2020 Commerce Questions and Answers
October 21, 2020
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2020 Commerce(Theory & OBJ) Answers
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Obj:
01-10: CCAADCBBED
11-20: DBEAACCCDC
21-30: BDDACDEAAD
31-40: ABEDDACBCB
41-50: DAAEBABBBA
51-60: DCCEBBEEEA
Completed.
We love you all
=========================
Theory:
(1)
(Pick Any 5)
(i)Banker to the government
(ii) Insurance and control of currency
(iii) Lender of last resort
(iv) Foreign exchange transaction
(v) Responsible for monetary policy
(vi) Banker's bank
EXPLANATION:
(i) Banker to the government: Central Bank is an agent and banker to the government. It control public account, receives revenue on behalf of the government and make payment from this account. Central Bank also obtains loan on behalf of the government.
(ii) Insurance and control of currency: The central bank has the right to order the printing of the currency and the issuance of it. It control the circulation of currency, exchange of bad notes for new ones and see to the destruction of the bad notes.
(iii) Lender of last resort: The central bank has a duty to assist the banking system when the banks are in financial difficulties so that they can withstand the strain of excessive demands. In some countries, the banks can borrow directly from the central bank.
(iv) Foreign exchange transaction: The central bank holds the foreign reserve of a country, and this helps in enforcing foreign exchange control regulation. It operates the exchange control which is set up to purchase and sell foreign currencies.
(v) Responsible for monetary policy: The central bank is responsible for the monetary policies of the country. It can use both the expansionist and restrictionist policies to control the quantity and value of money in circulation so as to influence the level of production and distribution of the national income.
(vi) Banker's bank: Th central bank acts as banker to the banks by ensuring that the banks open account with it in order to facilitate clearing of cheques. This helps the commercial banks to have similar facilities to offer to their customers.
=========================
(2a)
Multilateral trade agreements are commerce treaties among three or more nations. The agreements reduce tariffs and make it easier for businesses to import and export. Since they are among many countries, they are difficult to negotiate.
(2b)
(i) Differences in Demand:
advantageous trade can occur between countries if demands or preferences differ between countries. Individuals in different countries may have different preferences or demands for various products. For example, the Chinese are likely to demand more rice than Americans, even if consumers face the same price. Canadians may demand more beer, the Dutch more wooden shoes, and the Japanese more fish than Americans would, even if they all faced the same prices
(ii) Differences in Technology
Advantageous trade can occur between countries if the countries differ in their technological abilities to produce goods and services. Technology refers to the techniques used to turn resources (labor, capital, land) into outputs (goods and services).
(iii) Differences in Resource Endowments
Advantageous trade can occur between countries if the countries differ in their endowments of resources. Resource endowments refer to the skills and abilities of a country’s workforce, the natural resources available within its borders (minerals, farmland, etc.), and the sophistication of its capital stock (machinery, infrastructure, communications systems).
(iv) Existence of Government Policies
Government tax and subsidy programs alter the prices charged for goods and services. These changes can be sufficient to generate advantages in production of certain products. In these circumstances, advantageous trade may arise solely due to differences in government policies across countries.
=========================
(3a)
An entrepreneur: is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. ... Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market.
(3b)
Production: is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. market production.
(3c)
Fixed capital: is the portion of total capital outlay of a business invested in physical assets such as factories, vehicles, and machinery that stay in the business almost permanently, or, more technically, for more than one accounting period.
(3d)
An exchange: is a marketplace where securities, commodities, derivatives and other financial instruments are traded. The core function of an exchange is to ensure fair and orderly trading and the efficient dissemination of price information for any securities trading on that exchange.
(3e)
Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. ... This specialization is thus the basis of global trade, as few countries have enough production capacity to be completely self-sustaining
=========================
(4a)
Packaging: is the science, art and technology of enclosing or protecting products for distribution, storage, sale, and use.
(4b)
[Tabulate]
SUPERMARKET
(i) Supermarkets are considered to be larger shopping outlets that sell a variety of goods to their customers under one roof
(ii) Supermarkets offer their products at significantly higher prices as compared to the shops and other retail outlets in the surrounding. They tend to charge the executive shopping experience their offer to their customers
(iii) a supermarket are very attractive with distinctive colours and graphics
(iv)Supermarkets are known to stock large numbers of similar products to cover the large number of customers buying the same product
HYPER MARKET
(i) hypermarkets are larger than a typical supermarket. Despite having shelves that contain different varieties of a specific product, hypermarkets have departmental stores that store various products
(ii) Products retail at moderately lower prices in a hypermarket which encourages many people to purchase goods in this stores
(iii) a hypermarket is moderately attractive. They do not have an attractive appearance, and they resemble more of a warehouse rather than a shopping facility
(iv) On the other hand, hypermarkets do not offer a personal touch and the warm services of a supermarket which makes them not to attract a large number of customers
(4c)
(i) Improved Customer Experiences.
