JAMB UTME - Commerce - 2022

The right to buy or sell stock in the stock exchange within a stipulated period is

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An agreement that is enforceable in law is

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An agreement that is enforceable in law is called a "contract." A contract is a legally binding agreement between two or more parties. It is created when one party makes an offer, and the other party accepts that offer, which leads to an agreement. The parties to a contract are legally bound to fulfill the terms of the contract, and failure to do so may result in legal action. For a contract to be legally enforceable, it must meet certain requirements. First, there must be an offer made by one party to another. The offer must be clear and unambiguous, and it must be communicated to the other party. Second, there must be an acceptance of the offer by the other party. The acceptance must be clear and unambiguous, and it must be communicated to the party making the offer. Third, there must be consideration, which is something of value that is exchanged between the parties. Consideration can take the form of money, goods, services, or a promise to do something. Finally, the parties must have the legal capacity to enter into the contract. This means that they must be of legal age, sound mind, and not under duress or undue influence. In summary, a contract is an agreement that is enforceable in law. It is created when one party makes an offer, the other party accepts that offer, there is consideration, and the parties have the legal capacity to enter into the contract.

A document used to ensure correct payment of duty at the importing country is

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An advantage of rail transport is that it

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An advantage of rail transport is that it carries bulky and heavy goods. Rail transport is a mode of transportation that uses railroads to move goods and people. It is particularly advantageous for transporting heavy and bulky goods such as raw materials, coal, lumber, and heavy equipment. Rail transport has the capacity to move large volumes of goods over long distances, and it is often more cost-effective than other modes of transport, such as road or air transport. This is because trains can carry more cargo per trip, and the cost of fuel and maintenance is generally lower than other transportation modes. Moreover, rail transport can be a safer and more reliable mode of transportation for heavy and bulky goods. Trains are not affected by traffic congestion and can operate on a fixed schedule, which can reduce delays and improve delivery times. Additionally, rail transport can be integrated with other transportation modes to provide door-to-door delivery services for customers, enhancing its usefulness. While the other options provided in the question are not necessarily incorrect, they do not represent the main advantage of rail transport. Rail transport can require significant maintenance costs, and it can be subject to delays due to weather, mechanical failures, or other factors. Additionally, while rail transport can facilitate door-to-door delivery, it may not be as efficient as other modes of transport for smaller or lighter shipments.

An article used as a means of exchange in the early days of trade in West Africa was

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An article used as a means of exchange in the early days of trade in West Africa was the cowrie. A cowrie is a small, shiny, freshwater snail shell that was widely used as a form of currency in many parts of Africa, Asia, and the Pacific. It was especially popular in West Africa, where it was used for trade and as a means of exchange for goods and services. The cowrie was valued for its rarity and beauty, as well as for its durability, making it an ideal form of currency for long-distance trade. The other options - cedis, dalasi, and naira - are all the names of modern-day currencies used in West Africa, but they were not used as a means of exchange in the early days of trade in the region.

Examples of current assets are

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The correct answer is: "cash and trade debtors." Current assets are resources that a company expects to convert into cash or use up within one year or a normal operating cycle. These assets are important for a company's day-to-day operations and can be easily converted into cash. Examples of current assets include cash, accounts receivable (trade debtors), inventory, and prepaid expenses. Out of the options provided, "cash and trade debtors" are current assets because they can be easily converted into cash within a year or a normal operating cycle. Cash is the most liquid current asset as it can be used to pay for immediate expenses or investments. Trade debtors, also known as accounts receivable, are the amounts owed to the company by its customers for goods or services sold on credit. The company expects to receive payment within a year or normal operating cycle, making it a current asset.

One of the functions of commerical banks that cannot be performed by central banks is

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One of the functions of commercial banks that cannot be performed by central banks is the collection of deposits from the public. Commercial banks are financial institutions that accept deposits from individuals and businesses and use those funds to make loans to others. Central banks, on the other hand, are responsible for implementing monetary policy and maintaining financial stability. While central banks do play a role in regulating commercial banks, they do not accept deposits from the public like commercial banks do. Therefore, the collection of deposits from the public is a function that is unique to commercial banks and cannot be performed by central banks.

