NOTE THAT DIRECT MOBILE CANDIDATES GETS ANSWERS FIRST BEFORE WE START POSTING THEM HERE


NABTEB COMMERCE OBJ:
1-10: ABCBBDCDBA
11-20: CBBDDDBCCB
21-30: DDCBBDBADC
31-40: BBADBBCBAC
41-50: CABAABAADD


(1a)
Sole propietorship can be defined as a form of business enterprise owned,financed and managed by one person with the primary aim of maximising profit.

(1bi)
ADVANTAGES:
-It involves small capital;The sole propietorship requires a very small capital
-It is easy to establish;The one man business is easy to establish because of the small capital requirement and it may not involve much protocol or procedures when setting up the business
-It is easy to manage;The sole proprietor can easily manage the operations of the enterprise without expert management from outside

(1bii)
DISADVANTAGES
-Problem of continuity;In the event of the death of the owner,the business may also die with him
-Inadequate capital;The sole proprietor is always faced with inadequate capital because of the small size of the business and the inability to source funds outside his business
-He bears all the risks alone;The risk required in operating the business is borne solely by the owner.

(4ai)
ADVANTAGES
-Increase in production;it leads to increase in production because various experts along the production process works together to boost greater production
-Time saving;Division of labour helps to save time that would have been wasted in moving from one operation to another

(4aii)
DISADVANTAGES
-Monotony;In division of labour a worker performs the same job on daily basis,the job therefore becomes monotonous and boring to him and this may lead to loss of interest in the job being done
-Decline in craftmanship;As a result of the use of machines in division of labour,people no longer makes use of their skills in the production of goods rather the become machine minders
-Problem of mobility of labour;Under division of labour a worker stays on a single job for a long time and this makes it difficult for him to move to other jobs

(4b)
-The size of the market;If the size of the market is large and it can absorb all the quantities of goods produced,then division of labour is favoured.But in a situation where the market is small,division of labour is not encouraged
-Level of technology;it sets limit to the extent of specialization
-Availabilty of capital;capital must be available in sufficient quantity to enable adequate payment of salaries and wages to workers and other materials purchased
-Availabilty of labour;The availability of qualified workers determines the stage into which production process will be divided
-Government policy;it determines whether division of labour can operate or not


(5a)
Money is anything that is generally acceptable as a medium of exchange and in the settlement of debts

(5bi)
FUNCTIONS:
-Medium of exchange;money can serve as a medium through which people can exchange goods and services
-Store of value;Money is a good store of value because wealth can be stored for future use
-Unit of account;In serving as a unit of account it becomes practically possible individuals and companies to keep accounting record of their transactions in bank statement,ledgers and invoices

(5bii)
QUALITIES:
-General acceptability;it must be generally acceptable by all society as a means of exchange
-Portability;The object that serves as money must be something that can easily be carried from one place to another
-Relative scarcity;it must be relatively scarce that is it must not be too many so as not loose its value

(6a)
Capital can be defined as man made assets used in production

(6b)
-Fixed capital;they are assets which are not used up in the course of production
-Circulatory capital;these are assets that are used up in the course of production
-Current capital;they are type of capital that are required for the day to day running of productive activities
Social capital;This includes those form of capital provided by the government to aid production
-Liquid capital;they are type of capital that are required for the day to day running of productive activities
-Working capital;These consists of capital goods which either change their form or are used up in the process of production

(10a)
Bill of exchange acts defines a bill of exchange to be an unconditional order in writing addressed by one person to another signed by the person giving it,requiring the person to whom is addressed to pay on demand or at fixed or determinable future time a sum certain in money to or to the order of a specified person or to bearer

(10b)
-Convenience;it is more convenient to carry cheque about than cash
-A proof of payment;cheque can serve as a receipt and a proof of payment
-Saves time and energy;Using cheque to pay large sums of money saves time and energy counting the cash
-Security;It is safer to carry cheque than cash for security reasons
-Easy to stop payment;it is very easy for the drawer to stop payment so as to stop fraud

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