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Question 1 Report
The scope of commerce is limited to ________
Answer Details
The scope of commerce is not limited to any one specific aspect, as it encompasses a wide range of activities that involve buying and selling goods and services. However, it is often defined as the exchange of goods and services between businesses and consumers. This can include wholesale and retail trade, as well as home and foreign trade, trade and aids-to-trade, and wholesale and entrepot trade. In wholesale trade, goods are sold in large quantities to other businesses, such as retailers or distributors, who then sell the goods to consumers. Retail trade involves the sale of goods in smaller quantities directly to consumers. Home trade refers to the exchange of goods and services within the boundaries of a country, while foreign trade involves the exchange of goods and services between countries. Trade and aids-to-trade refer to the various activities and services that support the buying and selling of goods, such as transportation, banking, insurance, and advertising. Entrepot trade refers to the practice of storing goods in a foreign country for the purpose of re-exporting them to other countries, often to take advantage of lower taxes or tariffs. In conclusion, the scope of commerce is broad and encompasses a variety of different types of trade and trade-related activities.
Question 2 Report
The production process that combines two or more raw materials into end product is
Answer Details
The production process that combines two or more raw materials into an end product is called blending. Blending involves taking two or more raw materials and combining them together to create a mixture that has a desired composition and characteristics. For example, in the food industry, blending is often used to mix different ingredients together to create a finished product such as a soup or a smoothie. In the manufacturing industry, blending may be used to mix different chemicals together to create a specific type of paint or adhesive. Blending can be done using a variety of methods, including mixing by hand, using a blender or mixer, or through automated processes such as conveyor belts and industrial mixing equipment. The process of blending is important because it allows manufacturers to create products that have consistent quality and properties, and also allows them to customize products to meet specific customer needs or market demands.
Question 3 Report
A bill of exchange already accepted can be discounted by the holder in ______?
Answer Details
A bill of exchange already accepted can be discounted by the holder in any bank. A bill of exchange is a financial instrument that allows the holder to receive a certain amount of money on a specified date. When the holder needs money before the due date, they can discount the bill at a bank. This means that the holder will receive a lesser amount of money upfront in exchange for the right to receive the full amount on the due date. The holder can discount the bill in any bank, not necessarily his own bank, as long as the bank is willing to accept the bill as collateral for a loan.
Question 4 Report
Factors considered when setting up a retail business is one of the following _________
Answer Details
The term you are referring to is "capital, type of goods, and source of supply." When setting up a retail business, these three factors are some of the most important considerations. Capital refers to the financial resources or funds available to start and run the business. It is important to have enough capital to cover the costs of setting up the business, purchasing inventory, and operating expenses until the business becomes profitable. The type of goods the business will sell is also important to consider. This includes deciding on the product line, target market, and competition. Finally, the source of supply is an important factor to consider. A retail business needs a steady and reliable source of products to sell, and it is important to establish relationships with suppliers who can provide the right products at the right price and quality. By carefully considering these factors, a retail business can increase its chances of success and sustainability.
Question 5 Report
The stock exchange is a market where _______
Answer Details
The stock exchange is a market where companies can sell shares of ownership in their business to investors. These shares are a type of security called stocks or equities. Investors buy and sell stocks on the stock exchange, hoping to make a profit by buying low and selling high. The stock exchange is open to all types of securities, not just long-term or short-term ones. So, "all types of securities are sold" is the correct answer.
Question 6 Report
When a buyer has been overcharged for goods supplied, the seller issues a _______?
Answer Details
When a buyer has been overcharged for goods supplied, the seller issues a credit note. A credit note is a document issued by a seller to a buyer that serves as a written record of a credit transaction. It is essentially a form of negative invoice that shows that the seller owes the buyer money rather than the other way around. In the case of an overcharge, a seller will issue a credit note to the buyer as a way of acknowledging the mistake and providing a refund for the overpayment. The credit note typically includes information about the original transaction, such as the date and amount of the original invoice, as well as the reason for the credit note. Credit notes are an important part of the sales and purchase process because they help to ensure that transactions are accurate and that any mistakes or discrepancies are promptly addressed. They are also useful for record-keeping and can be used as a reference in future transactions between the buyer and seller.
