Commerce Theory Examination

      1.   (a)What is a contract?

(b)List five elements of a contract

(c)Explain six conditions that could lead to the termination of a contract

2. (a)Define communication

(b)List and explain six function of the post office

3. (a)What is marketing?

(b)Explain five importance of marketing in an economy

(c)list and explain the marketing mix

4. The following information relates to Daniel and co.Ltd for the year ended 31^st 

N

March 2006 sale return 310

Sale 12,000

Stock(1/4/2005) 3000

Purchases 7000

Wages and salaries 500

Transport 400

Stock(31/03/2006) 2000

Electricity 300

From the above information, calculate (showing all workings) the

i. Net profit percentage

ii. Rate if stock turnover

iii. Cost of good sold

iv. Net profit

v. Turnover

5. (a)Define credit

(b)State 3 basis of granting a credit sales

(c)List 3 advantages and 3 disadvantages of credit sale

(d)List four (4) sources of credit sales

 

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