Explain the following business terms:
(a) standing order
(b) bank draft
(c) legal tender
(d) money order
(e)I.O.U
(a) Write the following commercial abbreviations in full:
(i) C.OD (ii) C.I.F (iv) E & O.E
(b) The sale of a good costing Le100,000 attracts a trade discount of 5% and a cash discount of 5%. You are required to calculate the:
(i) trade discount value
(ii) cash discount value
(iii) net amount payable by the buyer.
Explain five ways in which commerce is important in the life of a nation
(a) List four features of a self service shop.
(b)State four disadvantages of a self service shop.
(c)State four importance of working capital to a business.
(a)State four functions of wholesaler to a retailer.
(b) Explain five advantages of small scale retail business over a large scale business.