JAMB UTME - Commerce - 2015

The business organization established mainly for the purpose of carrying out specific assignment for a specific duration is a

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A Joint Venture is a business organization established mainly for the purpose of carrying out a specific assignment for a specific duration. It is a type of partnership in which two or more companies come together to work on a project or to offer a service. The companies involved in a joint venture share the profits and losses and work together towards a common goal. The joint venture is usually formed for a limited period of time and is dissolved after the project is completed.

$\begin{array}{cc}\text{Opening stock}& 1800\\ \text{Purchases}& 2800\\ \text{Sales}& 800\\ \text{Closing stock}& 800\\ \text{Carriage on sale}& 500\end{array}$

Calculate the value of the unused stock.

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Closing stock for the year of an accounting period is also regarded as unused stock.

The effective and efficient delivery of the desired satisfaction by a firm is said to be the practice of

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The practice of delivering the desired satisfaction to customers in an effective and efficient way is called the Marketing Concept. The marketing concept is a customer-focused approach to doing business. It means that the company focuses on understanding the needs and wants of its customers and then creates products and services that meet those needs. The company also focuses on promoting and selling those products in a way that is appealing to the customer. By doing this, the company aims to deliver the highest level of satisfaction to its customers and build long-lasting relationships with them. In simple terms, the marketing concept is all about putting the customer first and making sure they are happy with what the company is offering.

In the permanent storage device, DASD means

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Option C is the correct answer because it is a magnetic storage unit, in which the access mechanism and storage medium can be positioned directly at the addresses sought to read or write specific data items.

Given:

$\begin{array}{cc}\text{Opening stock}& 50,000\\ \text{Purchases}& 200,000\\ \text{Sales}& 350,000\\ \text{Closing stock}& 80,000\end{array}$

What is the cost of good sold?

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To calculate the cost of goods sold (COGS), we need to subtract the closing stock from the sum of the opening stock and purchases. The COGS is the cost of the products that were sold during the accounting period. So, let's calculate the sum of the opening stock and purchases: Opening stock + Purchases = ₦50,000 + ₦200,000 = ₦250,000 Now, let's subtract the closing stock from this sum: COGS = (Opening stock + Purchases) - Closing stock = ₦250,000 - ₦80,000 = ₦170,000 Therefore, the cost of goods sold is ₦170,000. Option C is the correct answer. The cost of goods sold is an important figure in accounting as it is used to calculate gross profit, which is the difference between sales revenue and COGS. Gross profit is a measure of how efficiently a company is using its resources to produce and sell its products.

The external environmental factors that affect a business cooperation are

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these elements affect the operation of business eternally factor which can affect the operations of the business.

The term 4 net 7 on an invoice means that

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The term "4 net 7" on an invoice means that a 4% discount will be given on the price charged if payment is made within seven days of the invoice date. Essentially, the seller is offering a small discount as an incentive for the buyer to pay promptly. The "4" refers to the percentage discount, and the "net 7" means that the full amount is due in 7 days, after which the discount will no longer be available. This is a common payment term used in business transactions and can help both parties manage their cash flow.

Company has an authorized capital of 100millon shares at N1 per share, out of which 50 million shares have been issued and fully paid-up the remaining 50 million shares have

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The authorized capital of a company refers to the maximum number of shares that the company is authorized to issue. In this case, the company has an authorized capital of 100 million shares at a price of N1 per share. Out of this authorized capital, 50 million shares have been issued and fully paid-up. This means that the company has already sold and received payment for these 50 million shares. The remaining 50 million shares have not yet been issued, which means that the company has not yet offered them for sale to the public. These shares are still available for the company to issue in the future, subject to any regulatory requirements. Therefore, the correct answer is: "Not yet been issued".

$\begin{array}{cccc}\text{Name}& \text{Insure amount}& \text{Actual value}& \text{Actual loss}\\ \text{Mr A}& 30,000& 100,000& 40,000\\ \text{Mr B}& 40,000& 120,000& 50,000\\ \text{Mr C}& 50,000& 15,000& 70,000\end{array}$

If Mr A takes a fire insurance policy with average clause, his compensation will be

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Since the policy is with average clause the formula used in calculating his compensation is

$\frac{\text{Amount insured x total actual loss}}{\text{Total actual value of property}}$

By this formula the compensation will be

Amount insured = N30,000

Amount loss = N40,000

Actual Value = N100,000

=$\frac{30,000\times 40,000}{100,000}$

= $\frac{1200000000}{100,000}$ = 12,000

The implied provisions in every sale of goods as contained in the Sales of Goods Act of 1893 are conditions and?

