Q1 Q1

(a) Democratic leadership; (a) Democratic leadership;

Laissez-faire Laissez-faire

(b) functions of a computer. (b) functions of a computer.

• Input of data • Input of data
• ⁠Processing of data • ⁠Processing of data
• ⁠Output of information • ⁠Output of information
• ⁠Storage of information • ⁠Storage of information

(c) Incentive Schemes: (c) Incentive Schemes:

1. Provide opportunities for training and development of 1. Provide opportunities for training and development of
employees employees
2. ⁠Provide a conducive working environment 2. ⁠Provide a conducive working environment
3. ⁠Implement a health and welfare scheme for all employees 3. ⁠Implement a health and welfare scheme for all employees
4. ⁠Use award schemes and promotion to recognize high 4. ⁠Use award schemes and promotion to recognize high
performing employees performing employees
5. ⁠Use attractive a salary scheme with opportunities for 5. ⁠Use attractive a salary scheme with opportunities for
increment. increment.

(d) Challenges: (d) Challenges:

1. There was high labour turnover due to low employee 1. There was high labour turnover due to low employee
motivation and poor remuneration motivation and poor remuneration
2. ⁠The central servers were hacked by criminals. 2. ⁠The central servers were hacked by criminals.
3. ⁠There were trade restrictions in the Francophone countries. 3. ⁠There were trade restrictions in the Francophone countries.
4. ⁠Some sensitive client information were lost which led them to 4. ⁠Some sensitive client information were lost which led them to
terminate their contracts terminate their contracts
5. ⁠Poor chain of command which led to confusion in reporting. 5. ⁠Poor chain of command which led to confusion in reporting.

(e) 1. Democratic leadership of the CEO, Mr. Brown, (e) 1. Democratic leadership of the CEO, Mr. Brown,
encouraged employee participation. encouraged employee participation.
2. Commitment and expertise of software engineers. 2. Commitment and expertise of software engineers.
3. Support from Anglophone countries through trade 3. Support from Anglophone countries through trade
agreements. agreements.
4. Effective service delivery in the West African sub-region. 4. Effective service delivery in the West African sub-region.
5. Ability to record a consistent 30% annual increase in sales 5. Ability to record a consistent 30% annual increase in sales
revenue. revenue.

Question 3 Question 4
(a) Job analysis is the careful study of a job to identify the (a) 1. Breaking bulk – Retailers buy goods in large quantities
specific tasks, duties, skills, and responsibilities it involves. It from wholesalers and sell them in small units to consumers,
also defines the qualifications and experience required to making products affordable and accessible.
perform the job. 2. Offering credit – Many retailers allow trusted customers to
buy on credit and pay later. This helps customers to meet their
(b) needs even when they have limited cash.
1. Identifies training needs – Performance appraisal shows 3. Providing product information – Retailers advise customers
which employees lack skills or knowledge, enabling on product usage, prices, and new arrivals, helping consumers
management to design training programs to improve make informed choices.
productivity. (b) 1. Creates awareness – Advertising and promotion introduce
2. Basis for promotions and rewards – Results of appraisals new products to consumers and remind them of existing
help managers decide who deserves promotions, bonuses, or products, ensuring they are well-known.
salary increments, ensuring fairness. 2. Stimulates demand – Effective promotion encourages
3. Improves communication – It creates an opportunity for customers to buy more, increasing sales volume and company
feedback between employees and supervisors, improving profits.
relationships and clarifying expectations. 3. Builds brand loyalty – Regular promotion builds customer
4. Motivates employees – Recognition of good performance trust and attachment to a brand, ensuring repeat purchases.
boosts morale, while constructive criticism guides employees to 4. Maintains competitiveness – Through promotion, companies
improve, thereby increasing efficiency. can keep their products visible in the market, preventing
competitors from taking over their customers.
Question 7 Question 8
(a) List three rights of an agent. (a) The balance of payment (BOP) is a financial record of all
economic transactions between a country and the rest of the
1. Right to remuneration – Agents are entitled to agreed world during a specific period. It includes trade in goods
commissions or fees for their services. (exports and imports), services, investment income, and
2. Right to reimbursement – Agents should be reimbursed for capital flows.
legitimate expenses incurred in carrying out the principal’s
business. (b) 1. Import restrictions – By imposing tariffs or quotas, a
3. Right to act within authority – Agents have the right to country can reduce imports, saving foreign exchange. This
perform all duties within the limits of the authority granted by helps reduce excessive outflows of money.
the principal. 2. Export promotion – Governments can encourage
businesses to produce more for export through subsidies, tax
(b) Identify and explain three ways by which an agency can rebates, or improved infrastructure. This increases foreign
be created. earnings.
1. Agency by agreement – A contract (oral or written) 3. Exchange rate adjustment – Devaluing the local currency
between principal and agent establishes the agency makes exports cheaper and more attractive to foreign
relationship. buyers, while imports become expensive, discouraging
2. Agency by necessity – Created in emergencies when an excessive importation.
agent acts to protect the principal’s property or interests Question 5
without prior consent (e.g., selling perishable goods). (a)
3. Agency by estoppel – If a principal, by words or conduct,
allows someone to act as their agent, they cannot later deny A standing order is a written instruction a bank customer
the agency if third parties relied on it. gives to their bank, directing it to make fixed, regular
payments to a third party. It is useful for paying recurring bills
such as rent, insurance premiums, school fees, or
Question 6 subscriptions.
(a) Domestic trade refers to the buying and selling of goods
and services within a country’s borders, using local currency (b)
and governed by local laws.
i) Current account
International trade involves the exchange of goods and
1. Unlimited deposits and withdrawals – Customers can
services between different countries, requiring foreign
deposit and withdraw money at any time.
currencies and compliance with international trade
2. Cheque facility – Account holders receive cheque books to
regulations.
make payments easily.
(b)1. Access to unavailable goods – Some goods cannot be 3. No interest – Balances in current accounts do not earn
produced locally due to climate or lack of technology (e.g., interest, as the account is meant for daily transactions.
Ghana imports cars).
2. Foreign exchange earnings – Exports provide income in ii) Savings account
foreign currencies, which are needed to pay for imports and 1. Encourages saving – Customers deposit money regularly
international obligations. and earn interest, promoting the habit of saving.
3. Economic cooperation – International trade builds links 2. Interest paid – Banks pay interest on the amount saved,
among countries, fostering peace and development. encouraging long-term deposits.
4. Variety of goods – Consumers gain access to a wider 3. Withdrawal restrictions – Customers may be limited in the
range of goods and services, improving satisfaction. number of withdrawals per month to encourage savings.
5. Improved standard of living – Access to quality and
diverse products raises the welfare of citizens.