Question 7 Report
The Nigeria Stock Exchange consist of ______
Answer Details
The Nigeria Stock Exchange consists of both primary and secondary-tier markets. The primary market is where new securities, such as stocks and bonds, are issued and sold to the public for the first time. This process is called an initial public offering (IPO). In the primary market, companies raise funds by selling their securities to investors, which helps them to finance their operations, expand their business, or pay off debt. The secondary market is where previously issued securities are bought and sold among investors without involvement from the issuing company. In this market, investors can trade securities that they already own with other investors, providing liquidity to the market. The price of a security in the secondary market is determined by supply and demand, based on factors such as the company's performance, economic conditions, and investor sentiment. Overall, the Nigeria Stock Exchange provides a platform for companies to raise capital and for investors to buy and sell securities, helping to fuel economic growth and development in Nigeria.
Question 8 Report
The quality of money that describe its uniformity is
Answer Details
The quality of money that describes its uniformity is homogeneity. Homogeneity refers to the uniformity or consistency in the characteristics of a currency, such as its weight, size, color, and denomination. This ensures that all units of currency are the same and can be easily recognized and accepted as payment. If a currency is homogeneous, it helps to reduce confusion and increase confidence in the currency, making it more useful as a medium of exchange.
Question 9 Report
The factor of production that is relatively indestructible and immobile is _______?
Answer Details
This is wealth reserved for the production of more wealth. It includes physical cash, building, semi-finished goods.
Question 10 Report
The differences between the central bank and commercial bank is that the former ______
Answer Details
The main difference between central banks and commercial banks is that central banks serve as the "lender of last resort" while commercial banks do not. Central banks are the primary monetary authority in a country and are responsible for managing the money supply, maintaining financial stability, and regulating banks and other financial institutions. One of the key roles of a central bank is to act as a lender of last resort, which means they provide loans to commercial banks and other financial institutions that are experiencing financial difficulties and cannot obtain loans from other sources. On the other hand, commercial banks are financial institutions that accept deposits from the public and provide loans and other financial services to individuals, businesses, and governments. While commercial banks can also lend money to other banks, they do not have the ability to act as a lender of last resort. Discounting treasury bills is one of the tools that central banks can use to manage the money supply and control inflation, but it is not the main difference between central banks and commercial banks. Similarly, while commercial banks do provide loans to the public, this is not the main difference between them and central banks. Finally, while banks do help individuals save their money, this is not a distinguishing feature of central banks, which focus more on regulating the overall financial system rather than individual savings accounts.
Question 11 Report
The letters E and OE stands for __________?
Answer Details
The letters "E" and "OE" are often used in written communication to indicate that there may be mistakes or omissions in the text, but that they should be overlooked or disregarded. "E" stands for "errors," which means that there may be mistakes or inaccuracies in the text. When "E" is used in a document or communication, it means that the author is aware that there may be errors and is asking the reader to overlook them. "OE" stands for "errors and omissions excepted." This phrase is often used in legal documents or contracts to indicate that while the author has taken care to ensure that the document is accurate, there may still be mistakes or omissions. However, the author is not liable for any errors or omissions in the document. In summary, "E" means that errors may exist in the text and "OE" means that errors and omissions may exist, but the author is not responsible for them.
Question 12 Report
A partnership is dissolved due to ________
Question 13 Report
A system where customer patronage is sought by producing what they need is referred to as _______?
Answer Details
The term you are referring to is "market orientation." Market orientation means that a company focuses on understanding and meeting the needs of its customers. The company's efforts are directed towards producing what the customers want and need, rather than just pushing what the company wants to sell. In other words, the company is more concerned with satisfying customer demand than promoting its own products or sales. By having a market orientation, a company can create loyal customers and establish a strong reputation in the market, leading to increased sales and long-term success.
Question 14 Report
At the collapse of a business enterprises, the person appointed to dispose off the assets is called ________?
Answer Details
An Auctioneer is a person who conducts an auction by announcing the lots and controlling the bidding.
Question 15 Report
An instrument used in lieu of legal tender is known as ______?
Answer Details
Money is a type of asset in an economy that is used to buy goods and services from other people. A commodity is a physical item that is interchangeable with another item of the same type or value.
This is the use of specific commodity as a form of money. Its value as a piece of metal is the same with its value as a piece of money.
Question 16 Report
The government agency involved in issuing of export licences is _______?
Answer Details
Export licence is the control document issued by a government agency to monitor the export of sensitive products, prohibited materials (drugs, genetically modified plants) or goods in short supply in the home market.
Is the body responsible for issuing export licences for agricultural and manufactured goods.
Question 17 Report
A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as ____?
