JAMB UTME - Commerce - 2023

Which of the following is not a veritable source of funds to a public limited liability company?

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The answer is: Government financial grants.

A public limited liability company can obtain funds from various sources such as advances and loans from banks, internally generated funds, and funds from the sale of shares. However, government financial grants are not considered a veritable source of funds for a public limited liability company.

Advances and loans from banks can be obtained by a company in order to meet its financial needs. These funds are typically provided by the bank based on the company's creditworthiness and ability to repay the loan. This can be a reliable source of funds for a company.

Internally generated funds refer to the funds that a company generates from its own operations. This can include profits from the sale of goods or services, dividends from investments, or any other income generated by the company's operations. These funds are considered to be a reliable and sustainable source of financing.

Funds from the sale of shares refer to the capital that a company raises by issuing shares to investors. When a company goes public, it offers shares to the public through an initial public offering (IPO). Investors can then buy these shares, providing the company with capital. This is a common way for companies to raise funds.

On the other hand, government financial grants are not typically a veritable source of funds for a public limited liability company. While governments may provide financial assistance or grants to certain industries or sectors, this is usually not the primary source of funding for a company. Grants are often provided for specific projects or initiatives and may come with certain conditions or limitations.

In summary, while advances and loans from banks, internally generated funds, and funds from the sale of shares are all potential sources of funds for a public limited liability company, government financial grants are not considered a veritable source of funds.

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An example of a cartel is **OPEC**. A cartel is a group of independent entities or organizations that come together to regulate and control the production, pricing, and distribution of a particular product or service. The primary goal of a cartel is to collaborate and reduce competition among its members in order to maintain high prices and increase profits. OPEC stands for the Organization of the Petroleum Exporting Countries. It is an intergovernmental organization consisting of 14 oil-producing countries, primarily located in the Middle East, Africa, and South America. OPEC was formed in 1960 and its members collectively control a significant portion of the world's oil reserves and production. OPEC's main objective is to coordinate and control the production and pricing of oil to ensure stability in global oil markets and maximize their revenues. The member countries agree on production quotas to limit the amount of oil they produce, with the aim of balancing supply and demand and maintaining stable oil prices. By collaborating and acting as a collective force, OPEC members are able to exert influence and have a significant impact on global oil prices. This allows them to maintain higher prices and avoid the downward pressure of excessive competition. However, this control over the oil market has both positive and negative consequences for both the member countries and the global economy. In summary, OPEC is an example of a cartel as it is a group of oil-producing countries that collaborate to control the production and pricing of oil, with the aim of maintaining high prices and increasing profits.

I. Its unlimited nature
II. The number of partners
III. The withdrawal of a major of partner
IV. The bearing of risk

Which of these is both merit and demerit in partnership?

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Partnership are formed by an association of two to twenty persons. The number of partners involved serves as both merit and demerit to partnership business.

At the collapse of a business enterprises, the person appointed to dispose off the assets is called

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The person who is appointed to dispose off the assets at the collapse of a business enterprise is called a liquidator.

A liquidator is an individual or a professional firm that specializes in winding up the affairs of a company when it is unable to pay its debts or when it is being voluntarily dissolved. The role of a liquidator is to ensure that the assets of the company are efficiently sold or distributed in order to repay the creditors and stakeholders.

Their primary responsibility is to maximize the value of the assets and distribute the proceeds fairly among the various parties involved. To achieve this, a liquidator may use various methods such as organizing auctions, negotiating with potential buyers, or selling the assets through brokers. They also handle legal matters and ensure that the company's liabilities are adequately settled.

Additionally, a liquidator may also be responsible for dealing with employee redundancies and managing any ongoing legal disputes. In summary, the main duty of a liquidator is to oversee the process of selling off the assets of a business entity in order to settle its debts and obligations.

Their goal is to maximize returns for creditors and stakeholders while following legal protocols and ensuring a fair distribution of the proceeds.

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To find the gross profit, we need to understand what it represents. Gross profit is the amount of money left after subtracting the cost of goods sold from the net sales.
Net sales is the total revenue generated from selling goods, which in this case is ₦370,000.
The cost of goods sold is the total cost incurred to produce or purchase the goods that were sold. To calculate it, we subtract the value of the stock on 31/12 (₦40,000) from the cost of goods available for sale (₦270,000). In this case, the cost of goods sold is ₦230,000.
Now, we can calculate the gross profit by subtracting the cost of goods sold (₦230,000) from the net sales (₦370,000). Gross profit = Net sales - Cost of goods sold Gross profit = ₦370,000 - ₦230,000 = ₦140,000.
Therefore, the correct answer is ₦140,000.

