DeXtEr COMMERCE ANSWERS OBJ ANSWERS
1-10: ABCBBDCDBA
11-20: CBBDDDBCCB
21-30: DDCBBDBADC
31-40: BBADBBCBAC
41-50: CABAABAADD

ESSAY ANSWERS
15a. Money is anything that is generally accepted as a medium of exchange, for settlement of debts and in fulfilling other financial obligations in any given economy e.g Naira and Kobo in Nigeria.
b. functions of money.
i. medium of exchange
ii. standard of deferred payment
iii. unit of account.

=i. medium of echange: money can serve as a medium through which people can exchange goods and services. money can be used to buy different variety of goods and services. this facilities the means of exchange. it came into use as a result of the imadequacies of the barter system. Money is therfore widely acceptable as payment of debts.
=ii. Standard of deferred Payment: since money can be stored, it can be acumulated to pay debts that are fixed in terms if money. Money can serve as a medium by which business transactions on credit can be setteled in the future, the use of money makes it possible for payments to be defferred from the present to some future date.
=iii. Unit of account: in serving as a unit of account, it becomes practically possible for individuals and companies to keep acounting record of their transactions in bank statements ledgers and invoices.

15B. Quantity of Money
i. General acceptability
ii. portability.
iii. relative scarcity

=i. General acceptability: money must be generally acceptable by all in the society or country as a means of exchange. this
shows the confidence people have in money.
=ii. Portability: the object that serve as money must be something that can easily be carried about from one place to another, which means such object has to be high in weight.
=iii. Relative Scarcity: Money must be relatively scarce, that is it must not be too many so as to loose its value.

17a. Credit is the source of finance other than what the proprietor(s) of a business provide.

17b i. Bank credit
ii. credit from other specialized government institutions
iii. co-operative society loans.
iv. trade credits.
v. leasing of fixed assets
vi. insurance company credits.

i. Bank Credit: loan can be secured from various banks mainly commercial banks, merchant banks and development banks. ii. other specialized government institutions: both federal and state also own public corporations, whose functions include provision of credit to business.
iii. Co-operative society: especially the thrust and credits types, do proved medium term loan to their members.
iv. trade credit: trade credits can come from either suppliers or even customers.
v. Leasing of food assets: there are ordinary lease and sale and lease back.
vi. Insurance company credits: the following types of loan can be secured from insurance companies policy loans and other loans.

11a. Sole proprietor may be define as a form of business enterprises owned, financed and manage by one person with the primary aim of maximizing profit. it is also called one man business. Is the oldest and the most common type of business organization.

b. Advantages
i. it involves small capital.
ii. it is easy to establish
iii. it is easy to manage Disadvantages

i. problem of continuity
ii. inadequate capital
iii. it has unlimited liability

16. Capital can be define as man-made assets used in production or man made wealth or goods used to produce other goods and services.

b. i. fixed capital
ii. circulating capital
iii. current or liquid capital
iv. social capital.

=i. Fixed capital: these are assets which are not used up in the course of production. it includes a durable assets of a business that can last for a very long time. it does not change its forms in the process of production.
=ii. Circulatory or working capital: these are assets which are used up in the course of production. these consist of capital goods which either change form their form or are used up in the process of production e.g working capital include raw materials, water, fuel ere.
=iii. Current or liquid capital: current capital are the types of capital that are required for the day to day running of production activities, they are also changed from one form to another e.g finished goods, money, etc.
=iv. social capitals: this includes those forms Of capital or assets provided by the government that paid production e.g amenities provided by the government such as electricity, roads, water, telephones etc.