Correct Answer: B. entrepot trade

Correct Answer: B. Marketing concept

Correct Answer: C. capital owned

Correct Answer: C. trade association

Explanation

A trade association is an organization founded and funded by people that operate in a specific industry. If group of musicians come together to form an association that can promote and protect its members' interest, then it is a trade association

Correct Answer: C. control of the flow of goods in and out of the country

Correct Answer: D. damage to body of the ship

Explanation

(a) Benefits derived when a sole trader admits other partners:

(i) Additional capital is easier to raise and expansion is possible.

(ii) Losses can be shared among members.

(iii) Specialization is encouraged as each partner brings his expertise to bear in the firm.

(iv) Risks are shared among the partners.

(v) Better decisions are made, leading to efficient management.

(vi) It reduces fatigue; members can take holidays in turn.

(vii) There is the possibility of more profit.

(viii) There is greater degree of continuity.

(b) Losses suffered when a sole trader admits other partners:

(i) Profits are shared among the partners.

(ii) Disagreement among members on issues can affect the smooth running on the firm.

(iii) The misconduct of unscrupulous partners in general can ruin the business.

(iv) The death of a general partner may bring the business to an end.

(v) Loss of pride of ownership.

(v) Delay in decision making slows business activities.

Correct Answer: A) getting things done through people

Explanation

Option A, getting things done through people, is the correct answer because it accurately defines the concept of management. In a business or organization, managers are responsible for guiding and motivating employees to perform their tasks and achieve the desired outcomes. They utilize their knowledge, skills, and leadership abilities to coordinate resources, make decisions, and oversee the overall operations of the organization.

Option B, implementation of business decisions, is not the correct answer. Although managers do play a role in implementing business decisions, management involves much more than just decision implementation. It encompasses planning, organizing, leading, and controlling various aspects of the organization.

Option C, the number of levels in an organization, is not the correct answer. The number of levels in an organization refers to its hierarchical structure or the different levels of authority within it. While management is related to the organizational structure, it is not solely defined by the number of levels present.

Option D, the people in authority in an organization, is not the correct answer. Although people in authority positions are part of management, management includes more than just those individuals. It also involves the process of coordinating and directing the efforts of all employees within the organization, regardless of their level of authority.

In summary, management is the process of getting things done through people. It involves leading and coordinating individuals to achieve organizational goals.

Correct Answer: C. devaluation

Explanation

Devaluation; the reduction in the official value of a currency in relation to other currencies.

Explanation

Methods of control used by the Central Bank on commercial banks are:

(i)Open Market Operation: This is a method used to either increase or reduce the money in the hands of commercial banks for lending purpose. To increase the money in circulation, the Central Bank will buy instruments (Treasury certificate and Treasury bills) and pay with cash while it sells instruments to reduce money.

(ii)Reserve Requirement/Liquidity/Cash Ratio:This represents the amount a commercial bank must keep as reserve from her deposits. This will be kept low or high to encourage or discourage lending by commercial banks. There are two types of reserves; namely cash ratio and liquidity reserve.

(iii)Moral Suasion:This is more of an appeal to commercial banks to keep within the rules as stipulated by the Central Bank.

(iv)Bank Rate:This is referred to as the minimum rate for lending as stipulated by the Central Bank. The rate will be kept high to discourage people from borrowing and encourage savings, while the rate will be kept low to encourage borrowing.

(v)Special Deposit:This refers to compulsory deposits demanded by the Central Bank which is pegged as a percentage of total deposits to reduce the lending activities of commercial bank.

(vi)Special Directives:This is a control measure used by the Central Bank in the form of credit ceilings, allocation to sectors and supportive lending to particular sectors.