WAEC SSCE - Commerce - 2021

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The inventor of a new machine for canning tomatoes can protect his product by obtaining a patent. A patent is a legal document granted by the government that gives the inventor the exclusive right to make, use, and sell the invention for a certain period of time, usually 20 years. By obtaining a patent, the inventor can prevent others from making, using, or selling the same invention without his permission. This can help the inventor to profit from his invention and prevent competitors from stealing his idea. Obtaining a trademark, labelling the product, or choosing a brand name can also help to protect the inventor's product, but they are not as effective as obtaining a patent in preventing others from copying the invention.

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When the Central Bank sells securities, it aims to reduce the amount of cash in the economy. This is because when people buy these securities, they have to pay for them with cash. By taking cash out of circulation, the Central Bank aims to reduce the amount of money that people and businesses have to spend, which can help to reduce inflation. In addition, when the Central Bank sells securities, it can also help to increase the interest rate. This is because when there is less cash in the economy, lenders can charge higher interest rates for loans, since there is less competition for available funds. The Central Bank may also use the proceeds from the sale of securities to buy back previously issued securities, which can help to increase the interest rate.

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Selling on credit means that a business allows its customers to purchase goods or services now and pay for them at a later date. One of the disadvantages of this practice is the risk of bad debts. Bad debts occur when customers are unable or unwilling to pay for the products or services they have purchased on credit. This can be a significant problem for businesses, as it can result in a loss of revenue and an increase in expenses, such as legal fees and collection costs. Ultimately, bad debts can reduce a business's overall profitability. In addition to the risk of bad debts, selling on credit can also result in a reduction in turnover. This is because customers may delay making purchases until they are able to pay for them on credit, which can slow down the flow of goods and services through the business. Finally, selling on credit may not necessarily increase liquidity, as the business may need to wait for customers to pay their bills before it can access the cash it needs to pay its own bills and expenses.

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In international trade, the most commonly used instruments of payment are: - Bill of Exchange: A bill of exchange is a written order from one party (the drawer) to another party (the drawee) to pay a specified sum of money to a third party (the payee) at a specified future date. - Letter of Credit: A letter of credit is a document from a bank that guarantees payment to the seller as long as the terms and conditions specified in the letter are met. Promissory notes, postal orders, and IOUs are not typically used in international trade as they do not provide the same level of security as a bill of exchange or a letter of credit.

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The income generated from tourism forms part of a country's "invisible exports." Invisible exports refer to services that a country provides to foreign customers, such as tourism, consulting, financial services, and more. These services are considered "invisible" because they are intangible and can't be physically seen or transported like physical goods, which are referred to as "visible exports." So, when tourists visit a country and spend money on things like hotels, food, and entertainment, this generates income for the country, which is considered an invisible export.

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Middle managers play a crucial role in helping organizations achieve their goals. One of the key responsibilities of middle managers is to implement the plans and strategies that have been developed by top level management. This involves taking the big-picture ideas and goals and turning them into specific actions and tasks that can be carried out by the employees. The middle manager is responsible for making sure that the plans are being executed effectively and efficiently, and for making any necessary adjustments along the way. This is a critical role as it helps ensure that the organization is making progress towards its goals and objectives.

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An organization of producers of similar products, which controls output with the intention to fix price is called a cartel. A cartel is a group of companies or producers that work together to limit competition and control prices in a particular industry. The members of a cartel agree to restrict the supply of their products, either by limiting production or by allocating markets among themselves. By controlling supply, the cartel can manipulate prices and increase profits for its members. Cartels are generally illegal because they violate antitrust laws, which are designed to promote competition and prevent monopolies. However, some countries have legal frameworks that allow for the formation of cartels under certain conditions, such as when they are formed to support small producers or to promote economic development. In summary, a cartel is an organization of producers of similar products that work together to control output and fix prices, which is generally illegal because it violates antitrust laws that aim to promote competition and prevent monopolies.

