VERIFIED COMMERCE 2017/2018 ANSWERS POSTED FREE

7 a )

standing order is an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization .

7 b )

bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank . A draft ensures the payee a secure form of payment .

7 c )

Legal tender is a medium of payment recognized by a legal system to be

valid for meeting a financial obligation .

7 d )

Money orders are a secure payment

method . They are convenient , affordable,

and widely accepted . Money orders are a

good way to send cash that never

expires .

7 e )

I . O . U is usually an informal document acknowledging debt . An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms

such as the time of repayment.

 

5a)

– The location of the warehouse should be

suitable and convenient. It should either be near

the source of production or the market. This will

reduce the transportation cost and hence cost of

production.

 

– The warehouse should be designed to fit the

need of the product. A warehouse storing

perishable goods e.g. milk should have

refrigeration services. This will prevent damage

to the good and loss to the producer.

 

– An effective warehouse is one that is

equipped with machinery that makes the

handling of the goods easier. When dealing with

bulky goods, the warehouse should have cranes

to carry them. This will make the warehouse

more effective in the handling of goods.

 

– A warehouse should be fitted with equipment

to deal with an emergency. Safety of the

workers should be given priority. The warehouse

should have firefighting equipment and first aid

tools to deal with such incidences.

 

– A warehouse should be in a place that is

easily accessible by whoever uses it. It does not

make sense to locate the warehouse in a remote

area. This will only make it difficult to access it

and you will incur additional costs of accessing

it.

 

– The warehouse should be in a place with good

infrastructure. Roads and communication lines

will make the transporting of goods easier and

encourage the business operations of the firm. A

warehouse should be in a well-connected area.

 

– A warehouse should be spacious enough. This

is to promote easy movement in and out of the

goods. It will also help in the organization of the

warehouse.

2a)

Communication is simply the act of

transferring information from one place to

another.

2b)

i)Postal Services

ii)Telegraph Services

iii)Courier Services:

iv)Telecommunications

v)Internet Service

vi)Radio and Television

2c)

i)Builds and maintains relationships Relationships are built and can be

maintained by positive encounters with

others.

ii)Facilitates innovation When employees feel comfortable in openly communicating new ideas, cooperation and innovation will be at an all-time high.

iii)Builds an effective team If open communication within a workplace is encouraged, a more cohesive and effective team will

emerge.

iv)Managing employees When managers are effective communicators, they are more able to inform staff adequately of their responsibilities and what is expected

from them.

2a)

Communication is simply the act of

transferring information from one place to

another.

2b)

i)Postal Services

ii)Telegraph Services

iii)Courier Services:

iv)Telecommunications

v)Internet Service

vi)Radio and Television

2c)

i)Builds and maintains relationships Relationships are built and can be

maintained by positive encounters with

others.

ii)Facilitates innovation When employees feel comfortable in openly communicating new ideas, cooperation and innovation will be at an all-time high.

iii)Builds an effective team If open communication within a workplace is encouraged, a more cohesive and effective team will

emerge.

iv)Managing employees When managers are effective communicators, they are more able to inform staff adequately of their responsibilities and what is expected

from them.

1b)

Advantages

 

-The biggest advantage of

privatization is that once a

privatization is done completely

there is no interference from

political leaders and also one does

not need to do undue favor to them

which in itself is a big boost when it

comes to doing business and

increasing profitability.

 

-It increases the overall efficiency

and reduces the bureaucratic

culture which is the main culprit

because typically in government

organizations work happens at its

own leisurely pace which results in

delay in decision making and

therefore reduces the effectiveness

and competence of public sector

enterprise.

 

-As far government is concerned it

has also benefits from doing

privatization because majority of

governments all over the world has

fiscal deficit and by doing

privatization government can reduce

fiscal deficit to an extent, however

full control is possible only when

government control its unnecessary

expenditures.

 

Disadvantages

-Private companies do not care

about the society and their main

motive is to earn profits, which is

with contrast to government

companies which keeps doing social

work and therefore if privatization

happens it will result in fewer funds

for society because private

companies have no obligation to do

social work.

 

-Privatization also affects the

employees because in private sector

enterprises there is emphasis on

performance which indirectly results

in work pressure and meeting

deadlines or targets and individuals

who have been doing work for years

without much pressure find it

difficult to adjust to new setting and

many end up resigning from their

service.

 

– In privatization there is a risk that it

may take decisions of starting a

project which results in short term

benefits but may not good for long

term.

1a)

E-commerce ( electronic

commerce or EC) is the buying and selling of

goods and services, or the transmitting of

funds or data, over an electronic network,

primarily the internet.

3iii)A chain store is a group of similar retail shops

that sell the same type of goods. All these shops or

branches are under the control of the head office.

Branches are opened in different parts of the city

or even in different parts of the country.

Chain stores specialize in a particular product.

The same product is offered in different varieties

and in different models.

3iv)Mail order business is a kind of retail trade wherein

business is done through post. The seller gives

advertisements in newspapers, etc., and sends

catalogues, circulars, etc., to prospective customers

4a)

-They help to make goods available  to their members when they cannot buy their own.

-cooperative society encourages their members to save.this is because they make contribution.

-cooperative society helps it members financially.

-they also provide education and social welfare benefits to it’s members.

-they are also encourage hard working among their members.

 

-1b)

Advantages of privatization

 

-. Improved efficiency

– Increased competition

– Lack of political interference

– Government will raise revenue from the sale

 

*Disadvantages*

 

1b.

-It makes the government less effective in the production of goods and services

-leads to high rate of Job losses

-unequal redistribution of wealth

-High rate of public interest abuse

COMMERCE OBJ:

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