Current account holders withdraw money through

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Current account holders can withdraw money from their accounts using different methods. **1. Transfers:** One of the common ways to withdraw money from a current account is through transfers. This involves transferring funds electronically from the current account to another bank account. You can initiate a transfer by providing the recipient's bank account details such as their bank name, account number, and sort code. This method is often used for making payments to individuals or businesses. **2. Credit Cards:** Another method is through the use of credit cards. If your current account is linked to a credit card, you can withdraw money by using the card at an ATM or making cash advances at a bank or financial institution. It's important to note that using a credit card for cash withdrawals may incur additional fees or interest charges, so it's advisable to check the terms and conditions of your credit card provider. **3. Withdrawal Form:** Some banks may also provide a withdrawal form that you can fill out to withdraw cash from your current account. This form usually requires you to specify the amount you wish to withdraw and your account details. Once the form is completed, you can submit it to the bank, and they will process the withdrawal accordingly. **4. Cheque:** Lastly, current account holders can withdraw money by writing a cheque. A cheque is a paper document that instructs the bank to pay a specific amount from your account to the person or organization named on the cheque. The recipient can then deposit or cash the cheque to access the funds. It's worth noting that the use of cheques is becoming less common due to the increasing popularity of electronic payment methods. Overall, these are some of the ways current account holders can withdraw money from their accounts. The choice of method depends on personal preference, accessibility, and the specific services offered by the bank.

Parts payments made on alloted shares by subscribers is usually the

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The correct answer is "called-up capital." Called-up capital refers to the portion of the subscribed capital that the company has requested from its shareholders to be paid. When a company decides to issue new shares, individuals or entities can subscribe to those shares by indicating their intention to purchase them. Once this happens, the subscribed capital represents the total value of shares that have been agreed to be purchased by the subscribers. However, subscribers do not always pay the entire subscription amount upfront. Instead, they make partial payments over time based on the company's requests. These partial payments made by the subscribers on their allotted shares are known as called-up capital. Therefore, the correct term to use for the partial payments made on the allotted shares by subscribers is "called-up capital."

The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is

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The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is **uberrimae fidei**. Uberrimae fidei is a Latin phrase that means "utmost good faith." In insurance, it refers to the duty of both the insurer and the proposer to share all relevant information about the risk being insured. When someone applies for insurance, they are considered the proposer, and it is their responsibility to provide complete and accurate information about the risk they want to insure. Likewise, the insurance company must also proactively disclose any important facts or conditions that may affect the decision to insure or the terms of the insurance policy. This principle of utmost good faith is important because insurance contracts are based on trust and mutual understanding. By sharing all material facts, both the insurance company and the proposer ensure that the policy accurately reflects the risk being covered, and that both parties can make informed decisions. If either party fails to disclose all material facts, it can lead to issues like claim rejections or policy cancellations. For example, if the proposer hides a pre-existing medical condition when applying for health insurance, it can lead to claims being denied when the insurer discovers the undisclosed information. In summary, the principle of uberrimae fidei in insurance requires both the insurance company and the proposer to be honest, transparent, and disclose all relevant information about the risk to be insured. This helps ensure fairness and trust in insurance contracts.

The production of goods and services in anticipation of demand is made possible by

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Warehousing is the process of storing physical inventory for sale or distribution. Warehouses are used by all different types of businesses that need to temporarily store products in bulk before either shipping them to other locations or individually to end consumers.

A demerit of communication is that it

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The sender of communication may have a clear idea about the message but it may still be marked by the poorly chosen words poor organization, awkward sentence structure, lack of coherence, omissions unnecessary jargon, and a failure to clarify its implications.

The document that explains the types of shares available for sale to the public is

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The document that explains the types of shares available for sale to the public is called a prospectus.

A prospectus is a document that provides detailed information about a company and its offering of shares to the public. It is a legal requirement for companies to provide a prospectus to potential investors before they can buy shares.

The prospectus contains important information such as the company's history, financial statements, business strategy, management team, and details about the types of shares being offered. It also outlines the risks associated with investing in the company and any legal or regulatory requirements. Overall, the prospectus serves as a comprehensive guide for investors to make informed decisions about whether to buy shares and understand the nature of the investment.

