JAMB UTME - Commerce - 2022

A contract will not be discharge through

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A contract will not be discharged through performance if one or both parties do not fully fulfill their obligations as specified in the agreement. In this case, the contract may still be considered valid and enforceable, and the non-performing party may be held liable for damages or breach of contract. However, if both parties agree to modify the terms of the contract or to release each other from their obligations, the contract may be discharged through agreement. Additionally, a contract may be discharged through acceptance, which occurs when both parties agree to terminate the contract by mutual consent. Finally, a contract may be discharged through breach if one party fails to fulfill their obligations and the other party chooses to terminate the contract as a result.

The resources put together to create goods and services are

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The resources put together to create goods and services are called "factors of production." Factors of production refer to the various inputs that are used in the production process to create goods and services. The main factors of production are land, labor, capital, and entrepreneurship. Land refers to all the natural resources used in the production process, such as water, minerals, and land itself. Labor refers to the human effort and skills that are used in the production process. Capital refers to the physical assets, such as buildings, machinery, and equipment, that are used in the production process. Entrepreneurship refers to the management and organization of the other factors of production. Together, these factors of production are used to create goods and services. Without the factors of production, it would not be possible to create the products and services that we rely on in our daily lives.

Average stock is derived by adding

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The average stock is derived by adding the opening stock to the closing stock and then dividing the sum by two. The opening stock is the value of inventory at the beginning of an accounting period, while the closing stock is the value of inventory at the end of the accounting period. The average stock is the value of inventory that a business holds on average during the accounting period. By adding the opening and closing stock and then dividing by two, a business can calculate the average stock value. This calculation is used in various accounting and financial ratios, such as inventory turnover ratio and gross profit ratio. These ratios help a business to analyze its inventory management and profitability. The other options provided in the question are not correct methods to calculate the average stock value. The first option is the average of closing stock and purchases, which does not include the opening stock. The second option is the ratio of closing stock to opening stock, which does not provide an average value. The fourth option is the difference between opening stock and purchases, which also does not include the closing stock value.

An advantage of rail transport is that it

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An advantage of rail transport is that it carries bulky and heavy goods. Rail transport is a mode of transportation that uses railroads to move goods and people. It is particularly advantageous for transporting heavy and bulky goods such as raw materials, coal, lumber, and heavy equipment. Rail transport has the capacity to move large volumes of goods over long distances, and it is often more cost-effective than other modes of transport, such as road or air transport. This is because trains can carry more cargo per trip, and the cost of fuel and maintenance is generally lower than other transportation modes. Moreover, rail transport can be a safer and more reliable mode of transportation for heavy and bulky goods. Trains are not affected by traffic congestion and can operate on a fixed schedule, which can reduce delays and improve delivery times. Additionally, rail transport can be integrated with other transportation modes to provide door-to-door delivery services for customers, enhancing its usefulness. While the other options provided in the question are not necessarily incorrect, they do not represent the main advantage of rail transport. Rail transport can require significant maintenance costs, and it can be subject to delays due to weather, mechanical failures, or other factors. Additionally, while rail transport can facilitate door-to-door delivery, it may not be as efficient as other modes of transport for smaller or lighter shipments.

The part of issued share capital that the company has asked the subscribers to pay for

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Among the options given, the term that refers to the part of the share capital that the company has asked its shareholders to pay for is "called-up capital." When a company wants to raise funds, it can issue shares to investors in exchange for money. The share capital represents the total amount of money that the company can raise from issuing shares. However, the company may not require all of that money upfront. It may ask its shareholders to pay for the shares they have subscribed to in installments, as and when the company needs the funds. The amount of money that the company has called upon its shareholders to pay is called the called-up capital. For example, if a company has issued 1,000 shares of $10 each, its share capital would be $10,000. However, if the company has only asked its shareholders to pay for 500 shares, then the called-up capital would be $5,000. The remaining $5,000 is the uncalled capital, which the company can ask for at a later date. So, to summarise, the called-up capital is the portion of the share capital that the company has asked its shareholders to pay for, while the uncalled capital is the amount that the company may ask for at a later date.

