Define money and state its three functions in business. Explain internal and external trade with an example of each.

Section A: Objective Questions 27. (b) typewriter is the most popular and commonly used machine in government and private offices for typing official letters and documents. 28. (c) transportation refers to the activity that facilitates physical movement of goods and individuals from one place to another. 29. (a) by air is the fastest mode of transportation. 30. (c) A and B (cheap and convenient) are advantages of land transportation. THORY (Theory) Questions 1a. Define money. Money is anything generally accepted as a medium of exchange, a measure of value, and a store of value. 1b. State three functions of money in business. • Medium of Exchange: Money facilitates transactions by allowing goods and services to be exchanged without the need for barter. • Unit of Account: Money provides a common measure of the value of goods, services, and assets, simplifying pricing and accounting. • Store of Value: Money can be saved and retrieved later to purchase goods and services, maintaining its purchasing power over time. 2a. Explain internal and external trade. Internal trade refers to the exchange of goods and services within the geographical boundaries of a single country. External trade (or international trade) refers to the exchange of goods and services between different countries. 2b. Give one example of each. • Internal trade example: A farmer in one state selling produce to a market in another state within the same country. • External trade example: A company in the United States importing cars manufactured in Germany. 3a. Highlight at least three means of communication. • Verbal Communication: Involves the use of spoken words. • Written Communication: Involves the use of written words, such as emails, letters, or reports. • Non-verbal Communication: Involves conveying messages without words, through body language, gestures, or facial expressions. 3b. List and explain two disadvantages of written communication. • Time-consuming: Preparing, drafting, and sending written messages can take a significant amount of time compared to verbal communication. • Lack of immediate feedback: Unlike verbal communication, written communication often does not allow for instant responses or clarification, which can delay understanding or decision-making. 4a. What is visual communication? Visual communication is the process of conveying information and ideas through visual elements such as images, graphs, charts, diagrams, videos, and other visual aids. 4b. Define business plan. A business plan is a formal written document that outlines a business's goals, strategies, financial projections, and how it plans to achieve these objectives. 5a. List at least four types of communication. • Verbal Communication • Non-verbal Communication • Written Communication • Visual Communication 5b. Highlight two (2) importances of communication? • Information Sharing: Effective communication ensures that necessary information is accurately and timely transmitted among individuals and departments, facilitating operations. • Decision Making: Clear communication provides the basis for informed decision-making by ensuring all relevant data and perspectives are shared and understood.