Correct Answer: D. private company

Correct Answer: B) Vending machine

Explanation

The correct answer is B: Vending machine. A vending machine is a self-service machine that dispenses items such as snacks, drinks, or other products when money or credit is inserted into the machine. It does not require the presence of a sales attendant to make a purchase, making it a convenient option for customers.

While a computer machine is also a self-service machine, it is typically used for tasks such as accessing information or completing transactions online rather than dispensing physical items. Fax machines and telex machines are outdated technologies that transmit documents over a telephone line and are not related to the sale of products.

Understanding the different types of machines can be important in the world of commerce, as it allows businesses to choose the right technology to meet their needs and provide the best service to their customers.

Correct Answer: D. promotion

Correct Answer: C. make goods available in units

Explanation

(a) Features of a Multiple shop are:

(i) A multiple shop specialises in single commodity lines.

(ii) It has a central administration and control.

(iii) The numerous branches of a multiple shop system are usually spread over the country.

(iv) The numerous branches are owned by one single firm.

(v) The goods sold in all the branches are bought by the head office and sent to the branches.

(b) Small scale retailing is common in Nigeria for the following reasons:

(i) Lack of true entrepreneurship prevents many people from establishing large retail business units.

(ii) There is absence of developed market in West Africa.

(iii) Inadequate and inefficient means of transport and communication in West Africa do not create room for large retail trade but small ones.

(iv) Lack of sufficient capital on the part of businessmen that should be used in establishing large retail organisations.

(v) Small scale retailing requires small capital which many people can easily provide.

(vi) Low per capita income hence, majority can only afford to buy goods in units.

Explanation

(a) Production is the transformation of raw materials into finished goods and distribution to the consumers to satisfy their wants. It involves the making of goods and services to satisfy human wants. Production can also be defined as the act of making goods and services available to the public, i.e creation of utility.

Explanation

(a) Mail order business involves selling, through the post using catalogue/Selling by post.

(b) Trends in retailing:

(i)Vending Machine:Sales through vending machine are described as self service or automatic selling. The self-service vending machine allow the customer to have the product after the customer has paid. i.e. slot in the required amount, then press a button and the machine delivers the product.

(ii)Branding: Branding is a method of identifying a manufacturer's product by a special name) symbol or trade mark. It differentiates one manufacturer's products from others.

(iii)Self Service: Goods are clearly and neatly arranged on shelves for customers to easily walk in to select and serve themselves. All goods have price tags while baskets and trolleys are provided for customers to put in their goods.

(iv)Shopping Malls:They are very large stores that try to carry not only food and drug items, but all goods and services that are bought routinely on day to-day basis by customer. They look Like a combination of supermarket and department stores.

(vii)Trading Stamps/Gifts:Companies give trading stamps to customers which are redeemed for gifts in return. It encourage continued patronage.

(vii)After Sates Service: This involves activities carried out to help a consumer enjoy what he purchased from a seller. The activities include installation, repairs of damaged goods or their replacement and maintenance.

(vii)Luncheon Voucher:This is a voucher that can be exchanged for food in participating restaurants and other food establishments. The food seller will return the used voucher to the company for payment.

(viii)Fuel Voucher: This is a voucher issued and sold at a discount by filling stations to companies to encourage them to buy fuel from the filling station. Once given the voucher must be used to buy fuel.

(ix)E-retailing:It is the concept of selling of retail goods using electronic media, in particular, the internet.

(x) Mobile shops: This is the selling of goods from place to place in motor vans

(xi)Tied shop-:This is a business which has agreed to sell only a particular suppliers product.

(xii)Credit cards: It is a payment card issued to users as a system of payment for goods purchased. It allows the card holders to pay for goods and services based on the holders promise to pay for them.

(xiii)Pre-packaging/ Packaging;This refers to a method of packing products in standard weights or units for easy handling and protection before selling.

Correct Answer: A) type of demand

Explanation

In consumer markets, the demand comes from individual consumers who purchase goods or services for personal use. For example, when you buy a new pair of shoes for yourself, you are contributing to the demand in the consumer market.

On the other hand, in industrial markets, the demand comes from businesses and organizations that buy goods or services for their own production or operation. For example, when a company purchases machinery or raw materials to manufacture products, they are contributing to the demand in the industrial market.

So, the correct answer to this question is option A: type of demand. The type of demand, whether it is from individual consumers or businesses, helps to differentiate consumer markets from industrial markets.

The other options, such as type of supply, nature of the services rendered, and price of the goods, are not the criteria for differentiating consumer markets from industrial ones.

Explanation

a.Standing Order; This is an order or instruction to the bank by a customer, to pay a certain sum of money to a named person or organisation on his behalf at regular intervals.

b.Bank Draft; It is a cheque drawn on a bank by itself or its branch to guarantee payment.

c.Legal Tender; This is a form of payment which by law a creditor must accept in settlement of a debt.

d. Money Order; This is a form of payment through the Post Office where the payer fills a form to include the payee's name, amount payable and the post office of collection.

c.IOU; This is drawn by the debtor to the creditor acknowledging a debt.

Correct Answer: B. Shoe mining