Correct Answer: C. system software

Explanation

(a) The features of a public company are:

(i) It has a legal status: It can sue and be sued.

(ii) Liability of members is limited.

(iii) It can issue debentures to be secured by its assets.

(iv) Shares are easily transferable through the stock market.

(v) It files and publishes its annual reports and accounts.

(vii) The minimum membership is two while there is no limit to its membership.

(viii). It must receive its trading certificate to commerce business.

(b) Some of the reasons for winding up a public limited company are:

(i) Shareholders can pass a resolution at a meeting for voluntary liquidation. It can be as a result of the company's inability to pay its debts or is no longer a good investment or if the purpose for which the company was established has been accomplished.

(ii) A company can be liquidated by the court if it can no more honour its obligations, settlement of its debt or if it is formed for illegal purposes.

(iii) The Corporate Affairs Commission can strike out a company's name out of its register.

(iv) If the company does not commence business within a year of its incorporation.

(v) Liquidation can also occur when the number of shareholders fall below the statutory minimum requirement.

(vi) By voluntary winding up, subject to the law court supervision if some shareholders ask the court for it.

Correct Answer: B. occupation

Explanation

Industrial, commercial, and service are types of occupations. An occupation is a job or profession. Industrial occupations involve the production of goods, commercial occupations involve trade, and service occupations involve providing services to others.

Correct Answer: B. sole proprietorship

Explanation

Explanation of Insurance Terms:

(a) Proximate cause:

(i) This s a principle of insurance that requires a proof that the insured suffered a loss as a result of the direct risk insured against and not as a result of a chain of events not insured against before the insured is compensated/indemnified.

(ii) Where the loss suffered is not caused by the risk insured against, the insured has no compensation.

(b) Surrender Value:

(i) This is the amount payable by an assurance company to the assured if a life policy is discontinued before maturity.

(ii) The amount payable by the assurance company is the total premium paid by the assured less surrender/ administrative charges

(c) Contribution:

(i) This is a principle of insurance that requires insurance companies to come together to pay an insured person where the two insurance companies insured the same property involved in a loss.

(ii) This ensures that the insured will not claim from the two companies thus making a profit.

(d) Utmost Good Faith:

(i) This principle of insurance requires that -both parties in a contract of insurance must disclose to themselves all material facts that could influence both parties to enter into the contract or not.

(ii) Failure to disclose would render the contract void at the option of the truthful party.

(e) Premium:

(i) This is periodic or lump sum payment made by the insured to the insurer under an insurance contract.

(ii) The amount of the premium depends on the risk involved and the value of the insurance contract.

Correct Answer: B) bonded warehouse

Explanation

In this question, Olu purchased goods from Yemi and needs to pay custom duties before collecting them. The correct option is B: bonded warehouse. A bonded warehouse is a secure facility where imported goods can be stored before the custom duties are paid. It is called a bonded warehouse because it is bonded or secured by the customs authority.

By choosing option B, Olu will go to a bonded warehouse to collect the goods he purchased from Yemi after paying the custom duties. This ensures that the goods are legally cleared and ready for collection.

To learn more about this, please read the relevant sections of the recommended textbooks.

Correct Answer: D. bank rates

Correct Answer: B. Cheque

Correct Answer: D. satisfying

Correct Answer: C. issuing houses