WAEC SSCE - Commerce - 1999

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A manufacturer of machinery who wants to reduce cost of promotion can use catalogues. Catalogues are a cost-effective way for manufacturers to promote their products. They allow potential customers to browse through the product offerings and select the ones that best meet their needs. Unlike other forms of promotion such as showrooms or samples, catalogues can be produced in large quantities at a relatively low cost. They can also be distributed widely to potential customers, reducing the need for expensive advertising campaigns.

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The safe keeping of goods from the point of production to the time they are needed is known as "warehousing." Warehousing refers to the process of storing goods and products in a safe and secure place before they are sold or distributed. This can include storing raw materials, finished goods, or products in the warehouse. Warehousing ensures that products are available when needed and helps to prevent losses due to theft, damage, or spoilage. It also facilitates the efficient movement of goods throughout the supply chain.

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The organization that is formed to enforce the rights and powers of buyers in relation to sellers is called a Consumer Association. Consumer Associations are non-profit organizations that advocate for consumer protection by conducting research, providing education, and promoting fair practices in the marketplace. They work to ensure that the products and services consumers purchase are safe, of high quality, and reasonably priced. They also provide a platform for consumers to voice their complaints and concerns and advocate for changes to improve consumer protection laws and regulations.

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Division of labour brings about specialization. Division of labour refers to the separation of a work process into a number of tasks, with each task performed by a separate individual or group of individuals. By dividing the work process into specific tasks, workers become specialized in performing those tasks, which leads to greater efficiency and productivity. This is because workers become more proficient and skilled at their specific task, and can perform it more quickly and accurately, ultimately leading to cost savings for the business.

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The document used to advertise shares to the public is a prospectus. A prospectus is a formal legal document that is required to be issued by companies when they are offering securities, such as shares or bonds, to the public for purchase. It contains all the necessary information about the company, including its history, financial performance, management team, and the terms of the offering. The prospectus is designed to provide potential investors with enough information to make an informed decision about whether or not to invest in the company. It is also required to be registered with and approved by the relevant regulatory authority before it can be distributed to the public.

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Notes and coins are legal tender because they are backed by law. Legal tender is a form of payment that is recognized by law and must be accepted as payment for debts and other financial obligations. Notes and coins are issued by the central bank and have a legal status as a means of payment. This means that individuals and businesses are required by law to accept notes and coins as payment for goods and services. However, legal tender status does not mean that notes and coins are backed by gold or issued by all banks.

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Bonded warehouses are controlled by the Customs and Excise Authority. A bonded warehouse is a facility where goods are stored without payment of duties and taxes until they are cleared for entry into a country's commerce. The customs and excise authority is responsible for regulating the import and export of goods, collecting duties and taxes, and enforcing trade laws. Therefore, the customs and excise authority has control over bonded warehouses to ensure that goods stored there are not released until all duties and taxes are paid, and that the goods meet all necessary regulations and requirements for entry into the country's commerce.

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A bill of exchange is a financial instrument that is used in international trade to facilitate payment between parties in different countries. It becomes negotiable when it is accepted by the drawee. This means that the drawee (the person who is required to pay the amount specified on the bill of exchange) has agreed to the terms of the bill and has committed to paying the amount owed at a specified date in the future. Once the bill of exchange is accepted, it can be traded or sold to another party, who can then collect payment from the drawee at the specified date. The negotiability of the bill of exchange makes it a useful tool for businesses engaged in international trade, as it allows them to obtain financing or transfer risk to another party.

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Capital goods are the goods that are used for the production of other goods. They are also known as producer goods or investment goods. Examples of capital goods include machinery, equipment, tools, and buildings used in the production process. Capital goods are important for the production of other goods and services, and are therefore considered an important factor in economic growth and development.

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Factors have lien on goods in their possession until their commission is paid. Factors are intermediaries who buy accounts receivables from a company at a discount and then take responsibility for collecting the full amount of the invoice from the debtor. Factors may also advance funds to the company, using the accounts receivable as collateral. Since factors take on the risk of non-payment by the debtor, they retain control of the accounts receivable until they receive their commission or fee. This control includes a lien on the goods or products sold, which means that the factor has the right to sell or dispose of the goods if the company fails to pay the commission or fee.

