JAMB UTME - Commerce - 2023

The duties paid on goods produced locally is

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The duty paid on goods produced locally is known as excise duty. This is a tax imposed by the government on certain goods that are manufactured or produced within a country. Excise duty is charged at the production or manufacturing stage, and it is different from other forms of duties, such as import or export duties. It is specifically levied on goods that are produced domestically, rather than on goods that are imported or exported. The purpose of imposing excise duty is to generate revenue for the government and to regulate the production and consumption of certain goods. The amount of excise duty can vary depending on the type of goods and the specific regulations set by the government. Unlike export duty, which is imposed on goods that are being sent out of the country, excise duty is levied on goods that are produced within the country and are intended for consumption or sale within the domestic market. It is important to note that excise duty is not the same as ad-valorem duty, which is a percentage-based duty imposed on the value of goods. Excise duty is specifically tied to the production or manufacturing of goods. Furthermore, excise duty should not be confused with quota. Quota refers to a limit or restriction on the quantity of goods that can be imported or exported from a country. It is not directly related to the payment of duties on locally produced goods. In summary, the duty paid on goods produced locally is called excise duty, which is a tax imposed by the government on certain goods that are manufactured or produced within the country.

The organised effort of consumers to protect themselves against the unfair practices of businessmen is known as

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The organized effort of consumers to protect themselves against the unfair practices of businessmen is known as consumerism.

Consumerism is a movement that aims to empower and educate consumers, advocating for their rights and interests in the marketplace. It involves individuals, groups, and organizations working together to promote fair business practices, transparency, and the provision of quality products and services.

Consumerism encompasses various activities such as raising awareness about consumer rights, educating consumers about their rights and responsibilities, promoting ethical and sustainable consumption, and advocating for stronger consumer protection laws.

It encourages individuals to be vigilant and proactive in their purchasing decisions, making informed choices based on factors like product quality, safety, environmental impact, and fair pricing.

Consumerism often involves activities like boycotting companies that engage in unethical practices, filing complaints with consumer protection agencies, participating in product recalls, and supporting initiatives that promote fair trade and responsible corporate behavior.

Overall, consumerism serves to balance the power dynamics between businesses and consumers, giving individuals the means to protect themselves from unfair practices and make informed choices for their well-being and satisfaction.

It plays a crucial role in holding businesses accountable and shaping a fair and just marketplace.

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 major merit of the retaining middlemen is to

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A major merit of retaining middlemen is that they can stock goods produced by different manufacturers. This means that middlemen can hold a variety of products from various manufacturers in their inventory. By doing so, they provide consumers with a wider range of choices when it comes to selecting products. Having middlemen stock goods from different manufacturers is advantageous because it allows for easy access to a diverse selection of products in one location. This can be especially helpful for consumers who may not have the time or ability to visit multiple manufacturers or stores to find the products they need. Additionally, middlemen can also help manufacturers by acting as a distribution channel for their products. Instead of each manufacturer needing to establish their own distribution network, they can rely on middlemen to stock and distribute their goods. This saves manufacturers time and resources, as they can focus on their core business activities. In summary, retaining middlemen allows for the stocking of goods produced by different manufacturers. This provides consumers with a wider range of choices and convenience, while also helping manufacturers by serving as a distribution channel for their products.

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.

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.

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.

One disadvantages of advertising is that it

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One disadvantage of advertising is that it could be misleading. Advertising is a way of promoting products or services to attract customers. However, sometimes advertisements may not provide accurate or honest information about a product. This can mislead customers into believing that a product is better than it actually is. For example, an advertisement might exaggerate the benefits of a product or hide its potential drawbacks. This can lead to customers purchasing a product based on false expectations, only to be disappointed when they realize it does not meet their needs or desires. Misleading advertising can also have negative consequences for businesses. If customers feel deceived by an advertisement, they may lose trust in the brand and be less likely to make future purchases. Moreover, misleading advertising can also lead to legal issues and damage a company's reputation. Therefore, it is important for both businesses and consumers to be aware of the potential for misleading advertising and to critically evaluate the claims made in advertisements before making a decision.

