WAEC SSCE - Commerce - 1989 (Objective)

Question 1 Report

Whichof the following is not true of limited partnership?

Every member is a limited partner

All members are general partners

All members are limited liability

There is at least one ordinary partner

Limited and ordinary members must be equal in number

Production

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Question 2 Report

Which of the following is the the main aim of the Indigenization Decree?

alleviate the effect of inflation

eliminate foreigners from Nigerian economy

remove all obstacles to commercial activities

allow Nigerians greater participation in commercial activities

alleviated the effect of depressed economy

Answer Details

The main aim of the Indigenization Decree was to allow Nigerians greater participation in commercial activities. The Indigenization Decree was a policy implemented by the Nigerian government in 1972, which aimed to transfer ownership and control of certain industries from foreigners to Nigerians. The policy was designed to address the imbalances in the ownership and control of the Nigerian economy, which was largely dominated by foreign companies and investors. By allowing Nigerians to have greater ownership and control of the economy, the government hoped to create more opportunities for economic growth and development, as well as promote a sense of national pride and unity. Overall, the Indigenization Decree was intended to empower Nigerians and encourage their active participation in the country's economic development.

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Question 3 Report

Exchange in the international market which does not involve the use of money as a medium is known as?

foreign aid

counter trade

monetization

foreign trade

enterpot trade

Answer Details

The exchange in the international market that does not involve the use of money as a medium is known as "counter trade." Counter trade is a form of international trade where goods or services are exchanged for other goods or services instead of using money as a medium of exchange. This can take many forms, such as barter, offset agreements, and buyback agreements. Barter involves the direct exchange of goods or services between two parties, without the use of money. For example, a company in one country may trade machinery with a company in another country in exchange for raw materials. Offset agreements are contracts between two parties where one party agrees to purchase goods or services from the other party in exchange for an offset in the form of a purchase of goods or services from the first party. Buyback agreements involve the sale of goods or services by one party to another, with the condition that the buyer agrees to purchase a certain amount of goods or services from the seller in the future. Counter trade is often used in situations where a country may have limited access to foreign currency, or where there may be restrictions on the import or export of certain goods or services.

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Trade

Commerce

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Question 4 Report

The factor of production which is described as wealth set aside for the the production of further wealth is called?

emterpreneur

land

capital

goodwill

labour

Answer Details

The factor of production described as wealth set aside for the production of further wealth is called "capital". Capital refers to the money, machinery, tools, buildings, and other equipment that are used in the production process. It can also refer to the funds that are set aside for investment purposes, such as stocks, bonds, and other financial instruments. Capital is an important factor of production because it helps to increase the efficiency of the production process, and ultimately leads to increased output and economic growth.

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Production

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Question 5 Report

Which of the following conditions may make the manufacturer sell directly to the consumer?

brake in communication

Inaccessibility of the wholesaler's warehouse

The nature of the commodity involved

inadequate transport facility

Trade imbalance

Answer Details

There are various reasons why a manufacturer may decide to sell their products directly to the consumer, but one of the most common is the nature of the commodity involved. Some products, such as specialty goods or luxury items, may require a more personal touch in order to effectively market and sell them. In such cases, selling directly to the consumer can allow the manufacturer to create a more personalized experience and build a stronger relationship with their customers. Other factors such as inaccessibility of the wholesaler's warehouse, inadequate transport facilities or trade imbalance may also influence the decision to sell directly to the consumer.

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Commerce

Occupation

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Question 6 Report

Which of the following is an insurance cover undertaken by the Government for its employees?

Endowment

Marine insurance

Fidelity guarantee insurance

Pensions scheme

Fire insurance

Answer Details

The insurance cover undertaken by the Government for its employees is called Pensions Scheme. Pensions scheme is a type of retirement benefit plan that provides a steady source of income for retired employees. In this scheme, employees make contributions during their working years, and these contributions are invested by the government on their behalf. Upon retirement, the employee receives regular payments from the government, based on the amount contributed and other factors such as the length of service. This ensures that government employees are able to maintain a reasonable standard of living in their retirement years.

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Occupation

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Question 7 Report

The means by which printed messages sent by cable are recorded is called?

poste restante

telecommunication

telephone

telex services

Answer Details

The means by which printed messages sent by cable are recorded is called a telex service. Telex services were a method of telecommunication used for sending messages between various parties before the advent of modern electronic communication methods. A telex machine was used to send and receive printed messages through a telegraph network. The messages were transmitted via cable and recorded on a machine that printed out the message on paper. The telex service was widely used by businesses, government agencies, and news organizations to send and receive information quickly and efficiently. However, with the rise of the internet and electronic communication, the use of telex services has declined significantly.

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Information And Communication Technology (ict)

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Question 8 Report

A trader who wants to buy goods from another country sends?

an advice note

an invoice

a bill of exchange

a statement

an indent

Answer Details

When a trader wants to buy goods from another country, they typically send an invoice to the seller. An invoice is a document that lists the details of the goods being purchased, the quantity, the price, and the terms of payment. The seller then prepares the goods and sends them to the buyer. Once the goods have been shipped, the seller will send a bill of exchange to the buyer, which is a document that represents a promise to pay a certain amount of money on a specific date. The buyer can then either pay the bill of exchange on the due date or arrange for a bank to pay it on their behalf. An advice note is a document that confirms that the goods have been shipped, while a statement is a document that shows the buyer's account balance with the seller. An indent is a document used to order goods from a supplier.

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Trade

Purchase And Sale Of Goods

Commerce

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Question 9 Report

Which of the following towns was important to the trans-Saharan traders?

Enugu

Oyo

llorin

Kaduna

Kano

Answer Details

Kano was an important town to the trans-Saharan traders. This is because Kano was located along one of the major trans-Saharan trade routes that connected West Africa with North Africa and the Mediterranean world. Traders would bring goods such as gold, ivory, kola nuts, and slaves from the forests of West Africa to Kano, where they would be exchanged for salt, textiles, and other goods from North Africa and the Mediterranean. Kano became a center of trade, attracting merchants from all over West Africa and beyond, and grew into a prosperous and cosmopolitan city.

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Trade

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Question 10 Report

Which of the following is not a necessary seaport facility?

