Explanation

(a)Elements that form the external environment of a business:

(i) Political

(ii) Social

(iii) Economic/financial

1. Technological
2. Cultural and Religious

(vi) Infrastructural

(vii) Legal

(viii) Demographical

(ix) Natural/ecological condition

(b) (I)Responsibilities of business to customers

• Prompt attention to customers’ complaints.
• Provision of safe and quality products that satisfy customers’ needs and wants.
• Provision of adequate information on the use of a product.
• Provision of after-sales services to customers especially technical products.

(II)Responsibilities of business to employees

• Compliance with legal requirements relating to the employer-employee relationships.
• It must pay employees their wages and salaries timely.
• It must ensure that enabling and conducive atmosphere prevails at workplaces to enhance productivity.
• It must assist employees to advance on their jobs by providing good training programmes and facilities.
• The welfare of employees must be adequately taken care of.

(III)Responsibilities of business to investors

• Engaging in profitable ventures that will generate the needed dividend or returns on investors’ money.
• Ensuring that investors have a good return on their investment.
• Conducting annual general meetings as contained in the articles of association.
• Preparation and publication of all statutory records i.e. balance sheet and statement of income.

(IV)Responsibilities of business to society

• Creation of employment opportunities to the host community.
• Provision of social amenities such as hospitals, pipe-borne water and electricity.
• Awarding scholarship to deserving individuals in society.
• Organizing sports and games to promote good neighbourliness.
• Provision of quality goods and services to society.
• Maintaining a good environment by controlling pollution and enabling proper waste disposal.

Explanation

(a) Sources of Capital for a public limited company are:

(i) Sale of shares to the public.

(ii) Bank loan and overdrafts.

(iii) Debentures.

(iv) Equipment leasing.

(v) Ploughing back of profit.

(vi) Hire purchases.

(vii) Bill of Exchange.

(b) Advantages of public limited company are:

(i) The business will become a legal entity: It can sue and be sued as a corporate body.

(ii) The company enjoys limited liability: The shareholder's liability is limited to the amount of shares held, or agreed to purchase.

(iii) The public limited company has ability to raise large capital by offering shares of various types to the public.

(iv) The public limited company has a continuous existence independent of its members. The death of even the largest shareholders does not affect its existence.

(v) The public limited company operates on a large scale and therefore enjoys the economies of large scale.

(vi) It can easily raise loans e.g debentures.

(vii) It has enough capital to engage specialists.

Disadvantages of converting a business into a public limited company are:

(I) The law requires several formalities to be performed before a limited liability company is created. These formalities cost quite a lot of money.

(ii) It is slower to make decisions in a limited company than in the case of a sole trading business. This is simply because more people are involved in decision making processes.

(iii) The management of the company are not the actual owners of the business.

(iv) There is very little privacy in its affairs as it is required to publish its account to the public.

(v) Unlike the case of the partnership, owners of a limited company do not have a personal touch with their business.

Correct Answer: A. cost paid for an empty space left in the ship

Correct Answer: B. line authority

Correct Answer: D. 9/30;net 3

Correct Answer: D. Advertising

Correct Answer: C. liquidation

Correct Answer: D. Accounting

Correct Answer: C. Providing enough ships for the country

Explanation

Option C is not a function of ports authority. Ships can be owned by anyone

Correct Answer: A. marketing mix

Explanation

A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan. The term often refers to a common classification that began as the four Ps: product, price, place, and promotion.