Explanation

(a) Trade is the buying and selling of goods and services, while Commerce is involved in all those activities in the distribution and exchange of goods and services.

(b) Activities engaged in commercial occupations are:

(i) Trading: This involves buying and selling of goods and services by wholesalers, retailers, brokers, agents, importers and exporters.

(ii) Transporting involves movement of goods and persons from one place to another by road, rail, air and sea.

(iii) Warehousing involves all activities that help to store goods till they are needed.

(iv) Banking involves financial services like accepting of deposits, making payment for goods and services and grant-ing of credit.

(v) Insurance is an activity that helps to cover the risks involved in doing business thereby encouraging people to venture into business.

(vi) Advertising involves all activities that make goods and services known to the consumers.

(vii) Communication is the transmission or passing on of information from one end to the other to aid business.

Correct Answer: C. ENIAC

Correct Answer: C. indigenisation

Explanation

(A) Highlight three human and three physical factors which may favour a rapid growth of population. Human factors favouring rapid population growth.

i. Improved agricultural practices.

ii. Religious belief.

iii. Industrialization.

iv. Improved social amenities.

v. Immigration.

vi. improved transportation.

vii. Improved social facilities e.g. medical care.

Physical factor favouring rapid population growth.

i. favourable climate.

ii. availability of water.

iii. relief.

iv. soil

v. presence of minerals.

(B) State four problems that may arise from rapid population growth.

a. high rate of infant mortality

b. high morbidity

c. food shortage

d. high birth rate

e. low life expectancy

f. inadequate social amenities

g. inadequate accommodation/housing

h. pressure on land/facilities

i. increased social vices

j. overcrowding

k. inadequate transport facilities

I. inflation m. unemployment/underemployment

n. malnutrition and diseases

o. high dependency ratio.

Correct Answer: D. peace for societal progress and development

Explanation

(i)Surrender value: This is the value an insurer will pay to the insured if he discontinues with the contract at any moment before the maturity of life policy after the assured must have paid premium for sometime.

(ii)Cover Note:This is a temporary document issued by the insurer to the proposed insured for the period before the policy itself will be ready.

(iii)Policy: This is the document that is issued by the insurer detailing the terms under which a cover is provided. The contract takes effect the moment a cover note is issued.

(iv)Reinsurance: This is the process of sharing a risk already taken by an insurer with other insurers by sharing the premium. The law also demands that a level of contract be reinsured. The purpose is to prevent heavy burden on one insurer if there is a big claim.

(v)Group Insurance:This is an insurance cover for a set of employees of a common employer. Under the contract between the insurer and the employer, premium payment may be by the company or partly contributed by the employee. Any employee who suffered a loss will be compensated by the insurer.

Correct Answer: D. limestone

Correct Answer: B. a limited liability company

Correct Answer: D. phone

Explanation

open; /???p(?)n/

phone; /f??n/

Correct Answer: B. an immediate

Explanation

Instantaneous; occurring or done instantly