Berth

Warehouse

Containers

Cranes

Tramac

Transport, Tourism, Communication And Warehousing

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Question 11 Report

Warehousing is one of the functions of the?

wholesaler

retailer

Chamber of commerce

Ministry of Trade and Industry

Export Promotion Department

Answer Details

Warehousing is one of the functions of the wholesaler. A wholesaler is a business that buys goods in large quantities from manufacturers and sells them to retailers or other businesses in smaller quantities. One of the key functions of a wholesaler is to provide storage facilities for the goods they buy from manufacturers. These storage facilities are known as warehouses. The warehouses are used to store goods until they are needed by the retailers or other businesses that the wholesaler sells to. This allows the wholesaler to offer a continuous supply of goods to their customers, regardless of the manufacturer's production schedules. Additionally, the warehouses are used to inspect and sort the goods before they are shipped to the retailers or other businesses, ensuring that the products are of good quality and meet the customers' requirements.

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Transport, Tourism, Communication And Warehousing

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Question 12 Report

The worth of a life insurance policy be maturity date is known as?

principal value

surrender value

accumulated value

prepaid value

accrued value

Answer Details

The worth of a life insurance policy at maturity date is known as the surrender value. This is the amount that the policyholder is entitled to receive from the insurance company if the policy is surrendered before its maturity date. The surrender value is usually calculated as a percentage of the total premiums paid by the policyholder, minus any fees or charges that may be applicable. The surrender value can be used by the policyholder as a source of cash, or it can be used to purchase another life insurance policy.

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Question 13 Report

The main disadvantage of rail transport to traders is that?

it carries bulky goods only

its cost of carriage is high

it is slow and flexible

it causes road congestion

it travels on schedule

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Question 14 Report

The body controlling the installation and maintenance of telephone in Nigeria is?

NET

ITT

NITEL

NIPOST

NICON

Answer Details

The body controlling the installation and maintenance of telephones in Nigeria is NITEL (Nigerian Telecommunications Limited). NITEL was a state-owned telecommunications company in Nigeria responsible for providing telephone services to the country until its privatization in 2015.

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Advertising

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Question 15 Report

A teleprinter is used to transit?

important documents through the post office

typed message quickly over long distance

data to and form computer

messages to areas within a locality

information within a bank

Answer Details

A teleprinter is a device used for transmitting typed messages quickly over a long distance. It is similar to a typewriter but is connected to a communication network that allows the messages to be transmitted over a distance. The teleprinter works by converting the typed characters into electrical signals that are transmitted over a wire or radio signal to another teleprinter at the receiving end. Teleprinters were widely used in the past for sending messages between different locations, such as between news agencies or government offices. They were also used for communicating with remote locations, such as ships at sea. Teleprinters were an important tool for transmitting messages quickly before the advent of modern communication technologies such as email and instant messaging. Therefore, the correct answer to the question is that a teleprinter is used to transmit typed messages quickly over a long distance. It is not used for transmitting important documents through the post office, data to and from a computer, messages to areas within a locality, or information within a bank.

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Information And Communication Technology (ict)

Finance And Financial Institutions

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Question 16 Report

A shipping company's document detailing the charges for carrying a particular cargo for a specified journey is known as?

dock warrant

freight note

carriage forward

weight note

credit note

Answer Details

A shipping company's document that details the charges for carrying a particular cargo for a specified journey is known as a freight note. This document is also sometimes referred to as a bill of lading or a waybill. The freight note is a legal document that serves as a contract between the shipping company and the cargo owner. It includes information about the cargo, such as the type of goods being transported, the weight or volume of the cargo, and the destination of the cargo. It also includes information about the shipping company's charges, such as the freight rate and any additional charges for services such as handling, insurance, or storage. The freight note is an important document for both the shipping company and the cargo owner, as it provides a record of the terms and conditions of the shipment. It also serves as proof of ownership of the cargo, and can be used to obtain payment for the shipping company's services. In summary, a freight note is a shipping company's document that details the charges for carrying a particular cargo for a specified journey. It serves as a contract between the shipping company and the cargo owner, and includes information about the cargo and the shipping company's charges.

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Purchase And Sale Of Goods In Home And Foreign Trade

Commerce

Finance And Financial Institutions

Money

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Question 17 Report

A counter offer operates as?

an acceptance

an offer

a rejection

an agreement

a contract

Answer Details

A counter offer in a negotiation or a contract operates as a rejection of the original offer, while proposing new terms and conditions to the other party. In other words, a counter offer is a response to an initial offer that changes some or all of the terms of the original offer, creating a new offer to be accepted or rejected by the initial offeror. Therefore, the answer is (c) a rejection.

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Legal Aspects Of Business

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Question 18 Report

Which of the following is a function of NIPOST?

Issuing money order

Issuing dividend warrants

Issuing Travllers cheques

Minting coins

Printing trade journals

Answer Details

NIPOST stands for Nigerian Postal Service, which is responsible for the delivery of mail and other postal services in Nigeria. Therefore, the function of NIPOST is to provide postal services such as sending and receiving letters, parcels, and documents both domestically and internationally. One of the specific functions of NIPOST is issuing money orders, which allows for the transfer of money from one location to another. This service is often used by people who do not have access to bank accounts or other electronic transfer options. Therefore, the correct option is: Issuing money order.

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Money

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Question 19 Report

Which of the following is primarily responsible for protecting against poor quality goods?

Nigerian National Supply Company

Manufacturers Association of Nigeria

Industrial Arbitration Panel

Standards Organization of Nigeria

Nigeria Chambers of Commerce

Answer Details

The Standards Organization of Nigeria (SON) is primarily responsible for protecting against poor quality goods. SON is a regulatory agency of the Nigerian government charged with the responsibility of ensuring that goods produced in Nigeria, imported, and distributed in the country meet the minimum standards of quality and safety. SON has the power to seize and destroy substandard goods, as well as prosecute offenders. The organization also conducts regular inspections of factories, markets, and warehouses to ensure compliance with established standards. By doing so, the SON helps to protect consumers from harmful or ineffective products, and it promotes fair competition among businesses in Nigeria.

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Purchase And Sale Of Goods

Production

Occupation

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Question 20 Report

The management of evaluating the company's performance to determine whether it is achieving its objective is?

controlling

directing

organizing

planning

consulting

Answer Details

The management of evaluating the company's performance to determine whether it is achieving its objectives is called controlling. Controlling is a management function that involves monitoring, comparing, and correcting actual performance with planned performance. It is the process of ensuring that the activities of the organization are carried out in accordance with the plans and objectives of the organization. In essence, controlling involves measuring performance, comparing it with standards, and taking corrective action where necessary to ensure that the objectives of the organization are achieved.

