[WASSCE BECE NOVDEC NABPTEX -0547316472]

Q1.State three essentials of a valid contract.

Q2.Explain the following terms:

(i)Void Contract;

(ii)Voidable Contract;

(iii)Unenforceable Contract;

(iv) Consideration.

Q4a.Distinguish between decentralization and departmentation.

(b)List and explain four basis of departmentation.

Q5a.Outline six items contained in a business plan.

(b)Explain three reasons for the failure of small businesses.

Q6a.What is risk management?

(b)Explain the following terms used in insurance:

(i)endowment policy;

(ii)fidelity guarantee policy;

(iii)premium;

(iv)proposal form.

Q7.Identify and explain five qualities of a good tax system.

Q8a.Explain the term decision-making.

(b)Out line six steps in the decision-making process.

(c)State the level of management decisions.

Q9a.State four characteristics of partnership.

(b)What is controlling?

(c)Distinguish between a manager and an entrepreneur.

(d)Give four reasons for controlling.