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The implied provisions in every sale of goods as contained in the Sales of Goods Act of 1893 are conditions and warranties. Conditions are the essential terms of a contract that must be fulfilled in order for the contract to be carried out. In the context of a sale of goods, conditions refer to the fundamental aspects of the transaction that must be met. For example, if you buy a car, a condition of the sale might be that the car is roadworthy and can be legally driven on the roads. Warranties, on the other hand, are promises made about the quality, performance, or condition of the goods being sold. Unlike conditions, the breach of a warranty does not necessarily result in the termination of the contract. For example, if you buy a car and the seller promises that it has a full service history, but it turns out that it doesn't, this would be a breach of warranty, but it wouldn't necessarily mean that the sale is null and void. So in summary, conditions are the essential terms of a contract that must be met, while warranties are promises made about the quality, performance, or condition of the goods being sold. Both conditions and warranties are implied provisions in every sale of goods as contained in the Sales of Goods Act of 1893.

A bond which attracts interest but leaves the capital repaid is referred to as

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The bond which attracts interest but leaves the capital repaid is referred to as an "irredeemable bond". An irredeemable bond is also known as a perpetual bond because it has no maturity date and the issuer is not required to repay the principal amount to the bondholders. Instead, the issuer pays regular interest payments to the bondholders until the bond is redeemed, which typically occurs only when the issuer decides to buy back the bond. This type of bond is different from a redeemable bond, which has a maturity date when the issuer is required to repay the principal amount to the bondholders. Redeemable bonds are more common than irredeemable bonds. An irredeemable bond is also different from a development bond or a long-term loan. A development bond is a type of bond issued by a government or international organization to finance development projects, while a long-term loan is a type of loan with a repayment period of more than one year.

The body regulating the sale and purchase of shares in Nigeria is the

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The body that regulates the sale and purchase of shares in Nigeria is the Securities and Exchange Commission (SEC). The SEC is a government agency established to oversee and regulate the Nigerian capital market. It is responsible for protecting investors, maintaining fair and orderly markets, and promoting the development of the Nigerian capital market. The SEC enforces rules and regulations for the sale and purchase of shares in Nigeria, including those related to disclosure, transparency, and accountability. The Nigerian Stock Exchange (NSE) is a self-regulatory organization that operates under the supervision of the SEC. It provides the platform for trading of stocks and other securities in Nigeria, while the SEC regulates the activities of the NSE and the market participants to ensure compliance with the rules and regulations.

The world tourism organization has it headquarters in

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The World Tourism Organization (UNWTO) has its headquarters in Madrid, the capital city of Spain. The UNWTO is a specialized agency of the United Nations (UN) responsible for promoting sustainable and responsible tourism worldwide. It serves as a global forum for tourism policy issues and provides leadership and support to the tourism sector. The headquarters of UNWTO is located in the Chamartín district of Madrid, and it is responsible for coordinating and implementing tourism-related activities and initiatives around the world.

Which of the following best describes an invoice?

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Option B best describes an invoice. An invoice is a document that specifies the details of a transaction between a seller and a buyer. It contains information such as the quantity, description, prices, and total value of the goods or services being purchased. The invoice serves as a request for payment from the buyer to the seller. In other words, an invoice is a document that a seller sends to a buyer to request payment for goods or services that have been provided. The invoice specifies the terms of the transaction, such as the due date for payment, the amount owed, and the method of payment. It is an important document for both the seller and the buyer, as it helps to ensure that the transaction is properly documented and that both parties have a clear understanding of the terms of the sale. Therefore, option B is the correct answer.

A cheque drawn by a bank official on the bank’s deposit in another bank on a customer’s deposit in another bank

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it is an order by the customer requesting the bank to transfer certain amount from the customer’s account to another bank account, so it is a standing order.

The difference between a private are public limited liability company is that the former

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the former does allow members of the public to subscribe to its shares.

The computer using linear integrated circuit technology complied with quantification of data in term of length and distance is

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mainframe computer is the largest compute which his all the features stated above.