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The feature that is not associated with a department store is "Deals in one line of goods". A department store is a large retail establishment that offers a wide range of products from various categories such as clothing, home appliances, electronics, furniture, and many more, under one roof. The main feature of a department store is the concept of one-stop-shopping, which means customers can buy everything they need from one place without having to visit different stores. Department stores usually have multiple floors and sections for different types of products. They offer convenient location, use of trolleys for shopping, and a wide range of products from different brands. Unlike specialty stores, which focus on a specific category of products, department stores offer a diverse range of products.

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The government can borrow money from the public through the issuing of treasury bills. Treasury bills are short-term securities issued by the government to raise funds. They are sold at a discount and redeemed at their face value, which represents the amount borrowed. This means that investors who purchase treasury bills earn interest on the difference between the purchase price and the face value of the bills when they mature. By issuing treasury bills, the government is able to borrow money from the public at a lower cost compared to other forms of borrowing. This is because treasury bills are considered to be very safe investments, and therefore, they offer a low-risk, low-return investment option for investors.

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Insurance is necessary because of the need to meet uncertainties in the future. It provides a mechanism for individuals and businesses to transfer the risks of potential financial loss to an insurance company, which pools resources from many policyholders to pay for losses that may occur. By paying a relatively small premium, individuals and businesses can protect themselves against the financial impact of unexpected events such as accidents, natural disasters, or illnesses. In this way, insurance helps to promote financial stability and peace of mind. It is not designed to make a profit or lend money to individuals.

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If a company is described as "listed," it means that its shares can be traded on the stock exchange. A listed company has met the regulatory requirements of the relevant stock exchange, and its shares are available for trading to the general public. By being listed, a company can gain access to more capital, liquidity, and potentially attract more investors, which could lead to increased growth opportunities. However, being listed also means that the company must adhere to the rules and regulations of the stock exchange, including disclosing certain financial and operational information to the public.

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The insurance company will reject Mr. Ajai's claims under the principle of "Utmost good faith". This principle requires that the policyholder must disclose all relevant information that would affect the insurer's decision to accept or decline the policy. In this case, Mr. Ajai failed to disclose that he was storing drums of petrol, which is relevant information that would have affected the insurer's decision to accept or decline the policy. As a result, the insurer can reject his claims due to the breach of this principle.

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The counterfoil of a cheque book enables the drawer to reconcile his/her book of accounts. A counterfoil is a detachable part of a cheque that contains a record of the cheque issued, including the date, amount, and recipient's name. By keeping the counterfoil, the drawer can keep track of all cheques issued and reconcile them with the bank statement to ensure that all cheques have been accounted for and no fraudulent activity has occurred. This helps to maintain accurate financial records and prevent errors or discrepancies in the accounts.

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A business unit in which profits are shared on the basis of members' patronage is known as a Co-operative society. A Co-operative society is a type of business organization that is owned and controlled by a group of individuals who share a common interest or goal. Members of a Co-operative society contribute to the capital of the society and share in the profits of the business based on their level of patronage. The primary objective of a Co-operative society is to provide goods or services to its members at a reasonable cost, while also generating profits for the business.

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The correct answer is market segmentation. Market segmentation is the process of dividing a larger market into smaller groups of consumers with similar needs and characteristics. This enables companies to create targeted marketing strategies and tailor their products or services to specific customer groups. By identifying and understanding the unique needs and behaviors of different segments, companies can improve their chances of success by delivering relevant and appealing products and messages to their target audience. Market segmentation can help companies to gain a competitive advantage and increase their sales and profitability.

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A major advantage of a private company over a partnership is that the private company has limited liability. This means that the owners (shareholders) of the company are not personally responsible for the company's debts or liabilities. In the case of a partnership, the partners have unlimited liability, which means that they are personally responsible for the partnership's debts and liabilities. As a result, a private company is a more attractive option for those who want to limit their personal financial risk. Additionally, a private company can sell shares to raise capital, which a partnership cannot do.

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Status enquiry is necessary when granting credit to a new customer. This is because it helps the business to gather information about the customer's creditworthiness, financial stability, and ability to pay debts. The information gathered through status enquiry helps the business to determine the risk involved in granting credit to the customer and to set appropriate credit terms and conditions. It involves contacting the customer's bank, trade references, or credit bureaus to verify their credit history and reputation. This helps the business to make informed decisions and minimize the risk of bad debts.