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Legal Aspects Of Business

Elements Of Business Management

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Question 21 Report

The rate at which a country's exports exchange for its imports is called?

balance of payments

balance of trade

terms of delivery

terms of trade

counter trade

Answer Details

The rate at which a country's exports exchange for its imports is called the terms of trade. This refers to the ratio between the prices of a country's exports and imports, and it reflects the relative value of a country's exports compared to its imports. For example, if a country's terms of trade improve, it means that it can purchase more imports with the same amount of exports. Conversely, if a country's terms of trade worsen, it means that it can purchase fewer imports with the same amount of exports. The terms of trade can have significant implications for a country's economy, as they can affect its trade balance, inflation, and overall economic growth.

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Trade

Commerce

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Question 22 Report

Organization formed mainly by traders and manufacturers to cater for the interest of their members is called?

trade union

co-operative societies

trade association

chamber of commerce

manufacturers association

Answer Details

An organization formed mainly by traders and manufacturers to cater for the interest of their members is called a "trade association". Trade associations are formed to promote the common interests of its members, such as lobbying for favorable government policies, providing industry-specific training and education, and networking opportunities. They may also provide information and support to their members regarding legal and regulatory issues, industry trends, and best practices. Trade associations often have a specific focus or specialization, such as regional or national representation, a particular industry sector or product, or a specific trade or professional group.

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Trade

Trade Associations

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Question 23 Report

When a cheque has special crossing it should be?

cashed by the drawer

cashed over counter

Paid into a named bank

paid to the drawee

paid into Central Bank

Answer Details

When a cheque has a special crossing, it means that the cheque can only be paid into a named bank account and cannot be cashed over the counter. Therefore, the correct option is "Paid into a named bank".

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Purchase And Sale Of Goods

Commerce

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Question 24 Report

A company had an authorized share capital of 30,000. It offered applicants N20,000 share capital out of which the company collected N15,000.
What was the unissued capital?

N35,000

N30,000

N15,000

N10,000

N5,000

Business Capital And Profits

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Question 25 Report

Which of the following is not a problem of distribution, sales and merchandizing?

Transporting goods

Trade malpractices

Pressure of sales

Sales force complacency

Easy payment for purchases

Answer Details

The option that is not a problem of distribution, sales, and merchandising is "Easy payment for purchases". Distribution, sales, and merchandising involve getting products from the manufacturer to the consumer, and ensuring that the products are marketed effectively to increase sales. Some of the problems that can be encountered include difficulties in transporting goods, trade malpractices, pressure of sales, and sales force complacency. However, easy payment for purchases is not a problem but rather a solution that can help to increase sales by making it easier for customers to buy products.

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Commerce

Occupation

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Question 26 Report

In which of the following would you advise Mr X Y to check and con firm the exact telephone number of a bank located in Ibadan?

Post Office Guide

Official Gazette

Travellers' guide

Private Branch Exchange

Telephone directory

Answer Details

If Mr X Y wants to confirm the exact telephone number of a bank located in Ibadan, he should check the Telephone directory. The Telephone directory contains a list of phone numbers for individuals, businesses, and organizations. It is arranged alphabetically and can be used to search for a particular phone number based on the name, location, or type of organization. This makes it the most appropriate option for Mr X Y to find the exact telephone number of the bank in Ibadan.

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Information And Communication Technology (ict)

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Question 27 Report

Branding is a good example of?

informative advertising

marketing mix

persuasive advertising

consumerism

competitive advertising

Advertising

Elements Of Marketing

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Question 28 Report

Which o the following is not a component of a company's marketing mix?

Production planning and price structure

Promotional plan

Distribution plan

Economic plan

Public relations plan

Answer Details

The component that is not part of a company's marketing mix is the "Economic plan." The marketing mix consists of the various elements that a company uses to promote its products or services to its target market. These elements are commonly referred to as the 4 Ps: Product, Price, Place, and Promotion. The Economic plan is not a part of the marketing mix because it does not directly relate to the product, its price, distribution, or promotion. Production planning and price structure are two important components of a company's marketing mix. Production planning involves determining how much of a product to produce and when to produce it. The price structure involves setting a price for the product that is competitive and meets the company's financial goals. Promotional plan is another component of a company's marketing mix. It includes the various methods used to promote the product, such as advertising, sales promotions, personal selling, and public relations. Distribution plan is also a critical component of the marketing mix. It involves determining the best channels to use to get the product to the customer, such as through retail stores, online sales, or direct sales. Finally, the public relations plan involves managing the company's reputation and building positive relationships with customers, stakeholders, and the general public. In summary, the marketing mix consists of the four Ps: Product, Price, Place, and Promotion, along with public relations plan, and the economic plan is not part of it.

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Elements Of Marketing

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Question 29 Report

An insurance broker is involved in?

manufacturing occupation

distributive occupation

commercial occupation

extractive occupation

constructive occupation

Occupation

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Question 30 Report

Which of the following is not one of the functions of warehousing?

Goods are avaiable where the are required

Goods are stored until the are required

Production takes place ahead of demand

changes are avoided in prices which may result from shortage and gults

Goods are available when required

Economic Groupings

Transport, Tourism, Communication And Warehousing

Government Policies Relating To Business

Production

Introduction To Business Management

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Question 31 Report

Most payments in international trade are made by means of?

cash

bills of lading

personal cheques

letters of credit

travellers cheques

Answer Details

Most payments in international trade are made by means of letters of credit. A letter of credit is a document issued by a bank that guarantees the seller will receive payment as long as certain delivery conditions have been met. This provides security for both the buyer and the seller in the transaction, as the buyer can be assured that the goods will be delivered before payment is made, while the seller can be assured that they will receive payment as long as they fulfill their end of the deal. Cash, bills of lading, personal cheques, and traveler's cheques are generally not used for international trade payments as they are not secure or reliable enough for such transactions.

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Purchase And Sale Of Goods In Home And Foreign Trade

Commerce

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Question 32 Report

The receipt issued by a warehouse keeper for goods taken into the store is called?

drawback warrant

warranty

divided warrant

dock warrant

custom warrant

Answer Details

The receipt issued by a warehouse keeper for goods taken into the store is called a "dock warrant." A dock warrant is a legal document that serves as proof of ownership of goods that are stored in a warehouse. It is issued by the warehouse keeper or dock manager to the owner of the goods, and it provides detailed information about the quantity, quality, and condition of the goods being stored. The dock warrant can be used as collateral for a loan or as evidence of ownership for trade transactions. When the owner of the goods wishes to take possession of them, the dock warrant must be surrendered to the warehouse keeper, who will then release the goods. In summary, a dock warrant is a type of receipt that serves as proof of ownership of goods stored in a warehouse.

