(a) State one use of each of the following:
(i) Letter of enquiry
(ii) Invoice
(iii)Advice note
(iv) Credit note
(v) Statement of account
(vi) Debit note.
(b) Identify two advantages and two disadvantages of automatic vending.
(a) State five functions of a chamber of commerce.
(b) Explain five functions of a trade association.
(a) List four types each of:
(i) Small scale retailers.
(ii) Large scale retailers.
(b) Explain four reasons why small scale retailers survive despite the dominance of large scale retail outlets.
(a) Define marketing mix
(b) Explain the term marketing concept.
(c) List and describe the four elements of marketing mix.
(a) Explain seven functions of a commercial bank.
(b) Explain three types of accounts that are operated in a commercial bank.
(a) What is turnover?
(b) The following information relates to Mrs. Lulu, a trader.
| Goods | selling price N |
cost price N |
selling expenses N |
| Buckets Boxes Bournvita Lace material |
4,000 5,000 6,000 12,000 |
3,500 4,000 5,500 10,500 |
400 250 300 1,000 |
(i) Calculate the gross profit percentage on each item. (ii) Calculate the net profit on each item.
(a) Who is a common carrier?
(b) State three functions of each of the following communication agents:
(i) Post Office.
(ii) Telecommunication.
(iii) Courier companies.
(a) What is non-indemnity insurance?
(b) List and explain three types of life assurance policies.
(c) Explain the term surrender value.
(a) State three differences between:
(i) shareholders and debenture holders.
(ii) Ordinary shares and preference shares.
(b) Explain four reasons for winding up a public limited company.
(a) What is foreign trade?
(b) Explain four ways by which foreign trade is different from home trade.
(c) State five reasons why countries restrict foreign trade.
A practice where producers of the same product come together to advertise is known as
- A. mass advertising
- B. institutional advertising
- C. direct advertising
- D. persuasive advertising
Which of the following is not a feature of a sole trader
- A. quick decision making
- B. Guaranteed profits
- C. Unlimited liability
- D. Bearing losses alone
Which of the following is not a feature of a sole trader
- A. quick decision making
- B. Guaranteed profits
- C. Unlimited liability
- D. Bearing losses alone
The difference between the cost of goods sold and the sales value is known as
- A. net profit
- B. net loss
- C. gross profit or loss
- D. surplus
The difference between the cost of goods sold and the sales value is known as
- A. net profit
- B. net loss
- C. gross profit or loss
- D. surplus
Which of the following arranges for the conveyance of goods abroad
- A. Ports Authority
- B. Customs and Excise Authority
- C. Airports Authority
- D. Export Promotion Council
Which of the following arranges for the conveyance of goods abroad
- A. Ports Authority
- B. Customs and Excise Authority
- C. Airports Authority
- D. Export Promotion Council
Which of the following retail outlets is described as selling without shops
- A. Multiple stoes
- B. Supermarket
- C. Mail order business
- D. Department stores
Which of the following retail outlets is described as selling without shops
- A. Multiple stoes
- B. Supermarket
- C. Mail order business
- D. Department stores
Commercial banks usually settle their interbank indebtedness through the
- A. money market
- B. clearing house
- C. discount house
- D. stock exchange
The term “utmost good faith” in insurance requires that the insured must
- A. make profit from any loss suffered
- B. receive his compensation fully in the event of loss
- C. disclose all relevant facts on what is being insured
- D. pay his premium regularly