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The word "limited" written after the name of a company means that the members of the company are liable to the extent of their shareholdings only. In other words, their financial responsibility for the company is limited to the amount of money they have invested in it, typically through the purchase of shares. This type of company is commonly referred to as a limited liability company, which provides its members with a degree of protection from financial losses.

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The collection of import duty is a function of the customs and excise authority. Import duties are taxes imposed by the government on goods imported into a country from foreign countries. These duties are collected by the customs and excise authority, which is responsible for enforcing customs laws, regulations, and policies related to the movement of goods across borders. The customs and excise authority is responsible for ensuring that the correct amount of duty is paid, and for preventing the smuggling of goods that are subject to duty. Therefore, the customs and excise authority plays a critical role in the collection of import duty.

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The process of changing raw materials into finished goods is called manufacturing. This involves transforming raw materials into products that are suitable for use by consumers. It often involves several steps, such as refining, shaping, assembling, and packaging the raw materials. Manufacturing is a crucial part of many industries, including automotive, electronics, and food production. Without the manufacturing process, raw materials would have little value to consumers as they would not be in a usable form.

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Bonded warehouses are supervised by customs and excise authorities. A bonded warehouse is a secure storage facility that is licensed by the government to store goods that are pending customs duties or taxes. These goods are considered to be "in bond" and are not subject to customs duties or taxes until they are removed from the warehouse and imported into the country. The customs and excise authorities are responsible for supervising and regulating the activities that take place in the bonded warehouse to ensure compliance with customs laws and regulations. This includes monitoring the storage, handling, and movement of goods in the warehouse to prevent any illegal or unauthorized activities.

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When you send a quotation to a potential customer, the expected response from them is usually an order for the goods or services that you have quoted for. An order is a formal request to purchase the goods or services at the quoted price and quantities. Alternatively, the customer may also request further information about the products or services, negotiate the price or request some changes to the quotation. Once the details have been finalized and agreed upon, the customer would then send an order for the goods or services they want to purchase. The other options mentioned, such as an invoice, advice note, or cheque for payment, are typically sent by the supplier after the order has been received and fulfilled. An invoice is a document that requests payment for the goods or services that have been supplied. An advice note is a document that confirms the dispatch of the goods or services to the customer. A cheque for payment is a form of payment sent by the customer to the supplier for the goods or services that have been provided. In summary, the most expected response to a quotation is an order, which is a formal request to purchase the goods or services at the quoted price and quantities.

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The organization responsible for protecting consumers against poor quality goods is the Standard Organization of Nigeria (SON). The SON is a regulatory body that sets standards and ensures that manufacturers comply with them. This organization ensures that products are safe for consumers to use, and it also tests and certifies products to ensure that they meet the required quality standards. By doing so, the SON helps to safeguard consumers from substandard and potentially dangerous products.

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The saying that the 'consumer is always right' describes the doctrine of consumer sovereignty. Consumer sovereignty is the idea that consumers determine what goods and services are produced by their choices in the marketplace. In other words, businesses will cater to the demands and needs of consumers in order to make a profit. The "consumer is always right" phrase is often used by businesses to emphasize their commitment to putting the customer's needs first and providing excellent customer service. However, it's important to note that this doesn't mean that customers are always correct or that businesses should blindly follow their demands. Rather, it means that businesses should strive to meet the needs and wants of their customers in order to succeed in the marketplace.

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The concept you are describing is called "planning". Planning is the process of determining the objectives or goals of a business and figuring out how to achieve them. It involves analyzing the current situation, identifying potential obstacles and opportunities, and developing a roadmap or strategy to reach the desired outcomes. Planning is essential for businesses to stay on track and make progress towards their objectives.

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Dumping is the practice of selling goods to a foreign country at lower prices than can be obtained in the country where the goods are produced. This is often done by companies that want to increase their market share in another country or get rid of surplus goods. The lower prices can make it difficult for local producers in the importing country to compete and can lead to a decrease in their sales and profits. In some cases, this can also result in the loss of jobs in the importing country.

