JAMB UTME - Commerce - 2018

Goods and services are made available to consumers through

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

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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.

Taking a new product to a particular part of the country to test the reaction of consumers to the product is referred to as?

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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.

One of the criteria for differenciating consumer markets from industrial ones is the?

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The agency in Nigeria which ensures that products conform with government quality specifications is the?

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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).

Erroneous real arrangement of financial figure such as writing N624 as N264 is called?

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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.

The three components of staffing are? 

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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.

 The first known legislation to protect consumer rights in Nigeria is the? 

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A debenture holder is entitled to

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A debenture holder is entitled to receive interest on the amount of money they have lent to the company by purchasing a debenture. The interest rate and payment schedule will be set out in the debenture agreement. Unlike shareholders, debenture holders do not have an ownership stake in the company, so they are not entitled to receive dividends, commissions, or a share of the profits. Their return on investment is limited to the interest payments specified in the debenture agreement, and they have no say in the management of the company.

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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.

A title, symbol, or design that distinguishes a company is called

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The title, symbol, or design that distinguishes a company and its products or services from others is called a "trademark." It is a recognizable symbol or sign that represents a company's identity and helps consumers identify and differentiate the company's offerings from its competitors. A trademark can be a word, phrase, symbol, design, or a combination of these elements. It can be registered with the government to provide legal protection against unauthorized use by others. This means that other companies cannot use the same or similar mark to sell their products or services, which could cause confusion among consumers. In summary, a trademark is a valuable asset that companies use to protect their brand identity and to ensure that their customers can easily recognize and trust their products or services.

A chamber of commerce is an association made up of?

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The internet is a system of telecommunication used for

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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.

Rights issue means the?

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Which of the following is a verbal means of communication

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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.

Extractive industries may also be denominated as?

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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.

On liquidation of a public limited liability company, the residual owners are the?

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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.

The share capital value that forms part of the balance sheet total is the

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In a public limited liability company, planning is carried out by

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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.

The above chart represents the

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A pro forma invoice is sent to inform a buyer about the?

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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.

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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.

Which of the following functions is not performed by warehousing?

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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.

In the law of contact, a counter offer operates as

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A counter offer operates as a rejection. In the law of contract, a counter offer is a response to an original offer that changes the terms of the agreement. It acts as a rejection of the original offer and a new offer from the person making the counter offer. Until the new offer is accepted, there is no contract. So, if you receive a counter offer, it means that the person you made the original offer to is not accepting it as it is, but instead, they are proposing new terms for the agreement.

The factors which critically determines the choice of occupation is

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Transportation, retailing and wholesaling industries rely heavily on?

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What’s the first form an applicant must complete before taking an insurance policy?

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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.

Bank overdraft as a short term source of fund is

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Balance of payment consist of _________ and __________ items

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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.

Given

What is the rate of turnover from the table?

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Bank giro is a system where?

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One of the obstacles to achieving the objectives of ECOWAS is?

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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.

A company which issues a promissory note in lieu of payment for goods purchased

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One of the factors which critically determines the choice of occupation is?

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Money is generally acceptable for transaction due to

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An organization which focuses on consumers satisfaction is practicing

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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.

Distribution of goods belongs to

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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.

The satisfaction of consumer is best explained by

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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.

One of these is a current asset

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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.

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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.