(ii) Increased Efficiency for Customer Service Departments.
(iii) Self Service Creates Consistency.
(iv) Increased Revenues.
(v) More Insight on What Consumers Want.
(vi) Increased Efficiency Among Agents.
=========================
(5a)
Limited liability company can be define as a form of business organization with the liability-shield advantages of a corporation and the flexibility and tax pass-through advantages of a partnership.It is a separate and distinct legal entity
(5b)
(Pick Any 5)
(i) Ownership
(ii) It is a legal entity
(iii) Perpetual existence
(iv) Formation
(v) It has limited liability
EXPLANATION :
(i) Ownership: The number of shareholders range from seven to infinity, ie owners must be at least seven but there is no maximum number
(ii) It has a legal entity : The public limited liability company has a distinct personality from that of the owner. It can sue and be sued in its own name
(iii) Perpetual existence: The death or withdrawal of some shareholders will not affect the existence of the company. It enjoy continuous existence
(iv) Formation : A public limited liability company must follow some special formalities before registration. They secure incorporation by filling the article of association and memorandum of association with the registrar of companies
(v) It has limited liability : The liability shareholders is limited to the amount contributed to the company. The private properties of the shareholders will not be touched in the event of liquidation.
=========================
(6)
(Pick Any 5)
(i)Promotion of Commercial activities
(ii) Enhance settlement of international indebtedness
(iii) Reduction in cost an Risk of traveling
(iv) Facilitates contact between businessmen
(v) Communication enhance international trade
(vi) Enhance Air and sea Transport
EXPLANATION:
(i)Promotion of Commercial activities: Communication promotes commercial activities as the whole world is connected together as a global village.
(ii) Enhance settlement of international:The use of telecommunication has enhanced th settlement of debts through telegraphic money transfers eg Western union money Transfer
(iii) Reduction in cost an Risk of traveling: Through communication the cost and risks involved in travelling long distance for business transactions can be greatly reduced.
(iv) Facilitates contact between businessmen: Communication provide and facilitates good and efficient means of maintaining close contact between businessmen
(v) Communication enhance international trade: Foreign trade transactions an be facilitated through modern means of communication as various markets are linked together
(vi) Enhance Air and sea Transport: Transportation by air and sea are made possible by communication. The use of radio, telegram and other means of communication have made contact between a ship off shore and the port possible
=========================
(7a)
(i) A catalogue:
is a list of things such as the goods you can buy from a particular company, the objects in a museum, or the books in a library. ... A catalogue of similar things, especially bad things, is a number of them considered or discussed one after another. His story is a catalogue of misfortune.
(ii) Order:
In business or commerce, an order is a stated intention, either spoken or written, to engage in a commercial transaction for specific products or services. ... When the purchase order of the buyer and the sales order of the seller agree, the orders become a contract between the buyer and seller.
(iii) A proforma invoice:
is a preliminary bill of sale sent to buyers in advance of a shipment or delivery of goods. The invoice will typically describe the purchased items and other important information, such as the shipping weight and transport charges.
(iv) Quotation:
a document sent to a potential customer offering to sell goods or services at a certain price, under specified conditions. A quotation is used to let a potential customer know the cost of goods or services before they decide to purchase them. When a seller sends a quotation, it commits them to a certain price.
(v) Receipt:
A receipt is a written acknowledgment that something of value has been transferred from one party to another. In addition to the receipts consumers typically receive from vendors and service providers, receipts are also issued in business-to-business dealings as well as stock market transactions.
=========================
(9a)
(i)Physical Resources :
These are considered as tangible assets which the organization uses to create value offering and value proposition to its customers.
(ii) Human resources:
Employees are considered in the most underrated Assets of any organization.
(iii) Intellectual resources :
These are the types of business resources which are nonphysical and intangible in nature like patents of the product, brands of the organization, copyright over important materials and even the partnerships.
(9b)
(i) Human rights responsibility
(ii) Philanthropic responsibility.
(iii)Economic responsibility.