Citizens are against privatization mainly because of

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privatization of government owned companies will bring about increase in prices of goods and services nd this situation will definitely not make the citizens to be happy with the issue of privatization and as such they will be against it.

A type of long-term loan granted to companies with fixed interest rate as well as with redeemable and irredeemable features is referred to as projects.

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A type of long-term loan granted to companies with a fixed interest rate, redeemable and irredeemable features is referred to as a "debenture." A debenture is a type of debt security, similar to a bond, that is issued by a company to raise capital. The company promises to pay a fixed rate of interest to the holders of the debenture, and the loan is typically repayable after a specified period of time. The difference between a debenture and a bond is that a debenture is not backed by any specific assets of the company, while a bond is backed by specific assets. An overdraft is a type of short-term loan, while a term loan is a type of loan that is repayable in installments over a specified period of time.

When an oil exploring and mining company builds a health centre in one community where at operates, such a company is

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The company is fulfilling part of its social responsibility. Corporate social responsibility (CSR) is the concept that businesses have a responsibility to consider the social and environmental impacts of their operations, in addition to their economic performance. Building a health center is an example of a social investment that can have a positive impact on the health and well-being of the local community. By investing in the community's health, the company is showing that it cares about the people who live and work in the area where it operates, and it is helping to create a more sustainable and healthy community.

The document issued to a port authority when goods are deposited is a?

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The document issued to a port authority when goods are deposited is called a dock warrant. A dock warrant is a legal document that provides proof that goods have been deposited in a specific location, usually a warehouse or a dock. It acts as a receipt for the goods and specifies the details of the deposit, including the name of the depositor, the quantity of goods, and the location where the goods are being held. The dock warrant is an important document because it allows the depositor to retain ownership of the goods while they are being held in storage. The document can be used to transfer ownership of the goods, to secure financing, or to claim the goods when they are ready for delivery. In summary, a dock warrant is a document that serves as proof of deposit of goods in a specific location, and it allows the depositor to retain ownership of the goods while they are in storage.

A market where new shares are tracked is known as

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The market where new shares are tracked is known as the Primary Market. In this market, companies issue new shares of stock to the public for the first time, and the proceeds from the sale of these shares go directly to the company. The primary market is where initial public offerings (IPOs) take place, and investors have the opportunity to buy shares directly from the company at the offering price. Once the shares are sold in the primary market, they can be traded on the secondary market, which is where investors buy and sell shares with each other.

The application of division of labour would generally bring about

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Division of labour ensure that there more hands involved in the production of a particular, commodity

The vessels that operate on specific route on high seas and oceans are

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The vessels that operate on specific routes on high seas and oceans are called "Liners". These ships are designed to transport cargo and passengers on fixed routes, and their schedules are usually published in advance. Passenger liners are ships that transport people from one place to another, while cargo liners are ships that transport goods and products. Coastal liners operate along the coastlines and may stop at various ports along the way, while ocean liners travel across the open ocean. Tramp liners, on the other hand, do not operate on fixed routes, and their schedules and destinations may vary depending on the cargo they are transporting and where it needs to go. Tramp liners may carry anything from raw materials to finished goods and may travel to various ports around the world. Therefore, the vessels that operate on specific routes on high seas and oceans are a combination of passenger liners and cargo liners.

The document that gives an important freehand to obtain goods form any manufacturer is

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The document that gives an important freehand to obtain goods from any manufacturer is an open indent. An open indent is a document that is used in international trade to allow a buyer to purchase goods from a manufacturer or supplier with a high degree of flexibility. With an open indent, the buyer has the freedom to purchase goods from the manufacturer at any time within a specified period, without having to place a new order for each purchase. This gives the buyer a great deal of freedom in terms of when and how much they purchase, and it can also help to build a strong relationship between the buyer and the manufacturer or supplier. In contrast, a closed indent is a document that specifies a particular quantity of goods to be purchased, and a consular invoice is a document that is used in international trade to provide customs officials with information about the shipment of goods. A freight note, also known as a bill of lading, is a document that provides details about the shipment of goods and serves as a receipt for the transportation of those goods. So in summary, an open indent is the document that gives a buyer a great deal of flexibility in terms of when and how much they purchase from a manufacturer or supplier.

