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3a)
i) Buying and Assembling: The wholesaler purchases goods in
large quantities from different manufacturers and assembles them
at one place and stores them in his warehouse and resell to the retailers.
ii) Warehousing;
By preserving the goods received
from different manufacturers in stores, the wholesaler performs the function of warehousing. The storage of
goods is needed on account of time lag between production and consumption of goods.
iii) Grading and Packaging;
The assembled goods are graded in accordance with their quality and packed in different containers before
supplying to the retailers. In this manner, the wholesaler performs important marketing functions of
grading and packing.
iv) Transportation;
The wholesalers purchase goods from manufacturers and carry them to his
godowns and then supply the same to the retailers. He may employ his own vans or hire vehicles for carrying the
goods on account of bulk purchases.
They can avail of economies in freight.
3b)
i) Close Supervision; The small scale
business owner can himself supervise the
details of the business. Nobody will be
allowed to spoil machinery or waste
materials.
ii) Economical Management: It is
unnecessary to engage large staff. Verbal
messages will take the place of written
orders which are generally half
understood. No elaborate accounts need
be kept.
iii) Personal Attention to Customers: The
small scale businessman sends away his
customers perfectly satisfied. He
personally attends to their orders and at
once removes difficulties and
misunderstandings. Personal contact is
pleasant and profitable.
iv) Personal Touch with the Employees;
The employer is in constant touch
with his employees in the case of small
scale business. He can promptly attend to
their difficulties or grievances and remove
them without delay.
v) Greater Adaptability; If conditions of
trade change, the small producer can
change his front. He is in a position to
take
quick decisions. He has to consult nobody
except himself unlike the large scale
business.
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4a)
Marine insurance is a type of insurance
that covers the loss or damage of ships,
cargo, terminals, and any transport or
cargo by which property is transferred,
acquired, or held between the points of
origin and final destination.
4b)
Accident insurance is a form of insurance policy which offers a payout when people
experience injury or death due to an
accident. This type of insurance does not
usually cover negligence, acts
of God, or natural disasters, and the
policy may include restrictions such as
caps on total payouts or restrictions on
payouts for activities deemed risky.
4c)
Group insurance is an insurance that
covers a defined group of people, for
example the members of a society or
professional association, or the employees
of a particular employer. Group coverage
can help reduce the problem of adverse
selection by creating a pool of people
eligible to purchase insurance who belong
to the group for reasons other than the
wish to buy insurance, which might be because they are a worse than average
risk.
4d)
Fidelity Insurance is an agreement
whereby, for a designated sum of money,
one party agrees to guarantee the loyalty
and honesty of an agent, officer, or
employee of an employer by promising to
compensate the employer for losses
incurred as a result of the disloyalty or
dishonesty of such individuals.
4e)
Consequential loss insurance cover
business losses that arise from damage to
an insured property. Consequential loss
insurance policies diminish indirect risks
that arise from a situation and are
typically offered in combination with
regular business or property insurance.
Consequential loss is an indirect loss, as
opposed to a loss from a natural disaster
or accident.
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8a)
Turn over is the total net sales of any business
within a given period of time minus the cost of
goods returned back to the business.
8b)
i)Goodwill and reputation of the businessman;-A
businessman with a good reputation,and who has
the good will of being honest,polite,sound public
relations,gives prompt services,always has the
advantage of high customers patronage
ii) Advertising and sales promotion;-Business
that utilizes advertising and sales promotion
extensively records a high rate of turn over than
others.
iii)Pricing techniques;- Business that applies low
pricing techniques enjoys high rate of turnover
than those with high pricing techniques.
iv)Use of credit facilities;-where a businessman
grants credit facilities to customers,he will sale
more,than where credit facilities are not offered
to customers.
v)Location of business;-well located businesses
especially those located in busy centres,hearts
of the cities knonw by such businesses are
bound to record hugh rate of turnover than
others
vi)Seasonal goods record high rate of turnover
during season and records very low rate of
turnover during off season.
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1)
i)Commerce tries to satisfy increasing human wants
ii)Commerce helps to increase our standard of living
iii)Commerce links producers and consumers Production is meant for ultimate consumption
iv)Commerce generates employment opportunities
v)Commerce increases national income and wealth
i)Commerce tries to satisfy increasing human wants; Human wants are never ending. They can be classified as 'Basic wants' and 'Secondary wants'.it has made distribution and movement of goods possible from one part of the world to the other.
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.
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.
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.
v)Commerce increases national income and wealth; When production increases, national income also increases. In a developed country, manufacturing industries and commerce together accounts for nearly 80% of total national income.
2a)
i)It requires few sales attendant.
ii)it allows customer to do their shopping in a shop with little sales attendant.
iii)security man stand at the gate of a shop that adopt self service for pilfering.
iv)goods are conspiciously arranged and displayed on the shalves of the shop.
v)goods are neatly arranged and displayed on the shelves in order to encourage impuls buying and increase sales
2b)
i)It encourages impulse buying which increase sales
ii)self service quicken customers shopping
iii)self service leads to low price of goods.
iv)it gives customer the chance to make their choice without being confused into buying what they do not want to buy. v)fewer sales assistance have to be employed bore thereby cutting cost.
2c)
i)it is used as basis for planning
ii)it is a sign of viability of business enterprises
iii)it gies investors d inside strength of the business organisation
iv)its used in measuring the firms capability in paying its debt
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