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A Public company can raise capital through the stock exchange. A public company is a business that is publicly traded, meaning its ownership is divided into shares of stock that are traded on a stock exchange. This allows the company to raise capital by issuing and selling additional shares of stock to investors. The company can use the capital raised from the stock sale to fund growth and expansion. A Sole proprietorship is a type of business owned and run by one person, and it does not have the ability to sell ownership shares to raise capital. A Private company is a type of business that is not publicly traded and its ownership is not divided into shares of stock. It may raise capital through other means such as debt financing or venture capital, but it cannot raise capital through the stock exchange. A Cooperative society is a type of business that is owned and controlled by its members, who share in the profits and losses of the business. Like private companies, cooperatives may raise capital through other means, but they cannot raise capital through the stock exchange.

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The practice of making a state firm more profit-oriented is known as commercialization. It involves changing the objectives of a state-owned enterprise from non-profit to profit-oriented in order to increase efficiency and profitability. Commercialization is often used as a way to improve the financial performance of state-owned enterprises that may be underperforming due to bureaucratic inefficiencies, lack of investment, or other factors. This process can involve restructuring the enterprise, reducing the size of the workforce, and implementing market-oriented policies to improve productivity and profitability. Unlike privatization, commercialization does not involve transferring ownership of the state-owned enterprise to the private sector. Instead, the government retains ownership and control of the enterprise, but changes its objectives to focus on generating profits. Overall, commercialization is a strategy aimed at making state-owned enterprises more efficient, competitive, and financially sustainable in the long-term.

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An overdraft is the amount a current account holder is allowed to withdraw in excess of the balance in his account. In simple terms, it's a type of loan that a bank provides to a customer, allowing them to spend more money than they have in their account. The customer is then charged interest on the amount they have borrowed, and they are expected to repay it. An overdraft can be a useful tool for managing cash flow and covering unexpected expenses, but it's important to understand the terms and conditions, including the interest rate and any fees, before using one.

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The function of the ports authority is to ensure the efficient operation of ports and harbors. This includes managing the maintenance and development of port facilities, regulating shipping traffic, and providing essential services to vessels and cargo. The ports authority is responsible for promoting safety and security in the harbor, collecting port fees and charges, and ensuring compliance with relevant laws and regulations. They may also provide additional services such as warehousing and cargo handling, as well as monitoring and reporting on port activities to relevant authorities. While they may play a role in enforcing law and order in the harbor, this is typically the responsibility of local law enforcement agencies.

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A bureau-de-change is a place where people can buy and sell foreign currency. This means that if you are traveling to another country and need the local currency, you can go to a bureau-de-change and exchange your money for the currency of the country you are visiting. Similarly, if you have leftover foreign currency from a previous trip, you can exchange it back for your home currency at a bureau-de-change. In this way, a bureau-de-change helps people to manage their money when traveling abroad.

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Out of the given options, the means of payment that requires acceptance by the debtor to make it valuable is a Bill of exchange. A Bill of exchange is a written document that orders the debtor (the person who owes money) to pay a certain amount of money to the creditor (the person who is owed money). The Bill of exchange must be accepted by the debtor, which means they agree to pay the amount owed by signing and dating the document. Once accepted, the Bill of exchange becomes a legal and valuable instrument that can be traded or sold to others. The other means of payment listed do not require acceptance by the debtor to make them valuable. - A bearer's cheque is a cheque that can be cashed by anyone who possesses it, without the need for the payee (the person who wrote the cheque) to endorse it or for the bank to verify the identity of the bearer. - A postal order is a form of payment that is prepaid and guaranteed by the postal service, which means the payee can cash it without worrying about whether the payer has enough funds in their account. - A promissory note is a written promise by one party (the issuer) to pay a certain amount of money to another party (the payee) at a specified time in the future. The note is a valuable instrument in itself, and does not require the acceptance of the debtor.

