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Pregunta 1 Informe
When it becomes necessary to liquidate a company, the first step to be taken is the appointment of a?
Detalles de la respuesta
When a company needs to be liquidated, the first step is to appoint a liquidator. A liquidator is a professional who is responsible for managing the process of closing down the company, selling its assets, and distributing the proceeds to the creditors and shareholders. The liquidator's primary goal is to ensure that the assets of the company are sold for the best possible price, and that the proceeds are distributed fairly among the company's creditors and shareholders. The liquidator is typically appointed by the court, although in some cases, the company's directors or shareholders may appoint a liquidator voluntarily. Once appointed, the liquidator takes over the management of the company and has the power to sell its assets, settle its debts, and distribute any remaining funds to the shareholders. In summary, when a company needs to be liquidated, the first step is to appoint a liquidator who will manage the process of selling its assets and distributing the proceeds to its creditors and shareholders.
Pregunta 2 Informe
Which of the following regulates and controls the activities in the Nigeria Stock Exchange?
Detalles de la respuesta
The regulatory body that controls and oversees the activities in the Nigeria Stock Exchange is the Securities and Exchange Commission (SEC). SEC is a government agency responsible for regulating the Nigerian capital market to ensure fair and transparent trading of securities. It also ensures that companies seeking to raise capital by listing their shares on the stock exchange follow proper procedures and disclosure requirements. In simple terms, SEC is the watchdog of the Nigerian stock market, ensuring that everything is done in a fair and transparent manner for the protection of investors.
Pregunta 3 Informe
Detalles de la respuesta
The temporary working area of the control processing unit is called RAM, which stands for Random Access Memory. RAM is a type of memory that the computer uses to store data and programs that are currently in use. When the computer is turned off, the data stored in RAM is lost. This is why it is called "temporary" memory. In contrast, ROM, which stands for Read-Only Memory, is a type of memory that permanently stores data and programs even when the computer is turned off.
Pregunta 4 Informe
A form of ownership which exploits the strenght of one partner to remedy the weakness of the other is the?
Detalles de la respuesta
Pregunta 5 Informe
In a public limited liability company, planning is carried out by
Detalles de la respuesta
In a public limited liability company, planning is carried out by the board of directors. A public limited liability company is a type of business structure that is owned by shareholders and managed by a board of directors. The board of directors is responsible for overseeing the company's operations and making important decisions, including planning for the future. This planning process involves setting goals, developing strategies, and making decisions about how the company will allocate its resources to achieve its goals. The board of directors is accountable to the shareholders, who elect the board members and have the power to approve or reject major decisions.
Pregunta 6 Informe
A group of companies is a collection of?
Detalles de la respuesta
A group of companies is a collection of firms that are related to each other in some way, usually through ownership or control. This can include a holding company and its subsidiaries, as well as associates and their holding company. The companies within a group often have common goals and may work together to achieve them. By grouping together, companies can share resources, expertise, and expenses, which can lead to efficiencies and cost savings. Additionally, a group of companies may have a stronger market position than any of its individual members, which can be advantageous in a competitive industry.
Pregunta 7 Informe
The sale of second hand securities is done in which market
Detalles de la respuesta
The sale of second-hand securities is typically done in the stock exchange. The stock exchange is a marketplace where buyers and sellers come together to trade securities such as stocks, bonds, and other financial instruments. When someone wants to sell a second-hand security, they can list it for sale on the stock exchange, where potential buyers can see it and make offers to purchase it. If a buyer is found and the sale is completed, the seller receives the proceeds of the sale and the buyer takes ownership of the security. The stock exchange provides a convenient and efficient way for buyers and sellers to trade securities, as it allows for a large number of transactions to take place quickly and easily. Additionally, the stock exchange provides transparency and fairness in pricing, as all buyers and sellers have access to the same information about the securities being traded.
Pregunta 8 Informe
The Central Bank Monetary policy instrument by which it buys and sells securities is called
Detalles de la respuesta
The Central Bank monetary policy instrument by which it buys and sells securities is called "Open market operation". Open market operation refers to the process by which the Central Bank of a country buys or sells government securities in the open market, i.e., from banks, financial institutions, or the general public. When the Central Bank buys securities, it injects money into the economy, which increases the money supply and reduces the interest rates. This is because the banks will have more money to lend out to individuals and businesses, and they will do so at a lower interest rate. On the other hand, when the Central Bank sells securities, it reduces the money supply in the economy, which increases the interest rates. This is because the banks will have less money to lend out, and they will do so at a higher interest rate to maintain their profit margins. In summary, open market operations are an important tool for the Central Bank to manage the money supply in the economy and influence the interest rates.
