JAMB UTME - Commerce - 2018

Sudden technological changes can have the effect of making?

Antwortdetails

Sudden technological changes can have the effect of making a company's product obsolete because newer technologies often provide better and more efficient solutions. As a result, companies that fail to adapt to these changes risk losing their market share and becoming irrelevant. Moreover, sudden technological changes can also make a company's management style ineffective, especially if the new technology requires a different approach to managing employees or implementing processes. Similarly, the control mechanism may become difficult to implement if the new technology requires new tools or software that are not compatible with the existing infrastructure. Lastly, sudden technological changes may make it difficult to monitor the motivational factors in the company. For instance, employees may become demotivated if they feel that their skills are no longer relevant or that they cannot keep up with the pace of technological advancement. This can lead to a decline in productivity and morale, which can ultimately affect the company's bottom line.

Given

What is the rate of turnover from the table?

Antwortdetails

The satisfaction of consumer is best explained by

Antwortdetails

The satisfaction of a consumer can be best explained by the marketing concept. The marketing concept is a business philosophy that focuses on identifying and meeting the needs and wants of consumers. It involves understanding the target market and delivering superior value to them by providing high-quality products or services that meet their needs and wants. By adopting the marketing concept, a business can tailor its products or services to the specific needs of its customers, and this can lead to higher levels of customer satisfaction. In turn, satisfied customers are more likely to become loyal customers and spread positive word-of-mouth about the business, which can ultimately lead to increased sales and profits. While product mix, marketing mix, and market segmentation are all important components of a business's overall marketing strategy, they are all ultimately aimed at achieving the marketing concept - delivering value to customers.

An organization which focuses on consumers satisfaction is practicing

Antwortdetails

The organization that focuses on consumer satisfaction is practicing the marketing concept. The marketing concept is a business philosophy that emphasizes meeting the needs and wants of customers while achieving the organization's goals. It involves researching and understanding the needs of target customers, developing products and services that meet those needs, and then promoting and distributing those products effectively. By focusing on consumer satisfaction, the organization is prioritizing the customer's needs and aiming to provide them with the best possible experience. This approach is in contrast to the selling concept, which focuses more on pushing products onto customers regardless of their needs or wants. Similarly, consumerism is a social movement that advocates for the rights and protection of consumers, while market segmentation is a strategy of dividing a market into smaller groups of customers with similar needs and characteristics for targeted marketing efforts.

What do we call agreement between two people enforced by law?

Antwortdetails

The agreement between two people that is enforced by law is called a contract. A contract is a legally binding agreement between two or more parties who have agreed to do something or refrain from doing something in exchange for something of value, known as consideration. For a contract to be valid, there must be an offer made by one party, acceptance of that offer by the other party, and consideration exchanged between the parties. The terms of the contract must be clear and unambiguous, and the parties must have the legal capacity to enter into the agreement. Once a contract is signed, both parties are obligated to fulfill their respective obligations, and if either party breaches the terms of the contract, the other party may seek legal remedies.

A company which issues a promissory note in lieu of payment for goods purchased

Antwortdetails

Taking a new product to a particular part of the country to test the reaction of consumers to the product is referred to as?

Antwortdetails

The term used to describe taking a new product to a particular part of the country to test the reaction of consumers to the product is Sampling. Sampling involves offering a limited number of products to potential customers for free or at a reduced price, in order to gauge their interest and get feedback on the product. This allows companies to test their products in a particular market before committing to a full-scale launch. Sales promotion refers to short-term incentives that encourage customers to make a purchase, such as discounts or special offers. Merchandising refers to the process of displaying and promoting products in a retail store or other sales environment. Advertising refers to the use of various media, such as television, radio, print, and online, to promote a product or service to a large audience.

The progragramme that makes up the operating system in a computer system is called? 