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Production

Occupation

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Question 33 Report

A bill holder wishing to dispose of his bills before maturity would be paid?

the discount value of the bill

the present value of the bill

the premium on the bills only

the accumulated interest on the bills

total face value of the bills with the premium

Answer Details

When a bill holder wants to sell their bill before its maturity date, they can sell it at a discounted value, which is the amount of money that the buyer pays to the seller for the bill. This discounted value is calculated based on the remaining time until the bill matures, the face value of the bill, and the prevailing interest rate. Therefore, the correct answer is "the discount value of the bill".

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Commerce

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Question 34 Report

All advertising campaigns foe consumer goods must pay attention to?

cinema advertising

radio advertising

point of sale

door to door sale

neon signs

Advertising

Elements Of Marketing

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Question 35 Report

Under the law of insurance, exemption causes?

enable the insurance to claim on the insurance company

protect the insurance company under the contract

guard against occurrence of the insured events

protect a third party under the contract

protect the insured against the insurance company

Answer Details

Under the law of insurance, exemption causes protect the insurance company under the contract. Exemption causes are conditions specified in an insurance policy that exclude coverage for certain types of losses or events. In other words, if an event that is excluded under an exemption cause occurs, the insurance company is not obligated to pay out any claims for that event. The purpose of exemption causes is to protect the insurance company from losses that are outside the scope of the policy. For example, if a homeowner's insurance policy has an exemption cause for flood damage, the insurance company is not responsible for covering any damage caused by flooding, even if it is a natural disaster. Exemption causes can vary widely depending on the type of insurance policy and the specific risks that are being insured against. Some common exemption causes include intentional acts by the insured, damage caused by war or terrorism, and damage caused by natural disasters. In summary, exemption causes protect the insurance company under the contract by limiting their liability for certain types of losses or events. This helps to ensure that insurance policies remain financially sustainable and that insurance companies can continue to provide coverage to their customers over the long term.

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Legal Aspect Of Business

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Question 36 Report

Which of the following is not a true characteristic of a Chamber of Commerce?

It is not for profit making

It is open only to political party members

It is democratically administered

It is a voluntary organization

It is independent of government control

Answer Details

The option that is not a true characteristic of a Chamber of Commerce is "It is open only to political party members." A Chamber of Commerce is an organization of businesses that aims to promote and protect the interests of its members. It is not a political organization and therefore should not be restricted to only political party members. The other options are true characteristics of a Chamber of Commerce: it is not for profit making, democratically administered, a voluntary organization, and independent of government control.

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Trade Associations

Commerce

Production

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Question 37 Report

The process of buying and selling and distribution of goods and services is known as?

retail trade

commerce

marketing concept

marketing mix

wholesale trade

Answer Details

The process of buying and selling goods and services is known as commerce. This involves different stages such as production, transportation, warehousing, and distribution. Commerce includes both retail trade, which involves selling products directly to consumers, and wholesale trade, which involves selling products to other businesses for resale or use in their operations. Marketing concept and marketing mix are related to commerce but refer specifically to the strategies used to promote and sell products. Marketing concept is the idea that companies should focus on meeting customer needs and wants in order to be successful, while marketing mix refers to the combination of product, price, promotion, and place (distribution) that companies use to market their products.

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Commerce

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Question 38 Report

Which of the following is an insurance principle?

Endowment

Premium

Proximate cause

Fidelity guarantee

surrender value

Answer Details

The insurance principle among the given options is "Proximate cause." Proximate cause is an insurance principle that is used to determine whether a loss is covered under an insurance policy. It refers to the direct and most immediate cause of a loss. In other words, it is the cause that set in motion a series of events that led to the loss. For example, if a car accident is caused by a driver running a red light, the proximate cause of the accident is the driver running the red light. This is important in determining whether the loss is covered by the driver's insurance policy. The principle of proximate cause is used by insurance companies to assess whether a loss is covered under a policy. If the loss is not caused by a covered peril, or if the proximate cause is excluded by the policy, the claim may not be covered. In summary, the insurance principle among the given options is proximate cause. It is used to determine the direct and most immediate cause of a loss, and is an important factor in determining whether a loss is covered under an insurance policy.

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Legal Aspect Of Business

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Question 39 Report

With regard to payment, the amount payable when no deductions are made is called?

net price

spot cash

not profit

prompt cash

draft

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Question 40 Report

The insured is the?

insurance company

insurance company's client

insurance broker

insurance agent

insurance manager

Answer Details

The insured is the person or entity that has purchased an insurance policy from an insurance company. In other words, the insured is the customer or client of the insurance company who is protected by the policy in case of a covered loss or event. The insurance company agrees to provide financial compensation to the insured for any covered losses or damages, in exchange for the payment of premiums by the insured.

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Legal Aspects Of Business

Legal Aspect Of Business

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Question 41 Report

Production ends when goods?

and services are used by the producer

are packed and labelled

are sold in the market

and services reach the final user

are advertised to the consumers

Answer Details

Production ends when goods and services reach the final user. In other words, production is a process of creating goods and services to satisfy the needs and wants of the consumers. The production process starts with the conversion of raw materials into finished products and ends when those products are made available to the final users. The ultimate goal of production is to provide goods and services that meet the needs and wants of the consumers. Therefore, production does not end when goods and services are used by the producer, packed and labelled, sold in the market, or advertised to the consumers, but it ends when the products reach the final user.

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Production

Occupation

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Question 42 Report

Which of the following is not a means of effecting payment through current account?

Cheques

Standing orders

Giro system

Credit transfer

Credit card

Commerce

Money

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Question 43 Report

The part of business capital with which capital that does not change its form in the process of production is known as?

circulating capital

nominal capital

liquid capital

fixed capital

working capital

Answer Details

The part of business capital with which capital that does not change its form in the process of production is known as fixed capital. Fixed capital refers to the assets of a business that are used repeatedly in the production process, such as buildings, machinery, and equipment. These assets are essential to the production process and are not used up or consumed in the production of goods or services. Instead, they retain their value and are used over an extended period. Fixed capital is a long-term investment that is necessary for the business's operations and growth. It is different from circulating or working capital, which refers to the assets of a business that are used up or consumed in the production process, such as raw materials, labor, and energy.

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Business Capital And Profits

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Question 44 Report

Which of the following functions is performed by the stock exchange markets?

