Answer the following questions. (2 marks each)

1. Define the law of demand
2. Explain the term Excess Supply
3. State the accounting equation
4. Write short notes on two types of managers
5. Define capital
6. Explain the term drawings
7. How do you understand the word Liability
8. Equity can be explained as?
9. Identify the four (4) basic functions of management.
10. List 4 basic skills required by managers