Antwortdetails

The programme that makes up the operating system in a computer system is called system software. The operating system is a critical part of a computer system, as it manages the computer's hardware and software resources, and provides a user interface for interacting with the computer. The system software is a collection of programmes that make up the operating system, including the kernel, device drivers, system utilities, and other components. The kernel is the core of the operating system, responsible for managing memory, processing tasks, and handling input/output operations. Device drivers are programmes that allow the operating system to communicate with hardware devices such as printers, scanners, and network adapters. System utilities are programmes that help users manage and configure the computer system, such as file managers, system settings, and security tools. Micro programs and syntax are not typically used to refer to the programmes that make up the operating system. Micro programs are low-level instructions that are stored in the computer's firmware and used to control the processor's operation, while syntax refers to the rules and structure of a programming language. Similarly, a system flow-chart is a visual representation of the flow of operations in a computer system, but it is not a programme that makes up the operating system.

Which of the following functions is not performed by warehousing?

Antwortdetails

The function that is not performed by warehousing is "creating scarcity of goods." Warehousing primarily serves the purpose of storing goods in a safe and organized manner until they are needed for further use or transportation. This ensures that the goods are protected from damage, theft, or any other kind of loss. Stabilization of price is a significant function of warehousing. By storing goods when their supply is high and releasing them when the demand exceeds the supply, warehousing helps regulate the price of goods in the market. This helps prevent price fluctuations, which can be harmful to both producers and consumers. Production ahead of demand is another function of warehousing. Warehouses allow producers to manufacture goods in advance of demand and store them until they are required. This enables them to meet the demand of the market promptly and maintain a consistent supply of goods. Creating scarcity of goods is not a function of warehousing. In fact, warehousing aims to reduce scarcity by ensuring that goods are available when needed. If goods are kept in warehouses, they are readily available to meet the demand, which can help prevent scarcity. In summary, the primary function of warehousing is the storage of goods. Warehousing also helps stabilize prices, enables production ahead of demand, and prevents scarcity of goods.

Which is the fastest means of transportation?

Antwortdetails

In general, air transportation is the fastest means of transportation. This is because airplanes can travel at extremely high speeds, reaching hundreds of miles per hour. In comparison, water transportation such as boats and ships typically move at much slower speeds due to resistance from the water. Similarly, rail and road transportation are also limited by factors such as traffic, terrain, and speed limits. Of course, there are exceptions to this rule. For example, in certain situations such as traveling short distances or in congested urban areas, road transportation may actually be the fastest option. And while air transportation may be the fastest in terms of raw speed, it can be limited by factors such as security checks, boarding procedures, and delays due to weather conditions. Overall, while there are many factors to consider, in terms of pure speed, air transportation is typically the fastest means of getting from one place to another.

The agency in Nigeria which ensures that products conform with government quality specifications is the?

Antwortdetails

The agency in Nigeria that ensures that products conform with government quality specifications is the Standard Organisation of Nigeria (SON). The Standard Organisation of Nigeria is a regulatory body that is responsible for setting standards for products, services, and systems in Nigeria. They ensure that products meet the required quality specifications and are safe for consumers to use. SON is tasked with the responsibility of inspecting goods produced both locally and imported into Nigeria to make sure that they meet the quality and safety standards set by the Nigerian government. In summary, if you want to make sure that a product you're buying or producing meets the required quality standards in Nigeria, the agency to contact is the Standard Organisation of Nigeria (SON).

One of the major problems of a sole proprietor is sourcing for

Antwortdetails

As a sole proprietor, one of the major problems you may face is sourcing for funds. This is because you are the sole owner of your business and responsible for all its financial obligations. You have to provide the initial capital to start the business and also fund all its operations and expenses. This can be a challenge if you don't have enough personal savings or can't access external sources of funding like loans, grants or investors. Sourcing for labour, raw materials, and machineries can also be challenging, but these problems can be managed through effective planning and organization. For example, you can hire employees on a contract basis or outsource some tasks to freelancers or specialized service providers to reduce labour costs. You can also negotiate with suppliers for better prices, establish good relationships with them, and explore alternative sources of raw materials and machineries to ensure a steady supply at a reasonable cost. However, sourcing for funds can be a more difficult challenge as it determines the viability and growth of your business. Without enough funds, you may not be able to cover your expenses, pay your bills, or invest in new opportunities that can help your business expand. Therefore, it's important to have a solid financial plan and explore all available funding options to ensure the sustainability and success of your business as a sole proprietor.