Provision for bulk purchase

Issuing of treasury bills

Provision of the purchase and sale of existing securities

Discounting bills of exchange

Providing for short-term investment

Answer Details

One of the main functions of stock exchange markets is to provide a platform for the purchase and sale of existing securities. Securities are financial instruments such as stocks, bonds, and other investment products that are bought and sold on the stock exchange markets. The stock exchange markets provide a centralized and regulated marketplace where buyers and sellers can come together to trade these securities. By providing a platform for the purchase and sale of existing securities, the stock exchange markets allow companies to raise capital by issuing stocks and bonds to investors. It also allows investors to buy and sell securities, which can help them to diversify their portfolios and potentially earn a return on their investment. Overall, the provision of a purchase and sale platform for existing securities is one of the primary functions of stock exchange markets, and it helps to facilitate investment, economic growth, and capital formation.

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Stock Exchange

Occupation

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Question 45 Report

Which of the following is not required for the dissolution of a partnership?

Experiation of partnership deed

Termination of the venture

One partner notifying the other of his intention to dissolve it

mutual consent of the partners

Order from the registrar of companies

Answer Details

The option that is not required for the dissolution of a partnership is "Order from the registrar of companies". This is because partnerships are not registered with the registrar of companies. Partnerships are governed by partnership agreements or deeds, which specify the terms and conditions of the partnership. Partnerships can be dissolved in various ways, including: 1. Expiration of the partnership deed: Partnerships can be dissolved when the duration specified in the partnership deed expires. 2. Termination of the venture: Partnerships can be dissolved when the business for which they were formed comes to an end. 3. One partner notifying the other of his intention to dissolve it: Partnerships can be dissolved when one partner gives notice to the other partners of their intention to dissolve it. 4. Mutual consent of the partners: Partnerships can be dissolved when all partners agree to dissolve it. Therefore, the dissolution of a partnership requires the agreement of all partners, or the fulfillment of conditions specified in the partnership deed or agreement. It does not require an order from the registrar of companies, as partnerships are not registered with them.

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Legal Aspects Of Business

Legal Aspect Of Business

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Question 46 Report

Which of the following is not necessary when ordering goods?

Trade journal

Letter of enquiry

Invoice

Order form

Catalogue

Purchase And Sale Of Goods

Commerce

Production

View Answer

Question 47 Report

Which mode of transport would you suggest as the most suitable for natural gas?

Air

Sea

Pipeline

Road

Canal

Transport, Tourism, Communication And Warehousing

View Answer

Question 48 Report

Which of the following price quotation contains the cost price, insurance charges and the cost of transporting the goods?

F.O.R

C & F

F.A.S

F.O.B

C.I.F

Answer Details

The price quotation that contains the cost price, insurance charges, and the cost of transporting the goods is C.I.F. C.I.F stands for "Cost, Insurance, and Freight" and is a trade term that requires the seller to arrange and pay for the cost of transporting goods by sea to a port of destination, as well as insurance against the risk of loss or damage to the goods during transit. C.I.F includes the cost of the goods, insurance, and freight charges, and the seller is responsible for delivering the goods to the buyer at the port of destination. Therefore, it provides a comprehensive and all-inclusive price quotation for the buyer, which includes all the costs associated with the transportation of the goods.

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Production

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Question 49 Report

An important marketing concept is that all company planning and operations should be?

profit-oriented

company-oriented

organization-oriented

dividend-oriented

customer-oriented

Answer Details

An important marketing concept is that all company planning and operations should be customer-oriented. This means that a company's strategies, tactics, and operations should focus on understanding and meeting the needs of its target customers in a way that creates value for them. By putting the customer at the center of its planning and operations, a company can create products and services that truly meet customer needs, establish strong customer relationships, and ultimately drive revenue and profits.

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Elements Of Marketing

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Question 50 Report

Information on new goods is passed on to buyers through?

wholesale trade

retail trade

market research

advertising

the manufacturer

Answer Details

Information on new goods is passed on to buyers through advertising. Advertising is a communication process used by manufacturers or sellers to inform, persuade, and remind potential customers about their products or services. Advertising is used to create brand awareness and promote new goods or services to a wider audience. Through advertising, manufacturers and sellers can reach out to their target market and communicate the features, benefits, and uniqueness of their new products. Advertising messages are conveyed through different media, such as print, electronic, and social media. Advertising can be done through various channels, such as television, radio, billboards, newspapers, magazines, and online platforms. It is a crucial tool for informing and educating potential customers about new goods and services, and also for creating demand and driving sales. In summary, advertising is the primary means of passing on information about new goods to buyers. It helps to create brand awareness, promote new products, and reach out to the target market.

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Trade

Elements Of Marketing

Commerce

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Question 51 Report

Buying and selling of goods and services within the geographical areas of a country is called?

enterpot trade

external trade

domestic trade

regional trade

import trade

Answer Details

The term used to describe the buying and selling of goods and services within the geographical areas of a country is "domestic trade." Domestic trade refers to the exchange of goods and services between buyers and sellers within the borders of a single country. This can include the sale of goods and services between businesses (B2B), between businesses and consumers (B2C), and between consumers (C2C). Examples of domestic trade include the purchase of groceries at a local supermarket, the sale of a car between two individuals, and the exchange of goods and services between businesses in the same country. In contrast, external trade (also known as international trade) involves the exchange of goods and services between buyers and sellers in different countries. This can include the import and export of goods, as well as other international business transactions such as foreign investment and licensing agreements.

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Purchase And Sale Of Goods

Commerce

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Question 52 Report

Prior to the issue of a certificate on a motor insurance contract, the insured is issued with?

a licence of insurance

insurance policy certificate

a cover note

a simple receipt

an invoice

Answer Details

Before the issuance of a certificate of insurance for a motor insurance contract, the insured is issued a document called a "cover note." A cover note is a temporary document that serves as proof of insurance coverage until the insurance policy is issued. It is issued immediately after the insurance contract is agreed upon, and it typically contains details such as the name of the insured, the type of insurance coverage, and the duration of the coverage. The cover note is issued as a temporary measure to ensure that the insured has some form of proof of insurance coverage while waiting for the official insurance policy certificate to be issued. Once the policy certificate is issued, the cover note becomes invalid, and the insured should keep the policy certificate as the official document that proves their insurance coverage.

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Purchase And Sale Of Goods

Commerce

Occupation

Trade

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Question 53 Report

The treaty establishing ECOWAS on May 28, 1975 was signed by?

15 Heads of State

14 Heads of State

13 Heads of State

15 Foreign Ministers

12 Heads of State

Answer Details

The treaty establishing the Economic Community of West African States (ECOWAS) was signed by 15 Heads of State on May 28, 1975. The treaty was signed in Lagos, Nigeria, by the leaders of 15 West African countries who recognized the need for regional cooperation and integration to promote economic growth and development in the region. The signatories included the leaders of Benin, Burkina Faso, Cote d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, and Togo. The signing of the treaty marked the beginning of a new era of cooperation among West African nations and laid the foundation for the creation of a regional economic community that has since grown in size and scope.

