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Question 1 Report
The most important resources of business is_______
Answer Details
The most important resource of a business is its human resources, which refers to the people who work for the company. This includes everyone from the CEO to entry-level employees. Human resources are crucial because they are the ones who create, produce, and sell the products or services that the company offers. Money, material resources, and opportunities are also important, but without human resources, a business cannot function. Money is important to invest in the company and keep it running, but without people to manage the finances and create revenue, the money is useless. Material resources such as equipment, technology, and supplies are necessary to produce goods or provide services, but again, it is the human resources who operate the machinery and use the supplies. Opportunities such as partnerships or expanding into new markets can be lucrative, but it is the human resources who develop and execute the strategies to take advantage of these opportunities. In summary, while all resources are important, human resources are the most critical because they are the ones who make the business function and succeed.
Question 2 Report
A commission charged on postal order is__________
Answer Details
A commission charged on postal order is called "poundage." Poundage is a small fee that is charged by the postal service for processing and handling a postal order. This fee is a percentage of the total amount of the postal order and is designed to cover the costs of processing, handling, and delivering the order. Poundage is usually a small amount, but it can add up over time, especially if you use postal orders frequently. It is important to take poundage into consideration when calculating the total cost of a postal order, to make sure you have enough funds to cover both the cost of the order and the poundage fee.
Question 3 Report
Use the following information to answer this question.
Oladosu Bookshop
54, Ahmadu Bello Way
Kaduna
P.O.BOOX 336
6 January 1989
Olu Stationery ltd
17, Kakawa Street
Lagos
Dear Sir,
We require 200 pieces of 0.8mm fountain pens and 1000 pieces of plain single line 21cm × 18cm exercise books.
Please give us quotes for the respective articles for immediate delivery and a statement of your terms of trade.
Yours Faithfully
Manager.
The above represents?
Answer Details
The above represents a letter of inquiry. It is a formal letter written by the manager of Oladosu Bookshop to Olu Stationery Ltd requesting quotes for specific items and information about their terms of trade. The letter is not an order form, as it does not contain a commitment to purchase the requested items. Rather, it is a request for information to help the bookshop make an informed decision about whether to place an order with the stationery company.
Question 4 Report
A conter offer is an offer that is
Answer Details
A counter offer is a new offer that is made in response to a previous offer. It's different from the original offer because it includes different terms or conditions. For example, if someone makes an offer to buy your car for $10,000, and you counter with an offer to sell it for $12,000, the counter offer is a new and different offer than the original one. The original offer is no longer valid, and the parties must either accept the counter offer or make a new offer.
Question 5 Report
Tourism involving residents of the given country travelling only within this country is called__________
Answer Details
Tourism involving residents of a given country traveling only within that country is called "Domestic Tourism." Domestic Tourism refers to the travel of people within their own country for leisure, business, or other purposes. This type of tourism involves residents of a country traveling to different parts of their own country for vacation, sightseeing, or to visit friends and family. Domestic Tourism is an important part of the tourism industry, as it generates revenue for local businesses and supports local economies. It is important to note that Domestic Tourism is different from Inbound Tourism, which refers to the travel of foreign visitors to a country, and Outbound Tourism, which refers to the travel of residents of a country to other countries.
Question 6 Report
The headquarters of Niger Basin Commission is located at________
Answer Details
The headquarters of the Niger Basin Commission is located in Niamey, which is the capital city of Niger. The Niger Basin Commission is an intergovernmental organization that was established in 1964 to promote cooperation and sustainable development in the Niger Basin region, which encompasses nine West African countries, including Benin, Burkina Faso, Cameroon, Chad, Côte d'Ivoire, Guinea, Mali, Niger, and Nigeria. The Niger Basin Commission's mission is to ensure the integrated development of the Niger Basin in a sustainable and equitable manner, while promoting regional cooperation and reducing poverty. The organization focuses on a variety of activities, including water resource management, environmental protection, and sustainable agriculture and rural development. The headquarters of the Niger Basin Commission in Niamey serves as a central hub for the organization's operations, including policy development, planning, and coordination of regional programs and projects.
Question 7 Report
The communication aspect of the marketing mix is
Answer Details
The communication aspect of the marketing mix is promotion. Promotion refers to all the activities that a company undertakes to communicate with its target audience and inform, persuade, or remind them about its products or services. This can include advertising, sales promotion, public relations, personal selling, and direct marketing. The goal of promotion is to create awareness and interest in the company's offerings, build brand loyalty, and ultimately drive sales. By using a combination of different promotional tactics, companies can reach their target audience in the most effective and efficient way possible. Promotion is an important part of the marketing mix, as it helps to differentiate the company's offerings from those of its competitors and can have a significant impact on a company's bottom line. Effective promotion can drive customer engagement and increase brand recognition, leading to increased sales and profitability.
