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SCHEME OF WORK
WEEK:
1. Revision of last term work/co-operative societies.

2. Advantages and Disadvantages of co-operative societies.

3. Public Enterprises/utilities: Meaning, types, formation and features.

4. Reasons for government ownership of public enterprises.

5. Trade Association: Definition, examples, aims and function.

6. Chamber of Commerce: Definition, aims, advantages and disadvantages.

7. Other association, aims functions/reasons for formation.

8. Insurance: meaning, differences between insurance and assurance.

9. Importance of insurance, procedures for taking it.

10. Insurance agencies and terms used.

11. Revision

TOPIC: Co-operative Society
REFERENCE BOOKS:
a. Essential commerce for S.S. S by O.A. longe
b. Positive commerce by Dr. Alf. Igwe
c. Comprehensive commerce for S.S.S by Johnson Ugoji Anyaele
BEHAVIOURAL OBJECTIVES: At the end of the lemon, students should be able to;
a. State the characteristics of co-operative society
b. Narrate the history of co-operative movement
c. List the types of co-operative society


SUBTOPIC: Cooperative, credit and thrift - societies
CONTENT: Definition and characteristics of co-operative society.
Meaning: A co-operative society is a voluntary organization in which individuals, businessmen and traders with common interest pool their resources together to promote the economic and welfare of their members.
Characteristics
- Perpetual existences
- Registered as a limited liability
- Democratic in nature
- Profit is stored based on patronage
- Capital is provided by members.
- Owned by people with common interest.

History of co-operative society
The first co-operatives society was established between 1771-1858 at New Lenark, England by Robert Owen, as producers co-operative society. A group of twenty eight weaves launched it for their benefits. Their objectives was to raise capital to fund a provision and clothing store and provide employment to member in Nigeria, the cocoa farmers as producers co-operative society was established in 1922.

Types of co-operative society
- Consumers co-operative
- Producers co-operative
- Retails co-operative
- Wholesale co-operative
- Credit and thrift co-operative
- Multipurpose co-operative

EVALUATION: List 5 characteristics of the co-operative society

ASSIGNMENT: Explain the multipurpose co-operative society





SUBTOPIC: Advantages/Disadvantages
BEHAVIOURAL OBJECTIVE: At the of the leson, students should be able to:
a. List the advantages of co-operative
b. State the disadvantages of co-operative

CONTENT: Advantages of Co-operative
a. Encouragement of saving
b. Democratic in nature
c. Render financial assistant members
d. Perpetual existence
e. Improve members standard of living etc

Disadvantages
a. Problem of loan recovery
b. Opportunity for embezzlement of fund
c. High level of illiteracy
d. Weak and unspecialized management
e. Low dividend

EVALUATION: List three advantages of the co-operative society

ASSIGNMENT: State five disadvantages of the co-operative society

TOPIC: Co-operative Society
REFERENCE BOOKS:
a. Essential commerce for S.S. S by O.A. longe
b. Positive commerce by Dr. Alf. Igwe
c. Comprehensive commerce for S.S.S by Johnson Ugoji Anyaele
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
a. State the similarities between co-operative and limited company
b. Enumerate the differences between co-operative society and limited liability company


CONTENT: Co-operative society and Limited Liability Company
Similarities Between co-operatives and Limited Liability Company
a. Both are legal entities
b. Members buy shares
c. They hold animal general meetings (AGM)
d. Both are registered business organization
e. The shareholders receives dividend

Differences between co-operative society and company
Co-operative society Limited Liability Company
a. Formation: Registered and formed under co-operative laws Registered and incorporate under company act
b. Registration fee: Members pay registration fees apart form the shares Registration fees are not paid after paying fully for the shares
c. Aim & objectives: to promote member's welfare To make profit
d. Right of members: Members have equal voting right Members have controlling effect on the basis of their shares
e. Management /control: it is managed and controlled by elected committee members of the organization It in managed /controlling by board of directors who are elected by shareholders.

