Commerce Past Questions and Answers

State five effects of hire purchase on each of the following
(a) buyer; (b) seller

(a) What is the difference between Privatization and Nationalization?
(b) Explain four reasons why a country may choose to privatize state-owned enterprises.

(a) Adama and Awa have teamed up to form a partnership business. Explain five benefits they are likely to derive
(b) State five provisions in the Partnership Deed.

(a)Distinguish between Authorized Capital and Called-up Capital
(b) Use the following information to answer the questions that follow: XYZ Limited is a trading company. The following transactions took place in the month of February:
Purchase of goods -
32 suitcases at N3,500 each
42 shirts at N800 each.Additional information:
(i) The cost of transporting goods to the firm's premises was #2,500
(ii) Two workers of the firm were paid wages and salaries of 4,500 each.
(iii) Total sales revenue was N180,000. You are required to calculate the: (a) gross profit (b) net profit.

(a) Give five reasons why consumers need protection.
(b) Explain five means by which consumers can be protected