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The foreign order that instructs an agent to buy certain goods from a particular supplier is called a "closed indent". A closed indent is a type of purchase order that is sent by a buyer to their agent, instructing them to purchase specific goods from a particular supplier. This type of order is "closed" because the buyer has already identified the supplier they want to purchase from and the specific goods they want to buy. Closed indents are commonly used in international trade when a buyer is located in a different country than the supplier. By using an agent to purchase the goods, the buyer can ensure that the transaction is carried out smoothly and efficiently. In contrast, an "open indent" is a purchase order that leaves the choice of supplier and goods up to the agent, while a "letter of credit" is a financial instrument used to ensure payment in international trade. Finally, a "letter of enquiry" is a communication used to ask for information about a product or service, rather than placing an order.

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A carpenter is engaged in construction work. This means that they build structures, such as houses, buildings, and other structures made of wood and other materials. A carpenter uses tools like hammers, saws, and measuring tapes to create and install the framework, roofs, walls, and flooring of these structures. They might also be involved in finishing work, such as installing windows, doors, and cabinets, or adding trim and molding. The goal of a carpenter is to create sturdy and well-constructed buildings that will last for many years.

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A balance of trade of -$20 million means that the country is importing more goods and services than it is exporting. In other words, the value of its imports exceeds the value of its exports by $20 million. This can have an impact on the country's economy, as it may be spending more on imports than it is earning from exports. The country may need to find ways to reduce its import volume or increase its export volume to improve its balance of trade.

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An insurance firm would not cover the business risk of a change in consumers' taste for an entrepreneur. This is because changes in consumer preferences are considered a normal and expected risk of doing business, and insurance companies typically only cover risks that are accidental or unexpected, such as theft, fire, or loss of goods in transit. Essentially, insurance is designed to help businesses mitigate risks that are outside of their control, but not those that are inherent to the market they operate in.

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The main idea of the marketing concept is that all the firm's plans and operations should be consumer-oriented. This means that the company should focus on understanding the needs and wants of their target customers and then develop products, services, and marketing strategies that satisfy those needs and wants. By being consumer-oriented, companies can build strong relationships with their customers, increase customer satisfaction and loyalty, and ultimately drive sales and profits.

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The term that describes all activities related to the distribution and exchange of goods and services is "commerce." Commerce includes everything from buying and selling products, to marketing and advertising, to negotiating and making deals. It is a broad term that encompasses all aspects of the business world, and is essential to the functioning of modern economies. Market surveys and personal selling are specific activities within the broader field of commerce, while trade refers more specifically to the exchange of goods and services between countries or regions.

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The term that describes a number of shops under one roof is "department store". A department store is a large retail establishment that offers a wide variety of products and services, organized into different departments or sections, such as clothing, cosmetics, electronics, furniture, and so on. Department stores usually have a large floor area and are divided into various sections to offer different products and services to customers. They may also have additional features like restaurants, cafes, or event spaces to provide a more immersive shopping experience. In summary, a department store is a one-stop-shop that offers a diverse range of products and services under a single roof.

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One of the functions of a trade association is to promote the welfare of its members. Trade associations are organizations made up of businesses or individuals in the same industry or profession. They work to protect the interests of their members by representing them in discussions with government and other organizations. They also provide information and resources to help members stay up-to-date on industry trends and best practices. By promoting the welfare of their members, trade associations help to create a stronger and more unified industry or profession.

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One disadvantage of privatization is that the profit motive of private companies may outweigh the public interest. This means that private companies may prioritize making money over providing high-quality goods or services at affordable prices. Additionally, when a single private company dominates a particular industry or market, there is a risk of a monopoly which may lead to higher prices and lower quality goods or services for consumers.

