Explanation

(a) An Actuary is a person involved in life assurance, assessing risks and calculating premium based on the statistical information of pension funds.

(b)

(c) The Types of risks which may be insured against are:

(i)Actual Total Loss:This occurs when the insured ship or goods are wholly destroyed, damaged or lost.

(ii)Constructive Total Loss:This expression means that the subject matter is so damaged as to be beyond economic repairs. The cost of repair would be more than what it would be worth.

(iii)General Average Loss:This is a partial loss. This refers to an extra ordinary loss or damage reasonably and voluntarily incurred by the ship's master in the common interest. For instance, a ship's master may be compelled by circumstances beyond his control to jettison some of the cargo.

(iv) Particular Average Loss:This means partial loss or damage to the ship accidentally for instance, damage by sea- water, collision, etc. It is borne by the owners of the property not the ship owners.

Correct Answer: A. Standards Organization of Nigeria

Explanation

(a)(i) A trade association may be defined as a group of individuals in the same line of trade who have voluntarily agreed to come together in order to promote and safeguard the business interest of their members and their trade.

(ii) Examples of trade association include: Cray fish sellers association, Yam sellers, Butchers, Manufacturers Association of Nigeria (MAN), Kosai sellers association.

(b) Some functions of Trade Associations are:

(i) They protect their trade in order to avoid infiltration by quacks.

(ii) They promote the welfare of their members.

(iii) They settle disputes among their members.

(iv) They educate their members through the organization of seminars, conferences, lectures, etc.

(v) Trade associations regulate prices in order to check price fluctuations.

(vi) They exchange information and create uniformity in trade operations.

(vii) They ensure proper maintenance of standard and grades of products among members.

(viii) They act as pressure groups by influencing governments and political parties in taking decisions.

(ix) They promote research work on improvement of their trade operations which individual members may not be able to afford.

Correct Answer: B. warehousing

Correct Answer: C. trade discount

Explanation

A trade discount is a reduction in price a manufacturer or wholesaler gives a wholesaler or retail when they buy a product or group of products for resale. It is done so that the retailer or wholesaler can make profits after resale.

Correct Answer: B. Right to buy on credit

Correct Answer: C. is easily recognizable

Correct Answer: D. issuing currency notes

Correct Answer: A. Telephone

Correct Answer: D. output unit