February 2025

Balance of Payments

By |2025-02-12T09:23:38+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Balance of payments. Image credit therecordingrevolution.com Balance of payments. Image credit therecordingrevolution.com ZIMSEC O Level Commerce Notes: Balance of Payments (B.O.P)

Balance of payments (B.O.P)

  • This is the difference between Zimbabwe’s total earnings (receipts) and total expenditure.
  • Exported goods and services less imported goods and services.
  • It is calculated for a given year.
  • When the […]
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Certificate of origin

By |2025-02-12T09:40:13+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit kkfreight.com Image credit kkfreight.com ZIMSEC O Level Commerce Notes: Certificate of Origin

Certificate of origin

  • Specifies the name of the country which goods being exported have been manufactured e.g. Made in China.
  • Required for the assessment of amount of duty to be charged on imports from the country of origin.
  • Required when customs […]
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Methods used to correct an unfavourable Balance of Payment

By |2025-02-12T09:24:40+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

South African border post. Image credit drivesouthafrica.co.za South African border post. Image credit drivesouthafrica.co.za ZIMSEC O Level Commerce Notes: Methods used to correct an unfavourable Balance of Payment

Methods and ways of correcting an unfavourable balance of payments.

  • The government of Zimbabwe may use the following ways to correct its BOP if its unfavourable […]
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Certificate of insurance

By |2025-02-12T09:41:02+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit generalmills.com Image credit generalmills.com ZIMSEC O Level Commerce Notes: Certificate of insurance

Certificate of insurance

  • Provides proof that the goods being transported have been insured.
  • Has to be produced when making a claim to the insurance company, if a risk insured against has occurred.
  • Can be an open (floating) insurance policy.
  • To cove […]
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Measures the government can use to control trade

By |2025-02-12T09:25:27+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Beitbridge border post. image credit thezimbabwemail.co.zw Beitbridge border post. image credit thezimbabwemail.com ZIMSEC O Level Commerce: Measures the government can use to control trade

Trade (tariff) barriers.

  • These are measures taken by government to reduce imports and in some cases ban trade completely with some countries.

Customs (import) duty

  • A tax levied on imported […]
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Airway bill

By |2025-02-12T09:41:55+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

An Air Waybill for use with FedEx An Air Waybill for use with FedEx ZIMSEC O Level Commerce Notes: International Trade: Airway bill

Airway bill

  • Also mentioned here.
  • Completed when goods are carried by air.
  • A contract to carry goods aboard an aircraft.
  • An evidence of receipt of goods on board the aeroplane.
  • Gooes together with […]
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Cable (telegraphic) money transfer

By |2025-02-12T09:42:17+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit kanooncurrency.co.uk Image credit kanooncurrency.co.uk ZIMSEC O Level Commerce Notes: Cable (telegraphic) money transfer

  • A method of sending and receiving payments.
  • Payments are made using telegraph,cable or telephone.
  • Payment is made in foreign currency.
  • Money is transferred from the debtor’s (importer’s) account to the creditor’s (exporter’s) account.
  • A safe and fast way of making payments.
  • Money […]
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Functions of customs and excise authorities

By |2025-02-12T09:28:53+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Chirundu Border Post. Image credit trademarksa.org Chirundu Border Post. Image credit trademarksa.org ZIMSEC O Level Commerce Notes: Functions of customs and excise authorities

  • Collect and revenue for the government by charging customs and excise duties.
  • Collect, keep and analyse records of imported and exported goods and services.
  • Control bonded warehouses to ensure that duty […]
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