Pregunta 9 Informe
The satisfaction of consumer is best explained by
Detalles de la respuesta
The satisfaction of a consumer can be best explained by the marketing concept. The marketing concept is a business philosophy that focuses on identifying and meeting the needs and wants of consumers. It involves understanding the target market and delivering superior value to them by providing high-quality products or services that meet their needs and wants. By adopting the marketing concept, a business can tailor its products or services to the specific needs of its customers, and this can lead to higher levels of customer satisfaction. In turn, satisfied customers are more likely to become loyal customers and spread positive word-of-mouth about the business, which can ultimately lead to increased sales and profits. While product mix, marketing mix, and market segmentation are all important components of a business's overall marketing strategy, they are all ultimately aimed at achieving the marketing concept - delivering value to customers.
Pregunta 10 Informe
One of the disadvantages of rail transport is
Detalles de la respuesta
One of the disadvantages of rail transport is that it is not as flexible as other modes of transportation, such as road and air transport. This means that rail transport is limited in terms of the routes it can take and the places it can go to. It is also difficult to make changes to the rail network or to adjust rail schedules, which can make it less convenient for some types of shipments. Additionally, because rail transport is limited to a specific set of tracks, it is not as easy to reach remote or less accessible areas as it is with other modes of transportation.
Pregunta 11 Informe
The duties paid on goods produced locally is
Detalles de la respuesta
The duty paid on goods produced locally is called "excise duty". Excise duty is a tax on goods that are produced, sold or consumed within a country, and is typically imposed at the point of production or sale. In other words, if you produce goods in a country and sell them within that same country, you will likely have to pay an excise duty. Excise duty can be levied on a wide range of products, including alcohol, tobacco, fuel, and luxury goods. The rate of excise duty varies depending on the type of product and the country in which it is produced. The purpose of excise duty is to generate revenue for the government and to discourage the consumption of certain products. Unlike ad-valorem duty, which is calculated as a percentage of the value of the goods, excise duty is usually calculated on a per-unit basis. For example, a certain amount of excise duty might be charged for each liter of alcohol produced or for each pack of cigarettes sold. Export duty, on the other hand, is a tax on goods that are exported out of a country. Quota is a restriction on the quantity of goods that can be imported or exported.
Pregunta 12 Informe
What is the difference between current assets and current liabilities?
Detalles de la respuesta
Pregunta 13 Informe
Which of the following is a verbal means of communication
Detalles de la respuesta
The verbal means of communication is a type of communication that involves the use of words, either spoken or written, to convey a message from the sender to the receiver. Out of the options provided, the verbal means of communication is the telephone. The telephone allows people to communicate verbally with each other in real-time, which means that they can have a conversation back and forth immediately. This type of communication is useful when people need to discuss complex or sensitive issues, or when they need to get immediate feedback or clarification. In addition, the telephone can help to build relationships between people and can create a more personal connection than other forms of communication, such as email or text messaging. By contrast, express mail, business reply services, and telex are all written means of communication. Express mail and business reply services are both used to send physical documents and packages, while telex is an older technology that used a network of teleprinters to send written messages over long distances. Overall, while all of these means of communication can be useful in different situations, the telephone is the best option for verbal communication.
Pregunta 14 Informe
One of these is a current asset
Detalles de la respuesta
The current asset in this list is "stock". Current assets are assets that are expected to be converted into cash within one year or one operating cycle, whichever is longer. Stock, also known as inventory, is a current asset because it represents goods that a company has on hand and expects to sell within one year. Fittings, machineries, and motor vehicles are not current assets because they are long-term assets that a company expects to use for more than one year in its operations. Fittings refer to equipment used in a business, such as furniture and fixtures, that are not expected to be sold as part of the company's regular operations. Machineries and motor vehicles are fixed assets used in production or for transportation, respectively.
