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NABTEB GCE Commerce Answer 2024

NABTEB GCE 2024 O’LEVEL COMMERCE ANSWERS

ANSWER FIVE QUESTIONS ONLY

(1a)
A retailer is a person or business entity that purchases goods in bulk from wholesalers or manufacturers and sells them in smaller quantities directly to consumers.

(1b)
(PICK FIVE ONLY)
(i) Small-scale operations: Retail trade typically involves selling goods in small quantities to individual customers.

(ii) Direct interaction with consumers: Retailers deal directly with end-users, addressing their needs and preferences.

(iii) Variety of goods: Retailers often stock a diverse range of products to cater to customer demands.

(iv) Convenient location: Retail outlets are usually located in easily accessible areas, such as markets, shopping centers, or residential neighborhoods.

(v) Customer service: Retailers provide personalized services to help customers with their purchases, ensuring satisfaction.

(vi) Breaking bulk: Retailers buy goods in large quantities from wholesalers and sell them in smaller, more manageable units to consumers.

(vii) Credit facilities: Some retailers offer credit to regular or trusted customers.

(viii) Promotion of goods: Retailers may engage in advertising and promotional activities to boost sales and attract customers.
===========================

(1c)
(PICK TWO ONLY)
(i) Providing goods to consumers: Retailers make goods available to consumers in the quantities and forms they desire.

(ii) Breaking bulk: Retailers purchase products in bulk and sell them in smaller quantities suitable for individual consumption.

(iii) Storage of goods: Retailers act as stockholders, storing products until they are needed by consumers.

(iv) Offering customer convenience: By being located close to customers and offering a wide range of products, retailers make shopping easier and more convenient.

(v) Market information: Retailers gather feedback from consumers and share it with wholesalers and manufacturers, helping to improve products and services.
===========================

(2a)
Hawking is a form of retail trade in which goods are sold by vendors who move from one place to another, such as streets, neighborhoods, and markets.

(2b)
(PICK FOUR ONLY)
(i) Mobility: Hawkers are highly mobile, moving from place to place to reach customers.

(ii) Direct interaction: Hawkers interact directly with customers, often offering personalized services.

(iii) Low capital requirement: Hawking requires minimal investment compared to setting up a fixed retail shop.

(iv) Wide product range: Hawkers often sell a variety of items, such as food, household goods, clothing, or accessories.

(v) Flexibility: Hawkers can quickly change locations to areas with higher customer demand.

(vi) Affordable pricing: Hawkers generally sell goods at lower prices due to reduced overhead costs.

(vii) Informal business setup: Hawking does not usually require formal registration or a fixed location, making it part of the informal economy.

(2c)
(PICK FOUR ONLY)
(i) Accessibility to customers: Hawkers bring goods directly to customers, especially in areas where fixed retail stores are unavailable or inconvenient to access.

(ii) Affordability: Goods sold by hawkers are often cheaper than those sold in stores due to their lower operating costs.

(iii) Convenience: Customers do not need to travel far to buy items since hawkers bring products to their doorsteps or nearby locations.

(iv) Employment opportunities: Hawking provides income and self-employment opportunities, particularly for individuals with limited resources or education.

(v) Flexibility in location: Hawkers can move to places with higher foot traffic or seasonal demand, maximizing sales opportunities.

(vi) Variety of goods: Hawkers often sell diverse products, catering to different customer needs in one location.

(vii) Economic contribution: Hawking supports the local economy by making goods available to underserved communities and providing a livelihood for many people.
===========================

(3a)
After-sales service refers to the support and assistance provided to customers following the purchase of a product.

(3b)
(PICK FIVE ONLY)
(i) Customer satisfaction: After-sales service helps to ensure customers are happy with their purchase and addresses any issues they may encounter with the product.

(ii) Brand loyalty: Providing good after-sales service fosters customer trust and loyalty, encouraging repeat purchases and long-term relationships with the brand.

(iii) Competitive advantage: Businesses offering superior after-sales service can stand out from competitors who may not provide the same level of support.

(iv) Product feedback: After-sales interactions provide valuable insights into how products are being used and can help companies improve future product designs and features.

(v) Warranty support: After-sales service often includes offering warranties, repairs, and replacements, ensuring customers feel confident in their purchase.

