{"id":1572,"date":"2023-09-29T10:40:03","date_gmt":"2023-09-29T10:40:03","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=1572"},"modified":"2023-09-29T10:42:59","modified_gmt":"2023-09-29T10:42:59","slug":"week-2-and-3-jss-3-second-term-business-studies-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-2-and-3-jss-3-second-term-business-studies-notes\/","title":{"rendered":"Week 2 and 3 – Jss 3 Second Term Business Studies Notes"},"content":{"rendered":"

SIGMA TERM SCHEME OF WORK FOR JSS3
\n<\/strong>BUSINESS STUDIES
\n<\/strong><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
WEEKS<\/strong><\/td>\nTOPICS<\/strong><\/td>\n<\/tr>\n
1<\/td>\nRevision of last term’s work<\/td>\n<\/tr>\n
2 \u2013 3 <\/td>\nPersonal finance <\/td>\n<\/tr>\n
4<\/td>\nBook \u2013 keeping ethnics <\/td>\n<\/tr>\n
5<\/td>\nTrading, profit and loss account <\/td>\n<\/tr>\n
6<\/td>\nShorthand principle, speed development in shorthand<\/td>\n<\/tr>\n
7<\/td>\nApplied keyboarding<\/td>\n<\/tr>\n
8<\/td>\nDisplay <\/td>\n<\/tr>\n
9<\/td>\nTypes of Display <\/td>\n<\/tr>\n
10<\/td>\nPrinters correction signs \/ speed development <\/td>\n<\/tr>\n
11 \u2013 12 <\/td>\nREVISION \/ EXAMINATION <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\u00a0WEEK TWO \u2013 THREE
\n<\/strong>TOPIC: PERSONAL FINANCE
\n<\/strong>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.
\nPersonal finance \u2013 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.
\nSOURCES OF FINANCE<\/p>\n

    \n
  • \n
    Personal savings\n<\/div>\n<\/li>\n
  • \n
    Borrowing from friends and family\n<\/div>\n<\/li>\n
  • \n
    Credit cards\n<\/div>\n<\/li>\n
  • \n
    Retained profits\n<\/div>\n<\/li>\n
  • \n
    Loan and overdraft from bank\n<\/div>\n<\/li>\n<\/ul>\n

    CONSUMPTION AND CHOICE
    \nA 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.
    \nMoney 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.
    \nConsumer’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.
    \nMODESTY: Modesty means simplicity, humbleness. It is a state of not being expensive to be moderate in spending or buying.
    \nATTRIBUTES OF MODESTY<\/p>\n

      \n
    1. \n
      Moderate living within one’s income\n<\/div>\n<\/li>\n
    2. \n
      Contentment \u2013 we must be contented with what we have from time to time\n<\/div>\n<\/li>\n
    3. \n
      Honesty \u2013 be honest with yourself, do not spend more than what you have\n<\/div>\n<\/li>\n
    4. \n
      Simplicity \u2013 live a simple life\n<\/div>\n<\/li>\n<\/ol>\n

      EFFECTS OF LIVING MODESTY<\/p>\n

        \n
      • \n
        Self \u2013 control\n<\/div>\n<\/li>\n
      • \n
        Prudence\n<\/div>\n<\/li>\n
      • \n
        Peace of mind\n<\/div>\n<\/li>\n
      • \n
        High self \u2013 esteem\n<\/div>\n<\/li>\n
      • \n
        Refusal to indulge in corrupt practices\n<\/div>\n<\/li>\n<\/ul>\n

        Link Between Modesty and Extravagance
        \nOnly 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.
        \nPERSONAL FINANCE
        \n<\/strong>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.
        \nThing to be considered while preparing a personal budget:<\/p>\n

          \n
        1. \n
          Identify a goal and set time before budget.\n<\/div>\n<\/li>\n
        2. \n
          List all the expenses.\n<\/div>\n<\/li>\n
        3. \n
          List all source of income.\n<\/div>\n<\/li>\n
        4. \n
          Ensure that expenses do not exceed 60% of the income 40% should be for investment for the future.\n<\/div>\n<\/li>\n
        5. \n
          Subtract total expenses form total income if negative ,revist expenses and reduce it.\n<\/div>\n<\/li>\n
        6. \n
          If the income is more than expenses put the excess into savings.\n<\/div>\n<\/li>\n<\/ol>\n

          Example of individual budget:<\/p>\n

          \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
          Categories <\/td>\nBudget amount <\/td>\n<\/tr>\n
          Income:<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Wages and bonuses<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Investment income<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Income taxes :<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Income tax<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Spendable income<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Expenses :<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Home <\/td>\n\u00a0<\/td>\n<\/tr>\n
          Mortgage or rent<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Home repairs\/maintenance<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Utilities :<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Electricity<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Water <\/td>\n\u00a0<\/td>\n<\/tr>\n
          Natural gas or oil<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Telephone<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Food :<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Caro cerise<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Eating out<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Family obligations :<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Child support<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Day care, baby sitting<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Health and medical :<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Insurance <\/td>\n\u00a0<\/td>\n<\/tr>\n
          Out pocket medical expenses<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Transportation :<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Clothing <\/td>\n\u00a0<\/td>\n<\/tr>\n
          Investment\/savings<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Miscellaneous :<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Toiletries<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Gift <\/td>\n\u00a0<\/td>\n<\/tr>\n
          Total investment and expenses<\/td>\n\u00a0<\/td>\n<\/tr>\n
          Surplus\/shortage {spendable income minus expenses and investment}<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

          \u00a0Uses of personal budget.<\/p>\n

            \n
          1. \n
            It teaches member of family the worth of money.\n<\/div>\n<\/li>\n
          2. \n
            It is a tool for planning and thinking ahead.\n<\/div>\n<\/li>\n
          3. \n
            It identifies areas in which one can spend or take necessary steps to curtail expenditure.\n<\/div>\n<\/li>\n
          4. \n
            It alerts you against cash flow problem in the future.\n<\/div>\n<\/li>\n
          5. \n
            It gives ideas of how much credit are in a position to take on without landing in serious debt.\n<\/div>\n<\/li>\n
          6. \n
            It helps to support long term goals.\n<\/div>\n<\/li>\n<\/ol>\n

            Questions :<\/p>\n

              \n
            1. \n
              What is personal finance?\n<\/div>\n<\/li>\n
            2. \n
              What is investment\n<\/div>\n<\/li>\n
            3. \n
              Explain modesty.\n<\/div>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

              SIGMA TERM SCHEME OF WORK FOR JSS3 BUSINESS STUDIES WEEKS TOPICS 1 Revision of last…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,145],"tags":[],"class_list":["post-1572","post","type-post","status-publish","format-standard","hentry","category-posts","category-second-term-jss3-business-studies"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=1572"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1572\/revisions"}],"predecessor-version":[{"id":1573,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1572\/revisions\/1573"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=1572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=1572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=1572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}