When a company insures the lives of all its employees collectively, the policy is

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The answer is group insurance. Group insurance is a type of insurance policy where a company insures the lives of all its employees collectively. In a group insurance policy, the company pays the premiums and the coverage applies to all eligible employees. This type of insurance provides a cost-effective way for companies to offer life insurance protection to their employees and can be a valuable employee benefit. Group insurance policies can be customized to meet the specific needs of the company and its employees, making it a flexible and convenient option for companies looking to offer life insurance benefits.

The management function which involves measuring outcomes and taking corrective action to reduce error is

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The management function which involves measuring outcomes and taking corrective action to reduce error is controlling. Controlling is a management function that involves monitoring and evaluating a company's performance against its goals and objectives. It involves measuring outcomes, comparing them to desired results, and taking corrective action to reduce error and improve performance. This function is an important part of the management process, as it helps ensure that the company is on track and making progress towards its goals. By regularly monitoring performance and taking corrective action as needed, a company can stay focused and achieve its objectives more effectively.

Examples of current assets are

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The correct answer is "cash and trade debtors." Current assets are resources that a company expects to convert into cash or use up within one year or a normal operating cycle. These assets are important for a company's day-to-day operations and can be easily converted into cash. Examples of current assets include cash, accounts receivable (trade debtors), inventory, and prepaid expenses. Out of the options provided, "cash and trade debtors" are current assets because they can be easily converted into cash within a year or a normal operating cycle. Cash is the most liquid current asset as it can be used to pay for immediate expenses or investments. Trade debtors, also known as accounts receivable, are the amounts owed to the company by its customers for goods or services sold on credit. The company expects to receive payment within a year or normal operating cycle, making it a current asset. On the other hand, trade creditors and trade debtors are both examples of accounts payable and accounts receivable, respectively, which are types of current liabilities and current assets, respectively, in accounting. Therefore, "trade creditors and trade debtors" cannot be considered as examples of current assets.

Which of the following organizations provide essential goods and services at low cost to citizens?

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Public enterprises are the organizations that provide essential goods and services at low cost to citizens. These are government-owned and operated entities that are established to serve the public interest and meet the needs of the community. Public enterprises are typically created to provide goods and services that are considered essential to the public, such as electricity, water, transportation, healthcare, and education. By providing these goods and services at a lower cost, public enterprises can help to ensure that all citizens have access to the resources they need to live and thrive. Thrift societies, cooperative societies, and private companies may also provide essential goods and services, but they are not typically required to do so at a low cost to citizens, as they are not necessarily established to serve the public interest.

The safe keeping of goods produced until they are needed is

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The safe keeping of goods produced until they are needed is called warehousing. Warehousing involves the storage of goods and materials in a secure and controlled environment, typically a warehouse or distribution center, until they are ready to be sold, distributed, or used in production. The purpose of warehousing is to provide a safe and secure location for goods and materials, as well as to manage inventory levels and ensure that the right products are available when they are needed. Warehouses may also provide additional services, such as packaging, labeling, and assembly, to prepare products for distribution. Overall, warehousing is an important component of the supply chain and plays a critical role in ensuring that goods are available to meet customer demand.

Which of the following documents would a shareholder inspect to know his voting rights?

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A shareholder would inspect the "Articles of Association" to know his/her voting rights. The articles of association are a legal document that outlines the rules and regulations that govern the internal management of a company. This document specifies the voting rights of each class of shareholders, the procedures for holding meetings, and the voting procedures for each meeting. Therefore, if a shareholder wants to know his/her voting rights, they should refer to the articles of association of the company in which they hold shares.