(vi) Market differentiation: Companies can differentiate their products from others by offering high-quality after-sales services, adding extra value for customers.

(vii) Increased sales: Good after-sales service can lead to positive word-of-mouth, which can attract new customers and potentially lead to higher sales.

(3c)
(i) Self-service refers to a system where customers serve themselves by selecting and purchasing products without assistance from staff, while after-sales service involves providing support, maintenance, and assistance after a product has been purchased.

(ii) In self-service, customers are responsible for completing the transaction or service themselves, while in after-sales service, the company or seller provides help to the customer after the purchase to ensure satisfaction.

(iii) Self-service happens at the point of sale, during the transaction, while after-sales service occurs after the purchase, when the customer might need help or follow-up support.

(iv) Self-service often involves choosing products or completing a task independently, such as using a kiosk or browsing a store without assistance, while after-sales service includes services like repairs, customer support, product installation, or troubleshooting after the sale is completed.

(v) The goal of self-service is to provide convenience and efficiency during the purchase process, while the goal of after-sales service is to ensure the product continues to perform well, resolve issues, and maintain customer satisfaction.
===========================

(4a)
A wholesaler is a business or individual that buys goods in large quantities directly from manufacturers and sells them in bulk to retailers, businesses, or other organizations.

(4b)
(PICK SIX ONLY)
(i) A wholesaler sells goods in bulk to retailers or other businesses, while a retailer sells goods in smaller quantities directly to the end consumers.

(ii) A wholesaler deals in large quantities of goods, while a retailer deals in smaller quantities, catering to individual customers.

(iii) A wholesaler targets businesses and retailers as customers, while a retailer targets individual consumers.

(iv) A wholesaler offers lower prices due to bulk purchasing and sales, while a retailer sells goods at higher prices to cover operating costs and make a profit.

(v) A wholesaler usually requires higher capital investment due to the need to purchase goods in large quantities, while a retailer needs less capital investment as they purchase smaller quantities.

(vi) A wholesaler often stocks a wide range of products from various manufacturers, while a retailer offers a limited selection of products that cater to their specific market.

(vii) A wholesaler is located in industrial areas or warehouses, while a retailer is located in commercial or retail spaces, such as shopping malls or street shops.

(viii) A wholesaler provides limited services, mainly focused on bulk sales and distribution, while a retailer offers customer service, such as assistance in selecting products, payment processing, and returns.

(ix) A wholesaler may offer credit terms or deferred payments to retailers, while a retailer typically expects immediate payment from customers at the point of sale.

(x) A wholesaler generally has a lower profit margin due to selling in bulk, while a retailer usually has a higher profit margin as they sell smaller quantities at higher prices.
===========================

(5a)
International trade refers to the exchange of goods, services, and capital between countries. It involves imports and exports and plays a crucial role in fostering economic growth and global relationships.

(5b)
(PICK FOUR ONLY)
(i) Access to resources: Countries engage in international trade to access resources, products, and materials they lack or cannot produce efficiently.

(ii) Specialization: Nations trade to focus on producing goods and services they are most efficient at, benefiting from the principle of comparative advantage.

(iii) Market expansion: Through international trade, countries can reach larger markets for their goods and services, increasing sales and profits.

(iv) Variety of goods: International trade enables consumers to access a greater variety of goods and services that may not be available locally.

(v) Economic growth: By participating in international trade, countries can boost their economic growth through increased production, employment, and technological advancement.

(vi) Increased competition: Trade with other countries encourages competition, which can lead to innovation, better quality products, and lower prices.

(vii) Foreign exchange earnings: Countries can earn foreign currency through exports, which is necessary to pay for imports and balance international payments.

(viii) Cultural exchange: International trade can also promote cultural exchange by introducing new ideas, customs, and technologies between countries.

(5c)
(PICK TWO ONLY)
(i) Both international trade and internal trade involve the exchange of goods and services between buyers and sellers.

(ii) In both types of trade, the transactions contribute to the overall economy by involving the production, distribution, and consumption of goods.

(iii) Prices in both international and internal trade are influenced by market demand, supply, and competition.

(iv) Both forms of trade involve intermediaries such as wholesalers, retailers, and transporters who facilitate the movement of goods.

