Correct Answer: B. brokerage

Explanation

(a) The term turnover refers to the total net sales of a business in a given period

(i) Gross Profit = Selling price - Cost price

Gross profit% =Gross profitx 100

Sales 1

BucketsGP = 4000 - 3500 = 500

GP% 500 x100 = 12.5%

4000 1

BoxesGP 5000 - 4000 = 1,000

GP%1000x100 = 20%

5000 1

BournvitaGP 6000 - 55oo = 500

GP% 500 x100 = 8.3

6000 1

Lace MaterialsGP 12000 - 10500 = 1500

GP% 1500 x100= 12.5%

12000 1

Net Profit

Gross profit - Expenses = Net profit

Buckets 500 - 400 = 100

Boxes 1000 - 250 = 750

Bournvita 500 - 300 = 200

Lace Materials 1500 - 1000 = 500

Correct Answer: D. advertising

Correct Answer: B. credit sales agreement

Correct Answer: A. Memorandum of Association

Explanation

A memorandum of association contains a name clause, registered office clause, object (or objective clause), objects clause, liability clause, capital clause, and association clause.

Correct Answer: D. manufacturer-consumer

Correct Answer: B. the type of business

Correct Answer: A. trade credit

Explanation

Trade credit is the credit extended by one trader to another for the purchase of goods and services. Trade credit facilitates the purchase of supplies without immediate payment. Trade credit is commonly used by business organisations as a source of short-term financing. It is granted to those customers who have reasonable amount of financial standing and goodwill.

Correct Answer: A) customers drawback

Explanation

Customers drawback is a rebate given to importers who plan to re-export the goods they have imported. It serves as an incentive to encourage the importers to engage in export activities.

In this question, the correct answer is Option A: customers drawback. This means that when goods are imported for the purpose of re-exporting, importers can receive a rebate known as customers drawback.

The other options listed in the question are not correct. Option B: export royalty refers to a fee or payment made to the government for the right to export goods. Option C: incentive refers to a reward or benefit provided to encourage a particular action, but it may not specifically relate to goods imported for re-export. Option D: export rebate is similar to customers drawback, but it is not the specific term used for the rebate given to importers of goods for re-export.

To summarize, when goods are imported to a country for the purpose of re-exporting, the rebate they can receive is known as customers drawback.

Explanation

(a) Features which are common to cooperative society and private limited companies are: (i) They are registered. (ii) They are legal entity. (iii) Members buy shares. (iv) The liability of members are limited. (v) They hold annual general meetings.

(b) Difference between private limited companies and co-operative societies are: Co-operative Societies Private Limited Companies

(i) Profits are divided according to the patronage of members. Profits are declared as dividends according to shares held by members.

(ii) Any member of the public may become a member. Membership is restricted to close associates or family circles.

(iii) Committee members manage the affairs of each society. Appointed managers carry out the day to day management of the company.

(iv) They are not necessarily formed to make profit but for members' welfare. The main aim is to make profit.

(v) Democratic voting at meeting -one man, one vote. If there is a call for poll, votes are based on the number of shares which a member holds