Commerce Past Questions and Answers

(a) What is production?
(b) Explain the following factors of production: (i) land (ii) labour (iii) capital
(c) State three functions of an entrepreneur.

(a) State four steps that can be taken by a customer opening a current account.
(b) Explain six functions of commercial banks.

(a) State five features common to both public and private limited companies.
(b) State five provisions of a memorandum of association.

(a) Explain five measures a country could take to solve its balance of payment problems.
(b) State five disadvantages of international trade.

(a) What is a contract?
(b) List five elements of a contract
(c) Explain six conditions that could lead to the termination of a contract.