(v) Both international trade and internal trade are subject to regulations and policies that govern the movement of goods, such as tariffs, taxes, and quality standards.
===========================

(6i)
Export: Export refers to the sale of goods and services produced in one country to buyers in another country. It is an important aspect of international trade that allows a country to earn foreign exchange and expand its market reach. Exports contribute to a nation’s economic growth, increase employment, and help balance trade deficits.

(6ii)
Import: Import refers to the purchase of goods and services from foreign countries for consumption, production, or resale within the domestic market. Imports enable consumers and businesses to access goods that are unavailable or more cost-effective from local sources.

(6iii)
Balance of Trade: Balance of trade is the difference between the value of a country’s exports and imports over a certain period. If a country exports more than it imports, it has a trade surplus. If a country imports more than it exports, it experiences a trade deficit.

(6iv)
Balance of Payment: The balance of payment is a comprehensive record of all economic transactions between residents of a country and the rest of the world over a specific period. It includes the trade balance, capital flows, and financial transfers.

(6v)
Export Drive: An export drive refers to a government or business initiative aimed at increasing a country’s export activity. This is often done through policies like reducing export taxes, offering subsidies or incentives to exporters, improving infrastructure, and promoting international marketing.
===========================

(7a)
A sole proprietor is an individual who owns and operates a business alone. The owner is fully responsible for all aspects of the business, including decision-making, profits, and liabilities.

(7b)
(PICK FIVE ONLY)
(i) Single Ownership: A sole proprietor is the sole owner of the business and has complete control over its operations and decision-making.

(ii) Unlimited Liability: The owner is personally liable for all the debts and obligations of the business, meaning their personal assets could be used to settle business liabilities.

(iii) Simple Formation: A sole proprietorship is easy to set up, requiring minimal legal procedures, registration, and paperwork.

(iv) Direct Control: The sole proprietor has full authority to make decisions and manage the business without needing approval from others.

(v) Limited Resources: Sole proprietors often face limitations in terms of financial resources, as they rely mostly on personal savings or loans for funding.

(vi) Profit Entitlement: The sole proprietor keeps all the profits generated by the business, with no need to share them with others.

(vii) Lack of Continuity: The business may end if the owner dies or decides to quit, as the business is closely tied to the individual.

(viii) Taxation: The income of the business is treated as the personal income of the sole proprietor, and taxes are paid accordingly on the individual’s income tax return.

(7c)
(PICK TWO ONLY)
(i) Full control by the owner
(ii) Easy and inexpensive to set up
(iii) All profits go to the owner
(iv) Flexible and simple management
(v) Tax benefits with pass-through taxation.
===========================

(8a)
(PICK FIVE ONLY)
(i) Capital requirements: The amount of capital needed to start and run the business influences the choice of business unit. Businesses requiring large investments might opt for a company structure, while those needing less capital may choose a sole proprietorship or partnership.

(ii) Liability: The level of personal liability the owners are willing to take on affects the business structure. In a sole proprietorship, the owner has unlimited liability, while in a limited liability company or corporation, owners have limited liability.

(iii) Management control: If the owner or a few individuals want full control over decision-making, they might choose a sole proprietorship or partnership, while a corporation or public company involves shared management.

(iv) Ownership structure: The number of owners or investors affects the business structure. A sole proprietorship has one owner, a partnership has a few, and a public company can have thousands of shareholders.

(v) Taxation: The tax treatment of the business unit may influence the choice. Sole proprietors and partnerships may face different tax obligations than corporations, which are taxed separately.

(vi) Risk tolerance: Higher-risk businesses might be structured as corporations to limit the personal liability of their owners, while businesses with lower risk may be suited for a sole proprietorship or partnership.

(vii) Expansion goals: If the business aims for large-scale expansion or access to capital markets, a public company or corporation may be more suitable due to the ability to issue shares.

(viii) Legal requirements: The type of business unit chosen often depends on legal formalities, including registration requirements, reporting standards, and regulatory compliance for different business structures.

(8b)
(PICK TWO ONLY)
(i) A partnership is owned by two or more individuals who share the responsibilities and profits, while a public company is owned by shareholders who can buy and sell shares publicly on the stock exchange.

(ii) In a partnership, the partners have unlimited liability, meaning they are personally liable for the business’s debts, while in a public company, shareholders’ liability is limited to the amount they invested in shares.