EVALUATION: State two similarities between the co-operative society and the limited liability company.

ASSIGNMENT: Explain two differences between co-operative society and company





SUBTOPIC: Credit Union and thrift societies
BEHAVIOURAL OBJECTIVES: At the end of the lesson, student should be able to:
a. State the formation of credit union and thrift societies
b. Enumerate the aims of credit union and thrift societies

CONTENT: Credit unions and thrift societies
Meaning: Credit Unions and thrift societies may be defined as the coming together of a group of people with common interest who have agreed to pool their resources together from which loan facilities are made available to members at an agreed rate of interest. Savings of members may be daily, weekly, monthly as the case may be. It is common among people in the same line of business.

Formation
a. It is formed by a group of people with a common objectives
b. It is open to interested members voluntarily
c. It is democratic association and members contribute according to their ability and capacity.

Aims and objectives of credit unions
a. To encourage savings habit among members
b. To provide loan at a very low interest rate
c. To help in the acquisition of assets for members
d. To assist members who are in need
e. To ensure payment of dividend to members based on their patronage.

EVALUATION: Explain the credit union and thrift societies.

ASSIGNMENT: State three aims of setting up the credit union and thrift societies





SUBTOPIC: Credit Union and thrift societies
BEHAVIOURAL OBJECTIVES: At the end of the lesson, student should be able to:
a. State the formation of credit union and thrift societies
b. Enumerate the aims of credit union and thrift societies

CONTENT: Credit unions and thrift societies
Sources of fund
a. Shares purchased by mention
b. Registration fees pad by new or incoming members
c. Fines from erring or defaulting members e.g. absence form meeting many attract a fine
d. Deposits of members
e. Loan obtained from financial institutions
f. Interest on loan given to members
g. Retained earning/dividend

Services provided to members
a. Encouragement on saving habit
b. Provision of loan facilities
c. Enlightenment of members
d. Payment of dividend
e. Loan can be obtained from banks
f. Foster close relationship between members
g. Render help in time of need
h. Encourage increased standard of living.

EVALUATION: List six types of co-operative societies

ASSIGNMENT: State and explain five services rendered by the societies of their members

TOPIC: Public Enterprises
REFERENCE BOOKS:
a. Essential commerce for S.S. S by O.A. Longe
b. Positive commerce by Dr. Alf. Igwe
c. Comprehensive commerce for S.S.S by Johnson Ugoji Anyaele



SUBTOPIC: Characteristics of public utilities
BEHAVIOUR OBJECTIVE: At the end of the lesson, student should be able to:
a. State the meaning of public enterprise
b. List the various examples
c. State the characteristics of public enterprises

CONTENT: Meaning of Public Enterprises: It is a business organization established, owned, managed and financial with tax payer money. It is not profit making.

Examples of public enterprises
a. National Electric Power Authority (NEAP)
b. Water corporation
c. Nigerian Airways
d. Nigerian Ports Authority (NPA)
e. Nigerian railway corporation (NRC)

Characteristics of public enterprises
a. Owned by the government
b. Established by the act of parliament or decree
c. Provision of services
d. Not profit oriented
e. Managed and controlled by the government.

EVALUATION: Give 5 examples of public corporation

ASSIGNMENT: State three characteristics of a public corporation





SUBTOPIC: Reasons for Govt. ownership of public enterprises.
OBJECTIVES: At the end of the lemon, students should be able to:
a. State reasons for government ownership of public enterprises
b. List the sources of capital of public enterprise.

