JAMB UTME - Commerce - 2018

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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.

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The person who undertakes any risk in insurance business is known as an underwriter. An underwriter is responsible for evaluating the risk associated with insuring a particular person, asset or event, and determining the appropriate premium to charge for that risk. They assess a variety of factors such as the likelihood of a claim being made, the potential cost of that claim, and the insurer's ability to cover the cost. Based on this analysis, the underwriter decides whether or not to accept the risk and issue an insurance policy, and at what price. In other words, an underwriter is like a risk manager for an insurance company. They are responsible for ensuring that the company only takes on risks that it can handle, and that the premiums charged are sufficient to cover any potential losses. Without underwriters, insurance companies would not be able to accurately assess risk, and may be more likely to experience financial difficulties or even failure.

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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.

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The function that is not performed by warehousing is "creating scarcity of goods." Warehousing primarily serves the purpose of storing goods in a safe and organized manner until they are needed for further use or transportation. This ensures that the goods are protected from damage, theft, or any other kind of loss. Stabilization of price is a significant function of warehousing. By storing goods when their supply is high and releasing them when the demand exceeds the supply, warehousing helps regulate the price of goods in the market. This helps prevent price fluctuations, which can be harmful to both producers and consumers. Production ahead of demand is another function of warehousing. Warehouses allow producers to manufacture goods in advance of demand and store them until they are required. This enables them to meet the demand of the market promptly and maintain a consistent supply of goods. Creating scarcity of goods is not a function of warehousing. In fact, warehousing aims to reduce scarcity by ensuring that goods are available when needed. If goods are kept in warehouses, they are readily available to meet the demand, which can help prevent scarcity. In summary, the primary function of warehousing is the storage of goods. Warehousing also helps stabilize prices, enables production ahead of demand, and prevents scarcity of goods.

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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.

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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.

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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.

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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.

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The first form an applicant must complete before taking an insurance policy is the proposal form. This is a document that provides information about the applicant and the property or risk being insured. The proposal form is used by the insurer to assess the risk associated with the policy and to determine the premium that the applicant will be charged. The proposal form typically includes questions about the applicant's personal information, such as name, address, and occupation, as well as details about the property or risk being insured. For example, if the applicant is seeking a home insurance policy, the proposal form may ask about the age and condition of the home, its location, and any previous insurance claims made by the applicant. It's important for applicants to provide accurate and complete information on the proposal form, as any inaccuracies or omissions could affect the insurer's assessment of the risk and the terms of the policy. Once the proposal form is completed and submitted to the insurer, the insurer will review the information and decide whether to offer coverage and at what premium.

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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.

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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.

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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.

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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.

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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.

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An overdraft is a source of short term capital. An overdraft allows you to withdraw more money from your bank account than you have available in your account balance. The bank essentially lends you the difference, and you can use the extra funds for a short period of time, usually until your next deposit. This is a convenient way to get access to quick cash when you need it, but it typically comes with high interest rates and fees, so it's important to use it wisely and pay it back as soon as possible.

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One of the obstacles to achieving the objectives of ECOWAS is the issue of language differences. ECOWAS, which stands for the Economic Community of West African States, is a regional economic organization made up of fifteen West African countries. Its primary goal is to promote economic cooperation and integration among member states, with the aim of creating a unified economic market in the region. However, one major obstacle to achieving this goal is the language differences among member states. West Africa is a linguistically diverse region, with over 2,000 different languages spoken. English, French, and Portuguese are the three official languages of ECOWAS, but many other languages are also spoken in the region. This diversity in languages creates communication challenges for member states, which can make it difficult to coordinate and implement policies and initiatives. It also makes it harder to build a shared regional identity and culture, which is a key component of creating a unified economic market. In conclusion, language differences are an obstacle to achieving the objectives of ECOWAS, as they can hinder communication, coordination, and the development of a shared regional identity.

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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.

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Sudden technological changes can have the effect of making a company's product obsolete because newer technologies often provide better and more efficient solutions. As a result, companies that fail to adapt to these changes risk losing their market share and becoming irrelevant. Moreover, sudden technological changes can also make a company's management style ineffective, especially if the new technology requires a different approach to managing employees or implementing processes. Similarly, the control mechanism may become difficult to implement if the new technology requires new tools or software that are not compatible with the existing infrastructure. Lastly, sudden technological changes may make it difficult to monitor the motivational factors in the company. For instance, employees may become demotivated if they feel that their skills are no longer relevant or that they cannot keep up with the pace of technological advancement. This can lead to a decline in productivity and morale, which can ultimately affect the company's bottom line.

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The three components of staffing are recruitment, selection, and placement. Recruitment involves the process of identifying and attracting qualified individuals to apply for a job vacancy. This can be done through advertising, job fairs, and networking. The goal is to create a pool of potential candidates. Selection involves the process of evaluating the pool of candidates and determining which ones have the necessary qualifications, skills, and experience to perform the job. This can involve various methods such as interviews, tests, and reference checks. Placement involves the process of assigning the selected candidate to the job for which they were hired. This can involve orientation and training to ensure that the candidate is equipped to perform the job successfully. The goal is to ensure that the candidate is a good fit for the organization and can contribute to its success. Overall, these three components are critical for ensuring that an organization has the right people in the right positions to achieve its goals.

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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.

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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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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.

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A merchant wholesaler is a person or a company that buys goods in large quantities from manufacturers and sells them in smaller quantities to retailers or other businesses. They act as intermediaries between the manufacturers and retailers, helping to bridge the gap between the two. Out of the options given, a merchant wholesaler is not a del-credere agent, a broker, or a factor. A del-credere agent is a type of agent who guarantees payment to the seller in case the buyer defaults. A broker is a person or a firm that arranges transactions between buyers and sellers, but they do not take ownership of the goods themselves. A factor is a person or a company that buys accounts receivable from businesses at a discount and then collects the full amount owed by the customers. A rack jobber, on the other hand, is a type of merchant wholesaler who specializes in managing and merchandising inventory for retailers. They typically provide display racks, restock merchandise, and maintain inventory levels at retail locations. Rack jobbers usually earn a commission on the sales made by the retailer, and they are responsible for managing the inventory risk. In summary, a merchant wholesaler is a type of intermediary who buys goods in large quantities from manufacturers and sells them in smaller quantities to retailers or other businesses, while a rack jobber is a specific type of merchant wholesaler who specializes in managing and merchandising inventory for retailers.

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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.

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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.

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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.

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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.

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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.

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