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Trade fairs and exhibitions are media of sales promotion, market segmentation, market research, and customer service. Sales promotion: Trade fairs and exhibitions provide an opportunity for businesses to showcase their products or services to potential customers. By offering discounts, demonstrations, and other promotional activities, businesses can increase their sales and generate new leads. Market segmentation: Trade fairs and exhibitions allow businesses to target specific groups of customers by showcasing their products or services in a specific industry or niche. For example, a technology trade fair will attract visitors who are interested in technology-related products or services. Market research: Trade fairs and exhibitions provide businesses with a platform to gather market information about their competitors, customers, and industry trends. Businesses can use this information to make informed decisions about their marketing strategies, product development, and overall business operations. Customer service: Trade fairs and exhibitions provide businesses with an opportunity to engage with their customers and provide them with personalized service. Businesses can answer their customers' questions, provide product demonstrations, and offer after-sales support to build long-term relationships with their customers.

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ECOWAS stands for the Economic Community of West African States. One of its aims is to "foster exchange of goods and services." This means that ECOWAS works to encourage and support the trade of goods and services between the countries in West Africa. The goal is to improve the economy of the region by making it easier for businesses and individuals to buy and sell products and services across borders.

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The reward for land as a factor of production is rent. Rent is the income received by a landowner in exchange for the use of their land. It is a payment made to the owner of the land by the tenant or user of the land. Rent is different from wages, which are paid to laborers, and profit, which is earned by business owners. Land is considered a factor of production because it is a resource used in the production of goods and services. Rent is one of the primary ways in which landowners earn income from their land.

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An error on an invoice can be corrected by issuing a credit note. A credit note is a document issued by a seller to a buyer, which indicates that the seller has credited the buyer's account with a certain amount of money. When an invoice has an error, such as an incorrect amount or a wrong item listed, the seller can issue a credit note to cancel the incorrect invoice and then issue a new, corrected invoice. This way, the buyer is not charged for the incorrect amount or item, and the seller can still receive payment for the correct amount or item. It's important to note that an advice note, consignment note, and delivery note are all different types of documents used in shipping and transportation, and are not typically used for correcting errors on invoices.

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The right of a seller to make corrections on invoices is expressed by the term "errors and omissions excepted." This means that the seller reserves the right to correct any errors or omissions on the invoice without being held liable for them. In other words, if there are mistakes on the invoice, the seller has the right to fix them without being responsible for any consequences that may result from those mistakes. This term is typically included in contracts and agreements to protect the seller from being held accountable for errors or omissions that may occur during the sales process.

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(i) Interest and profit: Interest is the fee paid to a lender for borrowing money, while profit is the amount of money earned by a business after deducting all expenses from revenue.

(ii) Share and debenture: Shares represent ownership in a company, giving the shareholder a stake in its profits and losses, while debentures represent a loan made to a company by an investor, with the promise of repayment with interest.

(iii) Ordinary share and preference share: Ordinary shares represent ownership in a company with voting rights, while preference shares offer fixed dividends but do not give voting rights to shareholders.

(iv) Cumulative preference share and participating preference share: Cumulative preference shares receive unpaid dividends from previous years before any dividends are paid to other shareholders, while participating preference shares have the right to receive additional dividends beyond the fixed rate if the company performs well.

(v) Cum div and ex div: Cum div refers to a stock being bought with the right to receive the next dividend payment, while ex div refers to a stock being bought after the right to receive the next dividend payment has already been detached from the stock.

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Differentiate between a merger and an acquisition:

A merger refers to a situation where two companies combine to form a new entity, while an acquisition is when one company buys another company. In a merger, the companies involved pool their resources and become equal partners in the new entity. On the other hand, in an acquisition, one company takes over another, and the acquired company becomes a subsidiary of the acquiring company.

Five ways commerce is important in the life of a nation:

1. Economic growth: Commerce promotes economic growth by providing opportunities for businesses to expand and create jobs, which leads to increased production and consumption of goods and services.
2. International trade: Commerce facilitates international trade, which allows countries to access new markets and sources of goods and services. This can lead to increased competitiveness, lower prices, and a wider variety of products for consumers.
3. Innovation and development: Commerce drives innovation and development by providing incentives for businesses to invest in research and development. This can lead to new technologies and products that improve the quality of life for people.
4. Government revenue: Commerce generates government revenue through taxes on business profits, sales, and imports. This revenue can be used to fund public goods and services, such as infrastructure, healthcare, and education.
5. Cultural exchange: Commerce promotes cultural exchange by facilitating the exchange of ideas, values, and customs between countries. This can lead to greater understanding and appreciation of different cultures and can help promote peace and cooperation among nations.

