Correct Answer: B. telephone

Explanation

The Verbal Communication is a type of oral communication wherein the message is transmitted through the spoken words. Here the sender gives words to his feelings, thoughts, ideas and opinions and expresses them in the form of speeches, discussions, presentations, and conversations. It includes face to face conversation, phone calls, interview etc.

Correct Answer: C. Insurance

Correct Answer: B) Visible imports exceeds visible exports

Explanation

An unfavorable balance of trade occurs when a country imports more goods and services than it exports. This means that the country is spending more money on imports than it is earning from exports. In this question, option B is the correct answer because it states that visible imports (meaning physical goods) exceed visible exports (meaning physical goods).

An unfavorable balance of trade can have negative effects on a country's economy because it means that the country is not able to produce enough goods to meet its needs, and must rely on other countries to supply them. This can lead to a trade deficit and an increase in the country's debt. In contrast, a favorable balance of trade occurs when a country exports more goods and services than it imports. This means that the country is earning more money from exports than it is spending on imports, which can have a positive effect on the economy.

To learn more about this topic, please read the relevant sections of your Commerce textbook.

Correct Answer: C) West African States to foster trade

Explanation

It is important to note that although ECOBANK may have Nigerian shareholders and may have received support or involvement from the Nigerian government, the main purpose and initiative behind its establishment is to foster trade among West African States.

To learn more about ECOBANK and its role in promoting trade in West Africa, please read the relevant sections of the recommended textbooks.

Correct Answer: D. insured

Explanation

(a) Market segmentation refers to the division of a market into identifiable sub-markets/groups. This enables the marketer to reach each submarket with the most appropriate blend of marketing variables/mix.

(b) Factors that influence market segmentation:

(i) Population density/Demographic /Occupation

(ii) Usage

(iii) Age of consumers

(iv) Sex of consumers

(v) Income level of consumers

(vi) Educational attainment of consumers

(vii) Social class/status of consumers

(viii) Cultural background of consumers

(ix) Religious beliefs

(x) Buyer— behaviour/Tastes

(xi) Geographic/Weather/Climatic factor

(c)Advantages of Advertising:

(i) It promotes sales by stimulating demand of a product.

(ii) It creates awareness about the availability of goods and services.

(iii) It educates the consumers on the use of product.

(iv) It helps to improve quality of goods and services as a result of healthy competition.

(v) It leads to mass production by creating a wider market.

(vi) It boosts and sustains company's image.

(vii) It helps in developing brand loyalty.

(viii) It is used to launch new products.

(ix) It creates employment opportunities.

Correct Answer: D. Money market

Correct Answer: C. N54,000

Correct Answer: B. retained earning

Explanation

(a) Life assurance policy may be taken for the following reasons:

(i) It is a useful way of providing for funeral and death expenses.

(ii) It is a useful way of providing for the welfare of the assured's dependants after his death.

(iii) The life assurance policy can be used as collateral for obtaining a bank loan.

(iv) To provide for a lump sum on retirement and a saving for the future.

(v) To provide for loan repayment in the events of death.

(vi) It provides for the repayment of capital on a partner's death.

(vii) Endowment insurance makes provision for permanent disability.

(viii) Group assurance for employees would be paid out of the amount assured in the event of retirement or death of any of them.

(b) Some insurance policies which a large department shop owner may take are:

(i) Burglary and theft: This type of insurance protects losses resulting from goods stolen or damaged through breaking into the shop and those stolen by thieves.

(ii) Bad debts insurance: The insurance company will guarantee to protect the firm or business owner against bad debts.

(iii) Fire insurance: The insurance covers risks associated with fire outbreak that may damage buildings, factories, shops and stocks.

(iv) Fidelity Guarantee: This is the type of insurance taken by firms against possible loss of money through embezzlement or misappropriation of funds by fraudulent employees.

(v) Motor Vehicle Insurance: To protect the business vehicle against risks or injuries to third parties.

(vi) Goods in transit: To cover against accidental damage or loss to goods in transit.

(vii) Consequential loss: This cover against loss of profit as a result of destruction of business or production caused by fire.

(viii) Plate-glass insurance: To cover for replacement of plate-glass windows in the event of damage.