JAMB UTME - Commerce - 2023

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To find the gross profit, we need to understand what it represents. Gross profit is the amount of money left after subtracting the cost of goods sold from the net sales.
Net sales is the total revenue generated from selling goods, which in this case is ₦370,000.
The cost of goods sold is the total cost incurred to produce or purchase the goods that were sold. To calculate it, we subtract the value of the stock on 31/12 (₦40,000) from the cost of goods available for sale (₦270,000). In this case, the cost of goods sold is ₦230,000.
Now, we can calculate the gross profit by subtracting the cost of goods sold (₦230,000) from the net sales (₦370,000). Gross profit = Net sales - Cost of goods sold Gross profit = ₦370,000 - ₦230,000 = ₦140,000.
Therefore, the correct answer is ₦140,000.

The document that explains the types of shares available for sale to the public is

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The document that explains the types of shares available for sale to the public is called a prospectus.

A prospectus is a document that provides detailed information about a company and its offering of shares to the public. It is a legal requirement for companies to provide a prospectus to potential investors before they can buy shares.

The prospectus contains important information such as the company's history, financial statements, business strategy, management team, and details about the types of shares being offered. It also outlines the risks associated with investing in the company and any legal or regulatory requirements. Overall, the prospectus serves as a comprehensive guide for investors to make informed decisions about whether to buy shares and understand the nature of the investment.

It helps potential investors understand the company's operations and financial health, allowing them to evaluate the potential risks and rewards associated with investing in the company.

The payment made by a speculator to the buyer when he is unable to deliver stocks on the agreed date is

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Backwardation is a percentage paid by a person selling stock for the right of delaying its delivery.

A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as

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Indigenisation is the government policy that encourages the transfer of ownership from foreigners to indigenes of the country.

This means that the government is promoting the idea of giving ownership and control of businesses, resources, and industries to the local people or native citizens of the country.

The main objective of indigenisation is to empower the local population and promote economic development.

By transferring ownership to indigenes, the government aims to reduce the influence of foreign entities and create opportunities for local businesses and individuals to thrive.

Indigenisation policies can take various forms, such as requiring a certain percentage of ownership to be held by locals, providing incentives for indigenous businesses, or implementing regulations that prioritize local participation in key sectors of the economy.

Overall, indigenisation is a strategy used by governments to ensure that resources and economic power are shared among the local population, fostering economic growth, and reducing dependency on foreign entities.

Risk bearing in business organisation is a function of the

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

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

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

Which is the fastes means of transportation?

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

The type of activity which turns processed raw materials into consumer and industrial goods is described as

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The type of activity which turns processed raw materials into consumer and industrial goods is known as manufacturing.

Manufacturing involves the transformation of raw materials or components into finished products through various processes. These processes can include assembly, fabrication, mixing, shaping, or refining, depending on the nature of the raw materials and the desired end product.

In manufacturing, value is added to the raw materials by converting them into something that has more utility and satisfies consumer needs or industrial requirements.

For example, a manufacturer may take steel and shape it into car parts, or they may take fabric and sew it into clothing. This process is essential in meeting consumer demands and providing a wide range of goods for everyday life.

Without manufacturing, we would not have the vast array of products available to us, such as cars, electronics, furniture, clothes, and more.

In summary, manufacturing is the activity that transforms raw materials into finished goods through various processes, adding value and creating products that meet consumer and industrial needs.

Parts payments made on alloted shares by subscribers is usually the

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The correct answer is "called-up capital." Called-up capital refers to the portion of the subscribed capital that the company has requested from its shareholders to be paid. When a company decides to issue new shares, individuals or entities can subscribe to those shares by indicating their intention to purchase them. Once this happens, the subscribed capital represents the total value of shares that have been agreed to be purchased by the subscribers. However, subscribers do not always pay the entire subscription amount upfront. Instead, they make partial payments over time based on the company's requests. These partial payments made by the subscribers on their allotted shares are known as called-up capital. Therefore, the correct term to use for the partial payments made on the allotted shares by subscribers is "called-up capital."

