COMMERCE FORM FOUR



CONTENTS
TAXATION
- This is a legal transfer of money from the public to government mainly as government revenue.
- A TAX is a compulsory financial contribution imposed by the government on individuals and firms in order to raise government revenue. Tax can charged on income, property, goods, and services by the government
INSURANCE
Is defined as a contract or agreement between an individual or a company and insurance company, to pay a regular amount (premium) in exchange for protection against any loss resulting from the occurrence of specified risks
BUSINESS MANAGEMENT
• The organization and control of human activity towards specific ends.
• The process, activity or study of carrying out the task of ensuring that a number of diverse activities are performed in such away that the defined objective is achieved.
ENTREPRENEURSHIP
A business plan is a written document that describes in detail how a business usually a new one is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational view point. 
BUSINESS UNIT
This refers to firm or organization set up to carry out some production activities such as provision of goods or services in order to achieve higher turnover, consumer’s satisfaction, low cost and maximize profit.
PUBLIC CORPORATION
A public corporation is a joint stock company in which the government holds 51% of shares and the publicholds or own 49 percent of shares

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