The bank which acts as the lender of last resort is the

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The bank that acts as the lender of last resort is the central bank. The central bank is the authority responsible for overseeing the monetary system of a country. One of its important functions is to act as a lender of last resort, which means it provides loans to other banks or financial institutions that are experiencing financial difficulties and cannot obtain funding from other sources. The central bank provides this emergency lending to prevent a crisis in the banking system that could lead to a broader economic downturn. By providing loans to troubled banks, the central bank helps maintain confidence in the financial system and ensures that banks can continue to provide services to their customers. Commercial banks, merchant banks, and mortgage banks are not typically authorized to act as lenders of last resort. Instead, they rely on access to funding from the central bank and other sources to meet their liquidity needs.

Goods bought into the country for sale are the country's

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Goods that are brought into a country for sale are the country's visible imports. This is because visible imports refer to physical goods that are brought into a country from another country for consumption or resale. Examples of visible imports include raw materials, finished goods, and capital goods. These imports are visible because they can be physically seen and are recorded in the country's balance of payments, which is a record of all the economic transactions between that country and the rest of the world. In contrast, invisible imports refer to non-physical services that are provided by foreign entities, such as tourism or foreign investment. Similarly, visible exports are physical goods that are produced domestically and sold to foreign countries, while invisible exports are non-physical services that are provided domestically to foreign entities. Therefore, the correct option is visible imports.

A business unit in which savings of members are lent to others is a

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A business unit in which savings of members are lent to others is called a "credit and thrift society". A credit and thrift society is a type of financial institution where individuals pool their savings to provide loans to other members of the society. Members of the society may include individuals, small businesses, or even large corporations. The primary objective of a credit and thrift society is to provide its members with access to credit at a reasonable cost. Members can borrow funds from the society to finance their businesses or personal expenses, and the loans are typically repaid with interest over a predetermined period of time. Credit and thrift societies are often formed by individuals or small groups who are unable to obtain loans from traditional banks due to a lack of collateral or a poor credit history. By pooling their resources and lending to one another, members of a credit and thrift society can obtain the funds they need to start or expand their businesses, or to meet their personal financial needs. In summary, a "credit and thrift society" is a business unit where members pool their savings to provide loans to one another, with the primary objective of providing access to credit at a reasonable cost.

Sea vessels that do not operate on regular times and routes are

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Sea vessels that do not operate on regular times and routes are called tramps. Tramp ships are essentially freighters that do not have a fixed schedule or specific ports of call. Instead, they are hired by cargo owners or shipping companies to transport goods to various destinations around the world. Tramp ships are often used to transport bulk cargo, such as coal, grain, or ore, and are known for their flexibility and cost-effectiveness. Because they do not have fixed schedules, tramp ships can be hired at short notice and can be rerouted to different destinations as needed. In contrast, ocean liners, container ships, and ferries all operate on regular routes and schedules. Ocean liners are large passenger ships that transport passengers and cargo on fixed routes, while container ships are used to transport standardized shipping containers on specific routes. Ferries, on the other hand, are typically used to transport passengers and vehicles across shorter distances, such as between nearby ports or islands. Overall, tramp ships provide a valuable service for companies that need to transport goods around the world, but do not require the regular schedules or specific routes of other types of ships.

A retail business that sells goods by post, using catalogue is a

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The type of retail business that sells goods by post using a catalogue is called a "mail order firm." A mail order firm is a company that allows customers to purchase goods from a catalogue without visiting a physical store. Customers can browse through a catalogue or an online store, select the items they want to buy, and place an order. The goods are then delivered to the customer's address by post or courier. The catalogue typically contains pictures and descriptions of the products that the company offers for sale. Customers can choose to pay for the goods using a variety of payment options, such as credit card, debit card, or bank transfer. Mail order firms are popular because they offer convenience to customers who may not have the time or ability to visit a physical store. They also offer a wider range of products than a physical store because they can source products from all over the world. In summary, a mail order firm is a retail business that sells goods by post using a catalogue or online store, allowing customers to purchase products without visiting a physical store.

