CONTACT COOLBOY FOR YOUR SURE WAEC, NECO, NABTEB,NABTEX,NCTVA, BECE,IJMB, JUPEB,AND PRIVATE WASSCE (GCE) QUESTIONS AND ANSWERS BEFORE EXAM
COOLBOY
WHATSAPP NUMBER
08035452768
PHYSICS OBJ
01-10: EADCDBACCB
11-20: BACABCCADC
21-30: BDDEEECDEE
31-40: CCEDEACDDB
41-50: ADAAEBEDDA
51-60: BCDAAEEEAA
COMPLETED
(3)
(i)offer
(ii)Acceptance
(iii)Awareness
(iv)Consideration
(v)Capacity
-Explanation-
(i)Offer; Contract terms, or the "why" of the agreement, are expressed in the offer, which specifies what each party promises to do or not do under the contract. The offer should be properly expressed so that all parties are aware of their responsibilities and expectations. The contract may not be precise enough to be enforced by a court if the offer is not specific enough.
(ii)Acceptance; Acceptance means the recipient of the offer agrees to the terms of the deal. Consent is required for acceptance. In other words, it's illegal for someone to accept an offer when they're signing a contract with a gun pointed at them. Other alternatives to acceptance are rejecting a contract or submitting a counteroffer.
(iii)Awareness; Contract signers must be capable of fulfilling their obligations under the agreement. A person who is old enough and mentally competent enough to sign a contract is eligible to do so.
(iv)Consideration: When two parties agree to a contract, they must agree on a consideration. A party may receive something other than money in exchange for signing a contract. Hence the term "payment" is ambiguous when used to describe consideration.
(v)Capacity; If a person has the legal capacity to enter into a contract, it means that they have the legal ability to do so. Capacity also entails that a person must be legally competent. The legal intent of a contract relates to the intentions of the parties involved. While friends and family members may agree on a tentative agreement, it is not meant to be binding. As a result, they don't expect one person to sue the other if the other person doesn't fulfill their end of the bargain.
(4a)
In a Tabular Form
HOME TRADE:
(i)Goods are moved within the same country
(ii) One currency is used
(iii) There is no language barrier in home trade
(iv) less documentation is required in home trade
(v)The same social standard,rules and regulations are in use
FOREIGN TRADE:
(i) Goods are moved beyond geographical boundaries
(ii) Different currencies are used in foreign trade
(iii) More complex documentation is required
(iv) There is language barrier in foreign trade
(v) Different social standards,rules and regulations are in use
(4b)
(i)Source of Revenue: International trade is a source of revenue for nations of the world. Nigeria derives 90% of its revenue from the sale of crude oil to other countries. Taxes can also be imposed on exported and imported goods.
(ii)Promotion of economic development: International trade helps countries to gain technical knowledge which accelerates economic developments e.g. farmers in Nigeria can now import tractors and harvesters to practice large scale farming.
(iii)Provision of employment opportunities: As a result of international trade contacts, foreign investors can establish firms in sister countries which will create employment opportunities for its citizens.
(iv)It leads to international specialisation: Through international trade, countries will specialise in the production of goods for which they have comparative advantage over others. This will make prices of such goods cheaper.
(v)Increase in world output: When countries specialise in the production of goods and services in which they have comparative advantage and where full utilisation of resources is made, the world output will increase.
(5a)
Retailing is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit.
(5b)
(i)Retail Wholesalers
(ii)Manufacturer Wholesalers
(iii)Agents and Brokers
(iv)Merchant Wholesalers
-Explanation-
(i)Retail Wholesalers: Retail wholesalers are those who, besides selling goods to the retailers also deal directly with the ultimate consumers. In this way, they are able to establish direct contact with the consumers, so as to get prompt information relating to their preferences. Besides, it enables them to reduce the distribution costs and increase their margin of profit.
(ii)Manufacturer Wholesalers: These wholesalers undertake manufacture of goods as well as their distribution directly to the retailers. They usually do not deal in goods manufactured by other firms. By combining the activities of manufacturing and distribution, they are in a position to minimize their overhead expenses on transportation, warehousing, etc.
(iii)Agents and Brokers: These are also middlemen and serve as a link between the manufacturers and the retailers. Normally, they function on behalf of the manufacturer, their task being to find buyers for the products of the manufacturer.
(iv)Merchant Wholesalers: This type of wholesalers undertake no business other than the wholesale one. They purchase goods produced by various manufacturers in bulk and sell them to the retailers. They can also be called ‘pure wholesaler’. They also perform various marketing functions.
(8)
(i)Get Organized
(ii)Keep Detailed Records
(iii)Analyze Your Competition
(iv)Understand the Risks and Rewards
(v) Be Creative
-Explanation-
(i)Get Organized; To achieve business success you need to be organized. It will help you complete tasks and stay on top of things to be done. A good way to be organized is to create a to-do list each day. As you complete each item, check it off your list.
(ii)Keep Detailed Records; All successful businesses keep detailed records. By doing so, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.
(iii)Analyze Your Competition; Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.
(iv)Understand the Risks and Rewards; The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.
(v)Be Creative; Always be looking for ways to improve your business and make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and different approaches to your business.
Post a Comment