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A major cost component of running a mail order firm is the printing of catalogues. This is because mail order firms rely heavily on catalogs to showcase their products to potential customers who cannot see the actual products before purchasing them. Catalog printing costs can add up quickly, especially for large firms with many products. Therefore, it is important for mail order firms to carefully manage their catalog printing costs while ensuring that their catalogs are visually appealing and informative to attract and retain customers.

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Exchange enables people to consume a variety of goods and services. Exchange refers to the process of trading goods or services between two or more parties. It allows people to obtain goods and services that they may not be able to produce themselves or do not have access to. By exchanging goods and services with others, individuals can consume a wider variety of goods and services beyond what they are able to produce on their own. This creates a more diverse and efficient economy, as it enables individuals to specialize in producing certain goods or services, while still having access to a wide range of other goods and services through exchange.

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When a public limited company requires more capital, one way to raise funds is by issuing debentures. Debentures are long-term debt instruments issued by companies to raise funds from the public. The company promises to repay the principal amount along with a fixed rate of interest to the debenture holders at a specified time in the future. The process of issuing debentures allows the company to raise funds without diluting ownership, as debenture holders do not have any ownership rights in the company. Therefore, issuing debentures is a common way for public limited companies to obtain additional capital. The other options listed are not suitable for raising additional capital as they either involve investing in securities or applying for financial assistance.

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The quality of money that is generally undermined by inflation is stability. Inflation is a general increase in the price level of goods and services in an economy over time. As the value of money decreases, it becomes less stable as a store of value. This means that people may lose confidence in the currency and may seek to use other forms of payment or store their wealth in other assets. As a result, inflation erodes the stability of money, making it less reliable for transactions and savings.

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The correct answer is "Bill of lading". A bill of lading is a legal document issued by a carrier to a shipper that details the type, quantity, and destination of the goods being carried. It serves as both a contract of carriage and a document of title, meaning that it can be used to transfer ownership of the goods to a third party. This is important in international trade where the buyer may not be able to inspect the goods before they arrive and may need proof of ownership to take possession of them.

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The option that implies that the price quoted includes the cost of insurance and carriage is "C.I.F." CIF stands for "Cost, Insurance, and Freight." This means that the seller is responsible for the cost of the goods, the freight charges, and the insurance until the goods arrive at the port of destination. Therefore, the price quoted includes all of these costs.

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One advantage of communication by telephone is that feedback is instantaneous. This means that the person you are communicating with can respond to your message immediately, allowing for a quicker exchange of information. This can be especially useful in business situations where timely decisions need to be made. Additionally, since the feedback is instantaneous, any misunderstandings or errors can be addressed immediately, allowing for a more efficient communication process.

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A company is said to be insolvent when its total liabilities exceed its total assets. This means that the company is not able to meet its financial obligations and may not be able to pay its debts as they become due. This is a serious financial situation that may lead to bankruptcy or liquidation of the company. It is important for companies to monitor their financial position and take necessary steps to avoid insolvency, such as reducing costs, increasing revenue, or obtaining additional financing.

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Nationalized industries are owned and managed by the government, and therefore any losses incurred are ultimately borne by the public. This means that taxpayers may have to bear the burden of any financial losses made by nationalized industries, as the government will have to use public funds to cover these losses. In contrast, in a privately owned business, the shareholders or debenture holders may be the ones who bear the financial losses.

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Out of the given options, ECOMOG is not an economic grouping. ECOMOG stands for Economic Community of West African States Monitoring Group, which was a military intervention force formed by the Economic Community of West African States (ECOWAS) to intervene in the civil wars and conflicts in West Africa. While ECOWAS, GATT, and EEC are all economic groupings. ECOWAS (Economic Community of West African States) is a regional economic union made up of West African countries aimed at promoting economic integration and cooperation among its members. GATT (General Agreement on Tariffs and Trade) was an international trade agreement signed in 1947, which aimed to reduce trade barriers and increase international trade among its member countries. EEC (European Economic Community) was the precursor to the European Union, which was formed in 1957 and aimed at promoting economic cooperation and integration among European countries.

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Canal transport refers to the transportation of goods and people through man-made canals. One disadvantage of canal transport is that it is narrow and cannot support big vessels. This limits the size of ships that can use canals, making it difficult to transport large and heavy goods. As a result, canal transport is typically used for smaller vessels and is often used for short journeys, limiting its usefulness for longer trips. While canal transport can carry both goods and people, its narrow size makes it less efficient for transporting large volumes of goods compared to other modes of transport such as railways or highways.

