JAMB UTME - Commerce - 2018

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The communication process involves several steps, including the transmission of a message from the sender to the receiver. The sender is the person who originates the message, while the receiver is the person who receives the message. The message is transmitted over a selected channel, which can be a face-to-face conversation, a phone call, an email, a letter, or any other medium used to convey information. The sender encodes the message using language, symbols, or other forms of communication that can be understood by the receiver. The encoded message is then transmitted through the chosen channel to the receiver. Once the message is received, the receiver decodes it, which means interpreting the message in a way that makes sense to them. The receiver may also provide feedback to the sender, which allows the sender to evaluate whether the message was understood as intended. The audience, on the other hand, is the group of people who receive the message, which may include the intended recipient as well as any others who may hear or see the message. Overall, the communication process involves the sender encoding a message and transmitting it over a selected channel to the receiver, who decodes it and provides feedback to the sender. The audience may also receive the message, which can have an impact on how the message is perceived and understood.

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In Nigeria, the ministry in charge of registering trade associations is the Ministry of Trade and Industry. This ministry is responsible for the formulation and implementation of policies and programs that promote the development of trade, commerce, and industry in the country. The Ministry of Trade and Industry works to create an enabling environment for businesses to thrive, by providing support services and developing policies that facilitate trade and commerce. The ministry is also responsible for promoting the development of micro, small, and medium-sized enterprises (MSMEs) in the country. MSMEs play a crucial role in the Nigerian economy, contributing significantly to job creation and economic growth. The Ministry of Trade and Industry works to support these businesses by providing access to finance, technical assistance, and other resources that can help them to grow and compete in the global marketplace. In summary, the Ministry of Trade and Industry is the government agency in Nigeria that is responsible for registering trade associations. This ministry works to promote the development of trade, commerce, and industry in the country, and to support the growth of MSMEs.

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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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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 form of money that has gone out of use is commodity money. Commodity money is a type of currency that is made of a physical commodity with intrinsic value, such as gold, silver, or salt. In the past, people would use these commodities as a medium of exchange because they were valuable in and of themselves. However, as economies grew and became more complex, commodity money became impractical and inconvenient for day-to-day transactions. In its place, bank money and paper money emerged as more convenient forms of currency that are easier to handle and transact with. Today, most countries use fiat money, which is not backed by a physical commodity but by the government's guarantee of its value.

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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).

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A group of companies is a collection of firms that are related to each other in some way, usually through ownership or control. This can include a holding company and its subsidiaries, as well as associates and their holding company. The companies within a group often have common goals and may work together to achieve them. By grouping together, companies can share resources, expertise, and expenses, which can lead to efficiencies and cost savings. Additionally, a group of companies may have a stronger market position than any of its individual members, which can be advantageous in a competitive industry.

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As a sole proprietor, one of the major problems you may face is sourcing for funds. This is because you are the sole owner of your business and responsible for all its financial obligations. You have to provide the initial capital to start the business and also fund all its operations and expenses. This can be a challenge if you don't have enough personal savings or can't access external sources of funding like loans, grants or investors. Sourcing for labour, raw materials, and machineries can also be challenging, but these problems can be managed through effective planning and organization. For example, you can hire employees on a contract basis or outsource some tasks to freelancers or specialized service providers to reduce labour costs. You can also negotiate with suppliers for better prices, establish good relationships with them, and explore alternative sources of raw materials and machineries to ensure a steady supply at a reasonable cost. However, sourcing for funds can be a more difficult challenge as it determines the viability and growth of your business. Without enough funds, you may not be able to cover your expenses, pay your bills, or invest in new opportunities that can help your business expand. Therefore, it's important to have a solid financial plan and explore all available funding options to ensure the sustainability and success of your business as a sole proprietor.

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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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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.

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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 agreement between two people that is enforced by law is called a contract. A contract is a legally binding agreement between two or more parties who have agreed to do something or refrain from doing something in exchange for something of value, known as consideration. For a contract to be valid, there must be an offer made by one party, acceptance of that offer by the other party, and consideration exchanged between the parties. The terms of the contract must be clear and unambiguous, and the parties must have the legal capacity to enter into the agreement. Once a contract is signed, both parties are obligated to fulfill their respective obligations, and if either party breaches the terms of the contract, the other party may seek legal remedies.

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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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The duty paid on goods produced locally is called "excise duty". Excise duty is a tax on goods that are produced, sold or consumed within a country, and is typically imposed at the point of production or sale. In other words, if you produce goods in a country and sell them within that same country, you will likely have to pay an excise duty. Excise duty can be levied on a wide range of products, including alcohol, tobacco, fuel, and luxury goods. The rate of excise duty varies depending on the type of product and the country in which it is produced. The purpose of excise duty is to generate revenue for the government and to discourage the consumption of certain products. Unlike ad-valorem duty, which is calculated as a percentage of the value of the goods, excise duty is usually calculated on a per-unit basis. For example, a certain amount of excise duty might be charged for each liter of alcohol produced or for each pack of cigarettes sold. Export duty, on the other hand, is a tax on goods that are exported out of a country. Quota is a restriction on the quantity of goods that can be imported or exported.

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The board of directors of a public enterprise is typically appointed by the shareholders. Shareholders are the owners of the company and have the right to elect the people who will oversee the management of the company and make decisions on behalf of the shareholders. The board of directors is responsible for setting the overall strategy of the company, making major decisions such as appointing senior management, and ensuring that the company is managed in a way that is in the best interests of the shareholders.

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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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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.

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The main objective of corporate mergers is to enhance economies of scale. When companies merge, they can combine their resources, reduce duplication of efforts, and operate more efficiently. This can lead to cost savings, improved productivity, and increased profitability. By merging, companies can also expand their market share, increase their bargaining power, and access new technologies or products. While mergers can also provide financial advantages, such as increased revenue or reduced costs, the primary goal is to create a stronger, more competitive business entity through economies of scale.

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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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The insurance principle that requires full disclosure of information on the insured is known as "uberrimae Fidel". This Latin term can be translated to "utmost good faith", and it means that both the insurance company and the insured have a duty to be honest and transparent with each other. When applying for insurance, the insured must disclose all relevant information about their situation, such as any pre-existing medical conditions or risky activities they engage in. This helps the insurance company to accurately assess the risk of insuring that individual and set the appropriate premium. In turn, the insurance company has a duty to be honest about the coverage they provide and any exclusions or limitations in the policy. This principle of utmost good faith ensures that the relationship between the insured and the insurer is based on trust and fairness.

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Warehousing is a productive function because it increases the utility of goods. Utility refers to the satisfaction or usefulness that consumers derive from using a product. Warehousing increases utility in several ways. First, it allows for better timing of product delivery, ensuring that goods are available when they are needed. This improves customer satisfaction and reduces the risk of lost sales. Second, warehousing can help to improve product quality. Goods can be stored in a controlled environment that is protected from damage, theft, and other hazards. This helps to maintain the quality of the products and ensures that they remain in good condition until they are ready for sale. Third, warehousing enables businesses to take advantage of economies of scale. By purchasing and storing goods in bulk, they can often obtain better prices from suppliers. This can help to reduce costs and increase profitability. Overall, warehousing is an essential part of the supply chain and plays a crucial role in improving the utility of goods, which ultimately benefits both businesses and consumers.

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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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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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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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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.

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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.