Commerce Past Questions and Answers

One of the main aims of the ECOWAS is to?

A Foster interchange of goods and services among its members
B Provide a reliable market for stock and shares
C Have common political system
D Have common language
E Have one currency

Question 92:

(a) What is Commerce?
(b) State and explain the importance of any five ancillary services to trade.

Question 93:

(a) Messrs Ola and Musa are both merchants. Ola trades on cash basis only while Musa allows credit. Give four reasons each why Ola insists on cash payment and Musa allows credit sales.
(b) Distinguish between cash discount and trade discount.

Question 94:

(a) Explain the meaning of working capital and state its importance.
(b) Outline any seven factors which might affect the rate of turnover.

Question 95:

(a) What is a bonded warehouse?
(b)State four ways in which a bonded warehouse may be useful in international trade.