JAMB UTME - Commerce - 2018
Pregunta 1 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 2 Informe
i. personal savings. ii. retained earnings iii. accrued taxes.
Which of the items constitute internal sources of financing for companies?
Detalles de la respuesta
Pregunta 3 Informe
The progragramme that makes up the operating system in a computer system is called?
Detalles de la respuesta
The programme that makes up the operating system in a computer system is called system software. The operating system is a critical part of a computer system, as it manages the computer's hardware and software resources, and provides a user interface for interacting with the computer. The system software is a collection of programmes that make up the operating system, including the kernel, device drivers, system utilities, and other components. The kernel is the core of the operating system, responsible for managing memory, processing tasks, and handling input/output operations. Device drivers are programmes that allow the operating system to communicate with hardware devices such as printers, scanners, and network adapters. System utilities are programmes that help users manage and configure the computer system, such as file managers, system settings, and security tools. Micro programs and syntax are not typically used to refer to the programmes that make up the operating system. Micro programs are low-level instructions that are stored in the computer's firmware and used to control the processor's operation, while syntax refers to the rules and structure of a programming language. Similarly, a system flow-chart is a visual representation of the flow of operations in a computer system, but it is not a programme that makes up the operating system.
Pregunta 4 Informe
The main objective of a trade association can best be described as promoting and protecting ?
Detalles de la respuesta
The main objective of a trade association can best be described as promoting and protecting the common interest. A trade association is a group of companies or businesses in a specific industry that come together to achieve a common goal. The main objective of a trade association is to promote and protect the interests of its members and the industry as a whole. This can include activities such as advocating for favorable regulations, promoting the industry to the public, and improving the overall business climate for its members. By working together, the members of a trade association can have a greater impact and influence on the industry and the market. This can lead to increased profitability and success for individual companies, as well as the industry as a whole. In simple terms, a trade association helps to bring together businesses in a specific industry to work towards common goals and promote the overall success of the industry.
Pregunta 5 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 7 Informe
Distribution of goods belongs to
Detalles de la respuesta
The distribution of goods generally belongs to the commercial industry. The commercial industry involves businesses that buy and sell goods to make a profit. These businesses can be wholesalers, retailers, or online stores. When goods are produced by the manufacturing, extractive, or construction industries, they are then sold to commercial businesses who distribute them to the end-users or customers. For example, when a car is manufactured in a factory, it is sold to a dealership or a distributor, who then sells it to the end-user or customer. Similarly, when a farmer grows vegetables, they sell their produce to a grocery store or a food distributor, who then sells the vegetables to the end-users or customers. Therefore, the commercial industry is responsible for the distribution of goods to the end-users or customers.
Pregunta 8 Informe
One of the factors which critically determines the choice of occupation is?
Detalles de la respuesta
Pregunta 9 Informe
A printer that burns the print image into the photosensitive drum is called?
Detalles de la respuesta
The printer that burns the print image into the photosensitive drum is called a laser printer. A laser printer works by using a laser beam to create an electrostatic image on a photosensitive drum. The drum is then coated with toner, which is attracted to the areas that were exposed to the laser. The toner is then transferred onto paper and fused to the paper using heat. In contrast, dot matrix printers use a set of pins to strike an inked ribbon and form characters on paper, while daisy wheel printers use a rotating wheel with raised characters that strike an inked ribbon. Thermal printers use heat to transfer ink onto paper.
Pregunta 10 Informe
Which of the following has power to order withdrawal of a particular food item from circulation?
Detalles de la respuesta
The Food and Drug Department of the Federal Ministry of Health has the power to order the withdrawal of a particular food item from circulation in Nigeria. This is because the Food and Drug Department is responsible for ensuring the safety, efficacy, and quality of food and drug products in Nigeria. They have the authority to regulate and enforce standards for food items in order to protect public health. If the Food and Drug Department identifies a particular food item that poses a threat to public health, they can order its withdrawal from circulation until the issue is resolved. This is done to prevent the food item from causing harm to consumers. It is important to note that other agencies such as the Standard Organization of Nigeria and Local Government Health Inspectors also have a role to play in regulating and enforcing food safety standards, but they do not have the same level of authority as the Food and Drug Department of the Federal Ministry of Health.
