Functions of Banks
This lesson covers the functions of the Central Bank of Nigeria, commercial banks, and specialized banks. It explains the types of bank accounts, forms of payment, and the differences between commercial and specialized banks. The origin of the Central Bank of Nigeria is also discussed.
- 04:03 “That is, a private individual can set up a commercial banks and they can also be owned by organizations at these institutions and the government. Now commercial banks are limited liability companies. Now some examples of...”
- 03:16 “the regular banks we all know. Then we have the central bank and the highest financial institution in any country. Then we have the merchants bank, we have the savings bank, we have the development bank and we have the a...”
- 04:49 “they have contributed to as capital. Then the motive for the establishment of commercial banks is to make profit. That is, that is the main aim. This is the sole aim of these commercial banks. That is to come by services...”
Financial Institutions Overview
This lesson defines financial institutions and lists the types of banking and non-banking financial institutions. It also explains the key differences between these institutions and their functions in the economy.
- 05:03 “deposits and other valuables from the public for safe keeping with the sole aim of making profits. And how do commercial banks make profits? They make profits by giving out loans from that deposits given to them. The dep...”
- 05:49 “investment to yield profits for the banks. The loans are usually for a short term that is the loans given out from the commercial banks are usually for a short term that is commercial banks do not give out long term loan...”
- 04:16 “The types of banks, the major types of banks include those listed under the banking financial institution. That is these. All these institutions here are also those included under types of banks. Now let now explain the...”
Commercial Arithmetic: Profit and Loss
This lesson covers the concepts of profit and loss in commercial arithmetic. Students will learn to identify cost price and selling price, and how to calculate profit or loss these values. The lesson also includes calculating profit or loss in percentage.
- 15:48 “In the hope of getting more money back, you get that. So, when there is a loan, there is an investment, there is going to be an interest. So, looking at the relationship between the three. Now, looking at it, there are t...”
- 15:00 “Now, a loan is an amount of money you borrow. When you borrow money, they call it a loan. Boy, that you most normally pay back with interest. You pay back a loan. You take a loan. You take a loan from your bank. You take...”
- 16:33 “The loan is given. That's the loan. And the loan is used for investment. That's investment proposed. Now, when you use for investment proposed, at the end of the day, is expected to pay something back for the loan. And t...”
Types of Occupations
The lesson covers the definition of occupation and the various types of occupations. It explains industrial, commercial, and service occupations, along with examples of each type.
- 03:51 “Banking, at least you've seen different types of banks. We have access bank, we have GTV and the rest. And advertising. The regular advertisements you see on your TV. So they help you. They help you want that particular...”
- 08:24 “you need to know that there are certain things to do. There are certain measurements to go through. There are certain temperatures to actually experience what the product will come out of the right way. Education, withou...”
- 00:47 “The regular things you see out there, the biscuits you see out there, the chocolates you see out there, the cakes you see out there, those are goods. Services are what you experience when you go to the bank in order to e...”
Meaning and Types of Trade
The lesson explains the concept of trade as the buying and selling of goods. It describes the types of trade, including own trade and foreign trade, and outlines the services that facilitate trade. The role of Customs and Excise in foreign trade is also discussed.
- 12:35 “Clients, sellers, manufacturers, producers and agreements in order to save guide money owned by organizations or even individuals. It is also lending us money to entities, corporations, big organizations, many organizati...”
- 11:48 “What are the aids to trade? We have different aids to trade. What are the ways where trades can be easy and where traders can facilitate and make life more better for them? One, banking. We will see these in details in o...”
- 13:21 “It costs money. So banking managers, even executives, they loan to managers, they loan to big executives in order to help them with productivity. Banks provide financial loans and aids. For example, scholarship. If a stu...”
Types of Production
This lesson defines production and explains its types, including primary, secondary, and tertiary production. It also discusses the extraction of raw materials and the transformation into finished goods.
- 09:16 “services, we can also divide them into three direct services, an environment to have commercial, direct services are those ones who give you direct service and pay for the services given to you. All right? In direct, tho...”
- 10:57 “to get those goods to be consumers are either by air, by water or by road, okay? And before those goods will be able to get to the consumer, it may be stored in our warehouse, okay? Until those goods are being needed. An...”
- 10:09 “house health, still work actors, house health, still work and so on and so forth. We also have people like the judges, the educationists, ambassadors, soldiers, policemen and so on and so forth. Right? We also have peopl...”
Government Revenue and Expenditure
This lesson covers the classification of government revenue into revenue receipts and capital receipts. It also explains government expenditure, distinguishing between capital and recurrent expenditure. Students will learn how to prepare statements of revenue and expenditure accounts.
- 05:30 “1.00353 NERA, 1.007 sinking of boroughs, 35,000, 2.35 NERA, 1.008 construction of classrooms, 20,000, 7.25. Revenue ads are coded, 2.001, 2.002 while expenditure ads are coded, 1.001, 1.002. You are required to prepare a...”
- 11:07 “we have a balance brought forward that the balance of the revenue 3,500,500 NERA, then we have the license fees 31,750,000, 15 NERA, then fines 5,325 NERA, statutory allocation 750,000 NERA, interest on deposits 4,320, r...”
- 08:00 “interest on fixed deposits accounts is a revenue item, but allocation is a revenue item, rent from shops is a revenue item, sanitation fees is a revenue item, thinking of balls is an expenditure item and then constructio...”