2015 WAEC GCE COMMERCE OBJ 1-10 ABDAAACCBA 11-20 ACBBBAABAC 21-30 DABCBBDABD 30-40 CCDCCACABC 41-50 DDABADBADD =================== ===== (1a) Functions to manufacturer (i) Bulk breaking: the wholesaler purchases in bulk or large quantity from the manufacturer and sells in small quantities to the retailers (ii) Financing: they finance production by ensuring prompt payment to the manufacturer (iii) Warehousing: the wholesaler provides warehousing facilities to get rid of stock pilling at the production point (iv) Advertising: the wholesaler helps in carrying out product advertising and sales promotions (v) Price stability: they help to prevent fluctuation by stocking the goods until they are demanded. =================== ============ (1b)To the retailers (i)makes goods available in small quantity: wholesaler divides the goods into small quantities in order to sell to the retailers (ii)transportation services: the wholesaler can help to transport the goods to the retailer's shop (iii)provides credit facilities: they allow retailers to buy on credit and pay for the goods later and this allow the retailers to run their business with a small capital (iv)provision of variety of goods: the wholesaler provides the retailers to stock variety of goods which they purchase from different manufactures. (v)risk bearing: the wholesaler bears the risk of fall in prices on behalf of the retailers by buying and storing of products in large quantity =================== ========= (4a) (i) Large retail establishment (ii) Wide varieties of goods (iii) Centralized management (iv) Central location =================== == (4b) (i) They ensure consistency of their product (ii) They buy in bulk ans sell in cheaper prices (iii) It is scattered all over the country, therefore customers can easily locate them (iv) Problem of bad debt cannot be experience because of the system of cash and carry that is usually applicable to multiple stores. =================== ==== (5a) Subrogation is defined as a legal right that allows one party to make a payment that is actually owed by another party and then collect the money from the party that owes the debt after the fact. =================== ====== (5b) Proximate cause: This principle states that only the losses or liability which arise from the direct and immediate cause of the event insured against are are indemnified. There must be a link btwn the loss suffered and the risk for which the insurance has been taken. =================== == (5c) Premium: This is the payment made on an insurance company for an insurance policy, it can be paid annually, weekly or monthly depending on the agreement. =================== == (5d) Barratry: This refers to any act committed by the capital of a ship that is contrary to the interest of the ship owners. =================== = (5e) Utmost good faith: This is also known as uberrinae fides, it states that in any insurance contract, all relevant information that will affect the validity of the agreement must bedisclosed by the parties involve. Failure to, will render the contract void.

Original posted by medicfans.xtgem.com
@2015-09-30 14:32 ( 1 comments )