Correct Answer: A) home and foreign trade

Explanation

Wholesale and retail trade, imports and exports, and visible and invisible trade are all important aspects of trade, but they do not cover the entire scope of trade. While wholesale and retail trade focuses on the distribution of goods within the country, imports and exports refer to the movement of goods across national borders, and visible and invisible trade differentiate between tangible goods and intangible services. However, these divisions are more specific and fall within the broader categories of home trade and foreign trade.

In conclusion, the correct answer is Option A: home and foreign trade. This division helps us understand the different types of trade activities that occur within a country and between countries.

Correct Answer: C. society

Correct Answer: B. accepted

Correct Answer: D. entrepreneurs

Correct Answer: B. persuasive advertising

Correct Answer: D. bad debts

Correct Answer: B. commerce

Correct Answer: C. Facilitation

Explanation

(a)Functions of money:

• It is used as a medium of exchange;
• It serves as a standard of deferred payment. Goods can be bought on credit and payment made in a month’s time
• Unit of Account: Money serves as a standard and numerical unit of measurement of market value of goods and services
• It serves as a store of value which enables money to be kept for use in future.

(b)Advantages of payment by cheque:

• It minimizes the use of cash in settling indebtedness;
• If a cheque is lost, it is easier to trace than when cash is lost;
• It is more convenient to move about with cheque than cash;
• The drawer of a cheque can stop payment before it is cashed;
• Cheque stubs serve as a receipt which help the drawer to keep records of payment;
• Postdated cheque serves as means of deferred payment;
• Cheques can be made out for any amount;
• Payment by cheque saves time and energy in counting cash;
• The parties to the transaction need not meet since cheques can be sent by post;
• It is more secured to move around with cheques than cash

Explanation

Means Of Payment:

1. (i) Money order
2. (ii) Cash (bank notes and coins.)
3. (iii) Cheques
4. (iv) Bank drafts
5. (v) Postal order
6. (vi) Bills of exchange
7. (vii) Stamps
8. (viii) Credit transfer.
9. (ix) Credit card
10. (x) Vouchers (Luncheon, fuel, etc.)

(b) Explanation of terms used in business:

(i)Quotation: A quotation is a statement of the current price of a product or service. It is an answer to an inquiry. It contains the terms of payment and delivery.

(ii)Hire Purchase:Hire purchase is a term of sale whereby the seller allows the buyer to take possession of goods on hire by paying a token sum at start. The balance is usually paid over an agreed number of installments. In hire purchase system of trading, the goods do not belong to the buyer until the last installment is paid. The hire purchase price is higher than the cash price of the goods.

(iii)Deferred Payments: This is a credit system whereby the seller of goods allows the buyer to have possession of goods on the payment of an initial deposit. The seller transfers ownership of the goods to the buyers immediately. The buyer is under a duty to pay the balance owing on the goods at a later date. The seller cannot repossess the goods if the buyer defaults in making payment as agreed. In such a case the seller must sue for his balance. Deferred payment is applicable to credit sale.

(iv)Quantity discount: Quantity discount is a reduction in catalogue price of goods sold. It is used to encourage customers to buy in large quantities. It increases the seller's turnover. It allows the buyer to make profit.