It helps potential investors understand the company's operations and financial health, allowing them to evaluate the potential risks and rewards associated with investing in the company.

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The Nigerian Stock Exchange consists of the primary and secondary markets. The primary market is where new securities, such as stocks and bonds, are issued for the first time. This is also known as the initial public offering (IPO) market, where companies raise capital by selling their shares to the public. On the other hand, the secondary market is where previously issued securities are bought and sold among investors. This is where individuals and institutions trade these securities after they have been issued in the primary market. The secondary market is also known as the stock market or the equity market. Therefore, the correct answer is the **secondary and primary market**.

The four P's of marketing are also known as

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The four P's of marketing are also known as the marketing mix. This concept refers to the essential elements that businesses need to consider when developing a marketing strategy. The four P's are product, price, place, and promotion. 1. Product: This refers to the tangible or intangible goods or services that a company offers to satisfy customer needs or wants. It includes factors such as quality, features, packaging, branding, and customer support. 2. Price: This is the amount of money customers are willing to pay in exchange for the product or service. Pricing decisions should take into account factors such as production costs, competition, target market's willingness to pay, and overall business objectives. 3. Place: This represents the channels or methods through which a company delivers its products or services to the target market. It involves decisions related to the distribution network, retail locations, online platforms, and logistics. 4. Promotion: This refers to the various activities and strategies that companies use to communicate and promote their products or services to the target market. It includes advertising, public relations, sales promotion, personal selling, and direct marketing. The marketing mix emphasizes the importance of considering these four elements collectively and in harmony to achieve marketing success. By addressing each aspect effectively, businesses can understand and meet customer needs, differentiate themselves from competitors, and create a strong market presence.

The process of dividing tasks into jobs and departments and delegating authority is known as

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The process of dividing tasks into jobs and departments and delegating authority is known as organizing.

Organizing involves breaking down the overall goals and objectives of an organization into smaller, more manageable tasks. This allows for a clear understanding of what needs to be done and how it will be divided among different individuals or departments.

Dividing tasks into jobs means identifying the specific activities or responsibilities that need to be carried out to achieve the organization's goals. For example, in a manufacturing company, tasks may be divided into jobs such as production, quality control, and logistics. Each job has its own set of duties and responsibilities.

Dividing tasks into departments is about grouping jobs together based on their similarities or functions. This helps in creating a more structured and organized work environment. For example, sales, marketing, and customer service might form different departments within a company.

Delegating authority means assigning decision-making power and responsibility to individuals or departments. It involves giving people the necessary authority and resources to accomplish their tasks effectively. This allows for a more efficient and effective decision-making process throughout the organization.

Overall, the process of organizing involves dividing tasks into jobs and departments and delegating the appropriate authority to ensure that the work is performed in a coordinated and efficient manner.

The government agency involved in issuing of export licences is

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The government agency involved in issuing export licenses is the Nigeria Export Promotion Council (NEPC).

The NEPC is responsible for promoting and regulating exports in Nigeria. One of its main functions is to issue export licenses to Nigerian companies or individuals who want to export goods and services to other countries.

Export licenses are important because they serve as official documents that grant permission to individuals or businesses to export specific goods or services. These licenses ensure that exports comply with national and international trade regulations, help protect local industries, and facilitate trade relationships between Nigeria and other countries.

To obtain an export license from the NEPC, individuals or businesses need to fulfill certain requirements such as registration, documentation, and compliance with export regulations.

The NEPC reviews applications and verifies that the export activities align with the country's trade policies.

Once an export license is granted by the NEPC, the exporter can legally engage in international trade, confidently ship goods or provide services to foreign customers, and access benefits such as export incentives, trade promotions, and market opportunities.

In conclusion, the Nigeria Export Promotion Council (NEPC) is the government agency responsible for issuing export licenses in Nigeria.

These licenses are essential for individuals and businesses seeking to engage in legal and regulated export activities, promoting trade and economic growth in the country.

