Correct Answer: B. general average loss

Explanation

General Average Losses

Correct Answer: A. Payments are easily arranged

Correct Answer: A. number of times the stock is sold

Explanation

Turnover is an accounting concept that calculates how quickly a business conducts its operations. Most often, turnover is used to understand how quickly a company collects cash from accounts receivable or how fast the company sells its inventory.

Correct Answer: D. nominal price

Explanation

Nominal value of a security, often referred to as face or par value, is its redemption price and is normally stated on the front of that security.

Explanation

(a)Insurance underwriter: An underwriter is one who insures against marine and other risks. He gives his name to an insurance policy as a guarantee of payment of a specified amount in the event of a loss. Underwriters usually operates in syndicates. Members who take the greatest part of the risks are referred to as leading underwriters.

(b)Promoters: They are people who form or float a public limited liability company and establish it as a going concern. Promoters are a class of people skilled in dealing with the preliminaries necessary to the formation of a company and who possess expert knowledge of the investing public. Promotes stand in a trust position to the company they promote and must not derive any personal gain from the work of promotion without first disclosing the fact to independent representatives.

(c)Auctioneer: This is a person licensed by the government to sell movable and immovable properties at a public auction. He sells through bidding for prices and earns commission for his services. He has a right of lien over the properties he has in his possession until payment and commission are paid. He must sell to the highest bidder

(d)Factors: He is a person who has in the ordinary course of his duties, authority to sell goods or cosign goods for the purpose of sale or to buy goods or to raise money for the security of the goods in his possession etc. A factor has a greater power than an ordinary agent. He also has right of lien for any amount due to him on the goods he holds for his principal.

(e)Broker: This is a person who acts as an agent on behalf of a principal. A broker does not take title to goods he deals in. He takes commission known as brokerage. He brings together those who intend to buy or sell.

Correct Answer: A. capital owned

Explanation

(a) Features of partnership:

(i) A partnership is not a separate entity as a result the partners can be sued in their own rights.

(ii) Members have unlimited liability for debts of the firm.

(iii) It is easy to register and bring into existence.

(iv) Profits and losses are shared equally except otherwise stated in the Deed.

(v) The action of one partner is binding on the other partners.

(vi) Partnerships are mostly formed by professionals.

(vii) It is guided by partnership deed.

(viii) Death or insanity/bankruptcy of a member leads to the termination of the partnership.

(ix) Admission of new members must be agreed by all.

(b) Reasons for government participation in business:

(i) To provide essential services at affordable prices.

(ii) To avoid duplication and waste if left in the hands of the private sector/promotion of efficiency.

(iii) To provide the large capital requirement for certain industries.

(iv) To provide good infrastructural facilities for economic growth and development.

(v) To ensure even development throughout the country.

(vi) to avoid exploitation if such businesses are left for private entrepreneurs.

(vii) To ensure national security in the management of key industries.

(viii) To create employment opportunities for the citizens.

Correct Answer: A. amount permitted to be withdrawn in excess of one's deposit

Correct Answer: A. invisible imports

Correct Answer: C. trade mark