A retail store that sells a single product from a particular manufacturer is a

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A retail store that sells only one product from a particular manufacturer is called a tied shop. This means that the store has an exclusive agreement with the manufacturer to sell only that specific product. Tied shops are commonly found in industries such as electronics, where manufacturers may have flagship products that they want to showcase in dedicated stores. By having a tied shop, the manufacturer can have more control over the presentation of the product and ensure that customers have a consistent experience. Customers who are interested in purchasing that particular product can visit the tied shop with the assurance that they will find the product they are looking for. Therefore, the correct option is tied shop.

When a share with a nominal value of #50 is quoted at #70, it is being sold

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When a share with a nominal value of #50 is quoted at #70, it is being sold at a premium. A share is quoted at a premium when its market price is higher than its nominal or face value. In the case of a share with a nominal value of #50 that is quoted at #70, the share is being sold for a higher price than its face value, meaning that it is being sold at a premium. This can indicate that the company is performing well, and that investors are willing to pay a higher price for the share due to its perceived future potential. On the other hand, a share that is quoted below its nominal value is said to be sold at a discount.

An agreement that is enforceable in law is

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An agreement that is enforceable in law is called a "contract." A contract is a legally binding agreement between two or more parties. It is created when one party makes an offer, and the other party accepts that offer, which leads to an agreement. The parties to a contract are legally bound to fulfill the terms of the contract, and failure to do so may result in legal action. For a contract to be legally enforceable, it must meet certain requirements. First, there must be an offer made by one party to another. The offer must be clear and unambiguous, and it must be communicated to the other party. Second, there must be an acceptance of the offer by the other party. The acceptance must be clear and unambiguous, and it must be communicated to the party making the offer. Third, there must be consideration, which is something of value that is exchanged between the parties. Consideration can take the form of money, goods, services, or a promise to do something. Finally, the parties must have the legal capacity to enter into the contract. This means that they must be of legal age, sound mind, and not under duress or undue influence. In summary, a contract is an agreement that is enforceable in law. It is created when one party makes an offer, the other party accepts that offer, there is consideration, and the parties have the legal capacity to enter into the contract.

A specially-designed mode of transport for conveying liquid and gas is a

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A specially-designed mode of transport for conveying liquid and gas is a "tanker". A tanker is a type of ship or vehicle designed to carry large quantities of liquid or gas cargo, such as oil, natural gas, or chemicals. Tankers are designed to safely transport their cargo, which is often hazardous or flammable, over long distances across the sea or land. Tankers are designed with special features to prevent leakage or spillage of their cargo. For example, oil tankers have double hulls to prevent oil spills in the event of an accident or collision. Tankers also have special pumps and pipelines for loading and unloading their cargo. In summary, a "tanker" is a type of specialized transport designed to safely transport large quantities of liquid and gas cargo, such as oil and natural gas, over long distances.

The right to buy or sell stock in the stock exchange within a stipulated period is

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Which of the following is not a component of the marketing mix?

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"Production" is not a component of the marketing mix. The marketing mix is a set of controllable tools that a company uses to bring its product or service to market and to reach its target customers. The four components of the marketing mix are product, price, promotion, and place. "Product" refers to the goods or services that a company offers to its customers. "Price" refers to the amount that customers are charged for a product or service. "Promotion" refers to the various ways that a company communicates with its target customers and persuades them to buy its products or services. "Place" refers to the distribution channels and strategies that a company uses to get its products or services to its target customers. In contrast, "production" refers to the process of creating or manufacturing a product, and is not a part of the marketing mix. While production is certainly an important aspect of bringing a product to market, it is not one of the controllable tools that a company can use to influence the success of its marketing efforts.

One of the functions of commerical banks that cannot be performed by central banks is

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One of the functions of commercial banks that cannot be performed by central banks is the collection of deposits from the public. Commercial banks are financial institutions that accept deposits from individuals and businesses and use those funds to make loans to others. Central banks, on the other hand, are responsible for implementing monetary policy and maintaining financial stability. While central banks do play a role in regulating commercial banks, they do not accept deposits from the public like commercial banks do. Therefore, the collection of deposits from the public is a function that is unique to commercial banks and cannot be performed by central banks.