Answer Details
The government policy that encourages the transfer of ownership from foreigners to indigenes of the country is known as "indigenisation". Indigenisation policies are intended to empower local citizens and promote their participation in the economy. They typically involve measures to increase the participation of local businesses and individuals in key sectors of the economy, such as mining, agriculture, and manufacturing, by requiring that foreign-owned businesses transfer a certain percentage of their ownership to local citizens or sell it to them outright. The purpose of indigenisation policies is to increase the economic power of local citizens and promote the development of local industries, while reducing dependence on foreign investors.
Question 18 Report
The part of the computer that has the capacity to interpret instruction is _______
Answer Details
The part of the computer that has the capacity to interpret instructions is the central processing unit, also known as the CPU. The CPU is like the brain of the computer, responsible for performing all the necessary calculations and executing instructions that are necessary for the computer to function. It receives input from various devices, including the keyboard and mouse, and uses this information to perform various operations on data stored in memory. Essentially, the CPU reads the instructions stored in memory, processes them, and then sends output to other devices such as the monitor or speakers. So, the CPU plays a crucial role in the operation of a computer, and is responsible for carrying out a wide variety of tasks that are essential for the computer to function.
Question 19 Report
One disadvantages of advertising is that it —
Answer Details
One disadvantage of advertising is that it could be misleading. Advertising is a way for companies to promote their products or services, and sometimes the way they advertise may not be completely honest or accurate. This can lead to consumers being misinformed or deceived about what they are buying. For example, an advertisement may make a product seem more effective than it really is or claim that a product can do things that it cannot. This can be harmful to consumers as they may end up wasting money on something that does not work as advertised or even be dangerous in some cases. Therefore, it is important for companies to be honest and transparent in their advertising to avoid misleading consumers.
Question 20 Report
An example of extractive occupation is ______
Answer Details
An example of an extractive occupation is mining. Mining is an extractive occupation because it involves extracting valuable resources from the earth, such as coal, gold, and diamonds. This process often involves drilling, blasting, and digging in order to extract the resources, which are then sold and used for various purposes. In contrast, teaching, banking, and driving are not extractive occupations. Teaching involves imparting knowledge and skills to others, while banking involves managing financial transactions and driving involves transporting people or goods from one place to another. These occupations do not involve extracting resources from the earth, but instead focus on providing services or facilitating transactions.
Question 21 Report
Production ends when goods and services ________
Answer Details
Production ends when goods and services reach the final consumer. Production refers to the process of creating goods and services to meet the demands of consumers. This process involves a series of steps, starting from the sourcing of raw materials, manufacturing, packaging and labeling, and finally, the distribution of the finished products to the end consumer. So, the production process is considered complete when the goods or services reach the final consumer, who will use or consume them. This is because the ultimate goal of production is to provide products and services to meet the needs and wants of the consumer.
Question 22 Report
The effects of devaluation includes all except _______
Answer Details
Devaluation is the reduction of the value of a country's currency in terms if the value of the currencies of other nations of the world.
There will be a decrease in inputs as citizens will be spending more in buying goods from other countries.
Question 23 Report
Water corporation is an example of ______?
Answer Details
Water corporation is an example of a public enterprise. A public enterprise is an organization that is owned and operated by the government to provide services to the public. The purpose of a public enterprise is to provide essential goods and services that may not be profitable for private companies to provide, but are necessary for the welfare and development of the country. In the case of a water corporation, its primary function is to supply safe and clean drinking water to the public, which is a basic human need. As a public enterprise, the water corporation is owned and funded by the government, and its operations are overseen by a board of directors who are appointed by the government. The main objective of the water corporation is to provide a reliable and affordable water supply to the public, rather than to generate profits for private investors.
Question 24 Report
The function of commerce in relation to production is ______
Answer Details
Options A, B and C are placed under the types of production. When extraction has been made and a desired result attained, without getting the yielded results to the final consumer and without satisfying human wants, the function of commerce has not been actualized. Hence, production is said to be complete when the transferred raw materials have met its aim of satisfying human wants
Question 25 Report
Which of the following legislation aims primarily at the protection of consumers?
Answer Details
The Trade Description Act aims primarily at the protection of consumers. This act requires businesses to provide accurate and truthful information about the products and services they offer for sale. This helps to ensure that consumers are not misled or deceived when making purchasing decisions, and that they receive what they have paid for. In simple terms, the Trade Description Act is in place to protect consumers from false or misleading advertising, and to promote fair and honest trade practices.
