NABTEB GCE 2018/2019 COMMERCE EXPO OBJ AND THEORY QUESTIONS AND ANSWERS SOLUTIONS

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NABTEB GCE 2018 COMMERCE OBJ AND ESSAY QUESTIONS and ANSWERS – Nov/Dec EXPO

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NABTEB GCE COMMERCE OBJ  SOLUTION
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1-10: BCBDDDCCCA
11-20: ACDDDDCABD
21-30: ABDAABBBDA
31-40: DCDABDDDBD
41-50: ABAADBAAAB

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NABTEB GCE COMMERCE SOLUTION
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1a) Communication is the act of conveying meanings from one entity or group to another through the use of mutually understood signs, symbols, and semiotic rules.

1b)
(i) Develops and maintains relationships:-
“Relationships with peers, subordinates, superiors, etc are not only built but also maintained through regular positive interaction with others. Effective communication forms the strong base of your relationship. And regular communication helps maintain them. If effective communication is lacking, you will not be able to maintain close relationships or develop new ones. A leader that communicates well creates a team that performs well, in all departments of an organisation. Also when employees are able to converse efficiently with each other there are fewer misunderstandings. And even if misunderstandings are there, they will be resolved in an amicable manner. As a result employees are more productive.”

(ii) Fosters innovation:-
“In an organisational context, good communication certainly promotes innovation, as employees feel more comfortable openly communicating new ideas, which can lead to advancement and development. In addition, if the staff is unable to effectively express themselves, not only will they feel unsure about themselves and their work, they will not be able to add any value. As a result, work will suffer, innovation will cease, and person’s potential will be underutilised.”

(iii) Helps in team building:-
“Effective and engaging interactions among employees aids in building an efficient, productive team. Each and every team member must be able to communicate well with each other in order to work together. They need to be able to understand and communicate important factors like expectations, difficulties faced, and the means to solve them. Internal communication is key to a cohesive team. Additionally, good communication on the part of the leader tends to boost employee morale, as they gain confidence and motivation when their leader communicates clearly, frankly, and with purpose.”

(iv) You can manage your employees better:-
“It is extremely important for leaders to have good communication skills, as only then can they inspire their team with a strong vision and motivate them to reach the set goals. This skill also helps leaders have frank conversations with their employees, whether it’s about their responsibilities, issues faced, problem solving, etc. As an effective communicator a leader can give constructive feedback, understand an employee’s goals, help him/her achieve them and thereby build a personal relationship. This helps build a stronger, interconnected team.”

(v) Promotes transparency:-
“Effective and regular communication, both internal and external, keeps the company transparent as employees are completely aware of all the workings and there are no hidden secrets and clauses that can be used against them. So they feel confident and have more trust in their leaders, and thereby their work. From a customer’s point of view, it is even more important, as a customer who feels that an organisation might not be claiming the truth will slowly lose faith in the company and its products. Effective, clear communication builds trust and goodwill among the organisation’s clients, customers, stakeholders, extended sales force, and so on. This is why transparency is key to a company’s success.”

(vi) Helps your company grow:-
“Lack of communication, within and outside the organisation, can lead to the collapse of any enterprise. Without proper marketing and clear communication, most organisations will struggle to survive. An improvement in service quality or deliverables can only happen through clear communication through which the organisation learns the needs and desires of its customers, as well as what it can do better to satisfy those needs. If the company interacts well with clients and promptly attends to their needs, then the customer-company relationship strengthens. This in turn leads to better business and therefore success.”

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2a)
Disadvantages of a partnership include that:-
I) the liability of the partners for the debts of the business is unlimited

II) each partner is ‘jointly and severally’ liable for the partnership’s debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts

III) there is a risk of disagreements and friction among partners and management

IV) each partner is an agent of the partnership and is liable for actions by other partners

V) if partners join or leave, you will probably have to value all the partnership assets and this can be costly.

2b)
(i) Review your partnership agreement:- While some partnerships don’t require a formal or written agreement, most partners choose to have one anyway for protection. If your partnership has no partnership agreement, then all you need to do is
give notice to your partner . If there is a written agreement, you’ll need to review it to ensure that you follow the protocol outlined in it. Usually, there’s a clause that requires a majority vote of some sort to dissolve.

(ii) Discuss with other partners.:-
It’s best to make sure that you and all your other partners are on the same page. This includes discussing particular obligations such as debts and future liabilities. You may want to outline your plan for dissolution in a meeting to ensure that a satisfactory resolution is reached.

(iii) File dissolution papers.:-
While it may not be required, it’s a good idea to file a dissolution of partnership form with the state to formally announce and give notice of your partnership ending. Doing so can help you resolve any issues involving further obligations or debts with the partnership.

