100% Real Waec Gce 2015 Commerce Obj And Theory Answers.By quadrihatic 03:13 Tue, 29 Sep 2015 Comments
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1a) (i) Buying and Assembling:
The wholesaler purchases goods in large quantities from different manufacturers and assembles them at one place and stores them in his warehouse and resell to the retailers.
By preserving the goods received from different manufacturers in stores, the wholesaler performs the function of warehousing. The storage of goods is needed on account of time lag between production and consumption of goods.
(iii) Grading and Packaging:
The assembled goods are graded in accordance with their quality and packed in different containers before supplying to the retailers. In this manner, the wholesaler performs important marketing functions of grading and packing.
The wholesalers purchase goods from manufacturers and carry them to his godowns and then supply the same to the retailers. He may employ his own vans or hire vehicles for carrying the goods on account of bulk purchases. They can avail of economies in freight.
The wholesaler provides credit facilities to the retailers and manufacturers. They sometimes give advance to the manufacturers for the goods to be received later. By selling goods on credit they help the retailers.
1b) 1. Distribution of Goods :-
A retailer plays very important role in the distribution of goods to various consumption centers has a direct contact with the consumer and wholesaler. He establishes shops in villages, and towns to provide the supply of goods.
2. Variety of Goods :-
Retailer provides the variety of goods produced by the different firms. Consumer purchases the goods according to his desires from his nearest shop.
3. Introduction of New Goods :-
Retailer introduces new items and also explains the merits of that product to consumer.
4. Guidance to Wholesaler :-
Retailer has direct contact with the consumer and wholesaler, so he tells the likes and dislikes of the customers to the wholesaler.
5. Credit Facility :-
A retailer also provides the credit facility to the consumer. Generally consumer purchases the goods all the month on credit from the nearest shopkeeper and pays him at the end of month.
(2a) Letter of enquiry: This is written by the buyer
to the producer or supplier asking information
about certain goods which are for sales. The letter
will enquire about the terms of sales payment,
delivery and other relevant information.
(2b) Catalogue: This is a pictorial presentation of
goods and articles available for sales. It can also
be used as a quotation or reply to enquiry.
(2c) Delivery note: This is a document whch
usually accompanies the delivery of goods. It
provides the buyer with the list of items in a
particular consignment. It enables the goods to be
checked by the buyer to ensure they are delivered
in good condition. It is used as evidence of
(2d) Credit Note: This is a document sent by the
seller to the buyer to correct an overcharge. It is
also sent by the seller to correct an overcharge in
an invoice sent when the buyer has returned some
quantity of goods to the seller.
(i) Large retail establishment
(ii) Wide varieties of goods
(iii) Centralized management
(iv) Central location
(i) They ensure consistency of their product
(ii) They buy in bulk ans sell in cheaper prices
(iii) It is scattered all over the country, therefore customers can easily locate them
(iv) Problem of bad debt cannot be experience because of the system of cash and carry that is usually applicable to multiple stores.
(5a) Subrogation is defined as a legal right that allows one party to make a payment that is actually owed by another party and then collect the money from the party that owes the debt after the fact.
(5b) Proximate cause: This principle states that only the losses or liability which arise from the direct and immediate cause of the event insured against are are indemnified. There must be a link btwn the loss suffered and the risk for which the insurance has been taken.
(5c) Premium: This is the payment made on an insurance company for an insurance policy, it can be paid annually, weekly or monthly depending on the agreement.
(5d) Barratry: This refers to any act committed by the capital of a ship that is contrary to the interest of the ship owners.
(5e) Utmost good faith: This is also known as uberrinae fides, it states that in any insurance contract, all relevant information that will affect the validity of the agreement must bedisclosed by the parties involve. Failure to, will render the contract void.
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