Question 3
income tax;
import duty;
excise duty.
Observation
A wide spread of candidates performed well in question 3 (a) and (c).
- Most candidates were able to provide answer to the meaning of tax.
- However, stating the functions of stock exchange market was not well done by candidates.
Functions of stock exchange market
- It helps to protect the interest of the investors.
- It helps to promote economic growth and development.
- It helps to generate financial and economic information
- It facilitates the transfer of ownership of shares between investors.
- It is a market where people can invest their money in shares of companies.
- Candidates who attempted this question scored more marks in import duty and excise duty. A straight forward explanation was provided by the candidates. However, inaccurate answers were provided by many of the candidates on income tax.