Correct Answer: A. Total assets less current liabilities

Correct Answer: D. Bill of sight

Correct Answer: A. imposition of embargo

Explanation

Flexible customs regulations and tariff limit the extent of foreign trade i.e imposition of tariff - quotas, exchange rates control.

Explanation

(a) The meaning of packaging : Packaging is the designing and producing of wrap per or container for a product. It may consist of cardboard paper/ box or metal/wooden box to protect the product.

(b) Disadvantages of Packaging

(i) Empty packages constitue health hazard to the public environmental pollution/ litternig

(ii) packaging adds to the cost of the product to the consumer/increase in price of products

(iii) goods can be packaed to the detriment of consumers.

(iv) Packaging lends itself to easy faking of manufactuers product.

(v) Some packaging do not allow physi by consukmers.

(c) Reasons why manufacturers package their goods:

(I) It provides a physical protection for the manufacturers' goods against risk associated with weather, water, damages through handling and adul iteration

(ii) It constitues a device through which manufacturers brand their product.

(iv) It helps customers make easy selection of manufacturers goods.

(v) It facilitates advertising of the manufacturers! product

(vi) It enables manufacturers meet government safely requirments for product description/labeling

(vii) The pleasant appearance of packages promotes acceptance of a manufacturer's product

(viii) It facilitates easy handling and transportation.

Correct Answer: B. consular invoice

Correct Answer: D. Decision on the amount of tax to pay

Explanation

(A) Transport is important to commerce in the following ways:

(i) Transport facilitates the movement of goods and persons.

(ii) It conveys raw materials and capital goods to production sites.

(iii) It increases the volume of trade by widening the markets for various products thereby leading to economic growth and development.

(iv) It facilitates import and export of goods and services.

(v) It influences the location of industries in a particular place.

(vi) It encourages specialization which results in more and cheaper goods, thus increasing the standard of living.

(B) The Advantages of Air Transport are:

(i) It is a fast method of transport.

(ii) The danger of damage to delicate fragile and perishable goods is reduced.

(iii) The cost of insurance of goods by air is reduced because of the shorter time the insurance company is at risk.

(iv) It is a more comfortable means of transport hence suitable for long journeys.

(v) Less handling is required for goods being transported by air/pilfering is reduced.

(vi) Markets are extended as distant markets are reached in matters of minutes or hours by air transport.

(vii) The rate of accident is minimal.

Disadvantages of Air Transport are:

(i) It is a very expensive method of transport/high cost of freight.

(ii) The speed of air transport is often offset by delays at the air terminals.

(iii) Weather conditions can severally upset air transport.

(iv) Flights are usually on fixed schedule, not flexible, which may not always suit the businessman.

(v) It is unsuitable for the transport of certain kinds of goods, e.g. heavy machinery.

(vi) Accidents, when they occur, are generally disastrous.

(vii) It requires trans-shipment/It does not provide door-to-door services.

(viii) it is capital intensive as much capital is needed to buy aircraft, build and maintain airports.

Correct Answer: A. Nigerian Labour Congress

Correct Answer: D. proportionate to assets introduced

Correct Answer: B. bank rate