2016 NECO Commerce Objective and theory Answers – june/July Solutions
1-Span of control :can simply be defined as the area of activity and number of functions,
people, or things for which an individual or
organization is responsible.
Workforce skill level.
Some key factors to review when determining the appropriate span of control within an organization include the following:
Organizational size. :
Large organizations tend have a narrow span of control, whereas smaller organizations often have a wider span of control. This difference is usually due to the costs involved with more managers and the financial resources available to an organization. Communication may be slower with narrow spans if it must pass through several of management.
Workforce skill level.:
The complexity or simplicity of the tasks performed by the employees will affect the number of desirable direct reports. Generally, routine tasks involving repetition will require less supervisory control of a manager, allowing a wider span of control, whereas complex tasks or dynamic workplace conditions may be best suited for a narrower span of control, where managers can provide more individualized attention.
Organizational culture.: Organizations need to determine the desired culture when designing their span of control. Flexible workplaces usually have a wider span of control because employees are given more autonomy and flexibility in the production of their work.
Manager’s responsibilities.: Review whether the organizational expectations allow the managers to be effective with the number of direct reports they have, especially related to individual responsibilities, departmental planning and training. For instance, executives often have fewer direct reports than other managers in the organization.
i) both international trade and internal trade
improve the standard of living
ii ) they both create employment opportunity
iii ) they both use insurance provison
iv) they both uses warehouses
v ) they both uses currency
i) government policy is restricted
ii ) trade bamer exised
iii ) foreign exchange is used as the term of
iv) there is big problem of language difference
v ) there is difficultyin the balance of payment
i) it is free from government policy
ii ) no trade bamer exist
iii ) local currency is the term of payment
iv) there is a little problem of language
v ) there is no problem of balance of payment
4a) the ability of a customer to obtain goods or
services before payment, based on the trust
that payment will be made in the future.
(i) Credit instruments replace
metallic money to some extent. This
means a great economy.
Expenditure is avoided on precious
metals for monetary purposes.
Also, there is no loss arising from
wear and tear of coins.
(ii) Trade and industry are
financed mostly by the aid of
credit. No industrial or commercial
progress would be possible if the
business were to be conducted
strictly on a cash basis. In the
absence of credit, trade would be
on a very restricted scale.
(iii) Credit makes capital more
productive. It is through credit that
capital is transferred from persons
who cannot use it themselves to
persons who are in a position to do
so. Without credit facilities, a good
deal of capital would have
(iv) Credit enables banks to lend far
beyond their cash reserves. Thus
they are able to make profits for
themselves besides helping trade
and industry. The banks can in this
way ‘create money’.
(i)they have the right to choose between alternatives
(ii)consumers have the right to good things of life
(iii)they have the right to safety
(iv)the consumers also have the right to be heard
(v)they have right to be informed
(i)formation of consumer associations to test whether items are of good quality or not and to make recommedations
(ii)price control measures should be put in place to curb any arbitrary price increases.
(iii)Formation of standard board or quality of every item before allowing its introduction to the market
(iv)there should be an efficient hire purchase act to prevent repossession after 2/3 payment of the purchasing price.
(v)Advertising organisation/board should be setup to censor all adverts before shown on the screens.
(i)pricing:marketing,assisting in fixing price at a level reasonable enogh to give profit to the company.
(ii)transportation:this covers involvement of goods from where they are produced to the point where they are required.
(iii)storage:this make it possible for goods to be produced ahead of demand so that they can be available when needed
(iv)exchange:this cover the purchase of raw materials and goods from so may sources and transfer of ownership of such .
(v)financing:this cover the provision of funds throughtout the period of production to the point of selling through loans and credit facilities
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