$\begin{array}{cc}₦& ₦\\ \text{Capital 8000}& \text{Plant and machinery 5000}\\ \text{Net profit 4000}& \text{Motor van 4500}\\ \text{Drawings 200}& \text{Stock 2000}\\ \text{Creditors 2000}& \text{Debtor 1000}\\ \text{Accruals 300}& \text{Bank 100}\\ & \text{Cash 600}\\ 14100& 14100\end{array}$

What is the acid ratio?

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A memorandum of association is applicable to a

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A memorandum of association is applicable to a joint stock company. A memorandum of association is a legal document that sets out the company's constitution and defines the scope of its activities. It is one of the key documents required for the formation of a joint stock company, which is a type of business organization that allows individuals to buy and sell shares in the company. In a joint stock company, the memorandum of association is a fundamental document that outlines the company's objectives, powers, and the rights and liabilities of its shareholders. It also includes details such as the company's name, registered office address, and the amount of share capital it has issued. A partnership, sole trader, and public corporation are different types of business structures that do not require a memorandum of association. Partnerships and sole traders typically have a partnership agreement or a proprietorship deed, while public corporations have articles of association or bylaws.

$\begin{array}{cc}₦& ₦\\ \text{Capital 8000}& \text{Plant and machinery5000}\\ \text{Net profit 4000}& \text{Motor Van 4500}\\ \text{Drawings 200}& \text{Stock 2000}\\ \text{Creditors 2000}& \text{Debtors 1000}\\ \text{Accurals 300}& \text{Banks 100}\\ & \text{Cash 600}\\ 14100& 14100\end{array}$

What is the current ration?

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Which of the following is classified as an immaterial want?

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"Protection" is classified as an immaterial want. Immaterial wants are non-physical things that people desire, such as security, peace of mind, love, and happiness. Protection refers to feeling safe and secure, and it is not a physical item that can be touched or seen. In contrast, raw materials, machines, and goods and services are all physical items that can be used to fulfill material wants.

Second-tier Securities Market differ from the First-tier Securities Market in that the former is?

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Resource committees into the production of relatively few commodities is known as

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The term you are referring to is "Specialization". Specialization refers to the process of focusing on producing a specific product or a limited number of products, rather than producing a wide range of products. This allows a company, country, or region to become an expert in producing that specific product and to increase efficiency, quality, and competitiveness. For example, if a country specializes in producing and exporting coffee, it is likely to have a higher quality coffee, a more efficient production process, and a lower cost of production compared to a country that tries to produce a wide range of products, including coffee.

A direct service is rendered by

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A direct service is a service that is provided directly to a person or group of people without any intermediaries involved. Out of the four options given, the one that best fits this definition is a family doctor. A family doctor provides medical care directly to their patients, without any intermediaries or middlemen involved. They diagnose illnesses, prescribe treatments, and offer medical advice, all through direct interaction with their patients. State counsels and civil servants provide services to the public, but these services are often mediated through a bureaucratic system, which can involve multiple steps and intermediaries. For example, if you need a document from a government office, you may have to go through several levels of bureaucracy before you can obtain it. Police officers also provide a service to the public, but their work involves a level of mediation. They are responsible for enforcing the law and maintaining public safety, but they do so by patrolling the streets, responding to emergency calls, and conducting investigations. They do not provide direct services in the same way that a family doctor does. In summary, a direct service is one that is provided directly to a person or group of people without any intermediaries involved, and a family doctor best fits this definition out of the four options given.

The internet is a system of telecommunication used for

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the devices involved in the internet are electronic devices, the internet is used for sending electronic message.

The principle of subrogation stated that

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The option is in line with the principle of subrogation

The circulating capital of a business enterprise is classified into?

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Use the information below to answer question 14 and 15.

Miamani Plc, whose nominal capital is made up of 5000 000 ordinary shares of 50k each, decided to offer 80% of it to the public and realized only 50% of the amount due.

What is the company's reserve share capital?

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The major determinant of fire insurance premium is the

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The major determinant of fire insurance premium is the type and structure of the property to be insured. This means that the premium amount an individual pays for their fire insurance will depend largely on the type and structure of the building they are insuring. For example, a multi-story commercial building will typically have a higher premium than a single-family home because it is considered a higher risk due to its size and the potential for greater fire damage. Other factors, such as the location of the property, its age and condition, and the materials used in its construction, may also be considered when determining the premium amount.