An association formed by computer distributors to safeguard and promote their interest is a

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An association formed by computer distributors to safeguard and promote their interest is a trade association. A trade association is a group of companies in a specific industry who come together to address common issues and goals. Trade associations are formed to promote the interests of their members, which can include advocating for favorable laws and regulations, providing networking opportunities, offering educational resources and training, and working to improve the overall reputation of the industry. In the case of computer distributors, a trade association could be formed to represent their interests and help them grow and succeed in the industry.

The quality of money which makes it possible to buy goods in small quantities is

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The quality of money that makes it possible to buy goods in small quantities is divisibility. Divisibility means the ability of money to be divided into smaller units. This is important because it allows people to buy goods that cost less than one unit of money. For example, if a candy bar costs 50 cents and you only have a one dollar bill, you can divide that dollar into smaller units (quarters, in this case) to pay for the candy bar. If money was not divisible, you would have to pay for the candy bar with a one dollar bill, even if you only wanted to buy 50 cents worth of goods.

A specially-designed mode of transport for conveying liquid and gas is a

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A specially-designed mode of transport for conveying liquid and gas is a "tanker". A tanker is a type of ship or vehicle designed to carry large quantities of liquid or gas cargo, such as oil, natural gas, or chemicals. Tankers are designed to safely transport their cargo, which is often hazardous or flammable, over long distances across the sea or land. Tankers are designed with special features to prevent leakage or spillage of their cargo. For example, oil tankers have double hulls to prevent oil spills in the event of an accident or collision. Tankers also have special pumps and pipelines for loading and unloading their cargo. In summary, a "tanker" is a type of specialized transport designed to safely transport large quantities of liquid and gas cargo, such as oil and natural gas, over long distances.

One of the objectives of the Niger Basin Commission is to

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The objective of the Niger Basin Commission is to regulate and promote the sustainable development of the Niger River and its basin. This includes managing and protecting the natural resources within the basin, such as water, soil, and biodiversity, and promoting economic and social development in the region through projects and initiatives that are environmentally friendly and socially equitable. The Commission also aims to facilitate cooperation and coordination among the countries that share the Niger River and its basin, with the goal of ensuring peaceful and sustainable use of the resources within the basin for the benefit of all. Therefore, the correct option is regulating the sustainable use of natural resources and promoting economic and social development in the Niger River Basin.

Which of the following is not a right of a consumer?

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The right of a consumer that is not listed among the options is the "right to buy on credit." Consumer rights are the legal protections and entitlements afforded to individuals who purchase goods and services. These rights vary depending on the country or region, but they generally include protections against fraud, misrepresentation, and defective products. The other three options listed - the right to a fair hearing, the right to obtain a replacement, and the right to a safe product - are all recognized as fundamental consumer rights in many countries around the world. The right to a fair hearing means that consumers have the right to be heard and have their complaints addressed in a fair and impartial manner. The right to obtain a replacement means that consumers have the right to seek a replacement or refund for a product that is defective or does not meet their expectations. The right to a safe product means that consumers have the right to expect that the products they purchase will not pose a risk to their health or safety. The right to buy on credit, on the other hand, is not generally considered a fundamental consumer right. While many consumers have access to credit as a means of financing their purchases, there is no legal entitlement to buy on credit. Consumers may be required to meet certain criteria, such as a good credit score or a steady income, in order to qualify for credit.

The marketing term which regards the consumer as king that must be satisfied is

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The marketing term which regards the consumer as king that must be satisfied is the "marketing concept." The marketing concept is a philosophy that emphasizes the importance of understanding and meeting the needs and wants of customers, with the goal of maximizing profits and achieving long-term success. It is based on the idea that by putting the customer first and providing them with products and services that meet their needs, a business will naturally attract and retain a large and loyal customer base. In essence, the marketing concept treats the consumer as king, recognizing that they are at the center of all marketing efforts and decisions.

