Commerce Paper 2 November 2018

1. AWarehousing
2. BDirect production
3. CRetailing
4. DWholesaling

1. ALand and wages
2. BLabour and interest
3. CCapital and profit
4. DLand and rent

Answer this when you sit the paper.

1. Aprevents any variety of goods being stocked
2. Bmakes goods available all year round rather than only in season
3. Cguarantees goods are always sold at a loss
4. Dremoves the need for goods to ever be transported

1. APassing consumer-protection legislation requiring accurate labelling
2. BRemoving all quality standards on goods sold
3. CBanning consumer associations from operating
4. DPreventing courts from hearing consumer complaints

1. Arefuse to sell to lower-income customers at any price
2. Bset the price using only the cost of raw materials
3. Coffer a basic low-price version and a premium high-price version aimed at different income groups
4. Dcharge every customer exactly the same price regardless of income

1. AThe colour of the business owner's car
2. BA description of the product and the target market it is aimed at
3. CThe personal bank balance of each shareholder
4. DThe exact date the business was first registered

1. Aa fixed rate of interest paid regardless of profit
2. Ba claim repaid before any shareholder if the company is wound up
3. Cpart-ownership of a company, giving voting rights and a dividend that varies with profit
4. Da loan to the company with no ownership rights

1. Aa loan to the company, making the holder a creditor rather than an owner
2. Bpart-ownership of the company with full voting rights
3. Ca variable dividend that depends on the company's profit
4. Da claim that ranks below shareholders if the company is wound up

1. Ais automatically void after 24 hours
2. Bcannot be used to pay anyone other than the bank itself
3. Cmust be paid into a bank account rather than cashed over the counter
4. Dcan only ever be cashed over the counter

1. Acan be cashed by anyone who presents it
2. Bmust be paid in a foreign currency
3. Cis valid for exactly one year from the date shown
4. Dmay only be paid into the account of the named payee

Answer this when you sit the paper.

1. Aremoves the business's need to ever hold any stock
2. Bguarantees the business a bank loan
3. Clets the business pay its day-to-day running costs as they fall due
4. Dis used only to buy fixed assets such as buildings

1. Aan event that is certain to happen at some point, such as death
2. Ban event that may or may not happen, such as a fire
3. Conly losses to a business's motor vehicles
4. Donly losses caused by theft

1. Arecord complaints made against the insurer
2. Bgather the information the insurer needs to assess the risk being insured
3. Cpay out a claim once it has been approved
4. Dcancel an existing insurance policy

1. Aonly by the insurer's own staff
2. Bafter the policy has already been issued
3. Cin utmost good faith, disclosing all facts relevant to the risk
4. Dwithout disclosing any details about the risk

1. Acan only be used to send mail overseas
2. Bprints the postage value directly onto mail, so stamps need not be bought and stuck on
3. Cprevents any mail from being posted in bulk
4. Dremoves the need for any postage to be paid at all

1. Aguarantees free delivery for all mail it prints
2. Breplaces the need for an address on the envelope
3. Cprints the date automatically, which can serve as proof of posting
4. Drequires every letter to be weighed by hand at the post office

1. Ais chartered for a single voyage only, with a negotiated rate
2. Bnever carries cargo, only passengers
3. Csails a fixed route on a fixed, advertised timetable, calling at set ports
4. Dhas no fixed route and sails only where cargo happens to be available

1. Agovernment policy, stability and regulation
2. Bthe age structure of the population
3. Cthe invention of new production machinery
4. Dthe level of rainfall in a given year

1. Athe country's laws on employment
2. Bcustomers' cultural attitudes and tastes
3. Cthe availability of new production technology
4. Dinflation, interest rates and exchange rates

1. Athe level of government taxation
2. Bthe country's population growth rate
3. Cthe availability of natural resources
4. Dnew machinery, the internet and e-commerce

1. Aproducing a surplus specifically to sell to others
2. Bmanufacturing goods using imported machinery
3. Cadvertising a finished product to consumers
4. Dproducing goods or services for one's own consumption, with no sale involved

1. Aspecialisation and a market/medium of exchange to trade the surplus produced
2. Bevery household producing only for itself
3. Cthe complete absence of any buyers or sellers
4. Da ban on producing more than is immediately needed

1. Aearn foreign currency needed to pay for imports and service foreign debt
2. Bremove the country's need to produce anything domestically
3. Cguarantee that local prices never rise
4. Deliminate the need for any import restrictions

1. Aworsening the country's balance of payments
2. Bwidening the market for local producers beyond the small domestic market
3. Creducing the number of people employed in export industries
4. Ddiscouraging local producers from improving quality

1. Aalways sell at higher prices than large stores
2. Bare located far from residential areas
3. Crefuse to extend credit to any customer
4. Doffer personal, friendly service that large stores often cannot match

1. Aare conveniently located close to residential areas, saving customers travel time
2. Bonly sell goods in large, bulk quantities
3. Cclose earlier than large stores every day
4. Dcannot adapt to what their local community wants