A major function of chamber of commerce is

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The major function of a chamber of commerce is promoting both home and foreign trade.

This means that the chamber of commerce works to support and encourage businesses in their local community to engage in trade activities, both within the country (home trade) and with other countries (foreign trade).

The chamber of commerce plays a vital role in creating opportunities for businesses to connect with potential customers, suppliers, and partners. They facilitate trade exhibitions, networking events, and business conferences, where companies can showcase their products and services to a wider audience. By promoting trade, the chamber of commerce helps businesses expand their market reach, increase sales, and grow their profitability.

This not only benefits the individual businesses but also contributes to the overall economic development of the region. In addition to promoting trade, the chamber of commerce also provides support and resources to businesses to help them increase productivity.

This can include offering training programs, access to business development resources, and advocating for policies that foster a favorable business environment.

Promoting trade in a particular line is a narrower focus and not the major function of a chamber of commerce. While they may support specific industries or sectors within their community, their primary role is to promote trade in a broader sense, considering the interests and needs of all businesses.

Furthermore, maximizing profit is not the primary objective of a chamber of commerce. While they aim to support the success and profitability of businesses, their main focus is on fostering a conducive business environment and facilitating trade, rather than exclusively focusing on individual profit maximization.

What is a quota?

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

A major merit of the retaining middlemen is to

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

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To calculate the net profit, we need to subtract the cost of goods sold and expenses from the net sales.
Given the information provided:
Net sales: ₦370,000 Cost of goods sold: ₦230,000 Rent expenses: ₦35,000
To calculate the net profit, we use the following formula:
Net Profit = Net Sales - Cost of Goods Sold - Expenses
Substituting the values into the formula:
Net Profit = ₦370,000 - ₦230,000 - ₦35,000
Net Profit = ₦105,000
Therefore, the net profit is ₦105,000.
The correct answer is: ₦105,000

The maximum number of shareholders in a public liability company is

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The correct answer is unlimited. In a public liability company, there is no maximum limit on the number of shareholders that can be involved.

This means that a public liability company can have as many shareholders as it wants or needs. Unlike other types of companies, such as private limited companies, which often have restrictions on the number of shareholders they can have, public liability companies are open to the public and allow anyone to buy shares in the company.

The main reason for not having a maximum limit on the number of shareholders in a public liability company is to provide opportunity for a wide range of investors to invest in the company.

This allows the company to raise a larger amount of capital and have more diverse ownership. Having an unlimited number of shareholders also helps in spreading the risk among a larger pool of investors.

If one shareholder decides to sell their shares or withdraw from the company, there are still many other shareholders remaining, which helps maintain stability and continuity in the company's ownership structure.

Therefore, in a public liability company, there is no restriction on the number of shareholders, and it can have as many shareholders as it wants or needs to effectively operate and grow the business.

A document that lists the goods that are being sent from one place to another is

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A document that lists the goods that are being sent from one place to another is called a **bill of lading**. This document serves as a contract between the shipper and the carrier and provides detailed information about the goods being transported. It acts as a receipt, evidence of ownership, and a document of title for the goods. The bill of lading includes important information such as the description of the goods, quantity, weight, packaging details, names of parties involved, departure and destination points, and any special instructions or conditions for transportation. It is an essential document in international trade and helps ensure the smooth and secure movement of goods from one place to another.