The difference between the central bank and commercial bank is that the former

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The central bank and commercial bank are two different types of banks that serve different purposes. The central bank, as the name suggests, is the bank that is at the center or the heart of a country's banking system. It is responsible for controlling and regulating the country's money supply, interest rates, and monetary policy. One of the important functions of the central bank is to act as the lender of last resort. This means that in times of financial crisis or when commercial banks are unable to meet their obligations, the central bank steps in to provide liquidity and ensure the stability of the banking system. On the other hand, commercial banks are the banks that most people are familiar with, as they are the ones that provide various banking services to the public. Commercial banks serve as intermediaries between individuals and businesses that have surplus funds to deposit, and those who need to borrow money. They accept deposits from individuals and businesses and in return, provide a range of services such as checking accounts, savings accounts, and loans. In summary, the key difference between the central bank and commercial bank is that the central bank acts as the lender of last resort and is responsible for regulating the country's banking system, while commercial banks provide banking services to the public and facilitate the borrowing and lending of money.

The function of commerce in relation to production is

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The function of commerce in relation to production is to provide a link between the different stages of the conversion of goods. Commerce plays a vital role in supplying raw materials from nature, facilitating the production process, and delivering the finished goods to the consumers.
Firstly, commerce helps in the extraction of raw materials from nature. This involves activities such as mining, farming, fishing, and forestry. Commerce enables these materials to be collected and transported to the production sites where they can be transformed into finished goods.
Secondly, commerce plays a crucial role in the conversion process. It involves various activities such as manufacturing, processing, packaging, and assembling. These activities are carried out by producers to convert raw materials into finished products that can be sold to consumers. Commerce helps in coordinating these different stages and ensuring a smooth flow of goods throughout the production process.
Lastly, commerce is responsible for satisfying the demands of consumers. It involves marketing, distribution, and selling of the finished goods to the consumers. Commerce helps in identifying the needs and wants of consumers and ensuring that the right products reach the right people at the right time. This involves activities such as advertising, selling, and customer service.
In conclusion, the function of commerce in relation to production is to provide a link between the different stages of the conversion of goods. It facilitates the extraction of raw materials, coordinates the production process, and ensures the satisfaction of consumer demands. Commerce plays a vital role in connecting producers with consumers and ensuring the smooth flow of goods in the economy. It is an essential component of the overall process of production and distribution in any economy.

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The type of letters that are delivered through the normal mail or by airmail express service is referred to as inland letters. Inland letters are letters that are sent within the same country. They can be delivered through the normal mail service or by airmail express service, depending on the sender's preference and the urgency of the letter.

Another name or term for a dishonoured cheque is

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Another term for a dishonored cheque is a **bounced cheque**. When a person writes a cheque to someone, they are essentially authorizing their bank to transfer funds from their account to the recipient's account. However, if there are insufficient funds in the account, the bank will be unable to complete the transaction and the cheque will be bounced, or dishonored. There are various reasons why a cheque may bounce, such as insufficient funds, a closed account, or a mismatched signature. When a cheque bounces, it means that the payment cannot be made as originally intended, and the recipient will not receive the funds. So, to summarize, a dishonored cheque is commonly referred to as a **bounced cheque** because the payment authorization is not fulfilled by the bank due to insufficient funds or other issues.

A factor necessary for siting of a warehouse is nearness to

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A factor that is necessary for siting a warehouse is the **nearness to consumers**. When deciding where to locate a warehouse, it is important to consider the proximity or closeness to the consumers who will be buying the products stored in the warehouse. This is because being close to consumers has several advantages: 1. **Faster delivery**: When the warehouse is located near the consumers, it reduces the distance that goods need to travel to reach them. This means that products can be delivered more quickly, which is important for satisfying customer demands and providing a good customer experience. 2. **Reduced transportation costs**: Having a warehouse close to consumers also helps to reduce transportation costs. When the warehouse is located far away, it requires more time, fuel, and resources to transport goods from the warehouse to the consumers. By minimizing the distance, transportation costs can be minimized too. 3. **Flexibility and responsiveness**: Being close to consumers allows the warehouse to be more flexible and responsive to their needs. It becomes easier to adapt to changes in demand and customer preferences when the warehouse is situated nearby. This can help businesses stay competitive in the market. 4. **Customer satisfaction**: Ultimately, having a warehouse near consumers contributes to customer satisfaction. Customers appreciate receiving their products quickly and efficiently. By providing fast and convenient service, businesses can attract and retain more customers. In summary, the nearness to consumers is an important factor to consider when siting a warehouse. It enables faster delivery, reduces transportation costs, allows for greater flexibility, and leads to improved customer satisfaction.

An agent who has to sell perishable goods without the prior authority of the owner becomes an agent by

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Agency by necessity arises when an emergency situation happens. When somebody who is possession of another person's property has to so something to preserve the property.