(iii) A partnership is managed by the partners themselves, while a public company is managed by a board of directors appointed by shareholders.

(iv) A partnership has a limited number of owners, while a public company can have thousands of owners, depending on the number of shares issued.

(v) A partnership has fewer regulatory requirements and is not subject to the same level of scrutiny as a public company, which must comply with strict regulatory and reporting standards set by government agencies.

(vi) A partnership raises capital mainly through the partners’ own contributions, while a public company can raise significant capital by issuing shares to the public through the stock market.

(vii) In a partnership, the profits are taxed as personal income for the partners, while a public company is taxed as a separate legal entity, and shareholders are taxed on the dividends they receive.

(viii) A partnership may dissolve if one partner leaves or dies, while a public company has perpetual existence and continues even if shareholders or directors change.
===========================

(9a)
A cheque is a written document that orders a bank to pay a specified amount of money from the account of the person who issued the cheque to the person or entity named on the cheque.

(9b)
(PICK THREE ONLY)
(i) Bearer Cheque
(ii) Order Cheque
(iii) Crossed Cheque
(iv) Post-Dated Cheque
(v) Stale Cheque
(vi) Open Cheque
(vii) Certified Cheque

(9c)
(PICK THREE ONLY)
(i) Insufficient funds: The account holder does not have enough money in their account to cover the cheque amount.

(ii) Signature mismatch: The signature on the cheque does not match the signature on file with the bank.

(iii) Post-dated cheque: The cheque is presented before the date written on it, making it invalid for payment.

(iv) Stale cheque: The cheque is presented after the validity period, usually six months, has expired.

(v) Account closed: The account from which the cheque is drawn has been closed, preventing the cheque from being honored.

(vi) Insufficient details: Missing or incorrect information on the cheque, such as a wrong date, missing payee name, or incomplete amount, can cause it to be dishonored.

(9d)
(PICK THREE ONLY)
(i) Drawer
(ii) Payee
(iii) Drawee
(iv) Endorser
(v) Endorsee
===========================

(10a)
(PICK SIX ONLY)
(i) Nature of the transaction: The size and type of the transaction may dictate the method of payment. Large transactions may require bank transfers or letters of credit, while smaller ones might use cash or credit cards.

(ii) Relationship between buyer and seller: Established business relationships may allow more flexible payment terms, such as credit, while new or less trusted relationships may rely on upfront payment or secure methods.

(iii) Amount of money involved: Higher value transactions often require more secure and traceable methods, such as bank transfers, checks, or electronic payments, while smaller transactions may be settled in cash or credit cards.

(iv) Risk involved: Payment methods that offer more security for both parties, like bank guarantees or escrow accounts, are preferred for higher-risk transactions, while low-risk transactions may use simpler methods like cash or cheques.

(v) Time frame for payment: Immediate payments may be made in cash or credit cards, while longer-term payments may involve payment plans, installments, or trade credit.

(vi) Geographic location: The location of the buyer and seller may influence the payment method, with international transactions often requiring methods like wire transfers, letters of credit, or PayPal, while domestic transactions may use simpler methods.

(vii) Availability of payment methods: The choice of payment methods depends on what is available to both parties. For instance, electronic payments like mobile wallets or credit cards may be preferred if both parties have the necessary technology.

(viii) Cost of transaction: Some methods of payment, like wire transfers or credit card payments, may involve higher fees, which can influence the choice of payment method, especially for smaller transactions.

(ix) Legal and regulatory factors: Certain industries or countries may have regulations that limit or require specific payment methods for transactions, such as anti-money laundering laws or tax reporting requirements.

(x) Convenience: The ease and convenience of using a certain payment method for both parties will influence the decision, with faster and more accessible methods being favored.

(10b)
(PICK FIVE ONLY)
(i) Postal orders
(ii) Money orders
(iii) Postal drafts
(iv) Giro payments
(v) Direct deposit
(vi) Postal savings accounts
(vii) International money transfers

(10c)
(PICK FOUR ONLY)
(i) Cheques
(ii) Bank drafts
(iii) Wire transfers
(iv) Credit cards
(v) Debit cards
(vi) Standing orders
(vii) Electronic funds transfer.
===========================

*COMPLETED*