A factor necessary for siting of a warehouse is nearness to

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A factor that is necessary for siting a warehouse is the **nearness to consumers**. When deciding where to locate a warehouse, it is important to consider the proximity or closeness to the consumers who will be buying the products stored in the warehouse. This is because being close to consumers has several advantages: 1. **Faster delivery**: When the warehouse is located near the consumers, it reduces the distance that goods need to travel to reach them. This means that products can be delivered more quickly, which is important for satisfying customer demands and providing a good customer experience. 2. **Reduced transportation costs**: Having a warehouse close to consumers also helps to reduce transportation costs. When the warehouse is located far away, it requires more time, fuel, and resources to transport goods from the warehouse to the consumers. By minimizing the distance, transportation costs can be minimized too. 3. **Flexibility and responsiveness**: Being close to consumers allows the warehouse to be more flexible and responsive to their needs. It becomes easier to adapt to changes in demand and customer preferences when the warehouse is situated nearby. This can help businesses stay competitive in the market. 4. **Customer satisfaction**: Ultimately, having a warehouse near consumers contributes to customer satisfaction. Customers appreciate receiving their products quickly and efficiently. By providing fast and convenient service, businesses can attract and retain more customers. In summary, the nearness to consumers is an important factor to consider when siting a warehouse. It enables faster delivery, reduces transportation costs, allows for greater flexibility, and leads to improved customer satisfaction.

A demerit of communication is that it

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The sender of communication may have a clear idea about the message but it may still be marked by the poorly chosen words poor organization, awkward sentence structure, lack of coherence, omissions unnecessary jargon, and a failure to clarify its implications.

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The Nigerian Stock Exchange consists of the primary and secondary markets. The primary market is where new securities, such as stocks and bonds, are issued for the first time. This is also known as the initial public offering (IPO) market, where companies raise capital by selling their shares to the public. On the other hand, the secondary market is where previously issued securities are bought and sold among investors. This is where individuals and institutions trade these securities after they have been issued in the primary market. The secondary market is also known as the stock market or the equity market. Therefore, the correct answer is the **secondary and primary market**.

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

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

The function of commerce in relation to production is

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The function of commerce in relation to production is to provide a link between the different stages of the conversion of goods. Commerce plays a vital role in supplying raw materials from nature, facilitating the production process, and delivering the finished goods to the consumers.
Firstly, commerce helps in the extraction of raw materials from nature. This involves activities such as mining, farming, fishing, and forestry. Commerce enables these materials to be collected and transported to the production sites where they can be transformed into finished goods.
Secondly, commerce plays a crucial role in the conversion process. It involves various activities such as manufacturing, processing, packaging, and assembling. These activities are carried out by producers to convert raw materials into finished products that can be sold to consumers. Commerce helps in coordinating these different stages and ensuring a smooth flow of goods throughout the production process.
Lastly, commerce is responsible for satisfying the demands of consumers. It involves marketing, distribution, and selling of the finished goods to the consumers. Commerce helps in identifying the needs and wants of consumers and ensuring that the right products reach the right people at the right time. This involves activities such as advertising, selling, and customer service.
In conclusion, the function of commerce in relation to production is to provide a link between the different stages of the conversion of goods. It facilitates the extraction of raw materials, coordinates the production process, and ensures the satisfaction of consumer demands. Commerce plays a vital role in connecting producers with consumers and ensuring the smooth flow of goods in the economy. It is an essential component of the overall process of production and distribution in any economy.

Insurance against burglary is an example of

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Insurance against burglary is an example of indemnity insurance. Indemnity insurance is a type of insurance that provides financial compensation for the loss or damage caused by a specific event or peril.

In the case of burglary insurance, it specifically covers the loss or damage resulting from a burglary or theft. When you have burglary insurance, you are protected against the financial consequences of a burglary. If your home or property is broken into and valuable items are stolen or damaged, the insurance company will compensate you for the value of those items, up to the limits specified in your policy. It is important to note that indemnity insurance does not provide a profit or go beyond the actual loss or damage suffered. The purpose of this type of insurance is to restore you to the same financial position you were in before the burglary occurred.

Non-indemnity insurance is a term used to describe insurance policies that do not provide financial compensation for the loss or damage suffered. Instead, they typically provide services or benefits that are not related to the actual cost of the loss.

Non-insurable risk refers to risks that insurance companies are unwilling or unable to provide coverage for. These risks are typically considered too unpredictable or highly certain to result in a loss, making it difficult for insurers to assess and determine an appropriate premium.

Fidelity guarantee insurance is a type of insurance that protects businesses against financial loss caused by the dishonest or fraudulent acts of their employees. It covers instances where an employee embezzles money, steals property, or commits other fraudulent acts.