A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a

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A group of sellers who pool their resources to buy goods in large quantities and sell to its members is called a "wholesaler cooperative society". A wholesaler cooperative society is a type of organization formed by a group of sellers to purchase goods in large quantities and sell them to their members. Members of a wholesaler cooperative society are usually retailers or other small business owners who need to purchase goods in large quantities to sell in their own businesses. By pooling their resources, members of a wholesaler cooperative society can negotiate better prices and purchase goods that might not be available to them individually. The cooperative then sells the goods to its members at a markup, but still at a lower price than they would pay if they bought the goods individually. In summary, a "wholesaler cooperative society" is a group of sellers who work together to buy goods in bulk and sell them to their members, usually retailers or small business owners, at a lower price than they would be able to obtain individually.

The marketing term which regards the consumer as king that must be satisfied is

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The marketing term which regards the consumer as king that must be satisfied is the "marketing concept." The marketing concept is a philosophy that emphasizes the importance of understanding and meeting the needs and wants of customers, with the goal of maximizing profits and achieving long-term success. It is based on the idea that by putting the customer first and providing them with products and services that meet their needs, a business will naturally attract and retain a large and loyal customer base. In essence, the marketing concept treats the consumer as king, recognizing that they are at the center of all marketing efforts and decisions.

A document that instructs an agent to buy goods from a named firm is

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Payment made to a carrier for transportation of goods is

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The payment made to a carrier for the transportation of goods is called "freight." Freight is the amount of money that is paid by a shipper or consignee to a carrier, such as a trucking company or shipping line, for the transportation of goods from one place to another. Freight charges are typically based on the weight, volume, and distance of the shipment, as well as any additional services or requirements that may be necessary. Freight charges can be calculated in a variety of ways, depending on the mode of transportation and the specific terms of the contract between the shipper and the carrier. For example, freight charges for trucking companies may be based on the weight of the shipment, while freight charges for ocean shipping may be based on the volume of the shipment or the number of shipping containers. Freight charges can also include additional fees and charges for services such as packaging, loading and unloading, customs clearance, and insurance. These charges are typically negotiated and agreed upon between the shipper and the carrier before the shipment is made. In summary, the payment made to a carrier for the transportation of goods is called "freight." Freight charges are based on the weight, volume, and distance of the shipment, as well as any additional services or requirements that may be necessary. Freight charges can also include additional fees and charges for services such as packaging, loading and unloading, customs clearance, and insurance.

A document issued by the seller's own courier and signed by the customer to acknowledge receipt of the goods is

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The document you are referring to is a Delivery Note. A Delivery Note is a document that confirms that goods have been received by the customer from the seller. It is issued by the seller's own courier and signed by the customer as proof of receipt. The Delivery Note contains details about the goods, such as the quantity, type, and description, as well as the date and location of delivery. This document is important for both the seller and the customer as it serves as a record of the transaction and helps to ensure that the goods were delivered as expected. In the event of a dispute, the Delivery Note can be used as evidence to support either party's claim.

The incentive given to a buyer to encourage prompt payment is

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The incentive given to a buyer to encourage prompt payment is called a "cash discount." A cash discount is a reduction in the price of a product or service that a seller offers to a buyer as an incentive for paying their invoice within a certain period of time. The discount amount and the time period for payment are typically specified in the terms of the sale. For example, a seller may offer a 2% discount if the buyer pays the invoice within 10 days, rather than the standard 30 days. This incentivizes the buyer to pay the invoice early, which improves the seller's cash flow and reduces the risk of late or unpaid invoices. A cash discount is also known as a prompt payment discount, because it rewards buyers who pay their bills promptly. It can be a win-win situation for both the seller and the buyer, as the seller benefits from improved cash flow and the buyer benefits from a lower cost of goods or services. In contrast, a seasonal discount is a reduction in price that is offered to buyers during a specific season, such as a sale on winter clothing during the summer. A quantity discount is a reduction in price that is offered to buyers who purchase a large quantity of a product, while a trade discount is a reduction in price that is offered to resellers, such as wholesalers or retailers.