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A shoe repairer is engaged in a service occupation. This is because the shoe repairer is providing a service to customers by repairing their shoes. Service occupations involve providing services to customers rather than producing goods. Other examples of service occupations include hairdressing, cleaning, and consulting.

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The receipt for goods kept in a bonded warehouse is called a "Dock Warrant". A bonded warehouse is a secure facility where imported goods are stored under the supervision of customs authorities until the importer pays the necessary customs duties and taxes. The Dock Warrant serves as evidence of ownership of the goods in the warehouse and can be used as collateral for loans or as proof of ownership when transferring the goods to another party. Therefore, the correct answer is "Dock Warrant".

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In a hire purchase transaction, ownership of the goods initially remains with the seller or the finance company. The hirer makes regular payments, usually monthly, to the finance company until the total cost of the goods plus interest is paid off. The transaction becomes a sale when the hirer pays the full cost of the goods. At that point, ownership of the goods transfers from the seller or finance company to the hirer. The hirer then becomes the outright owner of the goods and the hire purchase agreement comes to an end.

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Cigarettes can be sold through a vending machine. Vending machines are machines that dispense products, usually snacks or drinks, automatically when payment is made. Cigarette vending machines have been used in many places to sell cigarettes to customers without the need for human intervention. However, in some countries, such as the United States, the use of cigarette vending machines is heavily restricted or even banned due to concerns about underage access to cigarettes. Shirts, handbags, and shoes are typically not sold through vending machines as they require more personal attention and fitting than a machine can provide.

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Factors of production refers to all the resources used in creating utilities. This includes land, labor, capital, and entrepreneurship. These resources are combined to produce goods and services that satisfy human wants and needs. Land refers to natural resources such as forests, minerals, and water bodies. Labor refers to the human effort that is required to produce goods and services. Capital includes all forms of human-made goods that are used in the production process, such as machines and equipment. Entrepreneurship involves the organization of these factors of production in order to create goods and services that will be in demand in the marketplace.

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A picture that suggests that success in life can only be achieved through the use of the product is an example of persuasive advertising. Persuasive advertising aims to influence the target audience's beliefs, attitudes, and behavior by appealing to emotions and aspirations. The goal is to create a connection between the product and the desired outcome, such as success, happiness, or prestige. The advertisement tries to persuade the potential customer that the product is essential to achieving their goals and fulfilling their dreams. This technique is commonly used in advertising for luxury goods, lifestyle products, and services.

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The document which regulates the operations of a partnership is known as a "Deed" or "Partnership Deed". It is a legally binding agreement between the partners that sets out the terms and conditions of their partnership. The partnership deed outlines the roles and responsibilities of each partner, the profit and loss sharing ratio, the capital contribution, the decision-making process, and the terms and conditions for admission, retirement or expulsion of partners. It serves as a guidebook for the smooth functioning of the partnership and helps to prevent conflicts or misunderstandings among the partners.

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(a) What is a contract?

A contract is a legally binding agreement between two or more competent parties which creates rights and obligations enforceable by law. It arises where there is an offer by one party and an unqualified acceptance by the other, supported by consideration and the intention to create legal relations.

(b) Six reasons for which a contract can be terminated (discharged)

1. Performance: When both parties completely carry out their obligations as agreed, the contract comes to an end.
2. Agreement: The parties may mutually agree to bring the contract to an end before it is performed.
3. Breach: Where one party fails to perform his part or does so defectively, the injured party may treat the contract as terminated.
4. Frustration (impossibility of performance): An unforeseen event beyond the control of the parties, such as destruction of the subject matter or a change in the law, makes performance impossible and ends the contract.
5. Lapse of time: A contract may be terminated when the period fixed for its performance expires.
6. Death or incapacity: The death, insanity or bankruptcy of a party may bring a contract of a personal nature to an end.

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(a) Five reasons why communication is important in commerce

1. Placing and receiving orders: Buyers and sellers use communication to place orders, confirm supplies and arrange deliveries.
2. Advertising and promotion: Communication carries information about goods and services to prospective customers, creating demand.
3. Facilitates decision making: Prompt exchange of information on prices, market conditions and stock levels enables managers to take sound decisions.
4. Maintains business relationships: It links a firm with its customers, suppliers, bankers and agents, promoting goodwill and cooperation.
5. Coordination of activities: It links the various departments and branches of a business so that their activities work smoothly together.

