(a) What is Commerce?

(b) State and explain the importance of any five ancillary services to trade. 
 

(a) Messrs Ola and Musa are both merchants. Ola trades on cash basis only while Musa allows credit. Give four reasons each why Ola insists on cash payment and Musa allows credit sales.

(b) Distinguish between cash discount and trade discount. 
 

(a) Explain the meaning of working capital and state its importance.

(b) Outline any seven factors which might affect the rate of turnover. 
 

(a) What is a bonded warehouse?

(b)State four ways in which a bonded warehouse may be useful in international trade. 
 

(a) Give any five advantages of advertising.

(b) What are five distinctive merits of television as a medium of advertising.