The bank which acts as the lender of last resort is the

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The bank that acts as the lender of last resort is the central bank. The central bank is the authority responsible for overseeing the monetary system of a country. One of its important functions is to act as a lender of last resort, which means it provides loans to other banks or financial institutions that are experiencing financial difficulties and cannot obtain funding from other sources. The central bank provides this emergency lending to prevent a crisis in the banking system that could lead to a broader economic downturn. By providing loans to troubled banks, the central bank helps maintain confidence in the financial system and ensures that banks can continue to provide services to their customers. Commercial banks, merchant banks, and mortgage banks are not typically authorized to act as lenders of last resort. Instead, they rely on access to funding from the central bank and other sources to meet their liquidity needs.

Examples of current assets are

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The correct answer is: "cash and trade debtors." Current assets are resources that a company expects to convert into cash or use up within one year or a normal operating cycle. These assets are important for a company's day-to-day operations and can be easily converted into cash. Examples of current assets include cash, accounts receivable (trade debtors), inventory, and prepaid expenses. Out of the options provided, "cash and trade debtors" are current assets because they can be easily converted into cash within a year or a normal operating cycle. Cash is the most liquid current asset as it can be used to pay for immediate expenses or investments. Trade debtors, also known as accounts receivable, are the amounts owed to the company by its customers for goods or services sold on credit. The company expects to receive payment within a year or normal operating cycle, making it a current asset.

The provision of services is classified under

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The provision of services is classified under "tertiary production." In economics, production refers to the creation of goods and services. While goods are physical products that we can touch and see, services are intangible products that are offered by businesses to meet the needs of consumers. Tertiary production is also known as the service sector and includes businesses that provide services to consumers and other businesses. This includes services such as healthcare, education, transportation, hospitality, financial services, and consulting. The provision of services, therefore, falls under tertiary production because it involves the delivery of intangible products to customers. Unlike goods, services cannot be stored or transported, and they are produced and consumed at the same time. In contrast, batch production and flow production are terms used to describe the production of goods in a manufacturing context. Batch production involves the production of a specific quantity of a product at one time, while flow production involves continuous production of goods on an assembly line. Secondary production refers to the manufacturing of goods from raw materials, which is typically associated with the primary production sector of the economy.

A feature of supermarkets which distinguishes it from other large scale retail outlets is that items sold are

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A feature of supermarkets that distinguishes it from other large scale retail outlets is that items sold are mainly household goods. Supermarkets are large retail stores that specialize in selling a wide range of consumer goods, including food, beverages, household items, personal care products, and more. Unlike other retail outlets, such as industrial supply stores or specialty shops, the primary focus of a supermarket is on selling goods for everyday household use. Supermarkets are designed to offer consumers a convenient, one-stop shopping experience, where they can purchase a variety of items in a single location. This sets them apart from other retail outlets, which may specialize in selling a narrower range of products or focus on a specific market segment.

An insurance policy which is not a contract of indemnity is

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A type of insurance policy which is not a contract of indemnity is "life insurance." A contract of indemnity is an insurance policy that compensates the policyholder for a loss or damage that they have suffered. The insurance company agrees to indemnify the policyholder for the actual loss or damage suffered up to the limit of the policy. In contrast, a life insurance policy is not a contract of indemnity because it provides a benefit to the policyholder or their designated beneficiary upon the occurrence of a specific event, such as the death of the policyholder or the end of a specified term. Life insurance is designed to provide financial protection to the policyholder's family or dependents in the event of their death or a specified event, such as a terminal illness. The policyholder pays a premium to the insurance company, and in return, the insurance company pays a predetermined sum of money to the policyholder's beneficiaries upon the occurrence of the specified event. There are different types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. Each type of policy has its own unique features and benefits. In summary, life insurance is not a contract of indemnity because it provides a benefit to the policyholder or their beneficiaries upon the occurrence of a specific event, such as the death of the policyholder. It is designed to provide financial protection to the policyholder's family or dependents in the event of their death or a specified event.

