COMMERCE OBJ: 1-10: BDBDCBADBA 11-20: CDACBCDCDB 21-30: BDADBABDCA 31-40: CCDCDCCAAA 41-50: BBDADCCADD
1) i)Commerce tries to satisfy increasing human wants ii)Commerce helps to increase our standard of living iii)Commerce links producers and consumers Production is meant for ultimate consumption iv)Commerce generates employment opportunities v)Commerce increases national income and wealth i)Commerce tries to satisfy increasing human wants; Human wants are never ending. They can be classified as 'Basic wants' and 'Secondary wants'.it has made distribution and movement of goods possible from one part of the world to the other. ii)Commerce helps to increase our standard of living; Standard of living refers to quality of life enjoyed by the members of a society. When man consumes more products his standard of living improves.To consume a variety of goods he must be able to secure them first. iii)Commerce links producers and consumers Production is meant for ultimate consumption; Commerce makes possible to link producers and consumers through retailers and wholesalers and also through the aids to trade. Consumers get information about different goods through advertisements and salesmanship. iv)Commerce generates employment opportunities; The growth of commerce, industry and trade bring about the growth of agencies of trade such as banking, transport, warehousing, advertising, etc. These agencies need people to look after their functioning. Increase in production results in increasing demand, which further results in boosting employment opportunities. v)Commerce increases national income and wealth; When production increases, national income also increases. In a developed country, manufacturing industries and commerce together accounts for nearly 80% of total national income.
No.3a) (i) The wholesaler as a wealthy trader, gives credit facilities to the retailer. (ii) The wholesaler act as a guarantor and referee to the retailer when he (the retailer) is dealing with the other businessmen. (iii) As an expert in business, the wholesaler advises the retailer. (iv) The wholesler acts as a useful link that connects the retailer to the manufacturer.
3b) LITTLE CAPITAL: Small scale retail trade requires little capital to go into business. (ii) SMALL QUANTITIES: They are able to sell in the smallest quantity. eg: Sugar could be sold in cubes. (iii) LOW OVERHEAD COST: He usually does not incur too much overhead cost like renting a big store. (iv) LONG HOURS OF BUSINESS: The tend to operate till late hours. Customers can defer their purchase till later.
(v) ASSISTANCE FROM FAMILY: The small rtailer can easily get financial labour assistance from family members. 4a) Marine insurance is a type of insurance that covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
4b) Accident insurance is a form of insurance policy which offers a payout when people experience injury or death due to an accident. This type of insurance does not usually cover negligence, acts of God, or natural disasters, and the policy may include restrictions such as caps on total payouts or restrictions on payouts for activities deemed risky. 4c) Group insurance is an insurance that covers a defined group of people, for example the members of a society or professional association, or the employees of a particular employer. Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than the wish to buy insurance, which might be because they are a worse than average risk. 4d) Fidelity Insurance is an agreement whereby, for a designated sum of money, one party agrees to guarantee the loyalty and honesty of an agent, officer, or employee of an employer by promising to compensate the employer for losses incurred as a result of the disloyalty or dishonesty of such individuals. 4e) Consequential loss insurance cover business losses that arise from damage to an insured property. Consequential loss insurance policies diminish indirect risks that arise from a situation and are typically offered in combination with regular business or property insurance. Consequential loss is an indirect loss, as opposed to a loss from a natural disaster or accident.
=========================== 8a) Turn over is the total net sales of any business within a given period of time minus the cost of goods returned back to the business. 8b) i)Goodwill and reputation of the businessman;-A businessman with a good reputation,and who has the good will of being honest,polite,sound public relations,gives prompt services,always has the advantage of high customers patronage ii) Advertising and sales promotion;-Business that utilizes advertising and sales promotion extensively records a high rate of turn over than others. iii)Pricing techniques;- Business that applies low pricing techniques enjoys high rate of turnover than those with high pricing techniques. iv)Use of credit facilities;-where a businessman grants credit facilities to customers,he will sale more,than where credit facilities are not offered to customers. v)Location of business;-well located businesses especially those located in busy centres,hearts of the cities knonw by such businesses are bound to record hugh rate of turnover than others vi)Seasonal goods record high rate of turnover during season and records very low rate of turnover during off season.
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