The process of buying, selling and distribution of goods and services is

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The process of buying, selling and distributing goods and services is called commerce.

Commerce involves various activities such as production, packaging, branding, advertising, selling, and delivering goods and services to customers. It is a system that facilitates the exchange of goods and services between producers and consumers.

Marketing is one part of the broader field of commerce. It focuses on activities such as market research, promoting and advertising products or services, and building relationships with customers to meet their needs and wants. Marketing plays a crucial role in commerce by identifying what customers want, creating demand for products, and facilitating transactions.

Retail trade is a specific branch of commerce that involves the sale of goods directly to consumers. It refers to the process of selling products through brick-and-mortar stores, online platforms, or any other means of retailing. Retailers purchase goods from manufacturers or wholesalers and make them available for consumers to buy.

While marketing concept is an important concept within commerce and marketing, it refers to a customer-centric approach to doing business. It emphasizes understanding and satisfying customer needs and wants, which ultimately leads to achieving business goals and profitability. In summary, commerce encompasses all the activities involved in buying, selling, and distributing goods and services.

Marketing is a subset of commerce that focuses on understanding and meeting customer needs, while retail trade specifically refers to the sale of goods to consumers. The marketing concept highlights the importance of customer satisfaction in driving business success.

A major objective of all business resources is

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A major objective of all business resources is profit making. Profit making is the ultimate goal for businesses as it ensures their sustainability and growth. When businesses are able to make profits, they can reinvest that money back into their operations, expand and innovate, and create more job opportunities.
Profit making also allows businesses to attract investors and access capital for further expansion. It enables them to pay their employees fair wages and provide necessary resources to operate effectively.
While other options such as human relation, public relation, and profit sharing are important aspects of running a successful business, they are not the primary objective. Human relations and public relations are important for building positive relationships with customers, employees, and the community, but without making profits, the business will not be able to sustain itself in the long run. Profit sharing, on the other hand, is a strategy that some businesses use to incentivize their employees, but it is not the primary objective of all business resources.
In summary, while there are many important factors in running a successful business, the major objective of all business resources is profit making.

A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as

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Indigenisation is the government policy that encourages the transfer of ownership from foreigners to indigenes of the country.

This means that the government is promoting the idea of giving ownership and control of businesses, resources, and industries to the local people or native citizens of the country.

The main objective of indigenisation is to empower the local population and promote economic development.

By transferring ownership to indigenes, the government aims to reduce the influence of foreign entities and create opportunities for local businesses and individuals to thrive.

Indigenisation policies can take various forms, such as requiring a certain percentage of ownership to be held by locals, providing incentives for indigenous businesses, or implementing regulations that prioritize local participation in key sectors of the economy.

Overall, indigenisation is a strategy used by governments to ensure that resources and economic power are shared among the local population, fostering economic growth, and reducing dependency on foreign entities.

An individual that links the producer with the retailer is

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A wholesaler is a merchant who purchases goods in large quantity from the manufacturer and sell in small quantities to the retailer. The wholesaler acts as an intermediary between the retailer and the manufacturer.

A partnership is dissolved due to

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A partnership can be dissolved due to various reasons. Let's explore each option mentioned:
1. Resignation of an employee: The resignation of an employee does not directly cause the dissolution of a partnership. While the resignation of a partner may have implications for the partnership, it alone does not lead to dissolution.
2. Liquidity of the firm: The liquidity, or financial stability, of a firm can be a factor that influences the decision to dissolve a partnership. If the firm is facing severe financial difficulties and unable to meet its obligations, the partners may choose to dissolve the partnership to avoid further losses.
3. Death of the employee: The death of an employee, while unfortunate, does not automatically result in the dissolution of a partnership. However, the death of a partner can lead to the dissolution of the partnership, especially if there are no provisions in the partnership agreement to continue the business after the partner's death.
4. Insanity of a partner: The insanity, or mental incapacity, of a partner can contribute to the dissolution of a partnership. If a partner becomes mentally unfit to participate in the partnership's affairs or fulfill their duties, it can create significant challenges and may eventually lead to the dissolution of the partnership.
In conclusion, the three factors that can cause the dissolution of a partnership are: - The liquidity of the firm, if it is unable to meet financial obligations. - The death of a partner, particularly if no provisions for continuation are in place. - The insanity of a partner, making it difficult for them to fulfill their duties.

