Mock 7100 p2

1 (a) Giving examples, explain what is meant by legal tender. [4]____________________________________________________________________________

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(b) You have the following methods of payment available:BANK DRAFT BANK GIROCHEQUE ELECTRONIC/CABLE TRANSFERWhich method would you choose to make the following payments? Give two reasons for eachof your choices.(NB Do not choose the same method of payment twice.)(i) Buying a new computer(ii) Moving US$10 000 from USA to Australia(iii) Paying the workers of your company [9]____________________________________________________________________________

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(c) (i) In what circumstances would you choose to pay a debt by direct debit rather than bystanding order? [4]

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(ii) Why do many creditors prefer to be paid by direct debit rather than by cheque? [3]____________________________________________________________________________

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2 Many department stores, supermarkets, multiple chains and unit retailers are located in cityshopping centres.(a) State two characteristics of:(i) department stores

[2]____________________________________________________________________________

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(ii)multiple chain. [2]____________________________________________________________________________

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(b) Explain why retailers are often located in shopping centres. [6]____________________________________________________________________________

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(c) Why do many multiple chain stores buy direct from manufacturers? [4]____________________________________________________________________________

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(d) Why do many consumers prefer to buy food from supermarkets rather than from unit retailers? [6]

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3 (a) State and explain three services offered by wholesalers to retailers. [6]

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(b) Explain how retailers assist wholesalers. [3]____________________________________________________________________________

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(c) Explain why few wholesalers operate retailing businesses. [3]____________________________________________________________________________

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(d) Describe the changes in the wholesale trade brought about by the decline in importance ofthe independent wholesaler. [8]

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4 Fig.1 shows the pooling of risk in insurance.

Fig. 1

Use the diagram shown in Fig. 1 to help you answer the following questions.(a) Explain the benefits of the pooling of risk to the 500 companies. [3]____________________________________________________________________________

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(b) (i) Calculate the total premiums paid to the insurance company for fire insurance. Show your working. [2]____________________________________________________________________________

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(ii) Apart from paying claims, state two other uses for the insurance premiums. [2]

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(c) Explain how the principle of insurable interest applies to each of the 500 companies. [4]

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(d) (i) Name three other business risks against which the 500 companies might insure. [3]

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(ii) Explain why it is important that the companies insure against these risks. [6]

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5 Fig. 2 shows a number of newspaper headlines labelled A–E relating to air transport.

Use Fig. 2 to help you to answer the following questions.(a) Identify one advantage and one disadvantage of air transport as shown in the newspaperheadlines labelled A–E. [2]____________________________________________________________________________

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(b) Explain why the volume of freight carried by aircraft continues to increase. [6]____________________________________________________________________________

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(c) (i) Name two services provided at airports to protect passengers. [2]____________________________________________________________________________

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(ii) Explain why low cost airlines are becoming so popular. [4]____________________________________________________________________________

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(d) (i) Why is air transport suitable for emergency aid? [2]____________________________________________________________________________

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(ii) Name two other groups of products for which air transport is particularly suitable. Give areason for each of your choices. [4]____________________________________________________________________________

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6 Fig. 3 shows several sources of finance available to a multinational company.

Fig. 3

Use Fig. 3 to help you to answer the following questions.

(a) (i) Explain, using an example, what is meant by a multinational company. [3]____________________________________________________________________________

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(ii) Explain three reasons why multinational companies are important in the global economy. [6]____________________________________________________________________________

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(b) Using Fig. 3, identify:

(i) one source of short-term finance [1]____________________________________________________________________________

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(ii) one source of long-term finance. [1]____________________________________________________________________________

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(c) Giving reasons for your choices, recommend a source of finance given in Fig. 3 that the multinational company might use to:

(i) Update its computer system [3]____________________________________________________________________________

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(ii) Build a new factory in another country [3]____________________________________________________________________________

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(iii) Improve its cash flow. [3]

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7 Bonusbuy is a chain of supermarkets operating as a large-scale retailer.

(a) What are the advantages of large-scale retailing to Bonusbuy itself? [6]____________________________________________________________________________

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(b) Explain the benefits to Bonusbuy of:

(i) Providing self service to its customers [3]____________________________________________________________________________

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(ii) Selling its own brands [3]____________________________________________________________________________

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(iii) using bar coding on its goods. [3]____________________________________________________________________________

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(c) ‘Supermarkets compete for customers through pricing and special offers.’ Is this true? Give reasons for your answer. [5]____________________________________________________________________________

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8 The following officials work in the busy seaport of a country.

(a) Explain briefly the functions of a Customs Officer. [4]____________________________________________________________________________

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(b) Explain how a bonded warehouse is different from other kinds of warehouse. [4]____________________________________________________________________________

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(c) Explain how the seaport contributes to the country’s international trade. [6]____________________________________________________________________________

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(d) A shipping and forwarding agent needs to contact clients:

(i) Within the country;(ii) In several other countries.Discuss the means of communication the shipping and forwarding agent might use. Give reasons for your choices. [6]____________________________________________________________________________

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9 The pictures below show three means of transport labelled A, B and C.

Use the pictures given in Fig. 3 to help you to answer the following questions.

(a) (i) Identify Picture B. [1]____________________________________________________________________________

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(ii) Identify Picture C. [1]____________________________________________________________________________

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(b) An international transport company has the following goods to transport:

(i) A large consignment of canned food from a food processing firm to the regional distribution centre of a chain of supermarkets;

(ii) Furniture from a factory in London to a country 5000 km distance away;

(iii) A small consignment of electronic toys from Singapore to Pakistan.

Which of the means of transport shown in Fig. 3 above would you recommend for each consignment? Give a reason for each of your choices. [6]____________________________________________________________________________

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(c) Despite the large volume of goods carried by sea, the number of goods carried by air freight continues to increase. Explain why this is so. [6]____________________________________________________________________________

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(d) Explain three advantages of carrying many kinds of goods in containers. [6]____________________________________________________________________________

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10 Fig. 2 shows the sequence of documents that Agrabad Mail Order Ltd has used in a commercial transaction with a customer, Miss Phiri.

Use Fig. 2 to help you to answer the following questions.

(a) From the sequence of documents shown in Fig. 1 identify one document sent from the customer, Miss Phiri, to Agrabad Mail Order Ltd. [1]____________________________________________________________________________

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(b) Why does Agrabad Mail Order Ltd use catalogues? [2]____________________________________________________________________________

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(c) Distinguish between the order and the invoice. [4]____________________________________________________________________________

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(d) Why might Miss Phiri prefer to use a mail order company rather than shops in the nearest town? [4]____________________________________________________________________________

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(e) (i) Miss Phiri has bought several items totalling $90. She is allowed 3% discount if she pays within 10 days of receiving the statement of account. Calculate the total bill if she pays within 7 days. Show your working. [3]____________________________________________________________________________

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(ii) Miss Phiri could use one of the following methods of payment for this bill:

CASH CHEQUE CREDIT CARD CREDIT TRANSFERWhich would be the most suitable? Give reasons for your choice. Explain why you have rejected the other methods of payment.

EnquiryCatalogueOrderDelivery noteInvoiceStatement of account

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Mock 7100 p2

Business

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