Pregunta 11 Informe
Which is the fastest means of transportation?
Detalles de la respuesta
In general, air transportation is the fastest means of transportation. This is because airplanes can travel at extremely high speeds, reaching hundreds of miles per hour. In comparison, water transportation such as boats and ships typically move at much slower speeds due to resistance from the water. Similarly, rail and road transportation are also limited by factors such as traffic, terrain, and speed limits. Of course, there are exceptions to this rule. For example, in certain situations such as traveling short distances or in congested urban areas, road transportation may actually be the fastest option. And while air transportation may be the fastest in terms of raw speed, it can be limited by factors such as security checks, boarding procedures, and delays due to weather conditions. Overall, while there are many factors to consider, in terms of pure speed, air transportation is typically the fastest means of getting from one place to another.
Pregunta 12 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 13 Informe
The first known legislation to protect consumer rights in Nigeria is the?
Detalles de la respuesta
Pregunta 15 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 16 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 17 Informe
Erroneous real arrangement of financial figure such as writing N624 as N264 is called?
Detalles de la respuesta
The erroneous real arrangement of financial figures, where the digits are mistakenly swapped or reversed, is called transposition. For example, if the correct figure is N624 but it is mistakenly written as N264, this is a transposition error because the digits '2' and '6' have been switched or transposed. Transposition errors are a common type of mistake in financial calculations and accounting, and they can lead to significant errors in financial reports and transactions. To avoid transposition errors, it is important to double-check all financial figures and calculations, and to use tools such as calculators and spreadsheets to help minimize the risk of errors. Additionally, it can be helpful to have a second person review financial reports and transactions to catch any mistakes that may have been missed.
Pregunta 18 Informe
Balance of payment consist of _________ and __________ items
Detalles de la respuesta
Balance of payment consists of visible and non-visible items. Visible items are related to the physical movement of goods and services across international borders, such as exports and imports. These are also known as trade balances or merchandise balances. Non-visible items, on the other hand, are related to the financial transactions between countries, such as investments, loans, and transfer payments. These are also known as invisibles or services balances. In simple terms, the balance of payment is a record of all the economic transactions between a country and the rest of the world. It provides a picture of the country's financial position in the global economy and helps in understanding the flow of goods, services, and money in and out of the country.
Pregunta 19 Informe
When does the buyer in a hire purchase becomes the owner of the goods?
Detalles de la respuesta
Pregunta 20 Informe
The maximum number of shareholders in a public liability company is
Detalles de la respuesta
The maximum number of shareholders in a public liability company is unlimited. This means that there is no specific limit to the number of shareholders that can own shares in the company. A public liability company, also known as a public limited company (PLC), is a type of business organization that is publicly traded on a stock exchange. This means that shares of the company can be bought and sold by the general public. Since a public liability company has the ability to sell shares to the public, it is not practical to limit the number of shareholders to a specific number. By allowing an unlimited number of shareholders, a public liability company can raise a significant amount of capital through the sale of shares, which can then be used to finance the growth and expansion of the business. However, it is important to note that there may be specific rules and regulations in each country regarding the formation and operation of a public liability company, and it is advisable to seek professional advice before starting such a company.