One of these is a current asset

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Out of the given options, **stock** is a current asset. A current asset is an asset that is expected to be used up or converted into cash within a year or the normal operating cycle of a business. Stock, in this context, refers to the goods or merchandise that a company holds for sale to customers. It includes items such as finished goods, raw materials, and work-in-progress. Stock is considered a current asset because it is typically held for a short period of time before it is sold to generate revenue. Companies often purchase stock to meet customer demand and generate sales. Once the stock is sold, the company receives cash in exchange, thereby converting the stock into cash. Other options like machineries, fittings, and motor vehicles are not considered current assets. Machineries and motor vehicles are typically classified as fixed assets because they are used for long-term operations and are not expected to be converted into cash quickly. Fittings, on the other hand, may refer to fixtures or equipment within a building and also fall under the category of fixed assets. In summary, stock is considered a current asset because it represents the inventory of goods that a company plans to sell within a year or its normal operating cycle. It can be easily converted into cash when sold to customers.

Which of the following is a verbal means of communication

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A verbal means of communication refers to a method of conveying information using spoken words. Out of the given options, the telephone is a verbal means of communication. The telephone allows people to talk to each other by transmitting their voices over a distance. It works by converting sound into electrical signals that can be transmitted through telephone lines or wirelessly. When you speak into a telephone, your voice is converted into an electrical signal and sent to the other person's telephone. Their telephone then converts the electrical signals back into sound, allowing them to hear your voice. This verbal communication method is widely used for various purposes, such as personal conversations, business discussions, and customer service. It provides real-time interaction and enables people to express their thoughts and ideas directly to others. In summary, the telephone is a verbal means of communication because it allows people to communicate using spoken words transmitted through electrical signals.

The rate where a country's exports exchange for its imports is called

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The correct answer is terms of trade.

Terms of trade refers to the rate at which a country's exports exchange for its imports.

It is an economic indicator that measures the relative value of a country's exports in comparison to its imports. To understand it better, let's imagine a scenario where a country is exporting goods such as automobiles, electronics, and textile products to other countries, while also importing goods like oil, machinery, and clothing. The terms of trade would reflect the exchange ratio between the value of the country's exports and the value of its imports. When the terms of trade are favorable, it means that a country is able to trade its exports for a larger amount of imports.

This indicates that the country is receiving a higher value of imports for the same quantity or value of exports. It is generally beneficial for a country to have favorable terms of trade because it allows them to obtain a wider variety of goods and services from other countries. On the other hand, when the terms of trade are unfavorable, it means that a country has to trade a larger quantity or value of its exports in order to obtain the same amount of imports.

This indicates that the country is receiving a lower value of imports for its exports. Unfavorable terms of trade can be detrimental to a country's economy, as it can lead to a loss of wealth and limited access to necessary goods and resources.

Therefore, terms of trade play a significant role in determining a country's economic well-being and its ability to engage in international trade.

It provides insights into the relative value of a country's exports and imports, and its impact on the overall balance of trade and balance of payments.

In law of contract, a counter offer operates as

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A counter offer in the law of contract operates as a rejection of the original offer.

When one party makes an offer to another party, they are essentially proposing certain terms and conditions for entering into an agreement.

However, if the second party responds to this offer with a counter offer, it means that they are suggesting different or altered terms for the agreement. In legal terms, a counter offer is seen as a rejection of the initial offer because it indicates that the second party is not willing to accept the original terms proposed by the first party. The counter offer essentially ends the original offer and opens up negotiations for new terms of the agreement.

Therefore, it is important to understand that a counter offer does not operate as an acceptance, an offer, or a contract.

It is a clear indication that the second party is not in agreement with the terms of the original offer and wishes to propose new terms for consideration.

Which of the following regulates and controls the activities in the Nigerian Stock Exchange?

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The regulatory body that controls and regulates the activities in the Nigerian Stock Exchange (NSE) is the Securities and Exchange Commission (SEC). The SEC is responsible for the supervision, regulation, and development of the capital market in Nigeria. Its main objective is to protect investors, maintain fair and transparent markets, and promote the growth and development of the capital market. The SEC ensures that companies listed on the Nigerian Stock Exchange comply with rules and regulations to maintain integrity and investor confidence in the market. It sets standards for disclosure and financial reporting, monitors trading activities, and investigates any misconduct or market abuse. The Central Bank of Nigeria (CBN) is responsible for monetary policy and banking supervision, while the Bureau of Public Enterprises (BPE) oversees privatization and public enterprises. The Nigeria Deposit Insurance Corporation (NDIC) focuses on deposit insurance and bank supervision. Therefore, out of the options provided, the Securities and Exchange Commission (SEC) is the regulatory body that specifically regulates and controls the activities in the Nigerian Stock Exchange (NSE).