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(i) Madam Fana's decision to assign one of her assistants to perform her duties while she is on annual leave is based on the organizational principle of delegation of authority. This principle involves assigning responsibility and authority to others to perform specific tasks or make decisions. By delegating her duties to an assistant, Madam Fana is able to ensure that her work will continue to be carried out even in her absence.

(ii) Some of the duties of Madam Fana as the human resources manager of Baku Limited could include:

1. Recruiting, interviewing, and hiring new employees.
2. Developing and implementing human resources policies and procedures.
3. Overseeing employee benefits and compensation programs.
4. Managing employee relations and resolving conflicts.

(iii) The four main functions of management are planning, organizing, directing, and controlling.

(a) Planning involves setting goals and determining the best ways to achieve those goals. This includes creating a plan of action, setting priorities, and allocating resources.

(b) Organizing involves arranging and coordinating resources, such as people, money, and materials, to implement the plan. This includes creating structures and systems to support the work and assigning tasks to individuals.

(c) Directing involves leading and motivating people to achieve the goals set in the plan. This includes communicating the plan, setting expectations, and providing support and guidance to those who are responsible for carrying out the plan.

(d) Controlling involves monitoring and evaluating the results of the plan to determine if it is on track to achieve the goals. This includes measuring performance, identifying areas for improvement, and making adjustments to the plan as needed.

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(a) (i) Authorized capital refers to the maximum amount of money that a company is legally authorized to raise from the sale of shares. This is the amount of money that the company's founders have agreed to raise in order to finance its operations.

(ii) Liquid capital refers to the assets of a company that are easily convertible into cash. These assets are used to pay the company's debts and obligations as they come due. Examples of liquid assets include cash, short-term investments, and accounts receivable.

(b)

 (i) Fixed assets

ii) Current Liabilities 

iii) current assests

(iv)

Working capital is the difference between a company's current assets and its current liabilities. It is a measure of a company's ability to meet its short-term obligations. To calculate the working capital for Bandin and Bachur Partnership, we subtract the current liabilities (165,000) from the current assets (200,000), resulting in working capital of 35,000.

(v) Average stock is the average value of a company's inventory over a specified period of time. To calculate the average stock for Bandin and Bachur Partnership, we add the stock as at March 1st (30,000) and the stock as at March 31st (25,000) and divide by 2, resulting in an average stock of 27,500.

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(a) Five means of payment in home trade are:

1. Cash payment - payment made in cash or by cheque.
2. Credit payment - payment made after a certain period of time, agreed upon by the buyer and seller.
3. Debit card payment - payment made through a debit card.
4. Bank transfer payment - payment made through an electronic transfer of funds from one bank account to another.
5. Online payment - payment made through online platforms such as PayPal, Skrill, or mobile money.

(b) Computers could be useful to a motor vehicle seller in various ways:

1. Inventory management: Computers can help a motor vehicle seller keep track of their inventory by recording and updating the stock levels automatically, which can prevent overselling or stock-outs.
2. Sales management: Computers can help manage the sales process by keeping track of customers, orders, and invoices. This can help to streamline the sales process, reduce errors, and increase efficiency.
3. Marketing: Computers can help with marketing efforts, such as creating and managing social media accounts, email campaigns, and online ads.
4. Customer service: Computers can help improve customer service by providing timely and accurate information to customers about their orders and vehicle details.
5. Data analysis: Computers can help analyze sales and inventory data to identify trends, forecast demand, and optimize pricing strategies. This can help the seller make informed decisions about their business.

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(a) An economic grouping is an alliance or organization of countries that work together to enhance their economic cooperation and development. It involves collaboration on trade, investment, and other economic issues that impact member countries.