Risk bearing in business organisation is a function of the

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Risk bearing in a business organization is primarily a function of the entrepreneur. Entrepreneurs are individuals who take on risks and uncertainties in order to initiate and manage a new business venture. They are the driving force behind the creation of a business and are responsible for making critical decisions that can significantly impact the success or failure of the organization. Here's why entrepreneurs are the key risk bearers in business organizations: 1. Vision and Initiative: Entrepreneurs possess a unique ability to identify opportunities and envision new ventures. They take the initiative to pursue these opportunities, even when faced with inherent risks and uncertainties. 2. Financial Investment: Entrepreneurs typically invest their own money and resources in their business ideas. This financial commitment exposes them to the possibility of financial loss if their venture does not succeed as anticipated. 3. Uncertainty Management: Starting a new business involves numerous unknowns and uncertainties. Entrepreneurs must anticipate and manage these risks, such as market competition, changing customer preferences, and financial volatility. 4. Decision-making Authority: Entrepreneurs have ultimate decision-making authority within their organizations. They face the responsibility of making critical choices regarding product development, marketing strategies, resource allocation, and other business operations. These decisions carry inherent risks that can shape the success or failure of the organization. While managers, employees, and customers may indirectly contribute to risk management within a business organization, it is the entrepreneur who bears the primary responsibility for identifying, assessing, and managing risks. Their vision, financial investment, ability to navigate uncertainty, and decision-making authority make them the key risk bearers within a business organization.

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.

One of the functions of a retailer is the

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A retailer is a business that sells products or goods directly to consumers. One of the main functions of a retailer is the breaking of bulk. This means that retailers purchase large quantities of goods from manufacturers or wholesalers and then sell them to customers in smaller quantities that are more convenient for individual consumption.

Let's take an example to understand this better. Imagine a farmer who grows a large amount of fruits such as apples. The farmer cannot sell all the apples directly to individual customers because it would be impractical. Therefore, the farmer sells a bulk quantity of apples to a retailer.

The retailer then takes the bulk quantity of apples, divides them into smaller quantities, packages them nicely, and displays them in their store. This way, customers can easily purchase just the amount of apples they need for their personal use.

The breaking of bulk function performed by the retailer benefits both the manufacturer and the customer. Manufacturers can focus on producing goods efficiently in large quantities, while customers can conveniently purchase smaller quantities that suit their needs and preferences. Retailers act as intermediaries between manufacturers and consumers, facilitating the process of distributing products effectively.

While the other options mentioned - provision of credit facilities to relations, provision of jobs for customers, and financing of production activities - may also be undertaken by some retailers, the primary and fundamental function of a retailer is the breaking of bulk.

Which of the following is an item in the marketing mix?

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An item in the marketing mix refers to a component or element that is crucial in the overall marketing strategy of a product or service.

Out of the given options, promotion is an item in the marketing mix. Promotion involves various activities and strategies implemented by companies to communicate and promote their products or services to the target audience.

It is a way of informing, persuading, and influencing potential customers about the value and benefits of their offerings. Promotion can take different forms such as advertising, personal selling, sales promotion, direct marketing, and public relations.

These activities are designed to create awareness, generate interest, and ultimately lead to the purchase of the product or service. In the marketing mix, promotion complements the other elements such as product, price, and place (distribution). It helps in building brand awareness, creating a strong market presence, and ultimately driving sales.

Overall, promotion plays a vital role in the marketing mix by effectively reaching out to the target audience, creating demand, and influencing consumer behavior.

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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**.

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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.

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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.

The concept that refers to the sale, transfer or exchange of goods and services is

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The concept that refers to the sale, transfer, or exchange of goods and services is **trade**. Trade is the process of buying and selling goods and services between individuals, companies, or countries. It involves the exchange of something valuable, such as money, for a product or service. For example, when you go to a store and purchase a book, you are engaging in trade. The store is selling you the book, and you are giving them money in exchange. This transaction is a form of trade. Similarly, when different countries exchange goods with each other, it is also called trade. For instance, if one country produces cars and another country wants to buy those cars, they will engage in trade by exchanging money for the cars. Trade plays a crucial role in the global economy as it allows people and businesses to obtain the goods and services they need or desire. It promotes economic growth, creates job opportunities, and helps to establish connections between countries.

