Explanation

b. Two functions each of the departments of the company

i Accounts

• It calculates and pays staff emoluments and salaries.
• It handles transactions relating to cash receipts and payments on behalf of the company.
• It prepares and keeps books of accounts.
• It prepares end of year accounts for both internal and external use.
• It advises the general manager on all financial matters.
• It prepares budgets for the organization.

ii. Administration

• It recruits, interviews and selects qualified candidates for employment into the organization.
• It handles all cases or matters of staff training and development, staff welfare, staff discipline and retirement.
• It is responsible for trade union matters, public relations and conflict resolution.
• It coordinates staff appraisal, promotion and retirement.
• It is responsible for the company's correspondence and records.

iii. Marketing

• It is responsible for all the sales of the company's products.
• It conducts market research and all sales promotional activities.
• It provides information for preparation of sales budgets.
• It assist in the distribution of the company's good.
• It handles customers complain.
• It advertises the company's products.

iv. Production

• it is in charge of actual production of goods.
• It is in charge of product innovation, product development and product design.
• It raises requisitions for raw materials to be procured by the purchasing department.
• It maintains quality control standards for the company's product.
• It ensures the repairs and maintenance of faulty production equipments.

Correct Answer: A. Life

Correct Answer: D. a polite way of refusing to sell on credit

Explanation

A proforma invoice is an estimated invoice sent by a seller to a buyer in advance of a shipment or delivery of goods. It notes the kind and quantity of goods, their value, and other important information such as weight and transportation charges. A pro forma invoice is generally raised when the seller is ready for dispatching the goods but they want to ensure that the payment is being sent before dispatch.

Correct Answer: C. man buys, sells and distributes goods and services

Correct Answer: C. structure

Explanation

(a) Turnover is the total net sales of a trader during a given period of time OR Turnover is the total sales less goods returned for a particular period.

(b) Factors that determine the turnover of a product:

(i) The price of the product

(ii) The number of competitors for the product

(iii) The type/nature of the product

(iv) Advertising, publicity and sales promotion.

(v) Forces of demand and supply

(vi) Goodwill and reputation of the sellers.

(vii) Variety of goods offered by the seller.

(viii) location of the business

(ix) Terms of sale

(x) Availability of the product.

(i) The price of the product determines its turnover if the prices is very high, less of it will be sold, but if the price is low more of the product will be sold, resulting to high turnover.

(ii) If the product has a lot of competitors e.g. detergent, the turnover on the product will depend on the competing products. Thus, if the other products are not available in the market then the turnover of the product will be high.

(iii) The nature of the product will determine the turnover of the product. If the product is a necessity e.g. food-stuff then the turnover will be high, but if the product is a luxury e.g. electronics, cars, then the turnover will be low.

(iv) Advertising, publicity and sales promotion also determine the turnover of the particular product. The turnover of a product is usually increased by extensive advertising, publicity and sales promotion.

(v) The forces of demand and supply also determine the turnover of a product when there is an increase in the demand of a product, the turnover of that product will increase, but it falls if the demand for it also falls.

(vi) The Goodwill and reputation of the seller of the product also determine the turnover for that product. Generally, customers will run away from a seller that does not have good customer approach or manners.

(vii)Variety of goods offered by the seller: This also determine the turnover of the product. The turnover for a product will be high, if the seller has a lot of variety of products that are likely to attract customers to them.

(viii)Location of the business:It is more likely for a shop that is strategically located or in a highly populated area to make more sales than a shop that is in a hidden place or it is sparsely populated area.

(ix) Terms of sale: Shops that offers credit sales, discount or hire purchase facilities to customers can induced them to buy more form a particular shop than from others that do not.

(x) The product must be readily available to meet customers demand.

Correct Answer: B) Mark up

Explanation

For example, if an item costs $10 to produce and is sold for $15, the mark up would be $5 (selling price - cost price) and the mark up percentage would be 50% (mark up/cost price x 100).

It is important for businesses to understand and calculate mark up as it helps them determine the profitability of their products and set appropriate pricing strategies. By knowing the mark up, businesses can also compare their performance to industry standards and make informed decisions about pricing and profitability.

In the given question, the correct option is Option B: Mark up because it accurately describes the profit expressed as a percentage of the goods sold. The other options, Margin, Gain percentage, and Gross profit, may be related to profit calculations but do not specifically refer to profit expressed as a percentage of the goods sold.

To learn more about mark up and other concepts related to profit calculation, please read the relevant sections of the recommended textbooks.

Explanation

(a) Aims of ECOWAS are:

(i) Making member countries co-operate in the fields of industry, agriculture, science, commerce, etc.

(ii) Maintaining economic stability in the region.

(iii) Fostering spirit of friendliness among member states.

(iv) Removing some international trade barriers such as customs duties, etc.

(v) Abolishing obstacles to free entry and exit of persons and goods among member states.

(vi) Promoting common projects in the areas of research and agro-industrial enterprises.

(vii) Harmonising member countries' monetary policies.

(viii) Having a unifying military and political body to keep peace in the region.

(b) Aims of International Monetary Fund (IMF) are:

(i) Establishment exchange rates.

(ii) Reducing exchange controls on payments for current transactions.

(iii) Making foreign currency or gold available to any member country to enable it finance a temporary deficit on the current account of its balance of payment.

(iv) To facilitate settlement of indebtedness.

(v) To Recommendation of economic policies to member countries, e.g. SAP

(vi) To give expert advice; provision of personnel or consultancy services to member states.

Correct Answer: D. Public limited company

Explanation

Public limited company; is a company whose securities are traded on a stock exchange and can be bought and sold by anyone.

Explanation

(a) Contract of sale of goods; is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called the price.

(b)The provisions of contract of sale of goods include:

(i) The price in a contract of sale may be fixed by the contract or may be left to be fixed in a manner thereby agreed.

(ii) The seller has the right to sell the goods.

(iii) The goods sold must correspond with the description.

(iv) The goods sold must be reasonably fit for the purpose for which it is meant.

(v) There is an implied condition that the goods are of merchantable quality.

(vi) The bulk shall correspond with the sample in quality.

(c) Conditions that constitute acceptance in the contract of sale of goods are:

(i) If the buyer retains the goods without giving notice of rejection within a reasonable time.

(ii) When the buyer signifies his approval or acceptance to the seller.

(iii) He does something inconsistent with the title of the seller.