Pregunta 21 Informe
One of the major problems of a sole proprietor is sourcing for
Detalles de la respuesta
As a sole proprietor, one of the major problems you may face is sourcing for funds. This is because you are the sole owner of your business and responsible for all its financial obligations. You have to provide the initial capital to start the business and also fund all its operations and expenses. This can be a challenge if you don't have enough personal savings or can't access external sources of funding like loans, grants or investors. Sourcing for labour, raw materials, and machineries can also be challenging, but these problems can be managed through effective planning and organization. For example, you can hire employees on a contract basis or outsource some tasks to freelancers or specialized service providers to reduce labour costs. You can also negotiate with suppliers for better prices, establish good relationships with them, and explore alternative sources of raw materials and machineries to ensure a steady supply at a reasonable cost. However, sourcing for funds can be a more difficult challenge as it determines the viability and growth of your business. Without enough funds, you may not be able to cover your expenses, pay your bills, or invest in new opportunities that can help your business expand. Therefore, it's important to have a solid financial plan and explore all available funding options to ensure the sustainability and success of your business as a sole proprietor.
Pregunta 23 Informe
Warehousing is a productive function because it increases the?
Detalles de la respuesta
Warehousing is a productive function because it increases the utility of goods. Utility refers to the satisfaction or usefulness that consumers derive from using a product. Warehousing increases utility in several ways. First, it allows for better timing of product delivery, ensuring that goods are available when they are needed. This improves customer satisfaction and reduces the risk of lost sales. Second, warehousing can help to improve product quality. Goods can be stored in a controlled environment that is protected from damage, theft, and other hazards. This helps to maintain the quality of the products and ensures that they remain in good condition until they are ready for sale. Third, warehousing enables businesses to take advantage of economies of scale. By purchasing and storing goods in bulk, they can often obtain better prices from suppliers. This can help to reduce costs and increase profitability. Overall, warehousing is an essential part of the supply chain and plays a crucial role in improving the utility of goods, which ultimately benefits both businesses and consumers.
Pregunta 24 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 26 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 27 Informe
The factors which critically determines the choice of occupation is
Detalles de la respuesta
Pregunta 28 Informe
A disadvantage of personal selling is that it
Detalles de la respuesta
A disadvantage of personal selling is that it increases a company's operating costs. Personal selling involves hiring salespeople to interact directly with potential customers, which requires the company to pay for their salaries, commissions, training, travel expenses, and other related costs. Compared to other forms of marketing such as advertising or digital marketing, personal selling can be more expensive and time-consuming. Additionally, personal selling may not always guarantee a sale, which can lead to lower returns on investment for the company.
Pregunta 29 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 31 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 33 Informe
The main objective of corporate mergers is to?
Detalles de la respuesta
The main objective of corporate mergers is to enhance economies of scale. When companies merge, they can combine their resources, reduce duplication of efforts, and operate more efficiently. This can lead to cost savings, improved productivity, and increased profitability. By merging, companies can also expand their market share, increase their bargaining power, and access new technologies or products. While mergers can also provide financial advantages, such as increased revenue or reduced costs, the primary goal is to create a stronger, more competitive business entity through economies of scale.
Pregunta 34 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 35 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 36 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 37 Informe
The direct authority of a superior over his subordinate is known as?
Detalles de la respuesta
The direct authority of a superior over his subordinate is known as "line authority". In an organizational hierarchy, line authority refers to the chain of command that flows downward from the top level of management to the lowest levels of the organization. This means that every employee in the organization reports to a superior who is responsible for directing their work and ensuring that it is aligned with the organization's goals. Line authority is important because it helps to establish a clear structure of responsibility and accountability within the organization. It ensures that everyone understands their role and the roles of those above and below them in the organizational hierarchy. This, in turn, helps to improve communication, decision-making, and overall organizational efficiency. By contrast, staff authority refers to a type of authority that supports and advises those with line authority but does not have direct control over subordinates. Lateral authority refers to authority that is held by individuals who are at the same level in the organizational hierarchy and is used to coordinate efforts and resolve conflicts between different departments or teams. Finally, line and staff authority is a combination of both line and staff authority, where staff members advise line managers on important decisions.
Pregunta 38 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 40 Informe
What is the difference between current assets and current liabilities?
Detalles de la respuesta