Average stock is derived by adding

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The average stock is derived by adding the opening stock to the closing stock and then dividing the sum by two. The opening stock is the value of inventory at the beginning of an accounting period, while the closing stock is the value of inventory at the end of the accounting period. The average stock is the value of inventory that a business holds on average during the accounting period. By adding the opening and closing stock and then dividing by two, a business can calculate the average stock value. This calculation is used in various accounting and financial ratios, such as inventory turnover ratio and gross profit ratio. These ratios help a business to analyze its inventory management and profitability. The other options provided in the question are not correct methods to calculate the average stock value. The first option is the average of closing stock and purchases, which does not include the opening stock. The second option is the ratio of closing stock to opening stock, which does not provide an average value. The fourth option is the difference between opening stock and purchases, which also does not include the closing stock value.

A contract will not be discharge through

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A contract will not be discharged through performance if one or both parties do not fully fulfill their obligations as specified in the agreement. In this case, the contract may still be considered valid and enforceable, and the non-performing party may be held liable for damages or breach of contract. However, if both parties agree to modify the terms of the contract or to release each other from their obligations, the contract may be discharged through agreement. Additionally, a contract may be discharged through acceptance, which occurs when both parties agree to terminate the contract by mutual consent. Finally, a contract may be discharged through breach if one party fails to fulfill their obligations and the other party chooses to terminate the contract as a result.

A cheque that could be cashed over the counter by the payee is

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An open cheque is a type of cheque that can be cashed over the counter by the payee. This means that the payee can take the cheque to the bank that it is drawn on and receive the funds in cash, without having to deposit the cheque into their own account. Open cheques are also sometimes referred to as bearer cheques because they can be transferred to someone else simply by endorsing the back of the cheque. However, this also means that if an open cheque is lost or stolen, anyone who has possession of it can cash it, which can be a security risk. In contrast, crossed cheques are marked with two parallel lines, which means that they can only be deposited into a bank account, not cashed over the counter. Certified cheques and bank drafts are also types of cheques, but they are issued by a bank and are generally considered to be more secure forms of payment.

A request for goods from another country by an importer would be made using

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A request for goods from another country by an importer would be made using an order. An order is a formal request made by a buyer to a seller for a specific product or service. In the context of international trade, an importer would place an order with a foreign supplier for goods they wish to purchase. The order will typically include details such as the quantity of goods, the delivery date, and the agreed-upon price. This order serves as the basis for the transaction between the importer and the foreign supplier and is a key step in the importing process.

Payment made to a carrier for transportation of goods is

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The payment made to a carrier for the transportation of goods is called "freight." Freight is the amount of money that is paid by a shipper or consignee to a carrier, such as a trucking company or shipping line, for the transportation of goods from one place to another. Freight charges are typically based on the weight, volume, and distance of the shipment, as well as any additional services or requirements that may be necessary. Freight charges can be calculated in a variety of ways, depending on the mode of transportation and the specific terms of the contract between the shipper and the carrier. For example, freight charges for trucking companies may be based on the weight of the shipment, while freight charges for ocean shipping may be based on the volume of the shipment or the number of shipping containers. Freight charges can also include additional fees and charges for services such as packaging, loading and unloading, customs clearance, and insurance. These charges are typically negotiated and agreed upon between the shipper and the carrier before the shipment is made. In summary, the payment made to a carrier for the transportation of goods is called "freight." Freight charges are based on the weight, volume, and distance of the shipment, as well as any additional services or requirements that may be necessary. Freight charges can also include additional fees and charges for services such as packaging, loading and unloading, customs clearance, and insurance.

Which of the following groups would advocate for the supply of constant electricity to households?

