Correct Answer: C. product concept

Correct Answer: D. utmost good faith

Explanation

(a) Reasons a bank would honour a cheque:

i. When the amount written in figures does not correspond to the one in words.

ii. When the drawer's signature is different from the specimen captured when the account was opened.

iii. If the bank has been informed about the demise or insanity of the account holder.

iv. When a court of competent jurisdiction freezes the account (Garnishee order)

v. When the amount on the cheque is greater than the account balance.

vi. When the owner orders the bank to stop the payment of the cheque.

vii. If the cheque is not presented within a period of six (6) months.

viii. If there are alterations without the signature.

ix. If any of the essential features of a cheque is missing (Date, Signature and Payee).

x. If the cheque is mutilated.

xi. If the cheque is presented before the date written on it/post dated.

(b) Reasons countries introduce restrictions in foreign trade:

i. Countries restrict trade to protect their home/infant industries from the competition of more advanced industries abroad

ii. To enable local industries to expand and employ indigenes.

ii. Trade restriction, through the use of tariffs generates revenue for governments.

iv. Countries restrict foreign trade to improve their balance of payment with other countries.

v. Foreign trade restrictions are usually employed to preserve a country's foreign reserves.

vi. Countries may restrict trade as a retaliatory measure.

vii. Trade restriction is also used to reduce the demand for specific goods.

viii. To prevent dumping of goods from more established foreign firms.

ix. To prevent importation of harmful goods

Correct Answer: B. money order

Correct Answer: A. quotation, order and invoice

Correct Answer: D. at premium

Explanation

Shares are said to be sold at a premium when it is sold for an amount higher than the nominal value. The amount in excess of the face value is the premium. In the case, the premium is 20k

Explanation

(a) Turnover = sales - Returns inwards = Le850,000 - Le25,000 = Le825,000

(b) cost of goods sold = opening stock + purchase - Return Outwards - closing stock Le Le opening stock 0 purchase 400,000 less returns outwards 15,000385,000 Less closing stock 0 cost of goods sold 385,000

(c) Gross profit = Turnover - cost of goods sold = Le 825,000 - Le 385,000 = Le 440,000

(d) Net profit = gross profit - total expenses

Correct Answer: A. primary production

Correct Answer: B. Nigerian Ports Authority

Correct Answer: A. Government does not nationalize businesses owned by its citizens