Insurance against burglary is an example of

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Insurance against burglary is an example of indemnity insurance. Indemnity insurance is a type of insurance that provides financial compensation for the loss or damage caused by a specific event or peril.

In the case of burglary insurance, it specifically covers the loss or damage resulting from a burglary or theft. When you have burglary insurance, you are protected against the financial consequences of a burglary. If your home or property is broken into and valuable items are stolen or damaged, the insurance company will compensate you for the value of those items, up to the limits specified in your policy. It is important to note that indemnity insurance does not provide a profit or go beyond the actual loss or damage suffered. The purpose of this type of insurance is to restore you to the same financial position you were in before the burglary occurred.

Non-indemnity insurance is a term used to describe insurance policies that do not provide financial compensation for the loss or damage suffered. Instead, they typically provide services or benefits that are not related to the actual cost of the loss.

Non-insurable risk refers to risks that insurance companies are unwilling or unable to provide coverage for. These risks are typically considered too unpredictable or highly certain to result in a loss, making it difficult for insurers to assess and determine an appropriate premium.

Fidelity guarantee insurance is a type of insurance that protects businesses against financial loss caused by the dishonest or fraudulent acts of their employees. It covers instances where an employee embezzles money, steals property, or commits other fraudulent acts.

In summary, insurance against burglary falls under the category of indemnity insurance. It provides financial compensation for the loss or damage caused by a burglary or theft, aiming to restore the policyholder to the same financial position they were in before the incident occurred.

The board of directors of public enterprise is appointed by who?

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The board of directors of a public enterprise is appointed by the government. To understand why, let's first define what a public enterprise is. A public enterprise is a company or organization that is owned and operated by the government. This means that the government has control over the company's activities and decision-making processes. The board of directors plays a crucial role in a public enterprise. They are responsible for making important decisions and setting the strategic direction of the company. They oversee the management of the enterprise and ensure that it is operating in the best interest of the government and the public. Given the significant role they play, it is important to have a board of directors that is qualified, reliable, and accountable. The government appoints the board members to ensure that they possess the necessary expertise, experience, and integrity to effectively guide and govern the public enterprise. By appointing the board members, the government can ensure that the interests of the shareholders, employees, and other stakeholders are considered and protected. The government has a broader perspective and must consider the overall welfare of the public and the nation when making decisions about the leadership of public enterprises. In conclusion, the board of directors of a public enterprise is appointed by the government to ensure that the company is managed effectively and in the best interest of the public. They are responsible for making important decisions and overseeing the management of the enterprise.

A business organization that exploits the capabilities of a member to remedy the weakness of another is a

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A business organization that exploits the capabilities of a member to remedy the weakness of another is a cooperative. In a cooperative, individuals or businesses come together voluntarily to pool their resources, skills, and knowledge for mutual benefit. The members of a cooperative work together to address their weaknesses by leveraging the strengths of others. This collaboration helps to improve the overall efficiency and productivity of the cooperative. Cooperatives operate on the principle of "working together" rather than competing against each other. By sharing resources, expertise, and responsibilities, the members can achieve common goals that may not have been possible individually. The cooperative structure allows members to contribute their unique skills and abilities to fill any gaps or weaknesses within the organization. This collective effort promotes collaboration, problem-solving, and shared decision-making. Overall, a cooperative is a business organization that fosters cooperation among its members to maximize their strengths and overcome weaknesses collectively.

A major function of trade association is to

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A major function of trade associations is to foster cooperation among their members. Trade associations are organizations that bring together businesses operating in a particular industry or trade. They aim to promote the common interests and goals of their members and support them in various ways. One of the primary purposes of trade associations is to create an environment where businesses can work together and collaborate. By fostering cooperation, trade associations facilitate the sharing of knowledge, expertise, and resources among their members. This collaboration can help businesses in the industry to collectively address challenges, explore new opportunities, and develop common strategies for growth and success. Trade associations also serve as a platform for networking and establishing links among their members. They organize events, conferences, and meetings where business owners and professionals from the same industry can connect, interact, and build relationships. These connections can lead to new partnerships, collaborations, and business opportunities that can benefit individual members and the industry as a whole. It is important to note that trade associations do not assist members in buying cars or help individuals set up small businesses directly. Their main focus is on creating an environment of cooperation, collaboration, and support within the industry. While they may offer various services, such as industry research, advocacy, or training programs, these services are generally aimed at benefiting the industry as a whole rather than assisting individual members in specific personal endeavors. In summary, the primary function of trade associations is to foster cooperation among their members and establish links within the industry. They provide a platform for businesses in the same industry to collaborate, share resources, and work together towards common goals.