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.

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

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The Central Bank's monetary policy instrument that involves buying and selling securities is called open market operation.

Open market operations refer to the buying and selling of government securities, such as bonds, by the Central Bank in the open market. When the Central Bank buys these securities, it injects money into the economy, and when it sells them, it withdraws money from the economy.

The purpose of open market operations is to influence the supply of money in the economy and thereby control interest rates and stabilize the financial system.

When the Central Bank wants to stimulate economic growth, it can buy government securities from commercial banks and other financial institutions. By doing so, it increases the amount of money in circulation, making more funds available for lending and investment.

This promotes economic activity and helps lower interest rates, encouraging borrowing. On the other hand, if the Central Bank wants to reduce inflation or cool down the economy, it can sell government securities.

By selling these securities, it reduces the money supply, making less funds available for lending and investment. This helps raise interest rates, making borrowing more expensive and reducing economic activity.

Open market operations are considered to be a powerful tool in the Central Bank's arsenal as they have a direct impact on the money supply and interest rates.

They provide flexibility to the Central Bank to adjust the monetary policy conditions based on the prevailing economic situation.

In summary, open market operations are the buying and selling of government securities by the Central Bank to influence the money supply and interest rates in the economy.

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.

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 scope commerce is limited to

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Commerce is not limited to any specific area. It encompasses a wide range of activities and aspects related to trade and business. The scope of commerce includes both home and foreign trade, which involves buying and selling goods and services within a country and between different countries. Commerce covers various forms of trade, such as wholesale and retail trade. Wholesale trade refers to the sale of goods in large quantities to retailers or businesses, while retail trade involves selling goods directly to consumers. Additionally, commerce also includes the concept of aids-to-trade, which are activities that facilitate smooth trading processes. These aids-to-trade can be transportation, storage, insurance, banking, advertising, and other related services that support the exchange of goods and services. Lastly, commerce is not limited to any specific type of trade, such as entreport trade. Entreport trade refers to the import and re-export of goods through a port or trading center without significant processing or value addition. While this is a part of commerce, it is not the sole focus or limitation of the field. In summary, commerce encompasses home and foreign trade, wholesale and retail trade, as well as various aids-to-trade. It is a broad field that covers all aspects of buying, selling, and supporting trade activities in both domestic and international contexts.

What is a quota?

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A quota is a physical restriction placed on the quantity of goods that can be imported. It is not a ban on all imported goods, a tax paid on goods produced within a country, or a tax paid on goods produced outside a country. Quotas are usually set by governments to control the amount of certain goods that can enter a country. They can be used to protect domestic industries, manage trade imbalances, or regulate the flow of goods. By limiting the quantity of imported goods, quotas can affect supply and demand, pricing, and competition in the marketplace.

Factors considered when setting up a retail business is one of the following

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The factors are: capital, pricing policy, source of supply, type of goods, terms of trade, experience, advertising, location of the business.

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 macro-environmental forces and trends which are a constraint on business operations are referred to as

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The macro-environmental forces and trends which are a constraint on business operations are referred to as external factors. These factors are external to the organization and they influence the success or failure of a business.

Internal factors refer to the factors within the control of the business, such as the company's structure, resources, and capabilities. On the other hand, external factors are forces and trends that are beyond the control of the business, but can have a significant impact on its operations and performance.

Technological factors are one type of external factor that refers to the advances and innovations in technology that can impact businesses. For example, the introduction of new technologies can lead to changes in production processes, marketing strategies, and customer expectations.

Economic factors are another type of external factor that include factors related to the overall economy and can affect businesses in various ways. For instance, changes in economic conditions such as inflation, unemployment rates, and consumer spending patterns can impact the demand for products or services.

