Correct Answer: A. Niger and Cameroun

Correct Answer: C. chamber of commerce

Explanation

Chamber of commerce is an association of merchants, manufacturers and businessmen from different fields or various line of business who agree to come together in a town or city with the aim of representing and protecting their business interest.

Correct Answer: D. customs drawback

Correct Answer: D. clearing house

Explanation

A clearing house is a bankers' establishment where cheques and bills from member banks are exchanged, so that only the balances need be paid in cash.

Explanation

(a) Trade is the buying and selling of goods and services, while Commerce is involved in all those activities in the distribution and exchange of goods and services.

(b) Activities engaged in commercial occupations are:

(i) Trading: This involves buying and selling of goods and services by wholesalers, retailers, brokers, agents, importers and exporters.

(ii) Transporting involves movement of goods and persons from one place to another by road, rail, air and sea.

(iii) Warehousing involves all activities that help to store goods till they are needed.

(iv) Banking involves financial services like accepting of deposits, making payment for goods and services and grant-ing of credit.

(v) Insurance is an activity that helps to cover the risks involved in doing business thereby encouraging people to venture into business.

(vi) Advertising involves all activities that make goods and services known to the consumers.

(vii) Communication is the transmission or passing on of information from one end to the other to aid business.

Explanation

(a) Consignment Note: It is a contract of carriage of goods between the carrier and the seller in home trade.

Uses:

• It is used when goods are sent on sale or return basis to an agent;
• It is used when goods are sent by other means other than the sellers vehicles;
• It gives details of the goods and the consignee;
• It states whether freight has been paid or not;
• It is used as evidence of delivery of goods.

(b) Delivery Note: It is a document sent by the seller to the buyer to acknowledge the receipt of goods sent.

Uses:

• It contains a description of the goods, the address to which it is sent
• without price;
• Its purpose is to allow the buyer to check the details of the goods on arrival;
• It is used as evidence of goods delivered before invoices are issued in credit sales;
• It is used when goods are transported by the seller’s vehicles.

(c) Bill of Lading: It is a contract of carriage of goods between an exporter and the ship owner.

Uses:

• This is a document used in the shipping of goods;
• It serves as evidence of the contract of carriage;
• It is the document of title to the goods which enables importers to clear goods at the port;
• It gives the details of the goods and their destination;
• It serves as an acknowledgment of the goods by the shipowner.

(d) Bills of Sight: It is a document prepared by the importer stating the details of the goods pending the arrival of bill of lading.

Uses:

• This is used pending the arrival of the bill of lading that contains details of goods;
• It contains details of the cargo to allow the importer to inspect the goods on arrival;
• It is used to calculate custom duties.

Correct Answer: A. Digging for minerals

Correct Answer: A. Fiduciary note

Correct Answer: A. widen the market for his products

Correct Answer: B. Financing producers