Match the descriptions of the taxation principles in List A with the appropriate tax principle in List B by writing the letter of the correct response beside the corresponding item number in the answer booklet provided. List A (i) Tax should be charged according to the individual ability to pay. (ii) Tax should change in proportion to the change of tax base. (iii) Tax payers must know exactly how much to pay and tax collectors must know how much to collect. (iv) The cost and administration of tax should not exceed the revenue realized. (v) Tax collection should be easy or should not cause unnecessary hardship for tax payers. (vi) Tax should generate enough revenue for the Government.

1. List any four functions of management. (4 mk)
2. Match the descriptions of the taxation principles in List A with the appropriate tax principle in List B. (1 mk)

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What does 'e-commerce' refer to?

Which of the following is a source of short-term finance?

What is the main role of an entrepreneur?

Which of the following is a medium of exchange?

What is the term for the value added to a product or service by making it more desirable to customers?

Briefly explain three positive and three negative effects of specialization and division of labour in the organization.

1. Three negative effects of specialization and division of labour. (3 mk)

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You have been invited in a school economic committee to discuss the need for the school to have some commercial activities. Briefly elaborate the following to the members: (a) four importance of commerce. (b) two commercial activities that can be undertaken by the school.

1. Four importance of commerce. (4 mk)
2. Briefly explain any four types of banking services. (4 mk)
3. Two commercial activities that can be undertaken by the school. (2 mk)

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"Entrepreneurship activities are important." Briefly. justify this statement by using six points.

1. Justify the importance of entrepreneurship activities using six points. (6 mk)

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(a) Planning is the only function of business management. By using four points, briefly argue against this statement. (b) Differentiate the Unity of command from the scalar chain management as explained by Fayol.

1. By using four points, briefly argue against the statement that planning is the only function of business management. (4 mk)
2. Differentiate the Unity of command from the scalar chain management as explained by Fayol. (2 mk)

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(a) How are the following mechanisms used in protecting domestic industries? (i) Imposing heavy import duties (ii) Fixing imports quotas (iii) Total ban (b) "Despites its limitations, international trade is important for the country's economic development." Briefly, use three points to justify this statement.

1. How is a total ban used in protecting domestic industries? (1 mk)
2. Use three points to justify the statement that international trade is important for the country's economic development, despite its limitations. (3 mk)

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Differentiate the following terms as used in marketing: (a) Market and marketing (b) Branding and packaging (c) Grading and standardizing

1. Differentiate between Market and marketing. (2 mk)
2. Differentiate between Branding and packaging. (2 mk)
3. Differentiate between Grading and standardizing. (2 mk)

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Explain the factors to consider when choosing a means of communication. Give six points.

1. Six factors to consider when choosing a means of communication. (15 mk)

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Explain six importance of a business plan in business operations.

1. Six importance of a business plan in business operations. (15 mk)

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Elaborate six functions of Central Banks to the government.

1. Six functions of Central Banks to the government. (15 mk)

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