However, when we talk about the macro-environmental forces and trends that specifically constrain business operations, we refer to the broader external factors that include not only technological and economic factors but also social, political, legal, and environmental factors. These factors can influence a business's ability to operate, make decisions, and achieve its goals.

In conclusion, the macro-environmental forces and trends that are a constraint on business operations are referred to as external factors. They encompass a range of influences, including technological and economic factors, as well as social, political, legal, and environmental factors. These forces and trends can significantly impact a business's operations and success.

A demonstration of social responsibility by a business is the payment of

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A demonstration of social responsibility by a business is the payment of taxes to the government.
When a business pays its taxes to the government, it shows that it is fulfilling its role as a responsible member of society. These taxes contribute to the functioning of the government and help support important public services such as education, healthcare, infrastructure development, and social welfare programs.
Paying taxes is a financial obligation that businesses have to fulfill, and it ensures that they are contributing their fair share to society. By meeting this obligation, businesses are actively participating in the social and economic development of their community and country as a whole. It indirectly benefits the employees, customers, and other stakeholders associated with the business.
Additionally, tax payments help maintain a stable and functioning society by providing the necessary funds for public goods and services. These services are essential for the well-being and progress of the entire society. Therefore, the payment of taxes is a crucial aspect of a business's social responsibility.

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.

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.

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.

A bill of exchange already accepted can be discounted by the holder in

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A bill of exchange is a written order by one person (known as the drawer) to another person (known as the drawee) to pay a certain amount of money to a third party (known as the payee) on a specific date. When the drawee accepts this order, it means they promise to pay the specified amount on the given date. Now, let's talk about discounting a bill of exchange. Discounting means that the holder of the bill can get the money from the bill before its maturity date by selling it to a bank. The bank will pay the holder the present value of the bill, which is the amount of money the bill is worth today, considering the time value of money. In the context of the given options, a bill of exchange that has already been accepted can be discounted by the holder in any bank. This means that the holder can sell the bill to any bank and receive the money before the maturity date. **Any bank** is a valid option because banks are willing to buy bills of exchange that have been accepted as they are considered to be secure payment instruments. The holder of the bill can approach a bank of their choice and initiate the process of discounting. The bank will assess the creditworthiness of the parties involved, calculate the present value of the bill, and provide the holder with the discounted amount. This way, the holder can receive the money earlier, instead of waiting until the bill's maturity date. To summarize, a bill of exchange that has already been accepted can be discounted by the holder in any bank. The holder can sell the bill to the bank and receive the money before the bill's maturity date. Any bank is a valid option, as banks are willing to buy accepted bills of exchange as they are considered secure payment instruments.

Good and services transferred from seller to buyer without immediate payment is referred to as

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The term used to describe the transfer of goods and services from a seller to a buyer without immediate payment is called "credit sale." In a credit sale, the seller allows the buyer to take possession of the goods or avail the services they desire, with the understanding that the payment will be made at a later agreed-upon date. This means that the buyer does not have to pay for the goods or services immediately. Credit sales are commonly seen in various transactions, such as purchasing furniture, electronics, or even when purchasing a house or a car. In such cases, the buyer is able to use or enjoy the item or service before making the full payment. It is important to note that in a credit sale, there is an agreed-upon agreement between the seller and the buyer regarding the payment terms, including the timeframe and any additional charges or interest that may be applied. Therefore, out of the given options, the correct term for the transfer of goods and services without immediate payment is **credit sale**.

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.

Which is the fastes means of transportation?

