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Commerce (Buss 201) Question Paper

Commerce (Buss 201)

Course:Education

Institution: Kenya Methodist University question papers

Exam Year:2013

TIME : 2 HOURS

INSTRUCTIONS
Answer any three questions
Question One
Discuss the three levels of production
(8 Marks)
Highlight the three factors of production and discuss the role of each factor
(12 marks)

Question Two
Distinguish between a "need" and a "want" and discuss how these two terms influence commerce
(10 marks)
Highlight the role of cooperatives in trade
(10 Marks)

Question Three
Discuss the role of the following aids to trade
Ware housing
Banking
Insurance
Advertising
(12 Marks)
Discuss the role of the following principles of insurance
Pooling of risks
(4 Marks)
Indemnity
(2 marks)
Utmost good faith
(2 Marks)

Question Four
Define the term sole ownership. Set out the advantages and disadvantages of this type of legal ownership.
(10 marks)
Define the term limited company

Set out the advantages and disadvantages of this type of legal ownership (10 marks)

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