Correct Answer: B. Bill of exchange

Correct Answer: B. Corporate Affairs Commission

Correct Answer: B. users

Explanation

(a) Importance of warehouse to commerce are:

(i) Source of revenue: Warehouse can be hired out to users to generate revenue.

(ii) Storage facilities: Goods produced are stored in the warehouse until they are sold.

(iii) Price stabilization: When goods are produced ahead of demand, they will be stored to prevent excess supply so that price will be stabilized.

(iv) Employment opportunities: In setting up warehouses, managers, clerks, store assistants will be employed.

(V) Long term planning: Since raw materials can be acquired in advance and stored in the ware house, manufacturers can embark on long term production planning.

(b) Factors that should be considered in siting a small scale retail shop include:

(i) Capital: The amount of capital available is a major factor to consider in deciding the type of retail business to set -up.

(ii) Source of supplies: The cost of transportation to and from the source of supplies is another factor to be considered.

(iii) Type of goods: The nature of the goods should be taken into consideration. Some goods are perishable and some require technical knowledge.

(iv) Credit facilities: The retailer should consider whether he wants to grant credit facilities to customers or sell on cash basis.

(v) Pricing: The retailer should consider the pricing policy to adopt, i.e. whether to choose one which ensures a quick turnover but small profit or one which ensures higher profits but a very low turnover.

(vi) Structure of population and location: The shop and its site should be accessible to customers.

(vii) Method of Advertising: The method of creating awareness for the goods will be considered.

(viii) Quality of goods to stock: The quality of goods to stock will depend on the quality of population. A retailer opening up a shop in a high - class area will not make profit if he stocks cheap goods and vice versa

Explanation

(a)(i) Third party insurance covers damages caused to other while comprehensive insurance covers damages to others and the insured.

(ii) In third party insurance range of risks is limited while comprehensive insurance covers a wide range of risks.

(iii) Third party insurance is very cheap while comprehensive insurance is perhaps the most expensive.

(i) In whole life policy, premium is paid until death while premium is paid for a specific period in Endowment policy

(ii) The insured cannot benefit in whole life policy while the insured can benefit in his life time in the case of Endowment policy.

(c)(i) Insurance is taken to cover risks that may or may not occur e.g. car insurance. Assurance is taken to cover risks that is certain to occur e.g. Death.

(d)(i) Premium is paid before the occurrence of the event while compensation is paid after the occurrence of event.

(ii) Premium is the periodic payment made by an insured to the insurer while compensation refers to the amount of money which the insurance pays to the insured.

Correct Answer: C. Input for further production

Correct Answer: C. development bank

Explanation

Development banks are financial institutions that focus on providing long-term financing and support for economic development projects and initiatives. They play a vital role in promoting economic growth and addressing various obstacles to development within an economy.

One of the key functions of a development bank is to conduct research and analysis on the economy it operates in. This research helps identify obstacles or challenges to economic growth, such as infrastructure gaps, financing needs, industry bottlenecks, regulatory hurdles, and other barriers that hinder development.

Correct Answer: C. indigenisation

Correct Answer: D. Cooperative society

Correct Answer: D. a cartel