CONTENT: Reasons for government ownership
a. Capital required
b. For strategic and security reasons
c. To generate revenue
d. To prevent monopoly
e. To avoid wasteful competition

Sources of capital for public enterprises
a. Grant from government
b. Grant from financial institution
c. Internally generated revenue
d. Loan from banks or financial institution

EVALAUATION: List two sources of capital for public enterprises

ASSIGNMENT: Give three (3) reasons why the government control of the public enterprises





SUBTOPIC: Formation and types of public enterprises
OBJECTIVE: At the end of the lesson, students should be able to:
a. List the types of public enterprises
b. State the formation of public enterprises

CONTENT: Types and formation of public enterprises
a. Public corporations
b. State government owned enterprises
c. Local enterprises
d. Quasi government departments

EVALUATION: List four types of public enterprises

ASSIGNMENT: Using the following point differentiate between public corporation and public limited liability company.

TOPIC: Public Enterprises
REFERENCE BOOKS:
a. Essential commerce for S.S. S by O.A. Longe
b. Positive commerce by Dr. Alf. Igwe
c. Comprehensive commerce for S.S.S by Johnson Ugoji Anyaele


SUBTOPIC: Advantages of public enterprises
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to: state the merits of public corporation.

CONTENT: Advantages of public enterprises
a. Provision of infrastructural facilities
b. Large capital for expansion
c. There is continuity
d. Development of capital project
e. Enjoyment of large scale production

EVALUATION: State three advantages of public corporation

ASSIGNMENT: State three state Government Corporation in Lagos State.





SUBTOPIC: Disadvantages of public corporation
OBJECTIVES: At the end of the lesson, students should be able to: state the disadvantages of public corporation.

CONTENT: Disadvantages of public corporation
a. It requires large capital
b. There is government interferences
c. Danger of monopoly
d. Inefficiency in operation
e. Corruption and mismanagement

EVALUATION: State three (3) disadvantages of public utilities

ASSIGNMENT: State forms of Public Corporation.





SUBTOPIC: Differences between public corporation and public limited company
OBJECTIVE: At the end of the lesson, students should be able to:
a. State the differences between public corporation and companies
b. List the points of differentiation.

CONTENT: Differences between Public enterprise and Public Company
Points for differentiation / Public corporation / Public Limited company
Ownership / The government / Shareholders
Formation / Act of parliament / Incorporation
Control / Board of directors appointed by minister / Board of director appointed by shareholders

EVALUATION: State and explain five features which are common to public corporation and public limited companies

ASSIGNMENT: Give five reasons for government ownership of public enterprises.

TOPIC: Trade Association
REFERENCE BOOKS:
a. Essential commerce for S.S. S by O.A. Longe
b. Positive commerce by Dr. Alf. Igwe
c. Comprehensive commerce for S.S.S by Johnson Ugoji Anyaele



SUBTOPIC: Meaning and examples of trade association
BEHAVIOURAL OBJECTIVE: At the end of the lesson, students should be able to:
a. List examples of various trade association
b. Explain the meaning of trade association

CONTENT: Meaning: Trade association may be defined as a group of individuals in the same line of trade who have voluntarily agreed to come together to promote and safeguard business interest of their members.
Examples
- Bluchers Association
- Okada Riders Association
- Taxi Drivers Association
- Nigeria Union of Teachers
- Nigerian Union of journalist etc

EVALUATION: State the meaning of the term trade association

ASSIGNMENT: Give 5 examples of trade association






SUBTOPIC: Aims & objectives of trade association
OBJECTIVES: At the end of the lesson, students should be able to:
a. List the aims of trade association

CONTENT: Aim and objectives of trade association
- To protect their trade and profession from being infiltrated by quacks
- To safeguard the interest of their members from being maltreated by their employers and other members of the society

EVALUATION: State three (3) aims of trade association

ASSIGNMENT: Write the following association in full (i) NUJ (ii) NUT (iii)NBA





SUBTOPIC: Function of Trade Association
OBJECTIVES: At the end of the lesson, students should be able to: state the functions of trade association

CONTENT: Function of Trade Association
- They act as pressure groups
- They settle disputes among members
- They serve as media for members
- They safeguard members interest
- Educations of their members etc

