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Commerce(Buss 201) Question Paper

Commerce(Buss 201)

Course:Education

Institution: Kenya Methodist University question papers

Exam Year:2012

TIME : 2 HOURS

INSTRUCTIONS
Answer any three questions.
Each question carries equal marks.
Question One
Using a diagram illustrate the structure of commerce and highlight the importance of commerce.
(8 Marks)

Discuss the three levels of production.
(6 Marks)

Discuss the role of labour and land as factors of production.
(6 Marks)

Question Two
Discuss the following:
Advantages of sole proprietorship.
(5 Marks)
Disadvantages of Limited Companies.
(5 Marks)

Highlight two forms of cooperatives and outline benefits that accrue from teachers who form a cooperative society.
(10 Marks)

Question Three
Describe the chain of distribution for locally manufactured goods. (8 Marks)
Describe the following documents used in local trade:
Invoice.
(3 Marks)
Local purchase order.
(3 Marks)
Discuss the role of international trade in economic development. (6 Marks)

Question Four
Discuss the role of the following aids to trade:
Advertising.
(6 Marks)
Ware housing.
(6 Marks)
Discuss the following principles of insurance:
Pooling of risks.
(4 Marks)
Utmost good faith.
(2 Marks)
Indemnity.
(2 Marks)

Question Five
Discuss arguments in favour and against:-
Free trade.
(6 Marks)

Protection policy.
(6 Marks)

Discuss tariffs and quotas as instruments of commercial policy.
(8 Marks)

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