Commerce (Theory and Obj) Answers.

COMMERCE OBJECTIVE:

1-10: BCCBDACCAB

11-20: DDCDCADBDA

21-30: ACCBDDBDBD

31-40: DDDACACABB

41-50: CCDBBBCDAA

1a) E-commerce ( electronic commerce or EC) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet.

1b)
Advantages

-The biggest advantage of privatization is that once a privatization is done completely there is no interference from political leaders and also one does not need to do undue favor to them which in itself is a big boost when it comes to doing business and increasing profitability.

-It increases the overall efficiency and reduces the bureaucratic culture which is the main culprit because typically in government organizations work happens at its own leisurely pace which results in delay in decision making and therefore reduces the effectiveness and competence of public sector enterprise.

-As far government is concerned it has also benefits from doing privatization because majority of governments all over the world has fiscal deficit and by doing privatization government can reduce fiscal deficit to an extent, however full control is possible only when government control its unnecessary expenditures.

Disadvantages

-Private companies do not care about the society and their main motive is to earn profits, which is with contrast to government companies which keeps doing social work and therefore if privatization happens it will result in fewer funds for society because private companies have no obligation to do social work.

-Privatization also affects the employees because in private sector enterprises there is emphasis on performance which indirectly results in work pressure and meeting deadlines or targets and individuals who have been doing work for years without much pressure find it difficult to adjust to new setting and many end up resigning from their service.

- In privatization there is a risk that it may take decisions of starting a project which results in short term benefits but may not good for long term.

3ai) department store or magazine is a retailestablishment offering a wide range of consumer goods in different product categories.

3aii) Mobile shop A large vehicle that travels from place to place and from which goods are sold.

3aiii) Chain store or retail chain are retail outlets that share a brand and central management, and usually have standardized business methods and practices

3aiv) Mail order business the buying of goods or servicesby mail delivery. The buyer places an order for the desired products with the merchant through some remote method such as through a telephone call or web site.

3av) Supermarket a large retail market that sells food and other household goods and that is usually operated on a self-service basis.

2a) Communication is simply the act of transferring information from one place to another.

2b)
i)Postal Services

ii)Telegraph Services

iii)Courier Services

iv)Telecommunications

v)Internet Service

vi)Radio and Television

2c)
i)Builds and maintains relationships Relationships are built and can be maintained by positive encounters with others.

ii)Facilitates innovation When employees feel comfortable in openly communicating new ideas, cooperation and innovation will be at an all-time high.

iii)Builds an effective team If open communication within a workplace is encouraged, a more cohesive and effective team will emerge.

iv)Managing employees When managers are effective communicators, they are more able to inform staff adequately of their responsibilities and what is expected from them.

7a) Standing order is an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization.

7b) Bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank . A draft ensures the payee a secure form of payment.

7c) Legal tender is a medium of payment recognized by a legal system to be valid for meeting a financial obligation.

7d) Money orders are a secure payment method. They are convenient, affordable, and widely accepted. Money orders are a good way to send cash that never expires.

7e) I . O . U is usually an informal document acknowledging debt . An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment.

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