The two main categories under which marine losses fall into are

Antwortdetails

The two main categories under which marine losses fall into are: Total loss and partial loss. A total loss occurs when a ship or cargo is completely destroyed, damaged beyond repair, or lost at sea. In this case, the insurer pays out the full insured value of the ship or cargo. A partial loss occurs when a ship or cargo is damaged but can still be repaired or salvaged. In this case, the insurer pays only for the cost of repair or the decrease in value of the damaged item.

One of the criteria for differenciating consumer markets from industrial ones is the?

Antwortdetails

Rights issue means the?

Antwortdetails

Money is generally acceptable for transaction due to

Antwortdetails

Distribution of goods belongs to

Antwortdetails

The distribution of goods generally belongs to the commercial industry. The commercial industry involves businesses that buy and sell goods to make a profit. These businesses can be wholesalers, retailers, or online stores. When goods are produced by the manufacturing, extractive, or construction industries, they are then sold to commercial businesses who distribute them to the end-users or customers. For example, when a car is manufactured in a factory, it is sold to a dealership or a distributor, who then sells it to the end-user or customer. Similarly, when a farmer grows vegetables, they sell their produce to a grocery store or a food distributor, who then sells the vegetables to the end-users or customers. Therefore, the commercial industry is responsible for the distribution of goods to the end-users or customers.

The act of selling in a foreign market at a price lower than the cost price is called

Antwortdetails

The act of selling in a foreign market at a price lower than the cost price is called "dumping". This means that a company is selling its products in another country at a price that is below the cost of production, or below the price that it charges in its home market. Dumping is often used as a strategy by companies to gain a foothold in a new market or to increase their market share. However, it can be harmful to the local businesses in the foreign market because they may not be able to compete with the low prices of the dumped products. In some cases, dumping can also be illegal under international trade laws. To summarize, dumping is the act of selling products in a foreign market at a price that is lower than the cost of production, which can harm local businesses and may be illegal under international trade laws.

The above chart represents the

Antwortdetails

Antwortdetails

The temporary working area of the control processing unit is called RAM, which stands for Random Access Memory. RAM is a type of memory that the computer uses to store data and programs that are currently in use. When the computer is turned off, the data stored in RAM is lost. This is why it is called "temporary" memory. In contrast, ROM, which stands for Read-Only Memory, is a type of memory that permanently stores data and programs even when the computer is turned off.

A form of money that has gone out of use is ?

Antwortdetails

The form of money that has gone out of use is commodity money. Commodity money is a type of currency that is made of a physical commodity with intrinsic value, such as gold, silver, or salt. In the past, people would use these commodities as a medium of exchange because they were valuable in and of themselves. However, as economies grew and became more complex, commodity money became impractical and inconvenient for day-to-day transactions. In its place, bank money and paper money emerged as more convenient forms of currency that are easier to handle and transact with. Today, most countries use fiat money, which is not backed by a physical commodity but by the government's guarantee of its value.

Bank giro is a system where?

Antwortdetails

The elements in marketing mix that ensures goods are available when and where needed is

Antwortdetails

The element in the marketing mix that ensures goods are available when and where needed is "place". In marketing, "place" refers to the distribution of a product to its customers. It involves making the product available in the right location, at the right time and in the right quantity to meet customer demand. For example, if a customer wants to buy a specific product, they expect to find it easily in a store near them, and not have to go out of their way to find it. This means that the product needs to be available in multiple retail locations, and be restocked regularly to ensure it is always in stock when a customer wants to purchase it. In summary, the "place" element of the marketing mix involves ensuring that the product is distributed effectively to meet customer demand, and making it available at the right place, at the right time, and in the right quantity.

A form of ownership which exploits the strenght of one partner to remedy the weakness of the other is the?

Antwortdetails

What’s the first form an applicant must complete before taking an insurance policy?

