List five aids to trade. (i).......... (ii).......... (iii).......... (iv).......... (v).......... (b) Give three differences between home trade and foreign trade. (c) State two functions of commerce. 8. Prepare a balance sheet from the following list of balances.

Here are the answers to your Business Studies questions: 7. a) List five aids to trade. Aids to trade are services that help the buying and selling of goods and services run smoothly. i. Transport ii. Banking iii. Insurance iv. Warehousing v. Advertising i. Transport, ii. Banking, iii. Insurance, iv. Warehousing, v. Advertising 7. b) Give three differences between home trade and foreign trade. Home trade happens within one country, while foreign trade happens between different countries. | Home Trade | Foreign Trade | | :---------------------------------------- | :---------------------------------------------- | | i. Uses a single currency. | i. Involves multiple currencies. | | ii. Operates under one legal system. | ii. Operates under different legal systems. | | iii. Fewer customs barriers and tariffs. | iii. Involves customs duties and tariffs. | | iv. Less complex documentation. | iv. Requires more complex documentation. | | v. Generally lower risks. | v. Generally higher risks (e.g., exchange rate). | See table above for three differences. 7. c) State two functions of commerce. Commerce includes all activities that help move goods from producers to consumers. i. It removes the barrier of place by providing transport. ii. It removes the barrier of time by providing warehousing. iii. It removes the barrier of finance by providing banking services. iv. It removes the barrier of risk by providing insurance. i. Removes the barrier of place (transport), ii. Removes the barrier of time (warehousing). 8. Prepare a balance sheet from the following list of balances. Balance Sheet As at [Date - not provided, so omitted] | Assets | Le | Le | | :---------------------- | :-------- | :-------- | | Non-current Assets | | | | Premises | 1,000 | | | Land | 6,000 | | | Total Non-current Assets | | 7,000 | | | | | | Current Assets | | | | Debtors | 3,500 | | | Cash | 1,000 | | | Stock | 1,000 | | | Total Current Assets | | 5,500 | | | | | | TOTAL ASSETS | | 12,500 | | | | | | Capital and Liabilities | | | | Owner's Equity | | | | Capital | 9,300 | | | Add: Net Profit | 700 | | | Less: Drawings | (2,500) | | | Total Owner's Equity | | 7,500 | | | | | | Non-current Liabilities | | | | Loan | | 1,000 | | | | | | Current Liabilities | | | | Creditors | 500 | | | Bank Overdraft | 3,500 | | | Total Current Liabilities | | 4,000 | | | | | | TOTAL CAPITAL AND LIABILITIES | | 12,500 | See balance sheet above. Send me the next one 📸