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(a) Kariuki, a farmer, wishes to hire transport to deliver mangoes to the market. Explain five factors he is likely to consider when choosing the means...

(a) Kariuki, a farmer, wishes to hire transport to deliver mangoes to the market. Explain five factors he is likely to consider when choosing the means of transport to use.
(b) Outline six reasons why bank current account is popular with business people.

Answers

joseph
i. cost: cost should be reasonable /fair in order to minimize operational costs.
ii. Distance should be considered in order to choose the most appropriate means.
iii. Speed, as mangoes are perishable goods, they would require a fast means of transport.
iv. Availability, he would consider whether the means would be readily available.
v. Security, the means to be chosen should be secure enough to avoid damage or theft.
vi. Flexibility, the means should be flexible enough to avoid hiring additional means to the market.
vii. Reliability, the means should be able to get the mangoes to the market in good condition and at the right time.
b. i. business people may arrange for overdraft facilities with the bank management.
ii. Business people receive regular statements from the bank showing their outstanding balances in their account.
iii. there is no minimum balance required in the account.
iv. business people may make payment using post-dated cheques.
v. one may withdraw money at any time without notice.
vi. business people do not have to carry money as they can make payment using cheques.
viii. The bank may make payment on behalf f the customer through standing orders or credit transfer.
joseph rimiru answered the question on December 20, 2017 at 18:19

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