Correct Answer: A. seven days of grace

Correct Answer: C. telex

Correct Answer: A. Commodity Board

Correct Answer: A. annuity

Explanation

Factors that adversely affect the growth of commerce in West Africa are:

(i)Inadequate capital: Commerce requires a lot of capital to keep pace with trends which most Africans are unable to afford.

(ii)Low per capita income/ Poverty: West Africans have low purchasing power as a result of low income. This leads to consumer resistance.

(iii)Political instability:West Africa has continued to experience short-range change of government which tends to create fear in investors. There is also instability in investment policies.

(iv)Inadequate facilities: Various aids to trade such as banking, warehousing, insurance and transport are inadequate to facilitate growth of commerce.

(v) Poor communication system: Most of the countries in West Africa have no direct telephone link, no internet, etc. This slows down the rate of economic activities.

(vi) Immobility of labour: No free movement of labour and trade among West African countries.

(vii)Prevalent business frauds:Loss of faith in cheque system of payment compounded by high prevalent of business fraud, e.g, Advanced Fee Fraud popularly known as 419.

(viii)West Africans as primary producers: They produce and sell the same type of agricultural products, thus generating low volume of trade and absence of large market.

Correct Answer: C. drawee and the drawer

Explanation

(a) Industry is a term used to denote activities concerned with the physical production of goods while commerce is the exchange and distribution of goods.

(b) Types of Commercial occupations are:

(i)Trading: This is concerned with the activities of all those engaged in buying and selling of goods, whether as wholesalers or retailers; importers or export-ers.

(ii)Banking: This is concerned with the activities of those engaged in the provision of credit, payment and saving facilities.

(iii)Warehousing: Warehousing is concerned with the activities of those who help to store goods, pending the time they are needed.

(iv)Advertising: Advertising shows the activities of those engaged in informing potential buyers and sellers of the existence of goods and services.

(v)Insurance: This is concerned with the activities of those who undertake the risk of businesses and individuals as insurers, insurance agents and brokers.

(vi)Transportation: This is the movement of people, goods and services from place to place.

(vii)Communication: This is concerned with the transmission of messages from place to place.

(c) Types of Industrial Occupation are:

(i).Extractive occupation:This is concerned with the activities of those engaged in primary production, extracting the gifts of nature from the soil, sea or earth as miners, fishermen or farmers.

(ii)Manufacturing: This is concerned with the activities of those engaged in processing of primary products as bakers, textile workers, etc.

(iii) Construction occupation:This is concerned with the activities of those who convert the products of the manufacturers into various uses as furniture makers, road builders, etc.

Correct Answer: C. Mortgage bank

Correct Answer: C. warehousing

Correct Answer: A. competitive advertising