The stock exchange is a market where

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The stock exchange is a market where all types of securities are sold. This means that it is a place where various financial assets can be bought and sold. This includes short-term, medium-term, and long-term securities.

Securities refer to tradable financial instruments, such as stocks (also known as shares or equities), bonds, and derivatives. Stocks represent ownership in a company, while bonds are debt instruments issued by the government or corporations. Derivatives are financial contracts based on the value of an underlying asset.

On the stock exchange, buyers and sellers come together to trade these securities. Buyers are interested in purchasing securities as investments, hoping that their value will increase over time. Sellers, on the other hand, may be looking to sell securities they already own in order to make a profit or reduce their risk.

The stock exchange provides a centralized platform where securities can be traded, ensuring transparency and fair pricing. It operates through a network of exchanges and brokers, with buyers and sellers submitting their orders electronically. Trades are executed based on the prevailing market prices, determined by supply and demand.

Overall, the stock exchange plays a crucial role in capital markets by facilitating the buying and selling of securities, enabling companies to raise funds and investors to participate in the growth of businesses.

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To calculate the net profit, we need to subtract the cost of goods sold and expenses from the net sales.
Given the information provided:
Net sales: ₦370,000 Cost of goods sold: ₦230,000 Rent expenses: ₦35,000
To calculate the net profit, we use the following formula:
Net Profit = Net Sales - Cost of Goods Sold - Expenses
Substituting the values into the formula:
Net Profit = ₦370,000 - ₦230,000 - ₦35,000
Net Profit = ₦105,000
Therefore, the net profit is ₦105,000.
The correct answer is: ₦105,000

If a business uses part of its profit to develop the area where it operates, the business is fulfilling its

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If a business uses part of its profits to develop the area where it operates, it is fulfilling its social responsibilities. Social responsibilities refer to the obligations of a business to contribute to the well-being and improvement of society. By investing in the development of the local area, the business is showing its commitment to the community and the people living there. This can be done through various means such as supporting education, healthcare, infrastructure projects, or environmental initiatives. When a business fulfills its social responsibilities, it goes beyond its primary goal of making profits and considers the impact it has on society. It recognizes that it has a role to play in creating positive social change and improving the quality of life for the people in its community. In summary, by using its profits to develop the area where it operates, the business is fulfilling its social responsibilities by contributing to the well-being and improvement of society.

Any activity directed at conveying commodities to buyers is an aspect of

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**Marketing** encompasses any activity directed at conveying commodities to buyers. It involves a set of actions aimed at promoting and selling products or services to customers. Marketing includes various aspects such as **delivering** the products or services to the consumers, **advertising** to raise awareness and attract customers, and **selling** by engaging in transactions or exchange of goods. However, it is important to note that **marketing is not limited to selling alone**. It also involves market research, product development, pricing, distribution, and creating customer relationships. In summary, marketing involves a range of activities that aim to connect products or services with consumers, including delivering, advertising, selling, and several other strategic actions.

Which of the following legislation aims primarily at the protection of consumers?

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The legislation that aims primarily at the protection of consumers is the Trade Description Act. The Trade Description Act is a law that is specifically designed to safeguard the interests of consumers. Its main purpose is to prevent businesses from misleading or deceiving consumers about the goods or services they are offering. Under this act, businesses are required to provide truthful and accurate information about their products or services. They are not allowed to make false claims or misrepresent the quality, quantity, or any other important aspect of their offerings. This act also ensures that consumers have the right to receive goods or services that match the descriptions provided by the businesses. If a consumer feels that they have been misled or deceived by a business, they can take legal action against the business and seek compensation for any damages or losses incurred. In summary, the Trade Description Act is a legislation that primarily focuses on protecting consumers by prohibiting businesses from providing false or misleading information about their products or services. Its aim is to ensure that consumers are well-informed and can make informed decisions when purchasing goods or services.