EVALUATION: List three functions of trade association

ASSIGNMENT: Give three reasons for forming trade association

TOPIC: Chamber of commerce
REFERENCE BOOKS:
a. Essential commerce for S.S. S by O.A. Longe
b. Positive commerce by Dr. Alf. Igwe
c. Comprehensive commerce for S.S.S by Johnson Ugoji Anyaele



SUBTOPIC: Meanings and types of chamber of commerce
BEHAVIOURAL OBJECTIVE: At the end of the lesson, students should be able to:
a. State the meaning of chamber of commerce
b. List the types of chamber of commerce

CONTENT: Meaning and types of chamber of commerce.
This is an association of merchants, manufacturers and businessmen from different commercial fields or various lines of business.
Types: there are national and international chambers of commence e.g.
Lagos Chamber of commerce
Owerri Chamber of commerce
Ibadan chamber of commerce
London chamber of commerce etc
EVALUATION: give two(2) types of international chamber of commerce

ASSIGNMENT: Explain the term chamber of commerce





SUBTOPIC: Aims & objectives of chamber of commerce
OBJECTIVE: At the end of the lesson, students should be able to: state the aim & objectives of chamber of commerce.

CONTENT: Aims & objectives of chambers of commerce
- To promote commercial activities in a community, country or town
- To further business interest of the area
- To influence the policy of the government relating to commercial activities in an area.
EVALUATION: State two(2) objectives of chamber of commerce

ASSIGNMENT: Give three (3) reasons for a town having chamber of commerce




SUBTOPIC: functions of chamber of commerce
OBJECTIVES: At the end of the lesson, students should be able to: state the functions of chamber of commerce.

CONTENT: Functions of chamber of commerce
- To organize trade fairs and exhibitions
- To promote home and foreign trade
- To co-operate with other chambers of commerce
- To collect and disseminate information to members

EVALUATION: State three(3) functions of chamber of commerce

ASSIGNMENT: Why is it necessary to have a chamber of commerce in a state?

TOPIC: OTHER ASSOCIATION
REFERENCE BOOK
a. Essential commerce for S.S.S by O.A. Longe
b. Positive commerce for S.S.S by Dr. Igwe
c. Comprehensive commerce for S.S.S by Johnson Anyaele


SUBTOPIC: Cartel and Features Cartel
BEHAVIOURAL OBJECTIVE: At the end of the lesson, students should be able to:
a. State the features of cartel
b. Give reason for forming cartel

CONTENT
Cartel is an association of independent producers of similar products who come together in order to keep up the price of their products e.g. OPEC
Features
a. It is monopolistic in nature
b. It is established by independent producers of similar product
c. Competition is removal
Reasons for forming a Cartel
a. To keep up the price of their products
b. To regulate output, etc

EVALUATION: What is a cartel? Give two (2) examples of cartel

ASSIGNMENT: State three (3) features of Cartel




SUBTOPIC: Trust
BEHAVIOURA OBJECTIVE: At the end of the lesson, students should be able to:
a. Differentiate between trust and cartel
b. List examples of trust holding

CONTENT: Trust is an amalgamation of different competing firms in different lines of business under a single control.
Differences between cartel and trust
Trust is a complete merger but cartel is voluntary and members can withdraw.
In trust, certificates are issued but in cartel, no certificate in issued.

EVALUATION: Explain the term trust holding

ASSIGNMENT: State two (2) differences between trust and cartel





SUBTOPIC: Consortium
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
a. Explain the term consortium
b. Give reasons for the formation of consortium

CONTENT: Consortium- Is an association of firm the pool their resources together to finance a project.
Reasons for forming a consortium
a. It requires large capital out lay
b. The project in complex in nature

EVALUATION: Explain the term "consortium" as an association

ASSIGNMENT: Give two (2) reasons for forming a consortium

TOPIC: Insurance
REFERENCE BOOK
a. Essential commerce for S.S.S by O.A. Longe
b. Positive commerce for S.S.S by Dr. Igwe
c. Comprehensive commerce for S.S.S by Johnson Anyaele