Pregunta 15 Informe
In Nigeria, the ministry in charge of registering trade association is that of
Detalles de la respuesta
In Nigeria, the ministry in charge of registering trade associations is the Ministry of Trade and Industry. This ministry is responsible for the formulation and implementation of policies and programs that promote the development of trade, commerce, and industry in the country. The Ministry of Trade and Industry works to create an enabling environment for businesses to thrive, by providing support services and developing policies that facilitate trade and commerce. The ministry is also responsible for promoting the development of micro, small, and medium-sized enterprises (MSMEs) in the country. MSMEs play a crucial role in the Nigerian economy, contributing significantly to job creation and economic growth. The Ministry of Trade and Industry works to support these businesses by providing access to finance, technical assistance, and other resources that can help them to grow and compete in the global marketplace. In summary, the Ministry of Trade and Industry is the government agency in Nigeria that is responsible for registering trade associations. This ministry works to promote the development of trade, commerce, and industry in the country, and to support the growth of MSMEs.
Pregunta 16 Informe
An arrangement by independent firms to share the market of their products on quota basics Is referred to as
Detalles de la respuesta
The arrangement by independent firms to share the market of their products on a quota basis is called a cartel. In a cartel, companies come together and agree to limit the amount of their product that they sell, in order to reduce competition and maintain higher prices. For example, imagine there are three companies that make the same product. Normally, they would compete with each other by trying to offer the best price or quality. But if they form a cartel, they would agree to limit the amount of their product that they sell, and each company would be assigned a specific quota. This would reduce competition and allow them to charge higher prices because there would be less supply in the market. Cartels are usually illegal because they violate antitrust laws that prohibit companies from colluding to artificially control prices or limit competition. However, some cartels may operate legally in certain countries or industries with government approval.
Pregunta 18 Informe
The elements in marketing mix that ensures goods are available when and where needed is
Detalles de la respuesta
The element in the marketing mix that ensures goods are available when and where needed is "place". In marketing, "place" refers to the distribution of a product to its customers. It involves making the product available in the right location, at the right time and in the right quantity to meet customer demand. For example, if a customer wants to buy a specific product, they expect to find it easily in a store near them, and not have to go out of their way to find it. This means that the product needs to be available in multiple retail locations, and be restocked regularly to ensure it is always in stock when a customer wants to purchase it. In summary, the "place" element of the marketing mix involves ensuring that the product is distributed effectively to meet customer demand, and making it available at the right place, at the right time, and in the right quantity.
Pregunta 19 Informe
The business organisation in which shareholders have equal votes is?
Detalles de la respuesta
The business organization in which shareholders have equal votes is a cooperative. In a cooperative, each shareholder is typically given one vote, regardless of the number of shares they own. This means that each shareholder has an equal say in the decision-making process of the organization, which is different from other types of businesses where the number of votes is often proportional to the number of shares owned. Cooperatives are businesses that are owned and run by their members, who may be customers, employees, or other stakeholders. They are typically formed to meet the common needs and aspirations of their members, and they operate according to principles of democratic control and participation. In addition to giving each member an equal say in the organization, cooperatives often distribute profits among their members in proportion to their participation in the business.
Pregunta 20 Informe
What is a Quota?
Detalles de la respuesta
A quota is a physical restriction that a government or an organization imposes on the quantity of goods that can be imported or exported from a country or a region. It is a limit on the number of goods that can be traded, usually to protect domestic industries from foreign competition or to regulate the flow of goods. For example, a country might impose a quota on the number of cars that can be imported in a year, or limit the amount of sugar that can be exported. This means that once the quota limit is reached, no more goods of that type can be imported or exported until the next period. Quotas can be used to manipulate the supply and demand of goods in a market, affecting their prices and availability.
Pregunta 21 Informe
From which of the following sources can partnership increase their capital?
Detalles de la respuesta
Partnership can increase their capital through the admission of new partners and the sales of shares. When a new partner joins the partnership, they bring in additional capital, which increases the overall capital of the partnership. Similarly, when shares in the partnership are sold, it generates additional capital which also increases the total capital of the partnership. Discharging a mortgage or receiving grants from relatives may not directly increase the capital of the partnership, but they can improve the financial position of the partnership and make it easier for the partnership to raise capital in other ways.
Pregunta 22 Informe
An organization which focuses on consumers satisfaction is practicing
Detalles de la respuesta
The organization that focuses on consumer satisfaction is practicing the marketing concept. The marketing concept is a business philosophy that emphasizes meeting the needs and wants of customers while achieving the organization's goals. It involves researching and understanding the needs of target customers, developing products and services that meet those needs, and then promoting and distributing those products effectively. By focusing on consumer satisfaction, the organization is prioritizing the customer's needs and aiming to provide them with the best possible experience. This approach is in contrast to the selling concept, which focuses more on pushing products onto customers regardless of their needs or wants. Similarly, consumerism is a social movement that advocates for the rights and protection of consumers, while market segmentation is a strategy of dividing a market into smaller groups of customers with similar needs and characteristics for targeted marketing efforts.