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The group that would advocate for the supply of constant electricity to households is the "Consumer's association". A consumer's association is an organization that represents the interests of consumers in a particular market or industry. The main objective of a consumer's association is to ensure that the goods and services provided by the industry meet the needs and expectations of consumers. In the case of the supply of constant electricity to households, a consumer's association would advocate for the needs of households and their requirements for electricity. The association would seek to ensure that electricity suppliers provide a consistent and reliable supply of electricity to households, with minimal disruptions or outages. The advocacy efforts of a consumer's association may include lobbying for government policies that support the provision of constant electricity to households, working with electricity suppliers to improve their services, and educating consumers about their rights and responsibilities in relation to electricity supply. In summary, a "Consumer's association" is the group that would advocate for the supply of constant electricity to households, with the objective of ensuring that electricity suppliers provide a consistent and reliable supply of electricity to households.

The service of a retailer is part of production because it

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The service of a retailer is part of production because it "enables finished goods to reach consumers." Retailers are businesses that sell finished goods directly to consumers, usually in small quantities. They purchase goods from manufacturers or wholesalers and then sell them in their stores or online. The service of a retailer is important because it provides a way for finished goods to reach the end consumer, which is the ultimate goal of production. Without retailers, manufacturers would not be able to sell their finished goods directly to consumers, and consumers would have limited access to the goods they need and want. Retailers serve as a crucial link between producers and consumers, by making finished goods available to consumers in convenient locations. Therefore, the service of a retailer is an integral part of the production process because it enables manufacturers to sell their finished goods and allows consumers to access and purchase those goods. While retailers may not directly create the finished goods, they play a vital role in bringing them to market and making them available to consumers. In contrast, a commercial occupation refers to any occupation or business activity that is engaged in for the purpose of making a profit. While retailing is a commercial occupation, it is also an important part of the production process because it enables finished goods to reach consumers.

The difference between a country's imports and exports of goods in a particular year is

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The difference between a country's imports and exports of goods in a particular year is known as the "balance of trade." It represents the net value of a country's international trade in goods, which includes tangible products like cars, machinery, and food. If a country exports more than it imports, it has a positive balance of trade, also known as a trade surplus. On the other hand, if a country imports more than it exports, it has a negative balance of trade, also known as a trade deficit. It's important to note that the balance of trade is just one part of a country's overall balance of payments, which includes not just goods but also services, capital, and other financial transactions. The balance of payments is a more comprehensive measure of a country's international economic activity and can give a more accurate picture of its overall economic health.

Which of the following is not an objective of ECOWAS?

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The objective of ECOWAS that is not listed among the options is the "promotion of a common language." ECOWAS stands for the Economic Community of West African States, and it is a regional intergovernmental organization of countries in West Africa. The organization was established to promote economic integration and cooperation among its member countries, which currently number 15. The other three options listed - improvement of infrastructural facilities, encouragement of free movement of people, and encouragement of trade among member countries - are all key objectives of ECOWAS. Improving infrastructure such as roads, power supply, and communication networks helps to create a more conducive environment for trade and economic growth. Encouraging free movement of people allows citizens of member states to travel, work, and do business more easily across borders. And promoting trade among member countries helps to increase economic activity, create jobs, and reduce poverty in the region. While promoting a common language could be seen as a useful means of improving communication and cooperation among member countries, it is not listed as an official objective of ECOWAS.

The document issued by a public company allowing it to commence business is the

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The document issued by a public company allowing it to commence business is called the "Certificate of Incorporation." When a group of people decides to form a company, they must register it with the government. The process of registering a company involves submitting documents to the government, including the company's Memorandum of Association and Articles of Association. These documents outline the company's purpose, structure, and internal regulations. Once the government approves the registration and verifies that all necessary documents have been submitted, it issues a "Certificate of Incorporation" to the company. This certificate officially recognizes the company as a legal entity and grants it the authority to commence business operations. In summary, the "Certificate of Incorporation" is a crucial document that allows a public company to legally operate and conduct business.