Antwortdetails

The first form an applicant must complete before taking an insurance policy is the proposal form. This is a document that provides information about the applicant and the property or risk being insured. The proposal form is used by the insurer to assess the risk associated with the policy and to determine the premium that the applicant will be charged. The proposal form typically includes questions about the applicant's personal information, such as name, address, and occupation, as well as details about the property or risk being insured. For example, if the applicant is seeking a home insurance policy, the proposal form may ask about the age and condition of the home, its location, and any previous insurance claims made by the applicant. It's important for applicants to provide accurate and complete information on the proposal form, as any inaccuracies or omissions could affect the insurer's assessment of the risk and the terms of the policy. Once the proposal form is completed and submitted to the insurer, the insurer will review the information and decide whether to offer coverage and at what premium.

Antwortdetails

The Food and Drug Department of the Federal Ministry of Health has the power to order the withdrawal of a particular food item from circulation in Nigeria. This is because the Food and Drug Department is responsible for ensuring the safety, efficacy, and quality of food and drug products in Nigeria. They have the authority to regulate and enforce standards for food items in order to protect public health. If the Food and Drug Department identifies a particular food item that poses a threat to public health, they can order its withdrawal from circulation until the issue is resolved. This is done to prevent the food item from causing harm to consumers. It is important to note that other agencies such as the Standard Organization of Nigeria and Local Government Health Inspectors also have a role to play in regulating and enforcing food safety standards, but they do not have the same level of authority as the Food and Drug Department of the Federal Ministry of Health.

A merchant wholesaler is referred to as?

Antwortdetails

A merchant wholesaler is a person or a company that buys goods in large quantities from manufacturers and sells them in smaller quantities to retailers or other businesses. They act as intermediaries between the manufacturers and retailers, helping to bridge the gap between the two. Out of the options given, a merchant wholesaler is not a del-credere agent, a broker, or a factor. A del-credere agent is a type of agent who guarantees payment to the seller in case the buyer defaults. A broker is a person or a firm that arranges transactions between buyers and sellers, but they do not take ownership of the goods themselves. A factor is a person or a company that buys accounts receivable from businesses at a discount and then collects the full amount owed by the customers. A rack jobber, on the other hand, is a type of merchant wholesaler who specializes in managing and merchandising inventory for retailers. They typically provide display racks, restock merchandise, and maintain inventory levels at retail locations. Rack jobbers usually earn a commission on the sales made by the retailer, and they are responsible for managing the inventory risk. In summary, a merchant wholesaler is a type of intermediary who buys goods in large quantities from manufacturers and sells them in smaller quantities to retailers or other businesses, while a rack jobber is a specific type of merchant wholesaler who specializes in managing and merchandising inventory for retailers.

Privatization is

Antwortdetails

i. personal savings. ii. retained earnings iii. accrued taxes.

Which of the items constitute internal sources of financing for companies?

Antwortdetails

Consumer sovereignty means that the consumer is?

Antwortdetails

Consumer sovereignty means that the power is in the hands of the consumers, and that the market is driven by their wants and needs. This means that companies and producers must take into account what consumers want and need in order to be successful. Consumers have the final say in what is produced and what is not by choosing what to buy and what not to buy. This does not mean that consumers are always right or always independent, but it does mean that their choices and decisions play a major role in shaping the market.

Goods and services are made available to consumers through

Antwortdetails

One of the obstacles to achieving the objectives of ECOWAS is?

Antwortdetails

One of the obstacles to achieving the objectives of ECOWAS is the issue of language differences. ECOWAS, which stands for the Economic Community of West African States, is a regional economic organization made up of fifteen West African countries. Its primary goal is to promote economic cooperation and integration among member states, with the aim of creating a unified economic market in the region. However, one major obstacle to achieving this goal is the language differences among member states. West Africa is a linguistically diverse region, with over 2,000 different languages spoken. English, French, and Portuguese are the three official languages of ECOWAS, but many other languages are also spoken in the region. This diversity in languages creates communication challenges for member states, which can make it difficult to coordinate and implement policies and initiatives. It also makes it harder to build a shared regional identity and culture, which is a key component of creating a unified economic market. In conclusion, language differences are an obstacle to achieving the objectives of ECOWAS, as they can hinder communication, coordination, and the development of a shared regional identity.