In summary, insurance against burglary falls under the category of indemnity insurance. It provides financial compensation for the loss or damage caused by a burglary or theft, aiming to restore the policyholder to the same financial position they were in before the incident occurred.

A partnership is dissolved due to

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A partnership can be dissolved due to various reasons. Let's explore each option mentioned:
1. Resignation of an employee: The resignation of an employee does not directly cause the dissolution of a partnership. While the resignation of a partner may have implications for the partnership, it alone does not lead to dissolution.
2. Liquidity of the firm: The liquidity, or financial stability, of a firm can be a factor that influences the decision to dissolve a partnership. If the firm is facing severe financial difficulties and unable to meet its obligations, the partners may choose to dissolve the partnership to avoid further losses.
3. Death of the employee: The death of an employee, while unfortunate, does not automatically result in the dissolution of a partnership. However, the death of a partner can lead to the dissolution of the partnership, especially if there are no provisions in the partnership agreement to continue the business after the partner's death.
4. Insanity of a partner: The insanity, or mental incapacity, of a partner can contribute to the dissolution of a partnership. If a partner becomes mentally unfit to participate in the partnership's affairs or fulfill their duties, it can create significant challenges and may eventually lead to the dissolution of the partnership.
In conclusion, the three factors that can cause the dissolution of a partnership are: - The liquidity of the firm, if it is unable to meet financial obligations. - The death of a partner, particularly if no provisions for continuation are in place. - The insanity of a partner, making it difficult for them to fulfill their duties.

A business organization that exploits the capabilities of a member to remedy the weakness of another is a

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A business organization that exploits the capabilities of a member to remedy the weakness of another is a cooperative. In a cooperative, individuals or businesses come together voluntarily to pool their resources, skills, and knowledge for mutual benefit. The members of a cooperative work together to address their weaknesses by leveraging the strengths of others. This collaboration helps to improve the overall efficiency and productivity of the cooperative. Cooperatives operate on the principle of "working together" rather than competing against each other. By sharing resources, expertise, and responsibilities, the members can achieve common goals that may not have been possible individually. The cooperative structure allows members to contribute their unique skills and abilities to fill any gaps or weaknesses within the organization. This collective effort promotes collaboration, problem-solving, and shared decision-making. Overall, a cooperative is a business organization that fosters cooperation among its members to maximize their strengths and overcome weaknesses collectively.

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

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

The stock exchange is a market where

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The stock exchange is a market where all types of securities are sold. This means that it is a place where various financial assets can be bought and sold. This includes short-term, medium-term, and long-term securities.

Securities refer to tradable financial instruments, such as stocks (also known as shares or equities), bonds, and derivatives. Stocks represent ownership in a company, while bonds are debt instruments issued by the government or corporations. Derivatives are financial contracts based on the value of an underlying asset.

On the stock exchange, buyers and sellers come together to trade these securities. Buyers are interested in purchasing securities as investments, hoping that their value will increase over time. Sellers, on the other hand, may be looking to sell securities they already own in order to make a profit or reduce their risk.

The stock exchange provides a centralized platform where securities can be traded, ensuring transparency and fair pricing. It operates through a network of exchanges and brokers, with buyers and sellers submitting their orders electronically. Trades are executed based on the prevailing market prices, determined by supply and demand.

Overall, the stock exchange plays a crucial role in capital markets by facilitating the buying and selling of securities, enabling companies to raise funds and investors to participate in the growth of businesses.

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

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

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

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

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

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

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

One of the functions of a retailer is the

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

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

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

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

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

A major objective of all business resources is

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A major objective of all business resources is profit making. Profit making is the ultimate goal for businesses as it ensures their sustainability and growth. When businesses are able to make profits, they can reinvest that money back into their operations, expand and innovate, and create more job opportunities.
Profit making also allows businesses to attract investors and access capital for further expansion. It enables them to pay their employees fair wages and provide necessary resources to operate effectively.
While other options such as human relation, public relation, and profit sharing are important aspects of running a successful business, they are not the primary objective. Human relations and public relations are important for building positive relationships with customers, employees, and the community, but without making profits, the business will not be able to sustain itself in the long run. Profit sharing, on the other hand, is a strategy that some businesses use to incentivize their employees, but it is not the primary objective of all business resources.
In summary, while there are many important factors in running a successful business, the major objective of all business resources is profit making.

