Correct Answer: D. personal attention to customers

Correct Answer: C. life insurance

Correct Answer: C. trade discount

Explanation

A trade discount is a reduction in price a manufacturer or wholesaler gives a wholesaler or retail when they buy a product or group of products for resale. It is done so that the retailer or wholesaler can make profits after resale.

Correct Answer: A. central bank

Explanation

(a) Functions of an Export Promotion Council:

i.Trade enhancement activities: It reviews and liberalizes export procedures and documentation to enhance clearance at the ports.

ii. Export financing and incentives: It assists in financing export by deigning steps that will result in export financing facilities, investment, etc.

iii. Organization of training activities: It organizes training programs, seminars, and Workshops in export management and international marketing.

iv. Preparation of export documents: It cooperates with other government agencies to assist in the preparation of export documents.

v. Trade information services: It establishes and operates international trade information centres to provide prompt information services.

vi. Creation of awareness: It produces publicity materials to publicize the export potentials of the country and by so doing create awareness for them and the Council's activities.

v. Setting out procedures for export trade: It approves export, provides export licence and sets out procedures for exporting goods abroad.

vi. Export development activities: It adopts measures necessary to increase the volume of production from agriculture and industry for export.

vii. Giving advice: lt gives advice on quality control, packaging and product design to e ensure an acceptable standard of exportable goods.

(b) Roles performed by the Customs and Excise Authority towards the growth of commerce:

i. Assisting in generating income for the government through import and export taxes and excise duties on goods and services.

ii. Enforcing government regulations on imports and exports by making sure that the quantities of goods imported and exported are within the limit indicated on the licences issued for that purpose.

iii. Helping to check and prevent smuggling.

iv. Assisting in supervising the bonded warehouse where goods on which appropriate duties have not been paid are kept.

v. performing health functions by not allowing infected plants and animals Into the country/ provision of quarantine services.

vi. Assisting in collecting data for the compilation of a country's international trade statistics which helps to give the true picture of the country's balance of trade and balance of payments.

vii. Working in collaboration with other law enforcement agencies of the country to create good commercial activities.

Correct Answer: C. delivery note

Explanation

(a) Functions of a cartel:

Regulation of production and price: A cartel regulates the production and raises the price of their products/services.

Regulation of production: The organization, to a large extent, has succeeded in allocating production quotas to member states.

Restriction of output Members of a cartel can also agree to prevent, restrict or limit the goods or services they are buying or selling or the goods or services that would likely be bought and sold.

Bid rigging: A cartel does this through an agreement among its members about who should win a bid among them.-

Market sharing: This occurs when businesses collude to carve up markets as regards the sale of a specific product, a geographical area, or a specific type of customer or consumer. among them.

(b)Advantages of public enterprises:

i. Provision of infrastructural facilities: Public enterprises provide infrastructural facilities such as roads, schools, railways, electricity, etc. to the populace.

ii. Availability of large capital: Since public enterprises are owned by the government, there is always availability of sufficient capital to ensure the expansion of the enterprises.

iii. There is continuity: Public enterprises can last for a long period of time. In other words, there is perpetual existence.

iv. Development of capital projects: The establishment of public enterprises can ensure the development of capital projects, e.g. rural electrification.

v. Avoidance of exploitation of consumers: Public enterprises are consumer-conscious as they ensure that the exploitation of consumers is greatly reduced.

vi. Creation of higher standards: The government enters into business in order to ensure higher standards, e.g provision of educational facilities.

vii. Accountability to the public: Public enterprises are accountable to the public because they have to submit their annual reports to the parliament.

viii. They cater for the interest of workers: in public enterprIses, the interest of the workers is catered for and the employees have a great sense of security

ix. Provision of employment opportunities: Public enterprises provide employment opportunities for the teeming number of the unemployed.

x. Generation of revenue: Revenue is generated by the government from public enterprises, e.g. water rate or electricity bill, to finance other projects

Disadvantages of public enterprises:

i. Large capital requirement: The cost of establishing a public Corporation is very high, i.e. large capital is involved.

ii. Government interference: Government can interfere in the activities of public enterprises through the appointment of unqualified and incompetent people as board members.

iii. Inefficiency in operation: Lack of competition can bring about inefficiency in business operations.

iv. Danger of monopoly: Public enterprises are monopolistic in nature, e.g. NEPA (now PHCN); hence, it can abuse the privileged.

v. Bureaucratic tendencies and red-tapism: Decision making may be slow because it has to pass through many people or channels before approval

vi. Corruption and mismanagement: Many public enterprises In Nigeria have become the major areas for embezzlement and mismanagement of the nation's resources

vii. Wastage: In public enterprises, wastages are usually recorded, and the taxpayers bear the brunt.

Correct Answer: A. option

Correct Answer: D. paid-up capital

Correct Answer: C. sales promotion