Commerce OBJ: 1-10: BCCDBAACDD 11-20: BABABDABBA 21-30: DCCDDACACB 31-40: ADAAAAADDA 41-50: CDCDDCBCDD 1ai) Production may be defined as the transformationof raw materials into finished goods and their distribution to the consumers to satisfy their wants. (1aii) Primary productionrefers to the extractionof raw materials provided by nature. (1aiii)secondary production involves theconversion of basic rawmaterials or semi-finished goods into final forms that are acceptable to the consumer. (1b)land,labour,capital and enterpreneur. -land is defined as a free giftof nature. it is immobile. The reward for land is rent. -labour:this is all forms of human efforts put into or utilized in production. the reward for labour iswages and salaries. -capital: This is man made wealth or goods used to produce other goods and services. The reward for capital is interest. (2a)(i) duration of the business (ii) capital contribution (iii) admission of new members (iv) the nature of the business (v) the objective of the firm (2bii) bankcruptcy of a partner: partnership will be dissolved when a partner becomes bankcrupt. (2biii) death of a partner:the death of a partner will bring an end the the business (2biv) joint decision: partnership canbe dissolved when all members decide. (3a)(i) source of revenue. (ii)promotion of economicdevelopment. (iii) provision of employment opportunities. (iv)it increases world output. (3bi)Import quota:This helps to restrict importsby imposinga limit on the quantityof goods that can be imported. (3bii)Embargo: This is a ban placed on some imported goods. (3biii) Devaluation: This increases the cost of importation and reducesthe cost of exports. (3biv)Foreign exchangecontrol. 5a. cheque - A cheque is defined by the bill of exchange act of 1882 as "a bill of exchange drawn on a banker on abanker payable on demand . 5b. (i) current account- money can be withdrawnfrequently. holders of interest are not entitled to interest payment of commission is made by the customers to thebank (ii) saving account- money can only be withdrawn occasionally. it attracts a favourable rate of interest. holders are issued with passbook. (iii) fix deposit account- money is deposited for a specific period it attracts higher interest rate. notice of seven days must begiven withdrawal. (6a)- provision of long term loans for capital project. -they help to implement government financial policies. -they conduct extensive study on the industrial sectorin order to determine the viability of industries in a country. -they advise both the government and industrialistson the surest way of developing a nation. - they contribute to manpower development by making funds available to manpower training institutions. (6b)(i) issuing of currency: thebank is the sole authority empowered by law to issue the nations all form of currency. (ii) it controls the foreign exchange reserves: it issuesforeign exchange to those who are in need of it, and as a result it knows whenexcess foreign exchange. (iii)it advises the government:because of it pivotal position,they advises on financial situation (iv) federal governmentbanker:they keep the nation money (v) As a governmental agent:they make payment andreceive money from government. (7a) i. Effective and efficeint Distribution of Goods: Transportation facilitates andquickens the effective distribution of good andservices to areas where they are needed ii. Movement of goods and persons: transport facilitate the movement of goods and persons from one place to another iii. Employment opportunity: Allmeans of transportation employs lots of people, thereby enable them to earn a living iv. It influence the location of industries: The existence of good transport network do help in the location of industries v. Development of Ruraland Persons: transportation has greatly encouraged the development and growth of rural areas ofa country. (7b) - Continuous flow of goods - High cost of construction - Limited scope -It is vulnerable to climatic change - Reduce the overcrowding ofthe roads (9)privatization is the transfer of ownership and control of state- owned business enterprises from the the state to individual private sector. i. Efficiency- By removing red – tapism and reducing waste. It isbelieved such business can be better run by the private sector. ii. Liberalisation- privatizationis often aimed at allowing more investors into certain sector thereby creating room for competition. iii. Consumer’s interest-privatization maybe also be conceived to protect the interest of consumers by giving the right to chose whichis often under government monopoly. iv. Burden reduction- government may decide to private an enterprisein orderproduce its financial burden inthe running of such an enterprises. v. Efficiency management- it is believed that when business is run by businessman and not civil servant, it will be more efficient and profitoriented.
Posted on: Thu, 05 Sep 2013 12:56:09 +0000
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