Verified Commerce OBJ 101% sure: 1-10: cbdabdbcbd 11-20: acbaaacbaa 21-30: cddcdababc 31-40: acbdbcabcd 41-50: cbaddcbbda THEORY ANS{note:all this theory part are not wel arranged but they are 100% correct so make use of it well} *Trade is simply the buying and selling of goods and services while commerce is involved in all activities in the distribution. * Wharehousing: The storage of goods until they are needed thus binding the gap btw demand and supply. *Transport: The moving of raw material and finished goods from production point to consumption points through transport. {Ownership (ii) Accountability (iii) Not profit oriented (iv) Establishment (v) High capitalrequirem ent.} + Shares raised by shareholders: Shares are usually raised by shareholders (owners) which form the capital base of the company. + Hire purchase: Facilities can be granted to the company to buy and pay by instalments. +Retained profits: The profitsmade by the company can be set aside or re- invested. +Equipment leasing: Equipment can be leased out by companies for money. +Trade credit: Raw materials can be purchased by the company on credit. *Mail order business: this is a form of large retaining in which buying and selling is carried out by post. =Six trade in retaiting are:- *Branding. *Self service. *Vending machines. *Pre-packing. *After saler service. *credit card. =Proximate cause: This principle states that only the losses or liabilities which arise from the direct and immediate cause of the eventinsured against are indemnified. =Surrender value: This is theamount in cash an insurance company will pay to an endowment policy holder if hewishes to discontinue. =Contributions: This states that where a person gap insured a certain risk with many insurance companies, he cannot claim compensationin full from each of the insurance companies. =Utmost Good faith: This states that in any insurance contract, all relevant inform that will affect the validity of the agreement must be disclosed by the parties involve. The true values of the property must not be under or overstated. =Premium: This is the payment made to an insurance company for an insurance. It can be paid annually or weekly dependingon the agreement . Storage Explain: *PRICING- it assist in fixing price at a level reasonable enough to give profit *Transportation - It cover movement of goods and services from where they are produced to the point where they are required. *Grading and Standardizing -it involves ensuring that the goods confirmed to the required standard and quality with respect to shape,colour or size..
Posted on: Thu, 05 Sep 2013 09:03:36 +0000
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