Pregunta 23 Informe
A company which issues a promissory note in lieu of payment for goods purchased
Detalles de la respuesta
Pregunta 24 Informe
The act of selling in a foreign market at a price lower than the cost price is called
Detalles de la respuesta
The act of selling in a foreign market at a price lower than the cost price is called "dumping". This means that a company is selling its products in another country at a price that is below the cost of production, or below the price that it charges in its home market. Dumping is often used as a strategy by companies to gain a foothold in a new market or to increase their market share. However, it can be harmful to the local businesses in the foreign market because they may not be able to compete with the low prices of the dumped products. In some cases, dumping can also be illegal under international trade laws. To summarize, dumping is the act of selling products in a foreign market at a price that is lower than the cost of production, which can harm local businesses and may be illegal under international trade laws.
Pregunta 25 Informe
One of the principles of insurance is
Detalles de la respuesta
The principle of insurance that I would like to explain is "proximate cause." Proximate cause is a fundamental principle of insurance that states that for a loss to be covered by insurance, it must be caused by an event that is covered by the insurance policy. In other words, the cause of the loss must be directly related to a specific peril or risk that is covered by the insurance policy. For example, if you have a car insurance policy that covers damage caused by collisions, and your car is damaged in a collision with another vehicle, the proximate cause of the damage is the collision, and the loss should be covered by your insurance policy. On the other hand, if your car is damaged by a hailstorm, which is not covered by your collision insurance, the proximate cause of the damage is the hailstorm, and the loss may not be covered by your insurance policy. In summary, the principle of proximate cause is essential to ensure that insurance policies cover only the specific risks and perils that they are designed to cover, and not unrelated losses.
Pregunta 26 Informe
Consumer sovereignty means that the consumer is?
Detalles de la respuesta
Consumer sovereignty means that the power is in the hands of the consumers, and that the market is driven by their wants and needs. This means that companies and producers must take into account what consumers want and need in order to be successful. Consumers have the final say in what is produced and what is not by choosing what to buy and what not to buy. This does not mean that consumers are always right or always independent, but it does mean that their choices and decisions play a major role in shaping the market.
Pregunta 27 Informe
A pro forma invoice is sent to inform a buyer about the?
Detalles de la respuesta
A pro forma invoice is sent to inform a buyer about the price of goods. A pro forma invoice is a document that is used in international trade to provide a buyer with an estimated cost of goods and services before the actual transaction takes place. It is not a legally binding document and does not require payment. Instead, it is used as a tool to help the buyer plan and prepare for the final purchase. The pro forma invoice typically includes information about the price of the goods, such as the unit price and the total cost. It may also include information about any taxes, duties, or other charges that may be associated with the purchase. In addition, it may include information about the payment terms, such as the due date and the method of payment. While a pro forma invoice may include some information about the quantity, designation, and quality of the goods, its primary purpose is to provide the buyer with an estimate of the price. This information can be helpful in determining whether the buyer is interested in making the purchase, and can also be used to plan for any necessary financing or budgeting.
Pregunta 28 Informe
The agency in Nigeria which ensures that products conform with government quality specifications is the?
Detalles de la respuesta
The agency in Nigeria that ensures that products conform with government quality specifications is the Standard Organisation of Nigeria (SON). The Standard Organisation of Nigeria is a regulatory body that is responsible for setting standards for products, services, and systems in Nigeria. They ensure that products meet the required quality specifications and are safe for consumers to use. SON is tasked with the responsibility of inspecting goods produced both locally and imported into Nigeria to make sure that they meet the quality and safety standards set by the Nigerian government. In summary, if you want to make sure that a product you're buying or producing meets the required quality standards in Nigeria, the agency to contact is the Standard Organisation of Nigeria (SON).
Pregunta 30 Informe
What do we call agreement between two people enforced by law?
Detalles de la respuesta
The agreement between two people that is enforced by law is called a contract. A contract is a legally binding agreement between two or more parties who have agreed to do something or refrain from doing something in exchange for something of value, known as consideration. For a contract to be valid, there must be an offer made by one party, acceptance of that offer by the other party, and consideration exchanged between the parties. The terms of the contract must be clear and unambiguous, and the parties must have the legal capacity to enter into the agreement. Once a contract is signed, both parties are obligated to fulfill their respective obligations, and if either party breaches the terms of the contract, the other party may seek legal remedies.