Question 26 Report
Another name or term for a dishonoured cheque is ______
Answer Details
Another name or term for a dishonoured cheque is "a bounced cheque". A cheque is considered bounced when the bank that received the cheque returns it to the depositor (the person who wrote the cheque) because the account the cheque is drawn on does not have enough funds to cover the amount of the cheque. This means that the cheque cannot be paid or honoured by the bank and is returned as "bounced".
Question 27 Report
Land as a factor of production does not vary in _______
Answer Details
Land as a factor of production does not vary in nature. In economics, land refers to all the natural resources that are available on or under the surface of the earth, such as forests, water, minerals, oil, and gas. These resources are considered fixed and cannot be produced or reproduced by human efforts. Unlike other factors of production like labor and capital, the quantity of land is fixed, meaning that we cannot create more land. Similarly, the quality of land, such as the soil's fertility or the availability of mineral resources, is determined by nature and cannot be changed by human efforts. However, the cost of land can vary depending on factors such as location, accessibility, and demand. Land in prime locations or with valuable resources will typically have a higher cost than land in less desirable locations or with fewer resources. To summarize, while the quantity, quality, and cost of land can vary, the nature of land as a fixed and non-reproducible natural resource remains constant.
Question 28 Report
The organised effort of consumers to protect themselves against the unfair practices of businessmen is known as __
Answer Details
The organized effort of consumers to protect themselves against the unfair practices of businessmen is known as consumerism. Consumerism is a social and economic movement aimed at protecting the rights of consumers by promoting fair trade practices, better product quality, and safer products. Consumerism aims to ensure that businesses are held accountable for their actions and that consumers have access to accurate information about the products and services they buy. Through consumerism, consumers can organize themselves to demand fair prices, improved product quality, and safer products. In summary, consumerism empowers consumers to protect their rights and interests against unfair business practices.
Question 29 Report
The type of activity which turns processed raw materials into consumer and industrial goods is described as ________
Answer Details
The type of activity which turns processed raw materials into consumer and industrial goods is known as manufacturing. Manufacturing is the process of transforming raw materials or components into finished products that are ready for use or sale. This process involves a series of steps, including processing, assembling, and packaging, to create a final product that meets specific quality standards and customer requirements. Examples of manufacturing include producing cars from steel, assembling electronic devices from various components, creating textiles from raw fibers, and making packaged food items from ingredients. Manufacturing plays a crucial role in the economy of a country by creating employment opportunities, generating revenue, and driving innovation.
Question 30 Report
A major merit of the retaining middlemen is to _______
Question 31 Report
The business unit that applies the principle of one man, one vote is ______
Answer Details
The business unit that applies the principle of one man, one vote is a cooperative society. A cooperative society is a type of business organization that is owned and operated by a group of individuals who come together to achieve a common goal. In a cooperative society, each member has one vote, regardless of the amount of capital they have invested in the business. This means that every member has an equal say in the decision-making process of the business, and no one member can dominate the decision-making process. This principle of one man, one vote is one of the defining features of a cooperative society, and it helps to promote democracy, fairness, and equality in the business. It ensures that every member has an equal voice in the affairs of the business, and that decisions are made in the best interest of the entire group, rather than just a select few. Therefore, a cooperative society can be a great option for people who want to work together to achieve a common goal, while still maintaining a democratic and fair business structure.
Question 32 Report
What is the reward accruable to land?
Answer Details
Land is a valuable asset and can provide various forms of reward. Some of the ways that rewards can accrue to land include: - Rent: Landowners can earn money by renting out their land to tenants for use such as agriculture, commercial purposes, or as a residence. - Profits: Land can be used for commercial or industrial purposes and can generate profits for the owner through the sale of goods or services. - Wages: Land used for agriculture or farming can provide employment and wages for workers. - Interest: Land can also be used as collateral for loans, and the owner can earn interest on the loan. It's important to note that the type of reward that accrues to land depends on how it's used and the specific circumstances of the owner and their property.
Question 33 Report
The concept that refers to the sale, transfer or exchange of goods and services is
Answer Details
The concept that refers to the sale, transfer or exchange of goods and services is called "trade". Trade involves buying and selling goods and services between individuals, companies, or countries. It can occur locally, nationally, or internationally. Trade is an essential part of the global economy and plays a vital role in the growth and development of countries. By engaging in trade, businesses and individuals can access goods and services that they might not otherwise have access to. Additionally, trade allows countries to specialize in producing the goods and services that they are best at, while importing goods and services that they are less efficient at producing. In summary, trade is the process of buying and selling goods and services, and it is a crucial component of the global economy.
