Commerce-obj
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(3a)
Life assurance is a branch of insurance which is taken as a protection against loss caused by the death of a person.

(3b)
TABULATE:

Insurance:
i. The risk insured against may not occur.
ii. It hinges on probabilities.
iii. It is a provision of cover against eventualities which may never occur.
iv. Examples are fire, marine, burglary.

Assurance:
i. The risk is certain to occur.
ii. It hinges on possibilities.
iii. This is a provision of cover against some eventualities which are certain to occurred at some time in the future.
iv. Example is life assurance.

(3c)
-Provision for old age.
-Source of loan repayment.
-Serves as collateral security.
-Provides for permanent disability.

(7a)
TABULATE:

Cartel:
(i) Members will still maintain their independence.
(ii) It is voluntary and members on withdraw.
(iii) No certificate is issued.
(iv) Producers are given quotes.
(v) It is horizontal in structure.

Trust:
(i) Members will lose their independence.
(ii) Trust is a complete merger.
(iii) Certificates are issued.
(iv) There is no quota system.
(v) It has s vertical structure.

(7b)
(i) Efficiency: To increase efficiency of management where the acquired company is poorly managed.
(ii) To reduce cost: To reduce the overhead cost by eliminating duplication of facilitates.
(iii) Diversification: To diversify the activities of the firms into other areas.
(iv) For larger market share: To obtain a larger share of the total market.
(v) Financial stability: To ensure greater financial stability through internal growth.
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6a)
Commercial document is a record of a transaction like an order, invoice, shipping document, or certificate.
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1a) Turnover is the net sales generated by a business, while profit is the residual earnings of a business after all expenses have been charged against net sales.

1b)
– The strength of demand.
– The state of the economy
– Price discrimination.
– Poor management
– Economies of scale
– Value per Unit
– Overhead Costs
– Number of Production Units
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(5a)
(i)It is relatively safer to travel by train than to travel by road transpor t or air transport.
(ii)Rail transport has the ability of conveying heavy and bulky goods; it is also very cheap, safe and
comfortable for passengers over a long distance.
(iii)Rail transport provides a fast and reliable service;
trains running on their own tracks can be timed to
minimize the chance of congestion and delay.
(iv)Heavy and bulky goods can be carried as well as large quantities of any cargo.
(v)Rail is especially suitable to steady flows of traffic
between set places for instance, movement of coal and iron ore between mines and factories.
(5b)
Common carrier is – a business or agency that
is available to the public for transportation of persons,
goods, or messages while contract carrier is a transport line that carries persons or property under contract to one or a limited number of shippers compare common carrier.
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(4a)
A chain store or retail chain is a retail outlet in which
several locations share a brand, central management, and standardized business practices.
(4b)
A department store is a retail establishment offering a wide range of consumer goods in different product categories known as “departments”.
(4c) A”hypermarket” (sometimes called a “supercenter” or
“superstore”) is a big-box store combining a supermarket and a department store.
(4d)
kiosk is a small, temporary, standalone booth used in
high foot traffic areas for marketing purposes, usually
manned by one or two individuals.
(4e)
small stores – personal items conforming to regulations that are sold aboard ship or at a naval base and charged to the person’s pay.