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.
- 07:46 “Compare the two. Remember, the cost price, the selling price. Compare the two. Now, is it going to be making a profit or make a loss? Look at it. You see that this cost price is greater than the selling price. And it wou...”
- 10:59 “That's P. So, either the formula you apply depends on what the question is actually to look for. Pick up the first question, question number two. Esella buys 20 pair of women's sneakers from manufacturer, 20 pair, 10-min...”
- 04:44 “As the profit or loss percentage is unknown, you follow to this method. But there might be some other questions where the profit or loss percentage will give you the projected percentage of profit or loss. Now, when they...”
Revenue Types
This lesson defines revenue and explains its three main types: total revenue, average revenue, and marginal revenue. It covers how to calculate each type and their relationships to production and sales.
- 15:24 “where do you have maximum profit, maximum profit, okay, so, let's go to the next one, 9, and 8, is that profit, yes, how much profit, profit of 1, R, I know, you see, 9 minus worth, 8, the difference between your, c, R,...”
- 18:06 “So that's where you have the maximum profit. Okay? So profit is maximized as output for. That's how you tell them. Profit is maximized as what? As output for. Then let's go to some things. Calculate the profit when quant...”
- 19:02 “Total revenue is what? 30. Minus total cost is what? 25. Can you see? 25. So the difference between this and this is what? Five. So ladies and gentlemen, this is our profit. Can you see? Very easy. See R minus CC. That i...”
Departmental Accounts
This lesson covers the definition and purpose of departmental accounts. It explains how to prepare these accounts to show the performance of different departments in a business. The lesson also discusses the advantages of using departmental accounts for comparison, error detection, and managerial as
- 41:15 “So for departments A, the total of the expenses gave us 7,600 and 6 NIRA. We now deduct from our total gross profits plus other income, which gave us 13,400. So let's deduct 13,400. That would give us 5,794. So that mean...”
- 39:39 “you have solved the question. Then advertisement was shared equally. Remember that other expenses were told to share equally. Advertisement, Admin and general expenses, we shared equally. And the partners received 1000 N...”
- 35:44 “And then you will set the various apportionments where necessary. Now, let's look at what we have as the solution. We are taking care of the various expenses and the income that we need to take care of. So, in preparing...”
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.
- 17:35 “machinery, equipment. All these things are being included as capital. Then we have reward for capital as interest. The reward for capital is world interest. Right, we have the entrepreneur. The entrepreneur is the owner...”
- 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...”
Cost of Production
This lesson covers the concept of cost in economics, focusing on the cost of production. It explains different types of costs, such as fixed and variable costs, and discusses the factors of production that contribute to overall costs.
- 26:47 “marginal, you have to use your total cost, 18 minus 14, now give us what, four, okay, you don't need to start burdening yourself with this, because when you say two minus one, three minus two, four minus three, you still...”
- 16:04 “you calculate your worth, your total cost, please take note, your total cost here is going to be worth, it's going to be fixed cost, plus worth, plus variable cost, okay, remember the first one I get to you is worth, is...”
- 25:58 “okay, over changing quantity, anything marginal, the first line is always dash, you can see, here, for the first unit is dash, so you start from the second one, very easy, even without capital it or you can do this, just...”
Translating Word Problems into Equations
The lesson teaches how to translate word sentences into mathematical equations. It covers the use of variables to represent numbers and how to express word problems as algebraic expressions. Students will learn to solve simple equations and check their answers.
- 07:04 “could find out what the exact age is. But as it is now, there's no value. We leave it the way it is. Second example, a shop owner sells maize at Sunera Parkop. She also sells rice Parkop at double the price of the maize....”
- 09:31 “And then she sold 45 cups of rice, 45 cups of rice. So 45 times two, 45 now would be 45 times four. Because a cup of rice is four Nera, so four multiplied by 45. So our income is two times 50 plus four times 45, which is...”
- 11:09 “So we say Q. And rice adds double the price of maize. That is two times Q. If she sold 50 cups of maize and 45 cups of rice, what was her income? So 50 cups of Q, that is 50 of Q, 50 Q plus-- this is 2Q plus 2Q times 45....”
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.
- 11:03 “They need profits. They need money in exchange for this good that's been produced. So because they also bear the cost of production, yes, it is risk if the consumers do not buy. So it is efficiency in the longer. In this...”
- 14:56 “Insurance helps to train these children. It is also payments and premium for eventuality. Nobody pays for anything but but for natural disasters or deaths or accidents, insurance is a very good way to help compensate the...”
- 10:17 “You want to look in a particular way and you already have this idea. When you get to the market, you find a specific dress that you like. So it is benefits and added value to the customer. It also decreases monopoly. You...”
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...”
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.
- 08:50 “preparation. Now the revenue and expenditure statements is prepared following the profits and loss accounts principle. Now in preparing your profits and loss accounts, your profits or your items of income are credited th...”
- 11:55 “for the expenditure. If we add this will not give us 4,300 and 13,000 but our revenue total will give us 4,300 and 13,500 and 30. Now when we add all the items of expenditure together and we deduct from these total it wi...”
Factors of Production
The lesson covers the concept of production and its types. It explains the factors of production, division of labor, and specialization. The advantages and disadvantages of division of labor and large scale production are also discussed.
- 05:41 “help us to complete that last phase of the production process or the production cycle. Now what are factors of production? They are the resources or the components that are combined together in order to produce goods and...”
- 20:05 “element defines what's what amount. So what the roles that every other component of the production process is going to play. The entrepreneurship or entrepreneur defines the roles. He organizes the coordinates. And he's...”
- 00:00 “Hello guys, welcome to this lesson and this is economics where SS1, my name is Cornelius and I'm your instructor and today's in this lesson we'll be talking about theory of production and in our lesson we're going to be...”
Channels of Distribution
This lesson covers the channels through which goods move from producers to consumers. It explains the roles of wholesalers and retailers, the functions of cooperative societies and government agencies in distribution, and identifies problems in distribution along with possible improvements.
- 08:25 “you know in such a way that with effects he will do the wholesaler himself. So he maintains price stability by keeping those goods in the warehouse. Advertising like he is in advertising and advertising the goods to the...”
- 04:24 “keeping those goods and he gives them out as they are being demanded. That is called warehousing. That is, the practice of storing large amounts of goods in a warehouse or in a large store. Advertisements. He helps in ad...”
- 06:02 “in bulk and keeping them in the warehouse he bears risk because if the price falls down as at the time those such goods are still in the warehouse he's the one that will be at the risk of reduction in prices. Branding an...”