A debenture holder is entitled to

Antwortdetails

A debenture holder is entitled to receive interest on the amount of money they have lent to the company by purchasing a debenture. The interest rate and payment schedule will be set out in the debenture agreement. Unlike shareholders, debenture holders do not have an ownership stake in the company, so they are not entitled to receive dividends, commissions, or a share of the profits. Their return on investment is limited to the interest payments specified in the debenture agreement, and they have no say in the management of the company.

Chinyere agreed to make a dress for Halima with September 20, 1995 as the delivery date. If the dress was not ready at that date, Halima could

Antwortdetails

The business organisation in which shareholders have equal votes is?

Antwortdetails

The business organization in which shareholders have equal votes is a cooperative. In a cooperative, each shareholder is typically given one vote, regardless of the number of shares they own. This means that each shareholder has an equal say in the decision-making process of the organization, which is different from other types of businesses where the number of votes is often proportional to the number of shares owned. Cooperatives are businesses that are owned and run by their members, who may be customers, employees, or other stakeholders. They are typically formed to meet the common needs and aspirations of their members, and they operate according to principles of democratic control and participation. In addition to giving each member an equal say in the organization, cooperatives often distribute profits among their members in proportion to their participation in the business.

When does production ends?

Antwortdetails

From which of the following sources can partnership increase their capital?

Antwortdetails

Partnership can increase their capital through the admission of new partners and the sales of shares. When a new partner joins the partnership, they bring in additional capital, which increases the overall capital of the partnership. Similarly, when shares in the partnership are sold, it generates additional capital which also increases the total capital of the partnership. Discharging a mortgage or receiving grants from relatives may not directly increase the capital of the partnership, but they can improve the financial position of the partnership and make it easier for the partnership to raise capital in other ways.

The duties paid on goods produced locally is

Antwortdetails

The duty paid on goods produced locally is called "excise duty". Excise duty is a tax on goods that are produced, sold or consumed within a country, and is typically imposed at the point of production or sale. In other words, if you produce goods in a country and sell them within that same country, you will likely have to pay an excise duty. Excise duty can be levied on a wide range of products, including alcohol, tobacco, fuel, and luxury goods. The rate of excise duty varies depending on the type of product and the country in which it is produced. The purpose of excise duty is to generate revenue for the government and to discourage the consumption of certain products. Unlike ad-valorem duty, which is calculated as a percentage of the value of the goods, excise duty is usually calculated on a per-unit basis. For example, a certain amount of excise duty might be charged for each liter of alcohol produced or for each pack of cigarettes sold. Export duty, on the other hand, is a tax on goods that are exported out of a country. Quota is a restriction on the quantity of goods that can be imported or exported.

In the law of contact, a counter offer operates as

Antwortdetails

A counter offer operates as a rejection. In the law of contract, a counter offer is a response to an original offer that changes the terms of the agreement. It acts as a rejection of the original offer and a new offer from the person making the counter offer. Until the new offer is accepted, there is no contract. So, if you receive a counter offer, it means that the person you made the original offer to is not accepting it as it is, but instead, they are proposing new terms for the agreement.

The Central Bank Monetary policy instrument by which it buys and sells securities is called

Antwortdetails

The Central Bank monetary policy instrument by which it buys and sells securities is called "Open market operation". Open market operation refers to the process by which the Central Bank of a country buys or sells government securities in the open market, i.e., from banks, financial institutions, or the general public. When the Central Bank buys securities, it injects money into the economy, which increases the money supply and reduces the interest rates. This is because the banks will have more money to lend out to individuals and businesses, and they will do so at a lower interest rate. On the other hand, when the Central Bank sells securities, it reduces the money supply in the economy, which increases the interest rates. This is because the banks will have less money to lend out, and they will do so at a higher interest rate to maintain their profit margins. In summary, open market operations are an important tool for the Central Bank to manage the money supply in the economy and influence the interest rates.