The share value stated on a share certificate is

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The share value stated on a share certificate is called the nominal value. Nominal value, also known as face value or par value, is the minimum amount at which a company's shares can be issued and is typically stated on the share certificate. The nominal value is a fixed value assigned to the shares when they are first issued and it serves as the legal capital of the company. It is used to calculate the company's share capital and to determine the amount of dividends to be paid to shareholders. The market value of a share, on the other hand, is the current value of the share in the stock market, which can be higher or lower than the nominal value. The market value is determined by the forces of supply and demand, and can change frequently based on a variety of factors such as the company's financial performance, economic conditions, and investor sentiment.

Which of the following groups would advocate for the supply of constant electricity to households?

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The group that would advocate for the supply of constant electricity to households is the "Consumer's association". A consumer's association is an organization that represents the interests of consumers in a particular market or industry. The main objective of a consumer's association is to ensure that the goods and services provided by the industry meet the needs and expectations of consumers. In the case of the supply of constant electricity to households, a consumer's association would advocate for the needs of households and their requirements for electricity. The association would seek to ensure that electricity suppliers provide a consistent and reliable supply of electricity to households, with minimal disruptions or outages. The advocacy efforts of a consumer's association may include lobbying for government policies that support the provision of constant electricity to households, working with electricity suppliers to improve their services, and educating consumers about their rights and responsibilities in relation to electricity supply. In summary, a "Consumer's association" is the group that would advocate for the supply of constant electricity to households, with the objective of ensuring that electricity suppliers provide a consistent and reliable supply of electricity to households.

The growth of commerce is not enhanced by

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The growth of commerce is not enhanced by low per capita income. Per capita income refers to the average income earned per person in a given area or population. Low per capita income can be a hindrance to the growth of commerce, as it means that people have less disposable income to spend on goods and services. When people have less money to spend, demand for goods and services decreases, which can negatively impact the growth of commerce. On the other hand, factors such as the development of modern forms of production, government participation in business, and high population growth can positively impact the growth of commerce.

The law by which a seller transfers the property in goods to a buyer at an agreed price is the

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The law by which a seller transfers the property in goods to a buyer at an agreed price is the "Sale of Goods Act." The Sale of Goods Act is a law that governs the sale of goods in many countries around the world. It sets out the rules for transferring ownership of goods from a seller to a buyer in a commercial transaction. The law applies to both tangible goods, such as cars and furniture, and intangible goods, such as software and intellectual property. Under the Sale of Goods Act, a seller is required to transfer ownership of the goods to the buyer at an agreed price. This means that the buyer has the right to own and possess the goods, and the seller must transfer the goods to the buyer in exchange for payment. The law also sets out rules for the quality and condition of the goods, and provides legal remedies for buyers who receive defective or faulty goods. The other options listed - Weights and Measures Act, Trade Description Act, and Foods and Drugs Act - are laws that relate to different aspects of commercial transactions, such as measurement standards, consumer protection, and food safety. However, they do not specifically address the transfer of ownership of goods from a seller to a buyer, which is the main focus of the Sale of Goods Act.

One advantage of small scale retail outlets is

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One advantage of small scale retail outlets is personal attention to customers. Small scale retail outlets are businesses that are typically locally-owned and operated, and have a smaller physical footprint than larger retailers. Because small scale retail outlets are often run by the owner or a small staff, they are able to provide more personal attention to their customers. This can include offering customized recommendations, remembering customers' preferences and purchase history, and providing a more personalized shopping experience. Personal attention can also lead to stronger relationships between the retailer and the customer, which can result in increased loyalty and repeat business. This is an advantage that larger retailers, who may have more impersonal shopping experiences, may not be able to offer.