1. Aare legally protected from ever facing competition
2. Boften extend credit/trust to regular customers, which large chains rarely do
3. Chave far greater bargaining power with suppliers than large chains
4. Dbenefit from larger economies of scale than large stores

1. Athe right to buy goods without ever reading the label
2. Bprotection from having to make any complaint
3. Cprotection from goods or services that are hazardous to health
4. Dthe right to pay whatever price a seller wants to charge

1. Athe right to be charged more than other customers
2. Bcompensation, repair or replacement for a genuine complaint
3. Cthe right to be ignored if a product is faulty
4. Dthe right to receive no information about a product

1. Abeing told only what the seller wants to disclose
2. Bhaving no access to product labels
3. Creceiving accurate information to make a good choice, free from misleading advertising
4. Dbeing denied any information about a product's price

1. Amake false complaints to obtain free replacements
2. Bdamage goods deliberately before returning them
3. Cavoid ever asking a seller any questions
4. Dcheck goods and read labels carefully before buying

1. Aavoid keeping any receipts or proof of purchase
2. Bcomplain only through unlawful means
3. Cignore all instructions printed on a product
4. Duse goods safely and as instructed

1. Arepresent members' interests to government and local authorities
2. Bset the national minimum wage for all workers
3. Cmanufacture goods on behalf of its members
4. Dissue currency to its member traders

1. Asets the retail price of every member's goods by law
2. Breplaces the need for members to pay any tax
3. Cnegotiates collectively for better terms from suppliers on behalf of members
4. Dprevents members from ever communicating with each other

1. Adesigning/choosing what to sell, including its features and quality
2. Bdeciding what price to charge for the item
3. Cdeciding how the item will reach the customer
4. Ddeciding how the item will be advertised

1. Awriting the adverts used to promote the product
2. Bdeciding how and where the product reaches the customer, i.e. its distribution channels
3. Cdesigning the physical features of the product
4. Dsetting the price the customer will pay

1. Adeciding which shops will stock the product
2. Bcalculating the cost of manufacturing the product
3. Ccommunicating with and persuading customers through advertising and sales promotion
4. Ddeciding the ingredients or materials used in the product

1. Athe cheque is presented on the same day it was written
2. Bthe drawer's signature exactly matches the specimen on file
3. Cthe amount in words and figures are identical
4. Dthere are insufficient funds in the drawer's account

1. Athe cheque is presented within a week of being written
2. Bthe drawer has more than enough funds in the account
3. Cthe payee's name is spelled correctly
4. Dthe amount in words differs from the amount in figures

1. Amore than six months after the date written on it
2. Bon the same day it was issued
3. Cwithin 24 hours of being written
4. Dby the person who wrote it

1. Aset the retail price of goods sold in member countries
2. Bprint the national currency of member countries
3. Ccollect income tax on behalf of member governments
4. Dprovide long-term loans for development projects such as infrastructure and education

1. Afixing the exchange rate of every member currency
2. Boffering technical assistance and expert advice on economic policy and project design
3. Cguaranteeing every country an equal share of world trade
4. Dreplacing the need for a country's own central bank

1. Ainsuring them against the risk of a foreign buyer failing to pay
2. Bguaranteeing exporters a fixed exchange rate forever
3. Csetting the retail price of exported goods
4. Dreplacing the need for exporters to find any foreign buyers

1. Aguarantees that exports will never be delayed at customs
2. Bmakes it easier for exporters to obtain bank finance, since the insured debt is safer collateral
3. Cprevents exporters from ever obtaining a bank loan
4. Dremoves the need for exporters to assess any foreign buyer's creditworthiness

1. Acan never be used as security for a loan
2. Bguarantees the policyholder a payout within 24 hours of any claim
3. Cguarantees a payout on an event certain to happen, such as death, giving the family financial security
4. Donly pays out if the insured event never happens

1. Acharges no premium at all once taken out
2. Bbuilds up a savings/investment value that is paid out even if the insured event has not yet happened by a set date
3. Conly pays out after the policyholder's death, never before
4. Dcannot be surrendered or cashed in before maturity under any circumstances

1. Aberths/docks where ships can load and unload
2. Bloans for exporters to insure against non-payment
3. Cthe national exchange rate for foreign currency
4. Dretail licences for shops trading near the port

1. Athe country's postal service
2. Bschool and hospital facilities for the whole city
3. Ccranes and other cargo-handling equipment
4. Dinsurance policies for individual policyholders

1. Anavigational aids, such as lighthouses and buoys, to guide ships safely into port
2. Bconsumer-protection legislation for the whole country
3. Cthe national minimum wage for dock workers
4. Dtrademarks and patents for shipping companies

1. Aeliminates the need for any form of payment
2. Ballows advertising and selling to a much wider, even global, market
3. Cremoves the need for the trader to ever communicate with customers
4. Dguarantees the trader will never face any competition

1. Apreventing the trader from accessing any market information
2. Bbanning online or electronic payment methods
3. Cincreasing the cost of running a physical shop
4. Denabling fast communication with suppliers and customers by e-mail/messaging