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Commerce G11

The document discusses various aspects of commerce, including the distinction between incorporated and unincorporated businesses, advantages of sole traders, and features of co-operative societies. It also defines key terms such as enterprise, entrepreneur, and entrepreneurship, outlines functions of different enterprise departments, and explains the importance of warehousing. Additionally, it covers business documents, advertising methods, consumer protection, central bank functions, and factors influencing foreign trade.

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Anne Dorine
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27 views3 pages

Commerce G11

The document discusses various aspects of commerce, including the distinction between incorporated and unincorporated businesses, advantages of sole traders, and features of co-operative societies. It also defines key terms such as enterprise, entrepreneur, and entrepreneurship, outlines functions of different enterprise departments, and explains the importance of warehousing. Additionally, it covers business documents, advertising methods, consumer protection, central bank functions, and factors influencing foreign trade.

Uploaded by

Anne Dorine
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Commerce G11

Distinguish between an Incorporated and an Unincorporated business using suitable examples. (b)
Explain any FOUR advantages of a sole trader as a form of business. (c) Outline any SIX features of co–
operative societies. 1 . (8 marks) (6 marks) (6 marks) (a) Define the following terms; i ) Enterprise, ii)
Entrepreneur, iii ) Entrepreneurship. (b) Outline any TWO functions of the following departments of an
enterprise; i ) Production, ii ) Marketing, iii) Stores. (c) Explain any FOUR importance of warehousing to
commerce and industry. 2. (6 marks) (6 marks) (8 marks) (a) Briefly explain the following types of
business documents; i ) Catalogue, ii ) Invoice, iii) Credit note. (b) State and explain any FOUR services of
a wholesaler to the retailer. j. (6 marks) (8 marks) (6 marks)(c) Explain FOUR advantages of shopping in a
department store. 4. (a) The information below are extracts from the trading, profits and loss accounts
of a business at the end of a trading period. Amount (CFAF)Particulars Opening inventory 20,000 Closing
inventory 10,000 Purchases 40,000 Sales 80,000 Working expenses 12,000 , You are required to
calculate; gross profits, net profits, rate of turnover, net profits as a percentage of sales. (b) Name and
briefly explain FOUR methods of advertising goods. (c) Outline any FOUR reasons why consumers need
to be protected. i ) ii) iii) iv) (8 marks) (8 marks) (4 marks) (a) Explain any FOUR functions of the central
bank in an economy. (b) What are the differences between a current account and a deposit account. (c)
Explain the role of insurance to an economy. 5. (6 marks) (8 marks) (6 marks) (a) State and briefly
explain FOUR factors that have led to the growth of foreign trade. (b) Explain the advantages of sea
transport over air transport. (c) Outline the importance of containerization as a mode of transport

ANSWER

Sure, let's break down each question:

1. **Incorporated vs. Unincorporated Business:**

- Incorporated business: A legal entity separate from its owners, such as a corporation. Example: Coca-
Cola Company.

- Unincorporated business: Not legally separate from its owners, who are personally liable for its
debts. Example: Sole proprietorship like a local bakery.

2. **Advantages of Sole Trader:**

- Sole control and decision-making authority.

- Direct connection with customers.

- Flexibility in operations and management.

- Tax advantages, such as easier filing and lower rates for small businesses.

3. **Features of Co-operative Societies:**

- Voluntary association of individuals.


- Democratic control, with members having equal voting rights.

- Limited return on capital.

- Distribution of surplus among members based on their transactions with the society.

- Service motive, prioritizing member needs over profit.

4. **Definitions:**

- Enterprise: An undertaking or venture, typically a business organization.

- Entrepreneur: An individual who organizes and operates a business, taking on financial risks in the
hope of profit.

- Entrepreneurship: The activity of setting up a business or businesses, taking on financial risks in the
pursuit of profit.

5. **Functions of Enterprise Departments:**

- Production: Ensures efficient creation of goods or services.

- Marketing: Promotes products or services and manages customer relationships.

- Stores: Manages inventory, ensuring availability of materials for production and finished goods for
distribution.

6. **Importance of Warehousing:**

- Facilitates storage and preservation of goods.

- Enables bulk breaking and assorting of goods.

- Supports smooth production and distribution processes.

- Provides a buffer against fluctuations in demand and supply.

Let's tackle each question:

1. **Definitions:**

- Enterprise: An organization or venture engaged in commercial, industrial, or professional activities.

- Entrepreneur: An individual who initiates, organizes, manages, and assumes the risks of a business.

- Entrepreneurship: The process of starting and operating a business, typically characterized by


innovation and risk-taking.
2. **Functions of Enterprise Departments:**

- Production: Ensures the efficient creation of goods or services according to quality standards and
schedules.

- Marketing: Identifies customer needs, promotes products or services, and manages relationships to
achieve sales goals.

- Stores: Manages inventory, including receiving, storing, and issuing materials or finished goods.

3. **Importance of Warehousing:**

- Facilitates efficient storage and handling of goods.

- Reduces transportation costs by allowing bulk shipments.

- Helps in maintaining product quality by providing suitable storage conditions.

- Supports production scheduling and distribution logistics by ensuring timely availability of goods.

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