In law of contract, a counter offer operates as

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A counter offer in the law of contract operates as a rejection of the original offer.

When one party makes an offer to another party, they are essentially proposing certain terms and conditions for entering into an agreement.

However, if the second party responds to this offer with a counter offer, it means that they are suggesting different or altered terms for the agreement. In legal terms, a counter offer is seen as a rejection of the initial offer because it indicates that the second party is not willing to accept the original terms proposed by the first party. The counter offer essentially ends the original offer and opens up negotiations for new terms of the agreement.

Therefore, it is important to understand that a counter offer does not operate as an acceptance, an offer, or a contract.

It is a clear indication that the second party is not in agreement with the terms of the original offer and wishes to propose new terms for consideration.

The scope commerce is limited to

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

An example of extractive occupation is

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An example of extractive occupation is **mining**. Mining is the process of extracting valuable minerals or other geological materials from the earth. This occupation involves digging, drilling, and blasting to access and remove minerals such as coal, iron, gold, or diamonds from the ground. In extractive occupations like mining, the main focus is on acquiring and extracting natural resources. These resources are then processed and used in various industries for manufacturing products and fueling economic activities. Unlike other occupations mentioned, such as driving, teaching, or banking, mining is directly involved in the extraction of natural resources. While driving, teaching, and banking are important occupations in their own right, they do not involve the extraction of resources from the earth. To summarize, an extractive occupation refers to jobs that involve extracting natural resources from the earth, and mining is a prime example of such an occupation.

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An example of a cartel is **OPEC**. A cartel is a group of independent entities or organizations that come together to regulate and control the production, pricing, and distribution of a particular product or service. The primary goal of a cartel is to collaborate and reduce competition among its members in order to maintain high prices and increase profits. OPEC stands for the Organization of the Petroleum Exporting Countries. It is an intergovernmental organization consisting of 14 oil-producing countries, primarily located in the Middle East, Africa, and South America. OPEC was formed in 1960 and its members collectively control a significant portion of the world's oil reserves and production. OPEC's main objective is to coordinate and control the production and pricing of oil to ensure stability in global oil markets and maximize their revenues. The member countries agree on production quotas to limit the amount of oil they produce, with the aim of balancing supply and demand and maintaining stable oil prices. By collaborating and acting as a collective force, OPEC members are able to exert influence and have a significant impact on global oil prices. This allows them to maintain higher prices and avoid the downward pressure of excessive competition. However, this control over the oil market has both positive and negative consequences for both the member countries and the global economy. In summary, OPEC is an example of a cartel as it is a group of oil-producing countries that collaborate to control the production and pricing of oil, with the aim of maintaining high prices and increasing profits.

Why is clean bill of lading called so?

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A clean bill of lading is called so because it is a clear and accurate document that shows no records of damaged goods or any other problems. When goods are transported by ship, a bill of lading is issued as a receipt and evidence of the contract between the shipper and the carrier. It includes important information such as the type of goods, the quantity, and the destination. A clean bill of lading indicates that the goods have been loaded onto the ship in good condition and that there are no visible signs of damage or issues. It is like a "clean slate" for the goods, meaning there are no problems associated with them at the time of shipment. This document is important because it serves as proof that the goods were in good condition when they were handed over to the carrier. It also ensures that the responsibility for any damages or issues lies with the carrier, rather than the shipper. On the other hand, if a bill of lading shows records of damaged goods, it would be called a "dirty" or "foul" bill of lading. This would indicate that there are problems or damages associated with the goods, which may complicate the liability and the insurance claims process. Therefore, a clean bill of lading signifies that no debt is owed and that the goods have been shipped in good condition, giving confidence to both the shipper and the receiver of the goods.