(iiii) Notify others.*
Make sure you also notify other parties of the dissolution. This includes your landlord, your employees, your customers, and any other government entities (including the IRS) that have registered your business or issued you a license.

V)Settle and close out all accounts.*
Make sure that all your creditors are notified and that your debts are all paid off or settled. Lastly, you’ll want to distribute all your assets accordingly (usually in accordance with the partnership agreement, or whatever you and your partners have otherwise agreed upon) and make sure that all relevant bank accounts are closed.

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6a)
I) Transportation
II) Warehousing
III) Insurance
IV) Banking and finance
V) Advertisement and publicity

6b)
i) Commerce tries to satisfy increasing human wants:-
Human wants are never ending. They can be classified as ‘Basic wants’ and ‘Secondary wants’. Commerce has made distribution and movement of goods possible from one part of the world to the other. Today we can buy anything produced anywhere in the world. This has in turn enabled man to satisfy his innumerable wants and thereby promoting social welfare.

(ii) Commerce helps to increase our standard of living:-
Standard of living refers to quality of life enjoyed by the members of a society. When man consumes more products his standard of living improves. To consume a variety of goods he must be able to secure them first. Commerce helps us to get what we want at right time, right place and at right price and thus helps in improving our standard of living.

(iii) Commerce links producers and consumers:-
Production is meant for ultimate consumption. Commerce makes possible to link producers and consumers through retailers and wholesalers and also through the aids to trade. Consumers get information about different goods through advertisements and salesmanship. The manufacturers are regularly informed about the likes and dislikes of the consumers through marketing research. Thus commerce creates contact between the centers of production and consumption and links them.

(iv) Commerce generates employment opportunities:-
The growth of commerce, industry and trade bring about the growth of agencies of trade such as banking, transport, warehousing, advertising, etc. These agencies need people to look after their functioning. Increase in production results in increasing demand, which further results in boosting employment opportunities. Thus development of commerce generates more and more employment opportunities for millions of people in a country.

V). Commerce can bring in outside trade which can open the doors to the lucrative export market*
Trading is vital for any economy to survive as goods need to be sold for profit which will benefit the country’s economy as a whole. The new money generated can then be used to reinvest in stock and so the cycle will continue with more money being pumped into the economy.

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7a)
The division of labour is the motive for trade and the source of economic interdependence. In contrast to division of labour, division of work refers to the division of a large task, contract, or project into smaller tasks, each with a separate schedule within the overall project schedule.

7b)
(i) Land:
It refers to all natural resources which are free gifts of nature. Land, therefore, includes all gifts of nature available to mankind—both on the surface and under the surface, e.g., soil, rivers, waters, forests, mountains, mines, deserts, seas, climate, rains, air, sun, etc.
The reward is rent

(ii) Labour:
Human efforts done mentally or physically with the aim of earning income is known as labour. Thus, labour is a physical or mental effort of human being in the process of production. The compensation given to labourers in return for their productive work is called wages (or compensation of employees).
Land is a passive factor whereas labour is an active factor of production. Actually, it is labour which in cooperation with land makes production possible. Land and labour are also known as primary factors of production as their supplies are determined more or less outside the economic system itself.
The reward is wages

(iii) Capital:
All man-made goods which are used for further production of wealth are included in capital. Thus, it is man-made material source of production. Alternatively, all man-made aids to production, which are not consumed/or their own sake, are termed as capital.
It is the produced means of production. Examples are—machines, tools, buildings, roads, bridges, raw material, trucks, factories, etc. An increase in the capital of an economy means an increase in the productive capacity of the economy. Logically and chronologically, capital is derived from land and labour and has therefore, been named as Stored-Up labour.
The reward is interest

(iv) Entrepreneur:
An entrepreneur is a person who organises the other factors and undertakes the risks and uncertainties involved in the production. He hires the other three factors, brings them together, organises and coordinates them so as to earn maximum profit. For example, Mr. X who takes the risk of manufacturing television sets will be called an entrepreneur.
An entrepreneur acts as a boss and decides how the business shall run. He decides in what proportion factors should be combined. What and where he will produce and by what method. He is loosely identified with the owner, speculator, innovator or inventor and organiser of the business. Thus, entrepreneur ship is a trait or quality owned by the entrepreneur.
The reward is profit.

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NABTEB GCE 2018 COMMERCE OBJ AND ESSAY QUESTIONS and ANSWERS – Nov/Dec EXPO

NABTEB GCE 2018 COMMERCE OBJ AND ESSAY QUESTIONS and ANSWERS – Nov/Dec EXPO

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