Correct Answer: A. cum div

Explanation

Cum divl; (of share purchases) with a dividend about to be paid.

Correct Answer: B. Ports Authority

Correct Answer: C. Standing order

Correct Answer: C. self service

Explanation

self service is the system whereby customers select goods for themselves and pay at a checkout.

Explanation

(a) A contract is an agreement between two or more persons which is intended to be enforced by law.

(b) Elements of a contract:

1. offer
2. acceptance
3. consideration
4. formality
5. legality
6. capacity of the parties
7. intention to create legal relationship.

(c) Situations/conditions under which a contract is terminated or brought to an end:

(i) By performance: When all the parties to the contract have performed or carried out their own part of the contract.

(ii) By breach: When one of the parties fails to perform his part of the contract.

(iii) By mutual agreement: When the parties voluntarily agree to discontinue the contract especially when negative results are imminent.

(iv) Operation of the law: If the law declares one of the parties bankrupt, the contract is discontinued. When there is an alteration of a written law affecting the contract.

(v) By frustration: If the contract becomes frustrated by an act not foreseen when the contract was entered into e.g. flood disaster, war, insanity, earthquakes.

(vi) Lapse of time: This occurs where there is a term in the contract by which the contract is deemed to have terminated by failure to act in time.

(vii) The contract is discharged by the death or insanity of a party to the contract.

(viii) If the subject of the contract is illegal e.g. prostitution or contract with a minor before the age of eighteen (18) except in the case of a contract of necessity e.g. apprenticeship.

Correct Answer: D. public corporation

Explanation

(a) Production is the creation of utility. OR It is the creation of goods and services which satisfy human wants.

(b) Explanation of factors of production:

Land;

(i) Land is a free gift of nature.

(ii) Land is limited in supply. Land includes water, air, minerals, etc.

(iv) The reward for land is rent.

(v) Land is immobile.

Labour:

(i) Labour is the mental or physical human effort used in the performance of some tasks with a view to some reward.

(ii) The reward for labour is wages, commission or salaries.

(iii) Labour is mobile.

(iv) It can be improved upon by training.

Capital:

(i) It is wealth directed towards production of goods and services.

(ii) Capital include motor vans, premises, machinery, cash, stocks, etc

(iii) Interest is the reward for capital.

(iv) Capital is man made factor of production.

(v) Capital is mobile.

(c) Functions of an Entrepreneur

(i) He bears the risk of the enterprise.

(ii) He provides the capital needed to start the business.

(iii) He takes decisions on what to produce and how to produce them.

(iv) He determines the prices of the products and services.

(v) He organises and coordinates other factors of production so as to produce goods and services.

(vi) He introduces innovations and new ways of doing business.

Correct Answer: B. Persuading

Correct Answer: D. encourage members to save

Correct Answer: C. Freedom to terminate business