A major function of trade association is to

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A major function of trade associations is to foster cooperation among their members. Trade associations are organizations that bring together businesses operating in a particular industry or trade. They aim to promote the common interests and goals of their members and support them in various ways. One of the primary purposes of trade associations is to create an environment where businesses can work together and collaborate. By fostering cooperation, trade associations facilitate the sharing of knowledge, expertise, and resources among their members. This collaboration can help businesses in the industry to collectively address challenges, explore new opportunities, and develop common strategies for growth and success. Trade associations also serve as a platform for networking and establishing links among their members. They organize events, conferences, and meetings where business owners and professionals from the same industry can connect, interact, and build relationships. These connections can lead to new partnerships, collaborations, and business opportunities that can benefit individual members and the industry as a whole. It is important to note that trade associations do not assist members in buying cars or help individuals set up small businesses directly. Their main focus is on creating an environment of cooperation, collaboration, and support within the industry. While they may offer various services, such as industry research, advocacy, or training programs, these services are generally aimed at benefiting the industry as a whole rather than assisting individual members in specific personal endeavors. In summary, the primary function of trade associations is to foster cooperation among their members and establish links within the industry. They provide a platform for businesses in the same industry to collaborate, share resources, and work together towards common goals.

The act of selling in a foreign market at a price lower than the cost price is called

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The correct answer is **dumping**. Dumping is the act of selling products in a foreign market at a lower price than what it cost to produce them. This practice allows the exporter to gain a competitive advantage over local businesses in the foreign market, as they can offer lower prices to attract customers and potentially drive local producers out of business. Dumping is often seen as an unfair trade practice because it can harm domestic industries by creating an unlevel playing field. It can also lead to anti-dumping measures being imposed by the importing country to protect its industries. To summarize, dumping involves selling products in a foreign market at a price lower than the cost price, giving the exporter a competitive advantage but potentially harming local industries.

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

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

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

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

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

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

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

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

Another name or term for a dishonoured cheque is

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Another term for a dishonored cheque is a **bounced cheque**. When a person writes a cheque to someone, they are essentially authorizing their bank to transfer funds from their account to the recipient's account. However, if there are insufficient funds in the account, the bank will be unable to complete the transaction and the cheque will be bounced, or dishonored. There are various reasons why a cheque may bounce, such as insufficient funds, a closed account, or a mismatched signature. When a cheque bounces, it means that the payment cannot be made as originally intended, and the recipient will not receive the funds. So, to summarize, a dishonored cheque is commonly referred to as a **bounced cheque** because the payment authorization is not fulfilled by the bank due to insufficient funds or other issues.

The production of goods and services in anticipation of demand is made possible by

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Warehousing is the process of storing physical inventory for sale or distribution. Warehouses are used by all different types of businesses that need to temporarily store products in bulk before either shipping them to other locations or individually to end consumers.

The difference between the central bank and commercial bank is that the former

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The central bank and commercial bank are two different types of banks that serve different purposes. The central bank, as the name suggests, is the bank that is at the center or the heart of a country's banking system. It is responsible for controlling and regulating the country's money supply, interest rates, and monetary policy. One of the important functions of the central bank is to act as the lender of last resort. This means that in times of financial crisis or when commercial banks are unable to meet their obligations, the central bank steps in to provide liquidity and ensure the stability of the banking system. On the other hand, commercial banks are the banks that most people are familiar with, as they are the ones that provide various banking services to the public. Commercial banks serve as intermediaries between individuals and businesses that have surplus funds to deposit, and those who need to borrow money. They accept deposits from individuals and businesses and in return, provide a range of services such as checking accounts, savings accounts, and loans. In summary, the key difference between the central bank and commercial bank is that the central bank acts as the lender of last resort and is responsible for regulating the country's banking system, while commercial banks provide banking services to the public and facilitate the borrowing and lending of money.

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

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