Explanation

(a) REASONS FOR THE PRESENCE OF THE CUSTOMS AND EXCISE AUTHORITY AT SEAPORT

(i) The Customs and Excise authority assists in generating income for the government through import and export taxes and excise duties on goods and services.

(ii) The authority enforces government regulations on imports and exports by making sure that the quantity of goods imported and exported are within the limit indicated on the licenses issued for that purpose.

(iii) The Customs and Excise authority helps to check and prevent smuggling.

(iv) The Customs and Excise Authority assists in supervising the bonded warehouse. where goods which appropriate duties have not been paid on them are kept.

(v) The authority also performs health functions by not allowing infected plants and animals into the country/ provision of quarantine services.

(vii) They assist to collect data for the compilation of a country's international trade statistics which helps to give the true picture of the country's balance of trade and payments.

(viii) They work in collaboration with other law enforcement agencies of the country.

(b) FUNCTIONS OF AIRPORT AUTHORITY

(i) The airport authority provides storage facilities where luggage is stored before loading and after off-loading.

(ii) It provides fuel and other landing facilities.

(iii) It provides security to ensure safety of life and luggage.

(iv) It provides office accommodation for the various officials at the airport.

(v) It provides good roads and parking facilities for vehicle that come to the airport.

(vi) It also collects various taxes from both air lines and other groups of people making use of the airport.

(vii) It gives information to passengers regarding flight schedules.

(viii) It controls domestic and international airlines within the airport.

(ix) It ensures the cleanliness of the airport.

(x) It provides repairs and maintenance facilities to aircrafts.

Correct Answer: A. OPEC

Correct Answer: A. debits transfer form

Correct Answer: D. proximate cause

Correct Answer: B. gets discount if he pays within 3 months

Correct Answer: C. prevent fake goods from entering the market

Correct Answer: B. Bankers’ order

Correct Answer: A. both can sue and be sued

Correct Answer: B. consumption

Explanation

Commerce is the conduct of trade among economic agents. Generally, commerce refers to the exchange of goods, services or something of value, between businesses or entities. it came about as a result of consumption needs of individuals/ households.

Explanation

(a). Hire Purchase: Hire purchase is a credit purchase by which a buyer is allowed to take possession of goods after payment of an initial deposit with subsequent instalmental payment. The goods do not become the property of the buyer until the last instalment is paid.

(b) Advantages to the buyer:

(i) it facilitates the purchase of expensive goods.

(ii) it makes possible the used of goods before final payment is made.

(iii) it increases the standard of living of the buyer.

Disadvantages to the buyer:

(i) The customer pays more for the good than when he is paying cash.

(ii) He may lose the goods if he is unable to complete payment.

(iii) He is tempted to overbuy.

(iv) He mortgages his/future earnings.

Advantages to the seller:

(i) It increases sales/turnover.

(ii) He makes higher profit resulting from higher prices.

(iii) He may repossess the goods if the buyer fails to pay.

(iv) it reduces cost of holding stock.

(v) It enhances the sale of expensive goods.

Disadvantages to the seller:

(i) it may lead to bad debts as a result of non-payment.

(ii) it ties up capital.

(iii) it leads to increased overhead cost.

(iv) it may lead to litigation.

(v) goods repossessed may be damaged or not worth the original value.

(vi) loss of goodwill as he continues to repossess goods.

(vii) there is a problem of selling repossessed goods.