(b) Five functions of Advertising

1. To inform: Advertising tells consumers about the existence, features, price and availability of goods and services.
2. To persuade: It influences consumers to buy a particular product in preference to competing brands.
3. To create and increase demand: By stimulating interest, it expands the market and boosts sales.
4. To remind: It keeps existing products in the memory of consumers to sustain patronage.
5. To introduce new products: It launches new goods and educates the public on how to use them.

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(a) Five reasons why a manufacturer may engage in personal selling

1. To explain and demonstrate complex products: Technical goods such as machinery need face-to-face demonstration that only a salesperson can give.
2. To provide immediate feedback: Direct contact allows the salesperson to answer questions, overcome objections and gather customers' reactions on the spot.
3. To persuade and close sales: Personal contact enables the seller to persuade the buyer directly and secure an actual order.
4. To build customer relationships: Regular personal contact creates goodwill and lasting relationships that encourage repeat purchases.
5. To reach industrial and bulk buyers: Where customers are few but place large orders, personal selling is more effective and economical than mass advertising.

(b) Five characteristics of Sole Proprietorship

1. Single ownership: The business is owned and controlled by one person who provides the capital.
2. Unlimited liability: The owner is personally liable for all the debts of the business, extending to his private property.
3. No separate legal entity: The business and the owner are regarded in law as one and the same.
4. Sole enjoyment of profit and risk: The owner takes all the profits and also bears all the losses alone.
5. Easy to form and dissolve: It requires little capital and few legal formalities to start or wind up.

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(a) Branding and examples

Branding is the practice of giving a product a distinctive name, symbol, mark, sign or design that identifies it and distinguishes it from similar products of competitors. The brand enables consumers to recognise the product and associate it with a particular quality and manufacturer.

Two suitable examples: Peak (milk) and Omo (detergent). Other acceptable examples include Coca-Cola, Indomie, Dettol and Bournvita.

(b) Five ways branding affects the consumer

1. Easy identification: Branding helps the consumer to identify and locate a preferred product quickly among many others.
2. Assurance of consistent quality: A well-known brand guarantees a uniform standard, so the consumer knows what to expect on each purchase.
3. Builds loyalty and confidence: Satisfaction with a brand builds trust, making the consumer a repeat buyer.
4. Higher prices: Advertising and packaging costs of popular brands are passed on to the consumer, so branded goods often cost more than unbranded ones.
5. Guides choice and reduces risk: Branding simplifies decision-making and protects the consumer against imitations and inferior substitutes.

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(a) Five reasons why consumers need protection

1. Sale of adulterated or unsafe goods: Some traders sell impure, contaminated or expired products that endanger the health and lives of consumers.
2. Ignorance of consumers: Many consumers lack the technical knowledge to judge the quality, weight or content of goods and can easily be cheated.
3. Short weights and measures: Dishonest sellers use faulty scales and measures to give consumers less than they pay for.
4. Misleading advertising and labelling: False claims about the qualities of a product mislead consumers into buying goods that do not perform as promised.
5. Exploitation through high prices: Monopolists and hoarders create artificial scarcity and charge exorbitant prices, exploiting helpless consumers.

(b) Five government legislation aimed at consumer protection

1. Sale of Goods Act: Requires that goods sold must be of merchantable quality and fit for their intended purpose.
2. Weights and Measures Act: Ensures the use of accurate and standard weighing and measuring instruments.
3. Food and Drugs Act: Prohibits the sale of adulterated, contaminated or harmful food and drugs.
4. Standards Organisation of Nigeria (SON) Act: Sets and enforces quality standards for manufactured goods.
5. NAFDAC Act: Establishes the agency that regulates and controls food, drugs, cosmetics and bottled water to protect public health.

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Classes of shares a public limited company can issue

A share is a unit of the capital of a company. A public limited company can raise its capital by issuing different classes of shares, each carrying different rights as to dividend, voting and repayment of capital.