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The fastest means of transportation among the options given is **air** travel. Air travel utilizes aircrafts such as airplanes to transport people and goods through the atmosphere. It is the quickest mode of transportation because airplanes can travel at extremely high speeds. Commercial jet airplanes can reach speeds of over 600 miles per hour (965 kilometers per hour). There are several factors that contribute to air travel's speediness. Firstly, airplanes are not restricted by obstacles such as traffic congestion or road conditions, allowing for more efficient and direct travel. Additionally, airplanes can take advantage of the Earth's jet streams, which are high-speed winds in the upper atmosphere that can significantly boost an aircraft's speed. Compared to road, rail, and water transportation, air travel offers the fastest travel times over long distances. For example, a flight from New York to Los Angeles, which would take approximately six hours by air, would take multiple days by road or rail. Similarly, crossing the Atlantic Ocean by ship could take up to a week, but a transatlantic flight typically takes around seven to eight hours. It is important to note that the speed of air travel can vary depending on factors such as winds, weather conditions, and the type of aircraft being used. However, on average, air travel is the fastest mode of transportation among the options provided.

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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.

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.

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 process of converting a non-profit making organisation to a profit-making business is

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The process of converting a non-profit making organization to a profit-making business is known as privatization.

Privatization refers to the transfer of ownership and control of a public-sector or non-profit organization to private individuals or companies. This enables the organization to operate with a profit motive, aiming to generate revenue and maximize profits.

During the process of privatization, the organization undergoes structural and operational changes to align with the principles of entrepreneurship and profit orientation. This may involve restructuring the organization, implementing new management systems, and focusing on cost-efficiency and revenue generation.

Commercialization refers to the process of introducing business practices and marketing strategies to a non-profit organization to increase its revenue-generating activities. However, it does not necessarily involve changing the fundamental nature of the organization to profit-making.

Deregulation refers to the removal or reduction of government regulations and restrictions on business operations. It aims to promote competition, efficiency, and market-driven behavior. While deregulation may create conditions for profit-making, it is not specifically focused on converting a non-profit organization into a profit-making business.

Indigenization refers to the promotion of local ownership and control of businesses and industries. It often involves transferring ownership from foreign to domestic entities. Indigenization can have economic and political goals but is not directly related to converting a non-profit organization into a profit-making business. In conclusion, the most appropriate process for converting a non-profit organization to a profit-making business is privatization.

It involves transferring ownership from the public or non-profit sector to private individuals or companies, enabling the organization to operate with a profit motive and focus on revenue generation.

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.

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

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One of the major problems of a sole proprietor is sourcing for **funds**. - As a sole proprietor, you are the only owner of the business, which means you are responsible for financing all aspects of the business, including startup costs, daily operations, and expansion. - Unlike larger corporations or partnerships, a sole proprietor doesn't have the advantage of multiple sources of funding such as shareholders, investors, or business partners to share the financial burden. - This can make it challenging to secure the necessary funds to start or grow the business. - Sole proprietors often have to rely on personal savings, loans from family and friends, or bank loans to finance their business. - Accessing these funds can be difficult as sole proprietors may have a harder time demonstrating the financial stability or attracting investors compared to larger businesses. - Additionally, since the entire financial responsibility falls on the sole proprietor, they may face personal financial risks if the business encounters financial difficulties or fails. - Therefore, for a sole proprietor, sourcing for funds is a crucial challenge that they need to overcome to ensure the successful operation and growth of their business.

Which of the following attracts only interest but leaves the capital unpaid?

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A bond is a financial instrument that represents a loan made by an investor to a borrower. In return for lending their money, the investor receives periodic interest payments and the promise of repayment of the principal amount at maturity. Out of the given options, the financial instrument that attracts only interest but leaves the capital unpaid is an **irredeemable bond**. An irredeemable bond, also known as a perpetual bond, is a type of bond that does not have a maturity date. This means that the issuer of the bond does not have the obligation to repay the principal amount to the investor at any point in the future. Instead, the issuer makes periodic interest payments to the investor for as long as the bond remains outstanding. These interest payments compensate the investor for lending their money, but the principal amount is never repaid. The main attraction of an irredeemable bond is that it provides a predictable stream of income in the form of interest payments. However, the investor is exposed to the risk that the bond issuer may default on the interest payments. Since the principal amount is not repaid, the investor does not have the potential for capital appreciation from the bond. In summary, an irredeemable bond attracts only interest payments but does not repay the principal amount.