5. (ii) Write short notes on the following:

(i) Capital (4 marks)
(ii) Profit (4 marks)
(iii) Authorised capital (4 marks)
(iv) Issued capital (4 marks)
(v) Called-up capital (4 marks)

6. (a) Define Central Bank. (4 marks)
(b) Mention four examples of commercial banks in Nigeria. (4 marks)
(c) In a tabular form, give six differences between the central bank and commercial banks. (12 marks)

7. (a) What is the business environment? (4 marks)
(b) List and explain any four business environments. (16 marks)

Central banks and commercial banks serve different purposes within the financial system, with central banks focusing on monetary policy and regulation, while commercial banks provide financial services to individuals and businesses. Understanding the business environment is crucial for businesses to navigate external factors that influence their operations and success.

Explanation:

Central Bank: A central bank is a financial institution that is responsible for overseeing the monetary system of a country or a group of countries.

Commercial Banks in Nigeria: Four examples of commercial banks in Nigeria are First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, and Access Bank.

Differences between Central Bank and Commercial Banks:

The mandate of a central bank is to control the monetary policy of a country, while commercial banks focus on providing financial services to individuals and businesses.
Ownership: Central banks are usually government-owned, whereas commercial banks are privately owned.
Function: Central banks regulate the money supply and interest rates, while commercial banks accept deposits and give loans.
Currency Issuance: Only central banks can issue currency, while commercial banks cannot.
Lender of Last Resort: Central banks act as lenders of last resort in times of financial crisis, which commercial banks do not do.
Independence: Central banks are typically more independent from government influence compared to commercial banks.

Business Environment: The business environment refers to the external factors and forces that affect the operation and success of a business.

Four Business Environments: Four examples of business environments are political environment, economic environment, social environment, and technological environment. These environments can impact business decisions, strategies, and overall performance.

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