Correct Answer: C. dishonest staff

Explanation

(a) Reasons for imposing tariffs are:

(i)To raise revenue: For some third world countries, the main source of revenue is the taxes collected on imports.

(ii)Protection of infant industries:There is the need for nations to protect their infant industries from undue competitions with foreign ones from developed countries.

(iii)To prevent dumping:Taxes are imposed on imports to prevent the selling of goods in foreign countries at prices far below those charged in the home markets.

(iv) Balance of payment improvement:Tariffs help to improve a country's balance of payment/trade.

(v)Self reliance: To make a country self-reliant and consume locally-made goods, instead of foreign goods.

(vii)Political reasons:Tariffs can also be imposed for political motives to discriminate against unfriendly countries.

(b) Functions of the Customs Authorities:

(i) The agency is responsible for collecting revenue due from tariffs and excise duties.

(ii) It ensures that only authorised goods are allowed into the country; it checks smuggling and seized contraband goods.

(iii) It ensures that only licensed goods to be exported are allowed to leave the country for export or come into the country as import.

(iv) It also checks illegal trafficking of currency notes.

(v) It is involved in compilation of a wide range of statistics on foreign trade which is made available to the government.

(vi) It provides appropriate quarantine facilities for the import of live animals and living plants.

(vii) The agency also supervises bonded warehouses.

Correct Answer: C. indirect service

Explanation

(a)Definition of a Contrat of sale :A contract of sale is an agreement whereby the seller transfers or agrees to transfer the right in the goods for an amount of money called the price.

(b) Content of a contract of sale

(i)Price:- The amount for which the goods are sold must be stated

(ii)Quality- Qualities must be stated where there are many types of the same goods, but the rule is caveat emptor - let the buyer beware.

(iii)Term of Payment: It must be stated whether it is cash and carry or on credit sales.

(iv)Means of Payment:- it should contain the payment method acceptable. credit cards cash money order, bank draft.

(v)Warranty:- TYhis is a guarantee from the seller to the buyer that the goods are in conformity with the quality staged.

(vi)Subject Matter: The item being sold must be stated so that the buyer can make himself available.

(viii)Quantity- This must be stated to show the quantity bought and the quantity to be delivered.

(ix)Packaging:-The type of packaging to be used should include the description of the goods.

(x)Delivery- How the goods are to be haded over to the buyer whether it should be actual, symbolic or constructive delivery.

Correct Answer: A. invitation to treat

Correct Answer: C. co-operative

Correct Answer: C. entrepreneur

Correct Answer: D. receipt

Correct Answer: C. regulates the amount of light entering the eye

Correct Answer: A. stock is sold and replaced