SUBTOPIC: Meaning and History of Insurance
BEHAVIOURAL OBJECTIVE: At the end of the lesson, students should be able to:
a. State the meaning of insurance/assurance
b. Enumerate the history of insurance in Nigeria

CONTENT: Meaning and History of Insurance
Insurance: May be defined as a system of providing financial compensation for the effects of loss, the payments being made from the accumulated contributions of all parties involved in the scheme. It is the pooling of risks.
Assurance: Is the provision of cover against some eventuality which must occur at some time in the future e.g. death

History of insurance in Nigeria
Before the coming of western civilization, insurance was predominantly practical as an organized social scheme which included the extended family system, association of age grade and unions. They make periodic contribution from members and rally round any member that suffer a loss such as death, illness etc

EVALUATION: Differentiate between insurance and assurance

ASSIGNMENT: State the history of insurance in Nigeria




SUBTOPIC: Insurable and Non-insurable Risk
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
a. State insurable risks using examples
b. List uninsurable risks

CONTENT: Insurable and Non-insurable Risks
Insurable Risks: are the types of risks which the insurer can make provision for or insure against because it is possible to collect, calculate and estimate the likely future losses. E.g. motor accident, life insurer, marine etc
Non- insurable Risks are the type which insurance company is not ready to insure again, because the future losses cannot be measured or estimated. E.g. risks due to war, gambling etc

EVALUATION: State four insurable risks

ASSIGNMENT: List five non-insurable risks.





SUBTOPIC: Principles of Insurances
BEHAVIOURAL OBJECTIVE: At the end of the lesson, students should be able to:
a. List the principles of insurance
b. Explain the principles of insurances using examples

CONTENT: Principles of Insurances
- Indemnity
- Insurable interest
- Utmost good faith (uberrimae fides)
- Contribution
- Proximate cause, etc

EVALUATION: List five principles of insurance

ASSIGNMENT: Explain utmost good faith as a principle of insurance

TOPIC: Insurance
REFERENCE BOOK
a. Essential commerce for S.S.S by O.A. Longe
b. Positive commerce for S.S.S by Dr. Igwe
c. Comprehensive commerce for S.S.S by Johnson Anyaele


SUBTOPIC : marine Insurance
BEHAVIOURAL OBJECTIVES: At the end of the lesson, student should be able to:
a. State marine insurance policy
b. List the types of marine insurance

CONTENT: Marine Insurance
This is a branch of insurance which covers losses or liabilities relating to ship and their cargoes against the dangers or perils of the sea.

Types:
a. Hull insurance
b. Cargo insurance
c. Ship owners liabilities etc

EVALUATION: List 3 types of marine insurance

ASSIGNMENT: Give two(2) features of marine insurance





SUBTOPIC: Life Assurance
BEHAVIOURAL OBJECTIVE: At the end of the lesson, students should be able to:
a. List the types of life assurance policy
b. State reasons for taking life assurance

CONTENT: Life Assurance
This is one important branch of insurance which is taken as a protection against loss caused by the death of a person.

Types
a. Term assurance
b. Whole life assurance
c. Endowment policy
d. Annuities

Reasons
a. Lump sum on retirement
b. Service as collateral security

EVALUATION: Explain life assurance as part of insurance

ASSIGNMENT: List four(4) types of life assurance





SUBTOPIC: Fire insurance
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
a. State the risks associated with fires
b. Enumerate types of fire insurance

CONTENT: Fire Insurance
This types provides cover for loss or damages caused by fires. Fire could result as a result of lighting, wiring and explosion. Possible damages to building, factories, goods and shops, etc

Types:
a. Fire insurance with average clause,
b. Fire insurance without average clause

EVALUATION: Differentiate between fire insurance with average clause and fire insurance without average clause.

ASSIGNMENT: List the (10) types of insurances