(b)

1. Lake Chad Basin Commission:

   • Promote sustainable development and management of the natural resources in the Lake Chad Basin region.
   • Promote cooperation and integration among member countries in the areas of water resources, agriculture, livestock, fisheries, and forestry.
   • Contribute to the improvement of the living conditions of the population in the Lake Chad Basin region through the development of infrastructure, poverty reduction, and environmental protection.

2. ECOWAS:

   • Promote economic integration and development among member states through the establishment of a free trade area, customs union, and common market.
   • Foster regional peace, security, and stability through conflict prevention, management, and resolution.
   • Promote cooperation among member states in the areas of infrastructure development, energy, agriculture, education, and health.

3. Niger Basin Commission:

   • Promote sustainable management and development of water resources in the Niger Basin region.
   • Foster cooperation among member states in the areas of agriculture, fisheries, energy, transportation, and communication.
   • Promote environmental protection, poverty reduction, and socio-economic development in the Niger Basin region.

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(a) Entrepot trade refers to a type of trade where goods are imported into a country and then re-exported to other countries without undergoing any further processing. It involves the use of a free port or entrepot where goods are temporarily stored before being re-exported to their final destination.

(bi) A Bill of Lading (B/L) is a legal document that serves as evidence of the contract of carriage between the shipper and the carrier. It contains details about the shipment, such as the goods being shipped, the port of origin and destination, and the terms of the contract. A consignment note, on the other hand, is a document used to record the delivery of goods from one party to another. It contains details about the goods being delivered, the sender and recipient, and any special instructions for the delivery.

(bii) A Bill of Sight is a document used in foreign trade when the importer does not have complete information about the goods being imported. It is used to allow the goods to be cleared by customs while the necessary information is being gathered. It is essentially a declaration that the goods are being imported under certain conditions, such as a lack of complete information about the goods.

(c) Some reasons for criticism against advertising include:

1. Deception: Advertising can be deceptive when it makes false or exaggerated claims about a product or service. This can mislead consumers into making purchases that do not meet their expectations.
2. Manipulation: Advertising can be manipulative when it uses psychological techniques to persuade consumers to make purchases that they might not otherwise make. This can lead to consumers making purchases that are not in their best interests.
3. Intrusiveness: Advertising can be intrusive when it interrupts or interferes with a person's daily life, such as through pop-up ads or unsolicited emails. This can be annoying and can create a negative impression of the product or service being advertised.
4. Stereotyping: Advertising can perpetuate stereotypes and promote unrealistic beauty standards or gender roles. This can create unrealistic expectations and can harm people's self-esteem.
5. Wastefulness: Advertising can be wasteful when it promotes excessive consumption or encourages the disposal of perfectly good products. This can contribute to environmental problems such as pollution and resource depletion.

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(a) Four functions of money are:

1. Medium of exchange: Money is used as a medium of exchange to facilitate the buying and selling of goods and services.
2. Unit of account: Money serves as a common measure of value, allowing people to compare the relative worth of different goods and services.
3. Store of value: Money can be saved and used at a later time, allowing people to store their wealth in a convenient and secure form.
4. Standard of deferred payment: Money can be used to settle debts and make payments in the future, making it a reliable standard of deferred payment.

(b) The following operators function on a stock exchange as follows:

1. Brokers: Brokers are intermediaries between buyers and sellers of securities on the stock exchange. They facilitate the trading process by matching buyers with sellers and executing trades on behalf of their clients.
2. Market makers: Market makers are firms or individuals who provide liquidity to the market by buying and selling securities. They ensure that there is always a market for the securities being traded and help to maintain stable prices.
3. Specialists: Specialists are individuals who are responsible for maintaining an orderly market for a specific security or group of securities. They ensure that there is always a buyer or seller for the security and help to maintain a fair and efficient market.
4. Investment bankers: Investment bankers are firms or individuals who assist companies in raising capital by underwriting and selling securities. They help companies to navigate the complex process of issuing securities and ensure that the securities are sold at a fair price.