Correct Answer: D. cleared

Correct Answer: D. chamber of commerce

Explanation

A Chamber of Commerce does more than serve as a marketing vehicle for local businesses. It has an important role in local government affairs as well. They serve as a voice for the local business owners and industries. It is an association of local organisation of businesses who come together to further the interest of their members.

Correct Answer: B. commerce

Explanation

Commerce relates to the exchange of goods and services, especially on a large scale. It includes legal, economic, political, social, cultural and technological systems that operate in a country or in international trade.

Correct Answer: B. public enterprise

Explanation

(a) Media of Public Relations:

(i) Print media Journal, newspaper, magazine

(ii) Electronic media - radio, television, cinemas

(iii) Posters/handbills

(iv) Internet

(v) Seminars/workshop/conferences

(vi) Interviews

(vii) Events/sponsored programme

(viii) Gifts/free samples

(b) Types of sales services:

(i) Advice on product usage

(ii) Home delivery

(iii) Installation of industrial equipment

(iv) Demonstration

(v) Replacement of entire product under warranty.

(vi) Maintenance and repair services

(vii) Free replacement of faulty part under guarantee.

(c) Benefits of after sales services

(i) it is used to retain customers who patronize a particular seller.

(ii) It offers guarantee in the form of repair work or routine maintenance which creates good-will and confidence in the buyer

(iii) It is used as a competitive tool by sellers

(iv) It is used to cope with the greater complicity of goods being manufactured

(v) It is sometimes used to demonstrate the use of the product which are sold through retail outlets.

(vi) It gives assurance to the consumer that the seller will support the product he is selling.

(vii) It allows the consumer the opportunity of asking all the questions he was not able to ask at the time of purchase.

Correct Answer: B. entrepreneur

Explanation

Entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.

Explanation

(a) Features of self-service shop:

(i) provision of security

(ii) provision of price tags

(iii) There is entry and exit points

(iv) provision of trolleys and baskets

(v) provision of pay points at the point of exits

(vi) Large space to aid movement

(vii) Stocking of pre-packaged branded goods

(viii) Availability of few sales assistance

(ix) Attractive display of goods.

(b) Disadvantages of self service:

(i) Because goods are pre-packed, buyers are denied the opportunity of inspecting what they want to buy

(ii) It is not suitable for the sale of some product e.g. pharmaceutical goods.

(iii) It is possible for shoppers to steal items during shopping. High level of pilfering/shop lifting

(iv) There is no provision for bargaining as a result, many customers don't go to shop where there is self service.

(v) It requires a lot of spaces, trolleys security gadgets and baskets which increase the price of goods due to the extra costs.

(vi) There is less personal attention.

(vii) It encourages people to buy what they do not need.

(c) Importance of working capital to a business:

(i) Working capital helps to determine the fund that will be available for the running of the business on a daily basis.

(ii) It is a sign of healthiness i.e. a good financial state of the business.

(iii) It provides the basis for future planning for the business.

(iv) It provides the basis for profit making by the business since it is used to buy stock for more profit.

(v) It helps to check against tying down too much money on current assets.

(vi) It shows if a business is over trading.

Correct Answer: A. could be misleading

Correct Answer: C. eliminate all tariffs and quotas among member countries

Correct Answer: B. nationalization