NECO-Commerce-ANSWER
Note:
Pls You Are To Answer Five(5) In Section B

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Theory Will Be Updated By 10:30Am.

Commerce-Obj
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Commerce-Theory
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5a)
Specialization is a method of production where a business, area or economy focuses on the production of a limited scope of products or services to gain greater degrees of productive efficiency within an overall system.
5b)
i)Education and skill: These also affect and determine the type of occupation, as learned people will be placed in a skillful or expert job area.
ii)Natural Resources: The availability of resources does determine the choice of occupation that people will engage in. For instance, miners will be many an area where there are mineral resources.
iii)Government Policies: This also determines the type of occupation as the government places age limit on those seeking for employment.
iv)Salary and Wages: Here, the remuneration involved and condition of service also affect and determine the kind of occupation people involve in.
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2i)
board of directors is a recognized group of people who jointly oversee the activities of an organization, which can be either a for-profit business, nonprofit organization, or a government agency.
2ii)
company secretary is a senior position in a private sector company or public sector organisation.
2iii)
Managing Director is the most senior role in any company. With ultimate responsibility for the company’s performance the Managing Director will report in to the Chairman and shareholders whilst leading a Board of Directors.
2iv)
chief accountant, often taking on the title of CFO, or Chief Financial Officer, serves as an advisor, educator and consultant on all financial matter affecting the company.
2v)
director of personnel is responsible for all activities related to hiring and firing employees of the city. In other words is ultimately responsible for development, revision and implementation of those policies
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6i)
Restrictions on Transfer of Share: No partner can transfer his share to any outside person without seeking the consent of all other partners.
6ii)
Utmost Good Faith and Honesty:A partnership business solely rests on utmost good faith and trust among the partners.
6iii)
Contractual Relationship: Partnership is formed by an agreement-oral or written-among the partners.
6iv)
Profit and Loss Sharing: There is an agreement among the partners to share the profits earned and losses incurred in partnership business.
6v)
Existence of Lawful Business: Partnership is formed to carry on some lawful business and share its profits or losses. If the purpose is to carry some charitable works, for example, it is not regarded as partnership.
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7i)
Indent is the process Where Order for goods (placed often through a local or foreign agent of a foreign supplier) under specified conditions of sale, the acceptance of which by the supplier (or the agent) constitutes a contract of sale.
7ii)
Bill of sight is a payment due on demand. An at sight payment will require the party receiving the good or service to pay a certain sum immediately upon being presented with the bill of exchange.
7iii)
bill of entry is An account of goods entered at a customhouse, of imports and exports, detailing the merchant, quantity of goods, their type, and place of origin or destination.
7iv)
dock warrant is an instrument issued by a ware housekeeper, licensed by the state to traders who deposit goods with them.
7v)
Export invoice is a document issued by an exporter to an importer listingthe goods or services supplied and stating the sum of money due
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8i)
Licensing: Gives the business people authority/permission to carry out business activities legally
8ii)
Fixing quotes : quantitative restrictions on goods that should be produced,consumed or imported at any given time
8iii)
Imposing total bans -prohibition / abolishing or stopping certain activities in the country
8iv)
setting of standards: quality and security standards for goods to be sold or consumed in the country
8v)
Tax code regulations: The form of business you run determines what taxes you pay. Your business structures determines what your business tax would be
E.g Income tax, estimated tax, employment tax, and excise taxes.
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