A machine which enables sales without the physical presence of sales attendant is a

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The machine which enables sales without the physical presence of a sales attendant is called a vending machine. A vending machine is an automated machine that dispenses a variety of products such as snacks, beverages, cigarettes, lottery tickets, and even electronics like smartphones and laptops. It works by accepting payment from the customer, usually in the form of cash or a credit/debit card, and then dispensing the requested product. The advantage of vending machines is that they allow customers to purchase products 24/7 without the need for a sales attendant to be present. This makes them a convenient and efficient way to purchase goods in public places such as airports, train stations, shopping malls, and office buildings. Additionally, vending machines can help reduce labor costs for businesses by eliminating the need for a sales staff.

The measure of independence available to the individual business units that come together is the main difference between

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in merger and acquisition the firms coming together are independent of one another as is not correct because they are types of merge.

The forum for the selling and buying of securities of small and medium companies is called.

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The forum for the selling and buying of securities of small and medium companies is called the "Second tier Security Market." This market is also known as the "Second Market" or "Junior Market" and provides a platform for smaller companies to sell their securities to investors. Unlike the primary market, where newly issued securities are sold to the public for the first time, the second tier market is a secondary market where existing securities of small and medium-sized companies can be traded. This market is often less regulated and less liquid than the primary market or major exchanges, but it provides an opportunity for investors to buy into smaller, growing companies with potential for growth.

Musa obtains wool from his sheep, spins and transform it into cloth which he sells to consumers, this is a form of

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this integration involves the coming of two or more firms at different production stage in the same industry. The production of wool is one stage in the production of cloths while spinning and transformation of the wool into clothes is another stage in the production of clothes

An agent who takes title to goods and has authority to buy and sell on behalf of another is

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As a jobber takes title to the goods and has authority to buy and sell or behalf of another

The business environment that takes into cognizance the age distribution, ethnic mix and educational level of the consumer is?

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The business environment that takes into account the age distribution, ethnic mix, and educational level of the consumer is called the demographic environment. This environment refers to the various characteristics of the population that may affect a business's operations, including their age, gender, income, education, ethnicity, and other factors. By understanding the demographic environment, businesses can tailor their products and services to meet the specific needs and preferences of their target market. For example, a business that sells products primarily to elderly customers would likely focus on making their products easy to use and accessible to people with mobility issues. Similarly, a business that sells products to a diverse ethnic mix would want to ensure that their marketing materials and customer service are culturally sensitive and appropriate. Overall, the demographic environment is an important consideration for businesses that want to successfully market their products and services to different segments of the population.

The development of commercial activate in Nigeria was harnessed by

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Is good storage system makes it possible for goods produced ahead of time to be stored until they are needed.

In product pricing, which of these elements need more consideration than others?

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what the form consider first and most is the cost of production i.e. the cost of producing the product as this determines the price at which the product will be sold.

In a typical manufacturing enterprises, the line function is performed by the

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the marketing department does public relations i.e the public relations department is part of the marketing department

Communication enhances business activities by?

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Communication enhances business activities by facilitating interaction between producers and consumers. Communication allows producers and consumers to exchange information and ideas, which helps them understand each other's needs and preferences. This information exchange helps producers to tailor their products and services to meet the needs of consumers, leading to increased satisfaction and loyalty. Communication also allows for effective negotiation and problem-solving, as well as the development of strong business relationships. By facilitating interaction between producers and consumers, communication plays a crucial role in the success of any business. It is important to note that the other options listed, such as facilitating interaction among media houses, ensuring the movement of goods from the producer to the consumer, and keeping the goods safe until they are needed, are also important for business success. However, communication between producers and consumers is a key aspect of business activities that directly impacts the success of a business by improving the exchange of information and ideas.

Inbound tourism occurs when?

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The development of commerce in west Africa was not hampered by

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The agency in Nigeria which ensure that products conform to government quality specification is the

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The agency in Nigeria that ensures products conform to government quality specifications is the Standard Organization of Nigeria (SON). SON is a governmental organization that is responsible for setting and enforcing standards for all products, goods, and services in Nigeria. They ensure that products meet safety, health, and environmental standards, and that they are fit for their intended purpose. When products conform to the standards set by SON, it means that they have met the minimum requirements for safety and quality, and consumers can be assured that they are getting products that are safe and of good quality. Therefore, if you want to ensure that the products you are buying in Nigeria meet the government quality specifications, you should look for the SON certification mark on the product or packaging.