ELEMENTS OF COMMERCIAL KNOWLEDGE, MANAGEMENT PRACTICES AND TAXATION

(a) Tanzania is importing more than it can offer in foreign markets. As a result, the value of its currency in terms of other currencies is depreciating dramatically.

Question

REQUIRED: (i) Examine any five causes of this unbalanced trade. (ii) Discuss any four effects of importing more than exporting to the economy of the country. (b) Describe the essential principles of taxation.

ATEC II, ELEMENTS OF COMMERCIAL KNOWLEDGE, MANAGEMENT PRACTICES AND TAXATION, NBAA 1 year 0 Answers 19 views Enlightened

(a) Explain four ways in which the company can be liquidated.

Question

(b) Examine five challenges facing SACCOS in Tanzania. (c) Describe at least five necessary features of means of transport. (d) Discuss any six (6) the importance of communication in a business organization.

ATEC II, ELEMENTS OF COMMERCIAL KNOWLEDGE, MANAGEMENT PRACTICES AND TAXATION, NBAA 1 year 0 Answers 5 views Enlightened

Despite the fact that, “no consideration, no contract” there are cases where business contracts, even though not supported by consideration, are enforceable.

Question

REQUIRED: (a) State the meaning of “consideration” and “free consent”. (b) Explain five exceptions to the rule “no consideration, no contract”. (c) Mention three requirements for a person to be competent to contract.

ATEC II, ELEMENTS OF COMMERCIAL KNOWLEDGE, MANAGEMENT PRACTICES AND TAXATION, NBAA 1 year 0 Answers 3 views Enlightened

Given the following items, you are required to pair each item from LIST A with the item from LIST B appropriately. In pairing the items, write the letter from list B against the corresponding roman number in list A in your answer booklet.

Question

LIST A i. An instrument in writing contains unconditional order, signed by the marker directing a certain person to pay certain amount of money. ii. Directives given to the drawee bank, to pay the money only through a banker iii. It is ...

ATEC II, ELEMENTS OF COMMERCIAL KNOWLEDGE, MANAGEMENT PRACTICES AND TAXATION, NBAA 1 year 0 Answers 7 views Enlightened

For each of the following statements, state whether the statement is true or false. Indicate your answer by writing “TRUE” for the correct statement and “FALSE” for the incorrect statement in your answer booklet.

Question

(i) Consent may be discharged at the end, when rights and liabilities created are fulfilled. (ii) A standard partnership is a contractual association of two or more persons. (iii) Unlimited liability company is required to deliver copies of its annual accounts and ...

ATEC II, ELEMENTS OF COMMERCIAL KNOWLEDGE, MANAGEMENT PRACTICES AND TAXATION, NBAA 1 year 0 Answers 8 views Enlightened

Which of the following is illegal and not permitted:

Question

A. Tax avoidance B. Tax evasion C. Minimizing the liability to tax D. Utilization of tax loopholes

ATEC II, ELEMENTS OF COMMERCIAL KNOWLEDGE, MANAGEMENT PRACTICES AND TAXATION, NBAA 1 year 0 Answers 8 views Enlightened

An individual receives retirement payment from an approved retirement fund or royalty. It would be taxed under which category of income?

Question

A. Employment income B. Business income C. Investment income D. Pension income

ATEC II, ELEMENTS OF COMMERCIAL KNOWLEDGE, MANAGEMENT PRACTICES AND TAXATION, NBAA 1 year 0 Answers 8 views Enlightened

Which of the following is not a valid contract?

Question

A. Jamal purchases a microwave on credit. B. Mary booked tickets for a tour from a travelling agency. C. Rex’s father promised him a bike on his birthday. D. Mrs. Williams signed an agreement to purchase a flat for TZS.30,000,000

ATEC II, ELEMENTS OF COMMERCIAL KNOWLEDGE, MANAGEMENT PRACTICES AND TAXATION, NBAA 1 year 0 Answers 7 views Enlightened

A contract without consideration is:

Question

A. void B. voidable C. ultra vires D. illegal

ATEC II, ELEMENTS OF COMMERCIAL KNOWLEDGE, MANAGEMENT PRACTICES AND TAXATION, NBAA 1 year 0 Answers 8 views Enlightened

Payroll machines are sometimes named as:

Question

A. steel pay-masters B. cheque writing machines C. numbering machines D. serial number machines

ATEC II, ELEMENTS OF COMMERCIAL KNOWLEDGE, MANAGEMENT PRACTICES AND TAXATION, NBAA 1 year 0 Answers 7 views Enlightened

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