Question 34 Report
A major function of trade association is to _______
Answer Details
A major function of trade associations is to foster cooperation among members. A trade association is a group of businesses that operate in the same industry or share a common interest. The main purpose of a trade association is to promote the interests of its members and the industry as a whole. One of the ways that a trade association achieves this goal is by fostering cooperation among its members. By working together, members of a trade association can pool their resources, knowledge, and expertise to achieve common goals. For example, a trade association might help its members to lobby for favorable legislation or regulations, to negotiate better prices from suppliers, or to share best practices for running a successful business. By sharing information and resources, members of a trade association can become more effective and efficient, and the industry as a whole can benefit. In summary, the main function of a trade association is to foster cooperation among its members. This cooperation can lead to a variety of benefits for individual members and for the industry as a whole.
Question 35 Report
A demerit of communication is that it ________
Answer Details
A demerit of communication is that it can give room for distortion of fact. When people communicate, there is a risk that the message can be altered or misunderstood in the transmission process. This can happen due to various factors such as language barriers, differences in cultural backgrounds, personal biases, and technical glitches. Distortion of fact can result in miscommunication, which can lead to confusion, conflicts, and wrong decisions. For instance, if a message is misinterpreted during a business negotiation, it could result in a failed deal or a costly mistake. Similarly, if a news report is distorted, it can misinform the public and cause unnecessary panic or outrage. Therefore, it is important to ensure that communication is clear, concise, and accurate. This can be achieved through proper planning, effective use of communication channels, and active listening. By minimizing the risk of distortion of fact, communication can become a more effective tool for conveying information and building relationships.
Question 36 Report
Risk bearing in business organisation is a function of the _____
Answer Details
Risk bearing in business organization is a function of the entrepreneur. An entrepreneur is a person who creates and manages a business venture, taking on financial risk in the hope of making a profit. In other words, entrepreneurs are the ones who initiate and drive the business, and they are the ones who bear the risks and uncertainties associated with it. Entrepreneurs often invest their own money and resources into their business, and they are responsible for making important decisions such as what products or services to offer, how to market them, and how to manage finances. They are also responsible for navigating and mitigating risks such as market fluctuations, competition, and changes in regulations. In contrast, employees, customers, and managers may play important roles in a business organization, but they typically do not bear the same level of financial risk as the entrepreneur. Customers may choose to buy from a business or not, employees may receive a salary but generally do not invest their own money in the business, and managers may make decisions but are not usually responsible for the overall success or failure of the business.
Question 37 Report
If a business uses part of its profit to develop the area where it operates, the business is fulfilling its ______
Answer Details
The business is fulfilling its social responsibilities. A business is not just about making profits, but also has an impact on the society and environment where it operates. Social responsibility refers to the idea that businesses should not only be focused on making profits, but also consider the well-being of the community and environment. By using part of its profit to develop the area, the business is contributing to the community and improving the quality of life for its residents. This is an example of a business fulfilling its social responsibilities.
Question 38 Report
The process of buying and selling and distribution of goods and services is ______
Answer Details
It is the study of production, distribution and exchange of goods and services aimed at satisfying human wants.
Question 39 Report
A major objective of all business resources is ______
Answer Details
The major objective of all business resources is profit making. In other words, businesses exist to make a profit or generate a financial return for their owners or shareholders. This means that businesses aim to generate more revenue than their costs, so that they can earn a profit. Profit is important for businesses because it allows them to reinvest in their operations, pay their employees, reward their shareholders, and grow over time. Without profits, businesses would not be able to sustain themselves in the long run. However, it is also important for businesses to balance the pursuit of profit with other goals such as providing value to customers, taking care of their employees, and being responsible members of society.
Question 40 Report
Goods and services transferred from seller to buyer without immediate payment is referred to as ______
Answer Details
Goods and services transferred from a seller to a buyer without immediate payment is referred to as "credit sale". In a credit sale, the buyer takes possession of the goods or services but agrees to pay for them at a later date, usually with interest. This type of sale is common in many industries, including retail, automotive, and real estate. The buyer is essentially borrowing money from the seller to make the purchase, and the seller is extending credit to the buyer. Credit sales are a way for buyers to make purchases even if they don't have the funds to pay for the goods or services upfront. They allow buyers to take possession of the item they want or need and pay for it over time. This can be beneficial for buyers who need a product or service immediately, but don't have the full amount to pay for it upfront. However, credit sales can also be risky for both the buyer and seller. The buyer must make sure they can pay back the loan as agreed, and the seller must ensure that they will receive payment for the goods or services they have provided.
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