(iv) Environmental responsibility
=========================
Completed.
Obj:
01-10: CCAADCBBED
11-20: DBEAACCCDC
21-30: BDDACDEAAD
31-40: ABEDDACBCB
41-50: DAAEBABBBA
51-60: DCCEBBEEEA
Completed.
We love you all
=========================
Theory:
(1)
(Pick Any 5)
(i)Banker to the government
(ii) Insurance and control of currency
(iii) Lender of last resort
(iv) Foreign exchange transaction
(v) Responsible for monetary policy
(vi) Banker's bank
EXPLANATION:
(i) Banker to the government: Central Bank is an agent and banker to the government. It control public account, receives revenue on behalf of the government and make payment from this account. Central Bank also obtains loan on behalf of the government.
(ii) Insurance and control of currency: The central bank has the right to order the printing of the currency and the issuance of it. It control the circulation of currency, exchange of bad notes for new ones and see to the destruction of the bad notes.
(iii) Lender of last resort: The central bank has a duty to assist the banking system when the banks are in financial difficulties so that they can withstand the strain of excessive demands. In some countries, the banks can borrow directly from the central bank.
(iv) Foreign exchange transaction: The central bank holds the foreign reserve of a country, and this helps in enforcing foreign exchange control regulation. It operates the exchange control which is set up to purchase and sell foreign currencies.
(v) Responsible for monetary policy: The central bank is responsible for the monetary policies of the country. It can use both the expansionist and restrictionist policies to control the quantity and value of money in circulation so as to influence the level of production and distribution of the national income.
(vi) Banker's bank: Th central bank acts as banker to the banks by ensuring that the banks open account with it in order to facilitate clearing of cheques. This helps the commercial banks to have similar facilities to offer to their customers.
=========================
(2a)
Multilateral trade agreements are commerce treaties among three or more nations. The agreements reduce tariffs and make it easier for businesses to import and export. Since they are among many countries, they are difficult to negotiate.
(2b)
(i) Differences in Demand:
advantageous trade can occur between countries if demands or preferences differ between countries. Individuals in different countries may have different preferences or demands for various products. For example, the Chinese are likely to demand more rice than Americans, even if consumers face the same price. Canadians may demand more beer, the Dutch more wooden shoes, and the Japanese more fish than Americans would, even if they all faced the same prices
(ii) Differences in Technology
Advantageous trade can occur between countries if the countries differ in their technological abilities to produce goods and services. Technology refers to the techniques used to turn resources (labor, capital, land) into outputs (goods and services).
(iii) Differences in Resource Endowments
Advantageous trade can occur between countries if the countries differ in their endowments of resources. Resource endowments refer to the skills and abilities of a country’s workforce, the natural resources available within its borders (minerals, farmland, etc.), and the sophistication of its capital stock (machinery, infrastructure, communications systems).
(iv) Existence of Government Policies
Government tax and subsidy programs alter the prices charged for goods and services. These changes can be sufficient to generate advantages in production of certain products. In these circumstances, advantageous trade may arise solely due to differences in government policies across countries.
=========================
(3a)
An entrepreneur: is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. ... Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market.
(3b)
Production: is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. market production.
(3c)
Fixed capital: is the portion of total capital outlay of a business invested in physical assets such as factories, vehicles, and machinery that stay in the business almost permanently, or, more technically, for more than one accounting period.
(3d)
An exchange: is a marketplace where securities, commodities, derivatives and other financial instruments are traded. The core function of an exchange is to ensure fair and orderly trading and the efficient dissemination of price information for any securities trading on that exchange.
(3e)
Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. ... This specialization is thus the basis of global trade, as few countries have enough production capacity to be completely self-sustaining
=========================
(4a)
Packaging: is the science, art and technology of enclosing or protecting products for distribution, storage, sale, and use.
(4b)
[Tabulate]
SUPERMARKET
(i) Supermarkets are considered to be larger shopping outlets that sell a variety of goods to their customers under one roof
(ii) Supermarkets offer their products at significantly higher prices as compared to the shops and other retail outlets in the surrounding. They tend to charge the executive shopping experience their offer to their customers
(iii) a supermarket are very attractive with distinctive colours and graphics
(iv)Supermarkets are known to stock large numbers of similar products to cover the large number of customers buying the same product
HYPER MARKET
(i) hypermarkets are larger than a typical supermarket. Despite having shelves that contain different varieties of a specific product, hypermarkets have departmental stores that store various products
(ii) Products retail at moderately lower prices in a hypermarket which encourages many people to purchase goods in this stores
(iii) a hypermarket is moderately attractive. They do not have an attractive appearance, and they resemble more of a warehouse rather than a shopping facility
(iv) On the other hand, hypermarkets do not offer a personal touch and the warm services of a supermarket which makes them not to attract a large number of customers
(4c)
(i) Improved Customer Experiences.