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Economic Groupings

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Question 54 Report

Through which of the following does the central Bank carrying out the monetary policy of the country?

Discounting bills

Banks rate

Granting overdrafts

Acting as lender of last resort

Acting as banker to commercial banks

Money

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Question 55 Report

A company had an authorized share capital of 30,000. It offered applicants N20,000 share capital out of which the company collected N15,000.
What was the paid-up capital?

N35,000

N30,000

N20,000

N15,000

N5,000

Answer Details

Authorized share capital is the maximum amount of shares that a company can issue to its shareholders. In this case, the authorized share capital of the company is N30,000. The company offered N20,000 worth of shares to interested applicants. However, it only collected N15,000 from the applicants. This means that the total value of the shares that were actually issued and paid for is N15,000. Paid-up capital refers to the actual amount of money that a company has received from its shareholders in exchange for the shares issued. In this case, since the company only collected N15,000 for the shares it issued, the paid-up capital of the company is also N15,000. Therefore, the answer to the question is N15,000.

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Business Capital And Profits

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Question 56 Report

The activities of a company designed to stimulate consumers by giving them samples, premium, or conducting contests are referred to as?

consumer protection

marketing mix

sales promotion

marketing concept

advertising

Answer Details

The activities of a company designed to stimulate consumers by giving them samples, premium, or conducting contests are referred to as sales promotion. Sales promotion is a marketing strategy that aims to increase the demand for a product or service by offering incentives to potential customers. It is often used in conjunction with other marketing strategies, such as advertising and personal selling, to attract customers and increase sales. Examples of sales promotion activities include giving out free samples, offering discounts or coupons, conducting contests or sweepstakes, and providing premium items with a purchase. These activities are designed to encourage customers to make a purchase or try a product, ultimately leading to increased sales and revenue for the company.

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Elements Of Marketing

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Question 57 Report

In the contract of sale of goods,"let the buyer beware" is signified by?

del credere

uberrima fidei

caveat emptor

res ipsa loquitor

caveat vendetta

Answer Details

"Caveat emptor" signifies "let the buyer beware" in the contract of sale of goods. This principle implies that the buyer has the responsibility to examine the goods carefully before buying, as they bear the risk of any defects or problems that may arise. It is up to the buyer to ensure that the goods are suitable for their intended use and that they meet the buyer's expectations. The seller is not obligated to disclose any hidden defects, and the buyer must take care to protect their own interests in the transaction.

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Legal Aspects Of Business

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Question 58 Report

The process whereby a firm buys over the assets and liabilities of another firm is known as?

amalgamation

cartel

factoring

holding

combine

Legal Aspects Of Business

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Question 59 Report

Which of the following is not an obligation of a common carrier?

Carrying goods securely and safely

Liability for losses and demages

Delivery of goods at appropriate places

insuring goods intransit

passing through agreed routes

Answer Details

The obligation that is not typically required of a common carrier is insuring goods in transit. Common carriers are companies or individuals that transport goods or people for hire and are subject to specific legal obligations. These obligations generally include carrying goods safely and securely, delivering them to the appropriate location, and being liable for any losses or damages that may occur during transport. Additionally, common carriers are required to follow agreed-upon routes, which may be designated by the shipper or by law. However, insurance is not typically included as an obligation of common carriers, although some may choose to offer it as an additional service.

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Production

Occupation

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Question 60 Report

A deficit in balance of trade occurs when?

visible exports exceeds invisible imports

total payments exceed visible exports

visible imports exceeds visible exports

invisible exports exceeds invisible imports

invisible imports exceeds visible exports

Answer Details

A deficit in balance of trade occurs when a country imports more goods and services (visible imports) than it exports (visible exports). This means that the total payments a country makes to other countries (including both visible and invisible payments) exceed the payments it receives from other countries through visible exports. The deficit can be partially offset if the country earns more income from invisible exports (such as services and investments) than it pays for invisible imports (such as tourism and royalties).

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Trade

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Question 61 Report

Which of the following is not a means of money?

Divisibility

Portability

Accessibility

Recognizability

Durability

Money

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Question 62 Report

The amount of new capitals with which a new company proposes to be registered is called?

called-up capital

nominal capital

fixed capital

issued capital

circulating capital

Answer Details

The amount of new capital with which a new company proposes to be registered is called the nominal capital. This is the maximum amount of share capital that the company is authorized to issue to its shareholders. The nominal capital is also sometimes referred to as authorized capital or registered capital. It is the amount of capital that is stated in the company's memorandum of association, which is a legal document that sets out the company's purpose, activities, and structure. The nominal capital does not represent the actual amount of money that has been invested in the company, but rather the amount of share capital that the company is authorized to issue. The actual amount of share capital that has been issued to shareholders is called the issued capital. In summary, the nominal capital is the amount of new capital that a new company proposes to be registered with, which represents the maximum amount of share capital that the company is authorized to issue to its shareholders.

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Business Capital And Profits

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Question 63 Report

The powers of attorney that transfers to a third party the shareholders right to vote is called?

warrant

shareholder's benefit

proxy

bond

rights issue

Answer Details

The powers of attorney that transfer to a third party the shareholder's right to vote is called a "proxy." This means that a shareholder who cannot attend a meeting in person can appoint someone else to represent them and vote on their behalf. The person appointed as a proxy can be a friend, a relative, or even a professional adviser. The use of a proxy helps to ensure that all shareholders have a voice in important decisions that affect the company, even if they are unable to attend the meeting in person. The proxy must be authorized by the shareholder, and the shareholder can revoke the proxy at any time.

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Legal Aspects Of Business

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Question 64 Report

Which of the following describes a distinctive symbol title or design that readily identifies the company or its product?

Trust

Trade mark

Trade name

Branch name

Copyright

Answer Details

A trade mark is a distinctive symbol, title, or design that readily identifies a company or its product. It is a form of intellectual property protection for businesses that distinguishes their products or services from those of their competitors. Trade marks can be a word, phrase, symbol, design, or combination thereof that helps consumers identify the source of the goods or services offered by the company. A trade mark can also serve as a valuable marketing tool, as it helps build brand recognition and loyalty.

