COMMERCE ANSWERS
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8a)
Turn over is the total net sales of any business within a given period of time minus the cost of goods returned back to the business.
8b)
i)Goodwill and reputation of the businessman;-A businessman with a good reputation,and who has the good will of being honest,polite,sound public relations,gives prompt services,always has the advantage of high customers patronage
ii) Advertising and sales promotion;-Business that utilizes advertising and sales promotion extensively records a high rate of turn over than others.
iii)Pricing techniques;- Business that applies low pricing techniques enjoys high rate of turnover than those with high pricing techniques.
iv)Use of credit facilities;-where a businessman grants credit facilities to customers,he will sale more,than where credit facilities are not offered to customers.
v)Location of business;-well located businesses especially those located in busy centres,hearts of the cities knonw by such businesses are bound to record hugh rate of turnover than others
vi)Seasonal goods record high rate of turnover during season and records very low rate of turnover during off season.
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2a)
i)It requires few sales attendant.
ii)it allows customer to do their shopping in a shop with little sales attendant.
iii)security man stand at the gate of a shop that adopt self service for pilfering.
iv)goods are conspiciously arranged and displayed on the shalves of the shop.
v)goods are neatly arranged and displayed on the shelves in order to encourage impuls buying and increase sales
2b)
i)It encourages impulse buying which increase sales
ii)self service quicken customers shopping
iii)self service leads to low price of goods.
iv)it gives customer the chance to make their choice without being confused into buying what they do not want to buy.
v)fewer sales assistance have to be employed bore thereby cutting cost.
2c)
i)it is used as basis for planning
ii)it is a sign of viability of business enterprises
iii)it gies investors d inside strength of the business organisation
iv)its used in measuring the firms capability in paying its debt
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3a)
i) Buying and Assembling:
The wholesaler purchases goods in
large quantities from different manufacturers and assembles them
at one place and stores them in his
warehouse and resell to the retailers.
ii) Warehousing:
By preserving the goods received
from different manufacturers in
stores, the wholesaler performs the function of warehousing. The storage of goods is needed on account of time lag between production and
consumption of goods.
iii) Grading and Packaging:
The assembled goods are graded in
accordance with their quality and
packed in different containers before
supplying to the retailers. In this
manner, the wholesaler performs important marketing functions of
grading and packing.
iv) Transportation:
The wholesalers purchase goods from
manufacturers and carry them to his
godowns and then supply the same to
the retailers. He may employ his own
vans or hire vehicles for carrying the
goods on account of bulk purchases.
They can avail of economies in
freight.
3b)
i) Close Supervision: The small scale business owner can himself supervise the details of the business. Nobody will be allowed to spoil machinery or waste materials.
ii) Economical Management: It is unnecessary to engage large staff. Verbal messages will take the place of written orders which are generally half understood. No elaborate accounts need be kept.
iii) Personal Attention to Customers: The small scale businessman sends away his customers perfectly satisfied. He personally attends to their orders and at once removes difficulties and misunderstandings. Personal contact is pleasant and profitable.
iv) Personal Touch with the Employees:
The employer is in constant touch
with his employees in the case of small scale business. He can promptly attend to their difficulties or grievances and remove them without delay.
v) Greater Adaptability: If conditions of trade change, the small producer can change his front. He is in a position to take
quick decisions. He has to consult nobody except himself unlike the large scale business.
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4a)
Marine insurance is a type of insurance that covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
4b)
Accident insurance is a form of insurance policy which offers a payout when people experience injury or death due to an accident. This type of insurance does not usually cover negligence, acts
of God, or natural disasters, and the policy may include restrictions such as caps on total payouts or restrictions on payouts for activities deemed risky.
4c)
Group insurance is an insurance that covers a defined group of people, for example the members of a society or professional association, or the employees of a particular employer. Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than the wish to buy insurance, which might be because they are a worse than average risk.
4d)
Fidelity Insurance is an agreement whereby, for a designated sum of money, one party agrees to guarantee the loyalty and honesty of an agent, officer, or employee of an employer by promising to compensate the employer for losses incurred as a result of the disloyalty or
dishonesty of such individuals.
4e)
Consequential loss insurance cover
business losses that arise from damage to an insured property. Consequential loss
insurance policies diminish indirect risks that arise from a situation and are typically offered in combination with regular business or property insurance. Consequential loss is an indirect loss, as opposed to a loss from a natural disaster or accident.
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1)
i)Commerce tries to satisfy increasing human wants
ii)Commerce helps to increase our standard of living
iii)Commerce links producers and consumers Production is meant for ultimate consumption
iv)Commerce generates employment
opportunities
v)Commerce increases national income and wealth
i)Commerce tries to satisfy increasing human wants; Human wants are never ending. They can be classified as ‘Basic wants’ and ‘Secondary wants’.it has made distribution and movement of goods possible from one part of the world to the other.
ii)Commerce helps to increase our standard of living; Standard of living refers to quality of life enjoyed by the members of a society. When man consumes more products his standard of living
improves.To consume a variety of goods he must be able to secure them first.
iii)Commerce links producers and consumers Production is meant for ultimate consumption; Commerce makes possible to link producers and consumers through retailers and wholesalers and
also through the aids to trade. Consumers get information about different goods through advertisements and salesmanship.
iv)Commerce generates employment
opportunities; The growth of commerce, industry and trade bring about the growth of agencies of trade such as banking, transport, warehousing, advertising, etc.
These agencies need people to look after their functioning. Increase in production results in increasing demand, which further results in boosting employment opportunities.
v)Commerce increases national income and
wealth; When production increases, national income also increases. In a developed country, manufacturing
industries and commerce together accounts for nearly 80% of total national income.
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