1. Ordinary shares (equity shares): These are the main risk-bearing shares of the company. Their holders receive dividend only after all other classes have been paid, and the rate of dividend varies with the level of profit. They carry voting rights and control the company, but rank last for repayment of capital if the company is wound up.
2. Preference shares: These carry a fixed rate of dividend that must be paid before any dividend is paid to ordinary shareholders. Their holders also rank ahead of ordinary shareholders for the return of capital on winding up, but they usually do not carry voting rights.
3. Cumulative preference shares: These are preference shares whose unpaid dividends in a year of low or no profit are carried forward (accumulated) and must be paid in later profitable years before ordinary shareholders receive anything.
4. Non-cumulative preference shares: These are preference shares whose dividend, if not paid in any year because of insufficient profit, is lost permanently and cannot be carried forward to future years.
5. Participating preference shares: After receiving their fixed dividend, holders of these shares are also entitled to share in any surplus profit together with ordinary shareholders, thus earning an extra dividend in very profitable years.
6. Redeemable preference shares: These are preference shares that the company can buy back (redeem) from the holders at a fixed future date or after a stated period, thereby returning their capital to them.
7. Deferred (founders') shares: These are shares usually held by the promoters or founders of the company whose dividend is paid only after all other classes have been paid, but they may then take a large share of the remaining profit.

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(a) Diagram: branches of trade and types of retail outlets

Trade is the buying and selling of goods and services. It is broadly divided into Home Trade and Foreign Trade. Home trade is further split into Wholesale and Retail, while foreign trade is split into Import, Export and Entrepot (re-export) Trade. The retail arm is carried out through several kinds of retail outlets. The classification chart below illustrates six branches of trade and shows six types of retail outlets.

From the chart, the six branches of trade illustrated are: (1) Wholesale trade, (2) Retail trade, (3) Import trade, (4) Export trade, (5) Entrepot (re-export) trade, and their two main groupings under (6) Home trade and Foreign trade. The six types of retail outlets shown are: (i) Hawkers and peddlers, (ii) Kiosks and market stalls, (iii) Single (unit) shops, (iv) Multiple shops (chain stores), (v) Departmental stores, and (vi) Supermarkets.

(b) Eight features of hawking

1. It is usually a one-man (sole-proprietor) business.
2. It involves moving about from place to place in search of customers.
3. It is a small-scale form of retail trade.
4. It requires a relatively small capital outlay to start.
5. It deals in a variety of small, light and inexpensive articles.
6. Customers are reached and served right at their doorstep.
7. Its prices are usually competitive and often negotiable through bargaining.
8. It is energy-sapping and exposes the hawker to accidents and other hazards.

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Two functions of each body

(a) Trade Association

1. It regulates the conduct of its members and fixes common standards, prices and trading practices within the trade.
2. It represents and protects the collective interests of members, negotiating with government and other bodies on their behalf.

(b) Consumer Association

1. It protects the interests of consumers against exploitation, poor quality goods and unfair prices.
2. It educates consumers on their rights and advises them on wise buying and value for money.

(c) Customs Authority

1. It assesses and collects import and export duties on goods crossing the frontier.
2. It prevents smuggling and controls prohibited and restricted goods.

(d) Manufacturer's Association

1. It promotes and protects the common interests of manufacturers and lobbies government on their behalf.
2. It shares technical information and sets quality standards for members' products.

(e) Chamber of Commerce

1. It promotes, protects and represents the general interests of the business community, advising government on trade and industrial policy.
2. It provides trade information, organises trade fairs and helps settle disputes among members.

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(a) Steps in opening a current account

1. Obtain and complete an application form: Kola should collect an account opening form from the bank and fill in his personal details correctly.
2. Provide references and specimen signature: He must supply one or two referees who already operate accounts with the bank, and give specimen signatures on a signature card for verification of future cheques.
3. Submit supporting documents: He should attach passport photographs and a means of identification such as a national ID card, driver's licence or international passport, together with proof of address (utility bill).
4. Make the initial deposit: He pays in the minimum opening balance required by the bank using a paying-in slip.
5. Collect cheque book and receive account number: After the bank verifies his details and references, an account number is opened for him and he is issued a cheque book to operate the account.

(b) Four functions of the Central Bank

1. Issue of currency: It is the sole authority that prints and issues legal-tender notes and coins.
2. Banker to the government: It keeps government accounts, receives revenue and makes payments on the government's behalf.
3. Banker to commercial banks and lender of last resort: It holds the reserves of commercial banks and lends to them when they are short of funds.
4. Control of the money supply: It regulates the volume of credit and money in circulation through monetary policy tools.