Central banks sell treasury bills to the public to

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Central banks sell treasury bills to the public to reduce cash in circulation. Treasury bills are short-term government securities that are issued by the central bank and sold to the public in exchange for cash. When individuals or institutions buy these securities, they are essentially loaning money to the government for a fixed period of time, usually ranging from a few days to a few months. By selling treasury bills to the public, the central bank is able to withdraw money from circulation and reduce the amount of cash in the banking system. This helps to control inflation and maintain the stability of the currency. When the central bank sells treasury bills, it effectively takes money out of the economy, which can help to reduce the supply of money and prevent the value of the currency from decreasing. In addition, central banks may also use the revenue generated from the sale of treasury bills to fund government operations or to pay off existing debt. However, the primary purpose of selling treasury bills is to control the money supply and ensure that the economy remains stable and healthy.

The activity which improves the appearance of a product and also aimed at protecting it is

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The activity that improves the appearance of a product and aims to protect it is "packaging." Packaging refers to the process of enclosing a product in a container, wrapper, or other material for the purposes of protection, storage, distribution, and display. Packaging can take many forms, from simple plastic bags to elaborate boxes and displays. One of the primary functions of packaging is to protect the product from damage or contamination during storage and transportation. This can include protection from moisture, dust, and other environmental factors that could damage the product. Additionally, packaging can also protect the product from tampering or theft. Another important function of packaging is to improve the appearance of the product. Packaging can be designed to attract attention, communicate information about the product, and create a favorable impression on the customer. This can include the use of graphics, colors, and other design elements to create a distinctive and appealing visual identity for the product. The other options listed - advertising, grading, and labelling - are all important activities in the marketing and distribution of products, but they do not specifically relate to the physical protection and appearance of the product, which is the main focus of packaging.

An association formed by computer distributors to safeguard and promote their interest is a

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An association formed by computer distributors to safeguard and promote their interest is a trade association. A trade association is a group of companies in a specific industry who come together to address common issues and goals. Trade associations are formed to promote the interests of their members, which can include advocating for favorable laws and regulations, providing networking opportunities, offering educational resources and training, and working to improve the overall reputation of the industry. In the case of computer distributors, a trade association could be formed to represent their interests and help them grow and succeed in the industry.

Use the information below to find the working capital of the business

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Working capital = Current assets - Current liabilities
= (debtors + cash in hand + closing stock ) - ( overdraft + creditors)
= (10,000 + 5,000 + 10,000 ) - (8,000 + 12,000)
= 25,000 - 20,000
= 5,000

An internal source of finance to an enterpreneur is

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An internal source of finance to an entrepreneur is retained earnings. This refers to the profit that a business keeps and re-invests into the business, rather than distributing it as dividends to shareholders. Retained earnings can be used to finance a variety of business expenses, such as expanding operations, acquiring new assets, or developing new products. This type of financing is considered internal because it comes from within the business, rather than from external sources like loans or investments. Retained earnings are a flexible source of financing that do not have to be repaid and do not come with any interest or repayment obligations.

A country's visible balance of payment is made up of

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A country's visible balance of payment is made up of earnings from goods exported. The visible balance of payment is the part of a country's balance of payments that records all of the transactions involving tangible goods, such as exports and imports of goods. It is called the "visible" balance of payment because these transactions are visible and can be easily measured. The earnings from goods exported refer to the money earned by a country from the sale of goods to other countries. This includes both raw materials and finished goods, and can include agricultural products, manufactured goods, and natural resources. The visible balance of payment is an important measure of a country's economic health, as it provides information about a country's competitiveness in global markets and its ability to generate income from its exports.