NECO GCE 2017 COMMERCE OBJ AND ESSAY QUESTIONS AND ANSWERS SOLUTIONS
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NECO GCE COMMERCE OBJ AND THEORY ANSWERS FROM EXAMHOT.COM
Trade is the transaction involving the sale and purchase of a good, service, or
2b.FACTORS OF PRODUCTION
– Higher productivity
– Lower costs
– Simplified training
– Greater cooperation
– Better goodwill
– Lack of responsibility
– Lack of job pride
– Too much interdependence
i ) LACK OF INSUFFICIENT CAPITAL – Many West African countries lacks sufficient capitals to cope with the expanding growth of business and the level of capital invested in the business is usually low.
ii) UNDEVELOPED MARKETS – Markets in West Africa are not well developed to
accommodate large scale commercial
iii ) ILLITERACY – The high rate rate of illiteracy in West Africa usually affects
the growth of commerce in the region.
Many people cannot read or write and
cannot interacts with foreign traders in
iv ) POOR TRANSPORT SYSTEM – Major roads in some part of Africa and other
West Africa are bad which discourages
transportation of goods and services
v ) LOW PER CAPITAL INCOME – Majority of people living in Africa and some part
of West Africa lives below poverty line
and may discourage people from
buying and selling.
i)A chain store is a group of similar retail shops that sell the same type of goods. All these shops or branches are under the control of the head office. Branches are opened in different parts of the city or even in different parts of the country.
ii)Mail orderis the buyingof goodsor services by mail delivery. The buyer places an order for the desired products with the merchant through some remote method such as through a telephone call or web site. Then, the products are delivered to the customer.
iii)Franchising is the practice of the right to use a firm’s business modeland brand for a prescribed period of time. The word “franchise” is of Anglo-French derivation
iv)discount house is a firm that buys, sells, discounts and/or negotiates bills of exchangeor promissory notes. This is generally performed on a large scale with transactions that also include government bonds and treasury bills.
iv)A supermarket is a self-service shopoffering a wide variety of foodand household products, organized into aisles. It is larger and has a wider selection than a traditional grocery store, but is smaller and more limited in the range of merchandise than a hypermarket
i. Transportation helps much to the development of different industries, which produce perishable goods, such as fisheries, poultry firms, horticulture, dairy etc
ii. Transportation helps in mass production. Whether
iii. Transportation helps in mass production
iv. Without development of transportation neither mass production nor distribution is possible
v. Transportation has contributed much to the development of economic, social, political and cultural fields and uplifting their condition.
i. Transportation helps in mass production
ii. Transportation is the means to carry people and goods from one place to another
iii. Without development of transportation neither mass production nor distribution is possible
iv. Transportation helps much to the development of different industries, which produce perishable goods, such as fisheries, poultry firms, horticulture, dairy etc
v. Without development of transportation neither mass production nor distribution is possible
i.Negligence – if a Member is negligent and a third party suffers loss as a result then the third party could try to take action against that individual Member as well as the LLP. However, any such action would undermine the principle of limited liability and the Courts are generally reluctant to find individual Members liable for their own negligence.
ii.Wrongful/Fraudulent Trading – wrongful and fraudulent trading provisions apply to LLPs in substantially the same way that they apply to limited companies. If the Members of an LLP (a) allowed the LLP to continue trading after they knew (or ought to have known) that it had no reasonable prospect of avoiding insolvency; or (b) allowed it to continue trading with a view to defrauding creditors, they may be personably liable. The degree to which each Member was involved and the degree of control in the business will both be relevant.
iii.The penalties are potentially unlimited and any individual may be ordered to make such contribution “as the Court thinks proper”.
Iv. Insolvency Clawbacks – provisions relating exclusively to LLPs allow for a clawback of any “withdrawals” (including drawings, loan repayments and property distributions) by a Member during the two years prior to an LLP becoming insolvent. Again, the Court has discretion in this area.
V. .Personal Guarantees – anyone lending money to an LLP may still require personal guarantees from the Members, as they frequently do with directors/shareholders of a company. Members should check the provisions of their members’ agreement to see if the LLP gives an indemnity to its Members for such a guarantee or that the liability will be shared with the other Members
A contract is an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration.
i)Express Contracts: In an express contract, the parties state the terms, either orally or in writing, at the time of its formation. There is a definite written or oral offer that is accepted by the offeree (i.e. the person to whom the offer is made) in a manner that explicitly demonstrates consent to its terms.
ii)Implied Contracts: Although contracts that are implied in fact and contracts implied in law are both called implied contracts, a true implied contract consists of obligations arising from a mutual agreement and intent to promise, which have not been expressed in words.
iii)Executed and Executory Contracts: An executed contract is one in which nothing remains to be done by either party. The phrase is, to a certain extent, a misnomer because the completion of performances by the parties signifies that a contract no longer exists.
iv)Bilateral and Unilateral Contracts: The exchange of mutual, reciprocal promises between entities that entails the performance of an act, or forbearance from the performance of an act, with respect to each party, is a Bilateral Contract
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