The commission on a postal order is

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The commission on a postal order is called "poundage." A postal order is a financial instrument that is issued by postal services in many countries. It is similar to a check or money order, but is generally considered to be a safer and more secure method of payment. When purchasing a postal order, the buyer typically pays an additional fee or commission to cover the cost of issuing and processing the order. This fee is known as "poundage." Poundage is generally a percentage of the total value of the order, and can vary depending on the country and the specific postal service. The other options listed - tariff, brokerage, and fee - all refer to different types of charges or fees that may be associated with financial transactions, but they are not specifically related to postal orders. For example, a tariff is a tax or duty that is imposed on imported or exported goods, while brokerage refers to the fee charged by a broker for arranging a financial transaction.

A paid presentation about a product with a view to encouraging purchases by an identifiable sponsor is

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A paid presentation about a product with a view to encouraging purchases by an identifiable sponsor is called an "advertisement." An advertisement is a form of marketing communication that is designed to promote a product or service. It is typically a paid message that is communicated through various channels such as television, radio, print media, online media, billboards, and other forms of outdoor advertising. Advertisements are usually created and placed by an identifiable sponsor, such as a company, organization, or government agency. The main goal of an advertisement is to persuade potential customers to buy a product or service. Advertisements are an important part of the marketing mix, as they help to create awareness of products and services and communicate their features and benefits to potential customers. They can also help to build brand recognition and loyalty over time.

Dealers in stock exchange such as bulls, bears and stags are categorized as

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Dealers in the stock exchange such as bulls, bears, and stags are categorized as "speculators." Speculators are individuals or entities who buy or sell financial assets, such as stocks, bonds, or commodities, in the hope of making a profit from price fluctuations. They are often motivated by the potential for high returns, but they also face significant risk due to the volatility of financial markets. In the context of the stock exchange, bulls are speculators who believe that stock prices will rise, and therefore buy stocks in the hope of selling them later at a higher price. Bears, on the other hand, are speculators who believe that stock prices will fall, and therefore sell stocks in the hope of buying them back at a lower price. Stags are speculators who buy stocks at the time of the initial public offering (IPO), hoping to sell them later at a profit when the price goes up due to high demand. In contrast, an actuary is a professional who uses mathematical and statistical methods to analyze and assess financial risk, usually in the context of insurance or pension plans. Promoters are individuals or companies who promote and market a particular product, service, or idea to the public. An underwriter is a financial institution or individual who assumes the risk of buying new securities from a company and reselling them to the public. They are not typically involved in the buying and selling of securities on the stock exchange.

An insurance policy which is not a contract of indemnity is

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A type of insurance policy which is not a contract of indemnity is "life insurance." A contract of indemnity is an insurance policy that compensates the policyholder for a loss or damage that they have suffered. The insurance company agrees to indemnify the policyholder for the actual loss or damage suffered up to the limit of the policy. In contrast, a life insurance policy is not a contract of indemnity because it provides a benefit to the policyholder or their designated beneficiary upon the occurrence of a specific event, such as the death of the policyholder or the end of a specified term. Life insurance is designed to provide financial protection to the policyholder's family or dependents in the event of their death or a specified event, such as a terminal illness. The policyholder pays a premium to the insurance company, and in return, the insurance company pays a predetermined sum of money to the policyholder's beneficiaries upon the occurrence of the specified event. There are different types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. Each type of policy has its own unique features and benefits. In summary, life insurance is not a contract of indemnity because it provides a benefit to the policyholder or their beneficiaries upon the occurrence of a specific event, such as the death of the policyholder. It is designed to provide financial protection to the policyholder's family or dependents in the event of their death or a specified event.

Central banks sell treasury bills to the public to

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Central banks sell treasury bills to the public to reduce cash in circulation. Treasury bills are short-term government securities that are issued by the central bank and sold to the public in exchange for cash. When individuals or institutions buy these securities, they are essentially loaning money to the government for a fixed period of time, usually ranging from a few days to a few months. By selling treasury bills to the public, the central bank is able to withdraw money from circulation and reduce the amount of cash in the banking system. This helps to control inflation and maintain the stability of the currency. When the central bank sells treasury bills, it effectively takes money out of the economy, which can help to reduce the supply of money and prevent the value of the currency from decreasing. In addition, central banks may also use the revenue generated from the sale of treasury bills to fund government operations or to pay off existing debt. However, the primary purpose of selling treasury bills is to control the money supply and ensure that the economy remains stable and healthy.

