Correct Answer: A. pipeline

Correct Answer: C. cannot easily transfer shares

Correct Answer: A. Loans from friends

Explanation

One of the sources of funds for sole traders is the loans they get from family and friends. While it takes little or no legal documentation to establish a sole proprietorship, getting funds to finance the business has always posed a constraint to its growth. Hence the business owner is left with sourcing funds from either friends and families, grants, or plough-back profits.

Correct Answer: C. certificate of origin

Explanation

A certificate of origin is simply a document that states where the product was produced, manufactured, or processed.

Explanation

(a) Functions of the Customs Authority:

(i) The Customs are charged with the responsibility of supervising bonded warehouses.

(ii) The Customs collects revenue in form of duties for the government.

(iii) The customs enforces ban put in place by government.

(iv) They provide quarantine facilities to ensure unhealthy livestock are not brought into the country.

(v) Computation of trade (import and export) statistics.

(vi) The Customs put in place prevention measures to ensure that goods are not smuggled into the country.

(vii) They issue clearance certificate for goods where duties have been paid.

(b) Advantages of International trade:

(i) It leads to specialization and as a result improves world production.

(ii) It fosters good relationships among countries of the world.

(iii) It expands the world market.

(iv) It creates employment opportunities across continents.

(v) It improves standard of living by making variety of goods and services available in the country.

(vi) It generates revenue for countries who charge duties on goods.

(vii) It brings about economies of scale in production which results in cheaper goods.

(viii) It promotes/encourages foreign investment.

(ix) It provides foreign exchange for countries to enable the country to buy more capital goods.

Correct Answer: B. tramp

Explanation

(a) Benefits derived when a sole trader admits other partners:

(i) Additional capital is easier to raise and expansion is possible.

(ii) Losses can be shared among members.

(iii) Specialization is encouraged as each partner brings his expertise to bear in the firm.

(iv) Risks are shared among the partners.

(v) Better decisions are made, leading to efficient management.

(vi) It reduces fatigue; members can take holidays in turn.

(vii) There is the possibility of more profit.

(viii) There is greater degree of continuity.

(b) Losses suffered when a sole trader admits other partners:

(i) Profits are shared among the partners.

(ii) Disagreement among members on issues can affect the smooth running on the firm.

(iii) The misconduct of unscrupulous partners in general can ruin the business.

(iv) The death of a general partner may bring the business to an end.

(v) Loss of pride of ownership.

(v) Delay in decision making slows business activities.

Correct Answer: C. securities

Correct Answer: C. public relations

Explanation

Public relations has to do with how a company is perceived by the public or its customer. It involves building mutually beneficial relationships between organizations and the public.

Correct Answer: A. Fidelity

Explanation

Marine Insurance is a type of insurance designed to provide protection for the transportation of goods on water.

The types of Marine Insurance include;

- Freight Insurance - Liability Insurance - Hull Insurance - Marine Cargo Insurance