(ii) Increased Efficiency for Customer Service Departments.
(iii) Self Service Creates Consistency.
(iv) Increased Revenues.
(v) More Insight on What Consumers Want.
(vi) Increased Efficiency Among Agents.
=========================
(5a)
Limited liability company can be define as a form of business organization with the liability-shield advantages of a corporation and the flexibility and tax pass-through advantages of a partnership.It is a separate and distinct legal entity
(5b)
(Pick Any 5)
(i) Ownership
(ii) It is a legal entity
(iii) Perpetual existence
(iv) Formation
(v) It has limited liability
EXPLANATION :
(i) Ownership: The number of shareholders range from seven to infinity, ie owners must be at least seven but there is no maximum number
(ii) It has a legal entity : The public limited liability company has a distinct personality from that of the owner. It can sue and be sued in its own name
(iii) Perpetual existence: The death or withdrawal of some shareholders will not affect the existence of the company. It enjoy continuous existence
(iv) Formation : A public limited liability company must follow some special formalities before registration. They secure incorporation by filling the article of association and memorandum of association with the registrar of companies
(v) It has limited liability : The liability shareholders is limited to the amount contributed to the company. The private properties of the shareholders will not be touched in the event of liquidation.
=========================
(6)
(Pick Any 5)
(i)Promotion of Commercial activities
(ii) Enhance settlement of international indebtedness
(iii) Reduction in cost an Risk of traveling
(iv) Facilitates contact between businessmen
(v) Communication enhance international trade
(vi) Enhance Air and sea Transport
EXPLANATION:
(i)Promotion of Commercial activities: Communication promotes commercial activities as the whole world is connected together as a global village.
(ii) Enhance settlement of international:The use of telecommunication has enhanced th settlement of debts through telegraphic money transfers eg Western union money Transfer
(iii) Reduction in cost an Risk of traveling: Through communication the cost and risks involved in travelling long distance for business transactions can be greatly reduced.
(iv) Facilitates contact between businessmen: Communication provide and facilitates good and efficient means of maintaining close contact between businessmen
(v) Communication enhance international trade: Foreign trade transactions an be facilitated through modern means of communication as various markets are linked together
(vi) Enhance Air and sea Transport: Transportation by air and sea are made possible by communication. The use of radio, telegram and other means of communication have made contact between a ship off shore and the port possible
=========================
(7a)
(i) A catalogue:
is a list of things such as the goods you can buy from a particular company, the objects in a museum, or the books in a library. ... A catalogue of similar things, especially bad things, is a number of them considered or discussed one after another. His story is a catalogue of misfortune.
(ii) Order:
In business or commerce, an order is a stated intention, either spoken or written, to engage in a commercial transaction for specific products or services. ... When the purchase order of the buyer and the sales order of the seller agree, the orders become a contract between the buyer and seller.
(iii) A proforma invoice:
is a preliminary bill of sale sent to buyers in advance of a shipment or delivery of goods. The invoice will typically describe the purchased items and other important information, such as the shipping weight and transport charges.
(iv) Quotation:
a document sent to a potential customer offering to sell goods or services at a certain price, under specified conditions. A quotation is used to let a potential customer know the cost of goods or services before they decide to purchase them. When a seller sends a quotation, it commits them to a certain price.
(v) Receipt:
A receipt is a written acknowledgment that something of value has been transferred from one party to another. In addition to the receipts consumers typically receive from vendors and service providers, receipts are also issued in business-to-business dealings as well as stock market transactions.
=========================
(9a)
(i)Physical Resources :
These are considered as tangible assets which the organization uses to create value offering and value proposition to its customers.
(ii) Human resources:
Employees are considered in the most underrated Assets of any organization.
(iii) Intellectual resources :
These are the types of business resources which are nonphysical and intangible in nature like patents of the product, brands of the organization, copyright over important materials and even the partnerships.
(9b)
(i) Human rights responsibility
(ii) Philanthropic responsibility.
(iii)Economic responsibility.
(iv) Environmental responsibility
=========================
Completed.
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