A document that instructs an agent to buy goods from a named firm is

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The marketing concept emphasizes

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The marketing concept emphasizes that a business should focus on meeting the needs and wants of its customers while also achieving its own business goals. This means that a business should strive to create products or services that are desired by its target customers and then promote and sell those products in a way that meets the customers' needs and also generates a profit for the business. In other words, the marketing concept is based on the idea that the customer is the most important part of the business, and that the business should be oriented around creating value for the customer in order to build long-term relationships and loyalty. This may involve researching customer needs and preferences, developing innovative products, creating effective marketing campaigns, and providing high-quality customer service and support. By focusing on customer satisfaction, a business can build a strong reputation, increase customer loyalty and repeat business, and ultimately achieve long-term success and profitability. This is in contrast to other approaches that may prioritize sales, production, or promotion, but may not necessarily lead to the same level of customer satisfaction and loyalty.

The provision of services is classified under

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The provision of services is classified under "tertiary production." In economics, production refers to the creation of goods and services. While goods are physical products that we can touch and see, services are intangible products that are offered by businesses to meet the needs of consumers. Tertiary production is also known as the service sector and includes businesses that provide services to consumers and other businesses. This includes services such as healthcare, education, transportation, hospitality, financial services, and consulting. The provision of services, therefore, falls under tertiary production because it involves the delivery of intangible products to customers. Unlike goods, services cannot be stored or transported, and they are produced and consumed at the same time. In contrast, batch production and flow production are terms used to describe the production of goods in a manufacturing context. Batch production involves the production of a specific quantity of a product at one time, while flow production involves continuous production of goods on an assembly line. Secondary production refers to the manufacturing of goods from raw materials, which is typically associated with the primary production sector of the economy.

The safe keeping of goods produced until they are needed is

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The safe keeping of goods produced until they are needed is called warehousing. Warehousing involves the storage of goods and materials in a secure and controlled environment, typically a warehouse or distribution center, until they are ready to be sold, distributed, or used in production. The purpose of warehousing is to provide a safe and secure location for goods and materials, as well as to manage inventory levels and ensure that the right products are available when they are needed. Warehouses may also provide additional services, such as packaging, labeling, and assembly, to prepare products for distribution. Overall, warehousing is an important component of the supply chain and plays a critical role in ensuring that goods are available to meet customer demand.

When a company insures the lives of all its employees collectively, the policy is

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The answer is group insurance. Group insurance is a type of insurance policy where a company insures the lives of all its employees collectively. In a group insurance policy, the company pays the premiums and the coverage applies to all eligible employees. This type of insurance provides a cost-effective way for companies to offer life insurance protection to their employees and can be a valuable employee benefit. Group insurance policies can be customized to meet the specific needs of the company and its employees, making it a flexible and convenient option for companies looking to offer life insurance benefits.

A country's visible balance of payment is made up of

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A country's visible balance of payment is made up of earnings from goods exported. The visible balance of payment is the part of a country's balance of payments that records all of the transactions involving tangible goods, such as exports and imports of goods. It is called the "visible" balance of payment because these transactions are visible and can be easily measured. The earnings from goods exported refer to the money earned by a country from the sale of goods to other countries. This includes both raw materials and finished goods, and can include agricultural products, manufactured goods, and natural resources. The visible balance of payment is an important measure of a country's economic health, as it provides information about a country's competitiveness in global markets and its ability to generate income from its exports.

Which of the following documents would a shareholder inspect to know his voting rights?

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A shareholder would inspect the "Articles of Association" to know his/her voting rights. The articles of association are a legal document that outlines the rules and regulations that govern the internal management of a company. This document specifies the voting rights of each class of shareholders, the procedures for holding meetings, and the voting procedures for each meeting. Therefore, if a shareholder wants to know his/her voting rights, they should refer to the articles of association of the company in which they hold shares.