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Legal Aspect Of Business

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Question 65 Report

For continuous existence, a service oriented concern depends on?

liquid assets

middlemen

patronage of consumers

legislation of the ruling political party

staff strength of the concern

Answer Details

Out of the options provided, the service-oriented concern depends the most on the patronage of consumers for its continuous existence. This means that the business needs to focus on satisfying the needs and wants of its customers through the quality of its service and the value it provides. If the business consistently meets the needs of its customers, it is more likely to attract repeat business and build a loyal customer base. While having liquid assets, a strong staff, and favorable legislation can be beneficial, they are not the most critical factors for a service-oriented business's continuous existence. Similarly, middlemen may be important for certain types of businesses, but they are not a requirement for all service-oriented concerns. Therefore, it is essential for a service-oriented concern to prioritize the satisfaction of its customers in order to ensure its long-term success and sustainability.

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Question 66 Report

A clean bill of leading is so-called because?

the colour is pure, white

it is not stained

it is a document of authority

it has no record of demage goods

it could be tranferred to anybody

Answer Details

A clean bill of lading is a document issued by a carrier (e.g., a shipping line or trucking company) that acknowledges receipt of goods and confirms that they have been shipped in good condition. It is called a "clean" bill of lading because it indicates that the goods have been loaded and transported without any damage or irregularities, and there are no discrepancies between the goods described in the bill of lading and the actual goods being transported. In other words, it is a document that confirms the shipment of goods in an appropriate condition, without any damage, errors or discrepancies.

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Money

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Question 67 Report

Which of the following documents contains the complete information on goods available in the wholesaler's warehouse? the

catalogue

order

consignment note

invoice

delivery note

Answer Details

The document that contains the complete information on goods available in the wholesaler's warehouse is a catalogue. A catalogue is a detailed list of items, products or services that a company has available for sale, which is usually provided to customers so they can browse and select the items they want to purchase. In the context of a wholesaler, a catalogue may contain information such as product descriptions, prices, quantities available, and any other relevant details about the items in their warehouse. An order is a document that a customer submits to request specific items, while a consignment note, invoice, and delivery note are documents related to the shipment and delivery of goods.

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Commerce

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Question 68 Report

It is advantageous to provide services which are natural monopoly through?

sole trades

partnership

public limited liabilities companies

public enterprises

co-operative societies

Answer Details

A natural monopoly occurs when it is more efficient for a single company to provide a particular product or service rather than having multiple companies competing in the market. This is because the fixed costs of providing the product or service are high, while the marginal costs of production are low. In such cases, it is advantageous to provide these services through public enterprises, which are owned and operated by the government. This is because the government has the authority and resources to regulate and control the natural monopolies, ensuring that they are run efficiently and at reasonable prices. Public enterprises also have access to government funding, which allows them to invest in research and development and improve the quality of their services. Another advantage of providing natural monopolies through public enterprises is that they can prioritize social welfare over profits. This means that they can provide services to underserved areas or vulnerable populations that may not be profitable for private companies to serve. In summary, it is advantageous to provide natural monopoly services through public enterprises because they can be regulated and run more efficiently, have access to government funding, and can prioritize social welfare over profits. Therefore, options such as sole trades, partnership, public limited liabilities companies, and co-operative societies are not ideal for providing natural monopoly services.

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Production

Occupation

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Question 69 Report

A company had an authorized share capital of 30,000. It offered applicants N20,000 share capital out of which the company collected N15,000.
What was the issued capital?

N5,000

N10,000

N15,000

N20,000

N35,000

Business Capital And Profits

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Question 70 Report

Which of the following is gilt-edge security?

Government bonds and stocks

Gold mine stocks

Company shares and stocks

Life assurrance policy

Bank stocks and securities

Answer Details

Gilt-edge security refers to government bonds and stocks, which are considered to be low-risk and high-quality investments because they are backed by the government. These securities are generally considered to be very safe investments because they are based on the creditworthiness and stability of the government, which is expected to honor its obligations to pay interest and repay the principal on the bonds or stocks. Therefore, investors seeking low-risk investments often turn to gilt-edge securities.

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Commerce

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Question 71 Report

The critical factor in organizing a business is?

money

capital

machinery

management

control

Answer Details

The critical factor in organizing a business is management. This refers to the process of planning, organizing, directing, and controlling resources to achieve specific goals and objectives. Without proper management, a business may lack direction and fail to utilize its resources effectively. Good management involves making strategic decisions, motivating employees, managing finances, and ensuring that operations run smoothly. Therefore, management is essential in organizing and running a successful business.

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Business Capital And Profits

Commerce

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Question 72 Report

The management function of anticipating the future determining the best course action to achieve company objective is?

directing

organizing

controlling

planning

consulting

Answer Details

The correct answer is "planning". Planning is the management function of setting goals, developing strategies, and outlining tasks and schedules to achieve those goals. It involves anticipating the future and identifying the best course of action to achieve the company's objectives. In the planning process, managers assess the internal and external environments, identify opportunities and threats, and determine the strengths and weaknesses of the organization. Based on this analysis, they develop plans for achieving the company's objectives, allocate resources, and establish timelines for implementation. Effective planning is critical to the success of an organization, as it ensures that the company is moving in the right direction and making progress toward its goals.

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Elements Of Business Management

Introduction To Business Management

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Question 73 Report

Which of the following shows the financial position of a business on a given date?

Bank statement

Balance sheet

journal

Cash book

Trial Balance

Answer Details

The financial statement that shows the financial position of a business on a given date is the "Balance Sheet." A balance sheet is a financial statement that provides a snapshot of a company's financial health at a specific point in time by showing the company's assets, liabilities, and equity. The balance sheet is typically created at the end of a reporting period, such as a fiscal year or quarter, and it shows the company's financial position by providing an overview of what the company owns (assets), what it owes (liabilities), and the difference between the two (equity).

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Legal Aspect Of Business

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Question 74 Report

Which of the following is an invisible export of Nigeria?

Shipping services Nigeria renders to Russia

Nigeria's crude oil to london

banking services rendered to Americans resident in Nigeria

Stockfish from Germany to Nigeria

Nigeria groundnut to egypt

Trade

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Question 75 Report

Which of the following is a disadvantage of Hire Purchase to the consumer?

Its increases turnover

Temptation to buy more than one can pay for

It demands more capitals from the seller

Increased sales lower the seller's units cost

Answer Details

The disadvantage of hire purchase to the consumer is the temptation to buy more than they can pay for. This is because hire purchase allows the consumer to pay for a product in installments over time, which may lead to them overspending beyond their means. This can result in the accumulation of debt and financial stress. It is essential for consumers to carefully consider their budget and ability to make repayments before entering into a hire purchase agreement.

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Elements Of Business Management

Financing Business

Commerce

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Question 76 Report

A partnership is formed for banking business is made up of?