Pregunta 31 Informe
The two main categories under which marine losses fall into are
Detalles de la respuesta
The two main categories under which marine losses fall into are: Total loss and partial loss. A total loss occurs when a ship or cargo is completely destroyed, damaged beyond repair, or lost at sea. In this case, the insurer pays out the full insured value of the ship or cargo. A partial loss occurs when a ship or cargo is damaged but can still be repaired or salvaged. In this case, the insurer pays only for the cost of repair or the decrease in value of the damaged item.
Pregunta 32 Informe
One of the criteria for differenciating consumer markets from industrial ones is the?
Detalles de la respuesta
Pregunta 33 Informe
Goods and services are made available to consumers through
Detalles de la respuesta
Pregunta 34 Informe
The internet is a system of telecommunication used for
Detalles de la respuesta
The internet is a system of telecommunication that allows people and devices to communicate and exchange information over long distances through digital networks. It enables us to send and receive a wide range of media, such as text, images, and videos, through various applications like email, social media, and messaging platforms. In other words, the internet is a massive global network of computers that are connected to each other and exchange information through standard protocols, allowing us to communicate with each other in real-time, regardless of our physical locations.
Pregunta 35 Informe
Chinyere agreed to make a dress for Halima with September 20, 1995 as the delivery date. If the dress was not ready at that date, Halima could
Detalles de la respuesta
Pregunta 36 Informe
Extractive industries may also be denominated as?
Detalles de la respuesta
Extractive industries, also known as primary industries, are industries that are involved in the extraction and production of raw materials, such as oil, gas, minerals, and other natural resources. These industries are called "primary" because they are involved in the first step of the production process and provide the raw materials that are used to create other products. The products produced by extractive industries are often called "commodities" because they are typically sold on global markets and their prices are determined by supply and demand. In contrast, indirect industries are involved in the production of goods and services that are not directly related to the extraction of raw materials. For example, the manufacturing of consumer goods, such as cars or electronics, is an indirect industry because it relies on raw materials that have been extracted and processed by primary industries. Service industries, such as finance, education, or healthcare, are also considered indirect industries because they provide services rather than physical products.
Pregunta 37 Informe
The insurance principle that requires full disclosure of information on the insured is known as ?
Detalles de la respuesta
The insurance principle that requires full disclosure of information on the insured is known as "uberrimae Fidel". This Latin term can be translated to "utmost good faith", and it means that both the insurance company and the insured have a duty to be honest and transparent with each other. When applying for insurance, the insured must disclose all relevant information about their situation, such as any pre-existing medical conditions or risky activities they engage in. This helps the insurance company to accurately assess the risk of insuring that individual and set the appropriate premium. In turn, the insurance company has a duty to be honest about the coverage they provide and any exclusions or limitations in the policy. This principle of utmost good faith ensures that the relationship between the insured and the insurer is based on trust and fairness.
Pregunta 38 Informe
Taking a new product to a particular part of the country to test the reaction of consumers to the product is referred to as?
Detalles de la respuesta
The term used to describe taking a new product to a particular part of the country to test the reaction of consumers to the product is Sampling. Sampling involves offering a limited number of products to potential customers for free or at a reduced price, in order to gauge their interest and get feedback on the product. This allows companies to test their products in a particular market before committing to a full-scale launch. Sales promotion refers to short-term incentives that encourage customers to make a purchase, such as discounts or special offers. Merchandising refers to the process of displaying and promoting products in a retail store or other sales environment. Advertising refers to the use of various media, such as television, radio, print, and online, to promote a product or service to a large audience.
Pregunta 39 Informe
Transportation, retailing and wholesaling industries rely heavily on?
Detalles de la respuesta
Pregunta 40 Informe
On liquidation of a public limited liability company, the residual owners are the?
Detalles de la respuesta
When a public limited liability company is liquidated, its assets are sold to pay off its debts and obligations. Any money remaining after all the debts have been paid is called the residual value or the residual assets. The residual owners of a company are the owners who are entitled to this residual value. In a liquidation scenario, the residual owners of a company are the ordinary shareholders. They are the last in line to receive any payment, after the creditors, debenture shareholders, and preference shareholders have been paid. Ordinary shareholders are considered residual owners because they are the owners who have invested in the company's equity, and they only receive payment after all other obligations have been fulfilled. To put it simply, when a public limited liability company is liquidated, the residual owners who are entitled to any money left over after all debts and obligations have been paid are the ordinary shareholders.
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