Commerce Past Questions and Answers

Business relationships are deeply rooted in the law of contract'.
(a) What is a contract?
(b) State the essential elements of a valid contract.
(ii) Briefly discuss any three of them.

Mention and explain five ways in which a business discharges its social responsibilities to the society.

The following are the trading of Zainab Trading Co. Ltd, for the year ended 31st December, 1986.
Creditors 20,000
Premises 20,000
Machinery 20,000
cash 20000
Debtors 30,000
stock 50,000
cost of goods sold 100,000
sales 200,000
plant 30,000
Rent 10,000
From the above, calculate the (a) Fixed assets; (b) working capital; (c) gross profit (d) net profit.

(a) What is marketing?
(b) Distinguish between marketing and selling.
(c) Explain five functions of marketing.

(a) What is a business merger?
(b) Explain the reasons why some businesses merge.
(c) Give three disadvantages of business merger.