle states that for every credit entry there must be a corresponding debit entry and vice versa. For a proper understanding of this principle, it must be borne in mind that every business is a separate entity, and every account of a business is personified i.e. deemed to
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Meaning of Chemicals A chemical is define as any substance which is capable of breaking down, or combining with its kind or other substances under a suitable environment, to become a new substance, having a completely different character, behavior, quality or use. Chemicals suitable for use and those not suitable for use. Characteristics of
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TYPES OF OFFICE Basically there are two types of office and they are: Big or large office Small office BIG OR LARGE OFFICE: this is a large building partitioned into small offices. SMALL OFFICE: This could just be a single room with a table, telephone and in some cases, fax machine and a computer.
DIFFERETNT DEPARTMENTS IN AN ORGANSIATION The size of an organization depends on various departments in an organization. In a one man business the owner can act as an accountant, receptionist, clerk, manager, personnel manager, e.t.c in this type of organization the departments are few. But in a large organization where division of labour is practiced
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MEANING OF BUSINESS STUDIES Some decades ago, the means by which people earned their living was through trade by barter system. Trade by barter is a means of exchanging good s for goods and services for services. In this system, someone who needs one thing or the other has to look for someone who has
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MEANING OF SOURCE DOCUMENTS Source documents are the first sources of information from which accounting books are prepared. They are the records of cash and credit transactions. Source documents provide detail information for the preparation of books of accounts. From the source documents, the book keeper collects and arranges items of transactions for his bookkeeping.