100% Verified Lagos State Promotion Exam Commerce Questions & Answers

100% VERIFIED LAGOS STATE PROMOTION EXAM COMMERCE QUESTIONS FOR SS1


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100% VERIFIED LAGOS STATE PROMOTION EXAM COMMERCE THEORY ANSWERS FOR SS1

ANSWERS ONLY THREE QUESTIONS
NO1 is compulsory

1a)
i)Consumer channels:
Manufacturers may reach out to consumers either directly, i.e., without using distribution channels, or by using one or more distribution channel members.

ii)Manufacturer to consumer:
Direct marketing includes use of personal selling, direct mail, telephone selling and internet.

iii)Manufacturer to retailer to consumer:
Retailers have grown in size. Growth in retailer size means that it has become economic for manufacturers to supply directly to retailers rather than through wholesalers.

iv)Manufacturer to wholesaler to retailer to consumer:
For small retailers with limited order quantities the use of wholesalers makes economic sense. Wholesalers buy in bulk from producers and sell smaller quantities to numerous retailers.

V) Manufacturer to agent to wholesaler to retailer to consumers:
Acompany uses this channel when it enters foreign markets. It does not have enough sales to warrant the setting up of a sales and distribution infrastructure, and therefore, it delegates the task of selling its product to an agent who does not take title to the goods.

1b)

i)Product:
Perishable goods need speedy movement and shorter route of distribution. For durable and standardized goods, longer and diversified channel may be necessary.

ii)Market:For consumer market, retailer is essential whereas in business market we can eliminate retailing.

iii)Middlemen:
Middlemen who can provide wanted marketing services will be given first preference.

iv) Company:
The company’s size determines the size of the market, the size of its larger accounts and its ability to set middlemen’s co-operation. A large company may have shorter channel.

v)Marketing Environment:
During recession or depression, shorter and cheaper channel is preferred. During prosperity, we have a wider choice of channel alternatives.
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3a)
Production can be defined as the creation of utility or the creation of goods and services for the purpose of satisfying human wants

3b)
List:
i)Land
ii)labour
iii)capital
iv)Entrepreneur
Explain:
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.

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.

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.

iv)Entrepreneur:
An entrepreneur is a person who organises the other factors and undertakes the risks and uncertainties involved in the production.
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4a)partnership is an arrangement in which two or more individuals share the profits and liabilities of a business venture.

4b)
i)Working Partner
ii)sleeping partner
iii)Nominal Partner
iv) Secret Partner

Explanation:
i)Working Partner:is one who contributes capital to the business and takes active part in its management. Hence, he is called active partner.

ii)Sleeping Partner:
A Sleeping Partner is one who contributes only capital to the business, but does not take part in its management.

iii)Nominal Partner:
A Nominal Partner does not contribute capital. Neither does he take active part in the management.

iv)Secret Partner:
A Secret Partner is actually a partner of the firm. But he does not hold out to the public as a partner of the firm but keeps his existence as secret.
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5a)
Money is anything which is generally accepted in payment for the goods and services or the repayment of debts.

5b)
List
i)Money as medium of exchange
ii)Money as unit of account
iii)Money as a standard of defferd payments
iv)Money as a store of value

Explanation:

i)Money as medium of exchange:The purchasing and selling are done through the money. In the other words money is used as a medium of exchange, which remove the problem of double co-incidence of wants in barter system.

ii)Money as unit of account:
The another important function of the money is that it provides a unit of account. The monitory unit of account helps to measure the value of goods and services.

iii) Money as a standard of defferd payments:In today economy buying and selling of goods are made on the basis of credit. So money is a medium of exchange.

iv)Money as a store of value:
Money also functions as a store of value. The money, which you have today, is a side to purchase a thing later on. So they wait for until he has to desire to spent it.

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