2 - 10 members

2 -20members

2 - 30 members

2 - 40 members

2 - 50 members

Production

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Question 77 Report

If a businessman imports stockfish with a view to exporting them to other countries, this form of trade is known as?

invisible trade

entrepot trade

export trade

import trade

bilateral trade

Answer Details

The form of trade where a businessman imports a product (in this case, stockfish) with the intention of exporting it to other countries is known as "entrepot trade." In entrepot trade, the businessman does not sell the product in the country where it was imported. Instead, they store it temporarily and then re-export it to another country, typically to take advantage of price differences or to access markets that would otherwise be difficult to reach. It is also sometimes referred to as "transshipment trade."

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Trade

Commerce

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Question 78 Report

One of the main aims of the ECOWAS is to?

foster interchange of goods and services among its members

provide a reliable market for stock and shares

have common political system

have common language

have one currency

Economic Groupings

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Question 79 Report

Which o the following is not an attribute of an effective business manager?

Empathy

Subjectivity

Altrumism

Objectivity

self awareness

Answer Details

An effective business manager should possess certain attributes or qualities to manage the business successfully. Empathy is an important attribute that a manager should have as it helps the manager to understand and relate to the concerns of their employees and customers. Self-awareness is also crucial as it helps the manager to understand their own strengths and weaknesses, which can aid in decision-making. Objectivity is also important, as it helps the manager to make rational and unbiased decisions based on the facts available. Altruism refers to selflessness and putting the needs of others before oneself, which can also be a desirable attribute in a manager. On the other hand, subjectivity, which refers to being influenced by personal biases and opinions, is not an attribute of an effective business manager, as it can lead to biased and unfair decision-making. Therefore, the option that is not an attribute of an effective business manager is subjectivity.

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Legal Aspects Of Business

Elements Of Business Management

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Question 80 Report

One disadvantage of advertising is that it?

could be misleadiing through its false claims

decrease sales

makes new products known

teaches the consumer the use of the advertise product

creates employment

Answer Details

One disadvantage of advertising is that it could be misleading through its false claims. Advertisements may sometimes contain exaggerated or false claims about a product or service, which could mislead consumers and harm their interests. Such advertisements may make consumers purchase products or services that do not meet their expectations or may even be harmful to their health or safety. Therefore, it is important for advertisers to ensure that their advertisements are truthful, accurate, and not misleading.

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Advertising

Legal Aspect Of Business

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Question 81 Report

Pure profits is the elements of the paid?

for land

for capital

a manager

to an enterpreneur

for labour

Business Capital And Profits

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Question 82 Report

The last link in the chain of distribution is the?

wholesaler

retailer

consumer

factor

advertiser

Commerce

Occupation

View Answer

Question 83 Report

Which of the following institutions provides the volume of credit to the public?

Building societies

Mail order business

Department stores

Finance houses

Bank

Finance And Financial Institutions

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Question 84 Report

Any powers exercise by a company in pursuance of objectives not authorized by the Memorandum of Association is regarded as?

a trespass

a nuisance

ultra vires

uberrimae fidei

caveat emptor

Answer Details

The correct answer is "ultra vires". When a company exercises powers beyond the scope of its authorized objectives as stated in the Memorandum of Association, it is acting "ultra vires" or beyond its legal authority. This means that any such action is not legally binding on the company or its stakeholders. Therefore, it is important for companies to strictly adhere to the provisions of their Memorandum of Association and ensure that all their actions are within the scope of their authorized objectives.

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Legal Aspect Of Business

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Question 85 Report

The practice of employing specialists in relevant occupation is a feature of?

subsistence economy

mobility of labour

mixed economy

exchange economy

division of labour

Answer Details

The practice of employing specialists in relevant occupations is a feature of the division of labor. This means that workers are assigned specific tasks based on their skills and expertise, which allows them to become more efficient and productive in their work. By focusing on a particular task or set of tasks, workers can develop specialized skills and knowledge, leading to higher quality output and faster production times. The division of labor is a common feature of modern industrial economies, where it is used to increase productivity and efficiency in the production of goods and services.

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Occupation

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Question 86 Report

The essence of marketing is?

exchange

sales

trade

research

profit

Elements Of Marketing

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Question 87 Report

The three main types of speculators found in the Stock Exchange market are?

stags, brokers, and bulls

bulls, bears, and stag

bears, jobbers and jobbers

bulls, brokers and bears

stags, agents and jobbers

Answer Details

The three main types of speculators found in the Stock Exchange market are bulls, bears, and stags. - Bulls: These are speculators who anticipate that the stock prices will increase in the future. Bulls buy stocks with the expectation of selling them at a higher price and making a profit. - Bears: These are speculators who anticipate that the stock prices will decrease in the future. Bears sell stocks with the expectation of buying them back at a lower price and making a profit. - Stags: These are speculators who apply for new shares in a company that is going public with the intention of selling them immediately for a profit, without having any intention of holding on to them for the long term.

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Stock Exchange

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Question 88 Report

Which of the following support the view that there was commerce in Nigeria many years ago?

The economy was consistent

Specialization was minimal

Cowries were used as money

Horses wee used as means of transportation

Communities were interdependent

Commerce

Money

View Answer

Question 89 Report

A telephone call within a town is called?

home call

trunk call

district call

zonal call

local call

Answer Details

A telephone call within a town is called a "local call".

Read lesson note on Transport, Tourism, Communication And Warehousing (WAEC)

Transport, Tourism, Communication And Warehousing

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Question 90 Report

Which of the following convert raw materials into finished goods?

Extractive industry

Manufacturing

Commercial occupation

Constructive industry

Tertiary industry

Answer Details

Manufacturing is the industry that converts raw materials into finished goods. Manufacturing involves the use of machinery, tools, and labor to transform raw materials into finished products. The manufacturing process includes several stages, such as design, planning, procurement, fabrication, assembly, and quality control. Manufacturing is an important sector of the economy, as it creates employment opportunities and contributes to economic growth. Many manufacturing industries, such as the automotive, electronics, and aerospace industries, are crucial for the development of new technologies and innovations. In contrast to manufacturing, the extractive industry involves the extraction of raw materials from natural resources, such as mining, drilling, or logging. The commercial occupation is a broad term that includes a range of activities related to buying and selling goods or services. The constructive industry is involved in the construction of buildings, infrastructure, and other physical structures. The tertiary industry is involved in the provision of services, such as healthcare, education, and finance. In summary, manufacturing is the industry that converts raw materials into finished goods through the use of machinery, tools, and labor.

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