Question 8 Report
An example of vertical integration is___________
Answer Details
Trust is an amalgation of different competing firms in different lines of business under a single management. It is vertically integrated in nature.
Question 9 Report
A document that embody the conditions and exceptions attached to the contract is
Answer Details
A document that embodies the conditions and exceptions attached to the contract is the "policy." A policy is a legal contract between the insurer and the insured that outlines the terms and conditions of the insurance coverage. It specifies what is covered, how much is covered, and under what circumstances the coverage will be provided. The policy also lists any exceptions or exclusions that are not covered under the policy. In simple terms, the policy is the document that outlines the agreement between the two parties and lays out all the details of the insurance coverage.
Question 10 Report
Which of these is not a merit of division of labour
Answer Details
The option that is not a merit of division of labour is "creates monotony in the work task." Division of labor is a process whereby tasks are broken down into smaller and more specialized tasks, with each worker performing one or a few of these tasks. This process has several benefits, including increased efficiency, higher productivity, and improved quality of output. However, one potential downside of division of labor is that it can create monotony in the work task. When workers are assigned to perform the same task repeatedly, they may become bored or disengaged from their work, which can reduce their motivation and productivity. In conclusion, while division of labor has many benefits, it is important to consider the potential negative effects, such as monotony in the work task, and take steps to mitigate these effects.
Question 11 Report
Computer that process data in the form of values is
Answer Details
Analog computers are those computers that are similar to use for measuring instruments such as Thermometer, Voltmeter i.e measured in value and scale.
Question 12 Report
The basic characteristics of co-operative society include all except one
Answer Details
Members in the management committees of Co-operative societies often lack business experience and expertise.
Question 13 Report
The theory of International trade is based on_________
Answer Details
The theory of international trade is based on the principle of comparative cost. This principle suggests that countries should specialize in producing goods and services that they can produce at a lower opportunity cost (in terms of other goods and services foregone) compared to other countries, and trade with each other to obtain the goods and services they cannot produce efficiently. For example, suppose Country A can produce 10 cars or 20 computers in a given time period, while Country B can produce 15 cars or 30 computers in the same time period. Country A has a lower opportunity cost for producing cars (1 car for every 2 computers foregone) compared to Country B (1 car for every 2 computers foregone). In contrast, Country B has a lower opportunity cost for producing computers (1 computer for every 0.5 cars foregone) compared to Country A (1 computer for every 1 car foregone). According to the principle of comparative cost, Country A should specialize in producing cars and Country B should specialize in producing computers. They can then trade with each other to obtain the goods they cannot produce efficiently. By doing so, both countries can enjoy a higher level of consumption than if they tried to produce all goods and services domestically. In summary, the theory of international trade is based on the principle of comparative cost, which emphasizes that countries can benefit from trade by specializing in the production of goods and services in which they have a comparative advantage, and trading with other countries to obtain goods and services they cannot produce efficiently.
Question 14 Report
All but one does not provide an Indirect Service?
Answer Details
Among the four options, only "Custom Officers" do not provide an indirect service. An indirect service is a service that is provided to the public through intermediaries or intermediaries, such as government agencies, non-profit organizations, or private companies. Family doctors provide an indirect service because they are intermediaries between patients and the healthcare system. They diagnose and treat patients, prescribe medications, and refer patients to specialists or hospitals if necessary. Civil servants also provide an indirect service by managing and implementing government policies and programs that directly impact the public, such as education, healthcare, and public safety. Lawmakers provide an indirect service by creating laws and policies that shape the way society functions. Their actions affect the public directly or indirectly. On the other hand, custom officers do not provide an indirect service. They work directly for the government and are responsible for enforcing laws and regulations related to imports and exports. Their job is to inspect goods, collect duties and taxes, and prevent illegal activities, such as smuggling, at the borders. Custom officers do not provide a service that intermediaries distribute to the public.
Question 15 Report
One of these is not a factor affecting prices of securities?
Answer Details
The financial statements of a company are not a factor that directly affects the prices of securities. Financial statements provide information about a company's financial performance, which can influence investors' perceptions of the company and its prospects. However, it is ultimately the forces of demand and supply in the market, along with the activities of speculators and the political situation of a country, that determine the price of securities. The forces of demand and supply are the most fundamental factors affecting securities prices. If there is a high demand for a security and a limited supply, the price of the security will increase. Conversely, if there is low demand and a surplus supply, the price of the security will decrease. Activities of speculators can also affect securities prices. Speculators buy and sell securities with the intention of making a profit from short-term price fluctuations. Their actions can amplify or dampen the effects of supply and demand, leading to increased volatility in securities prices. The political situation of a country can also have an impact on securities prices. Political events such as elections, wars, and changes in government policy can affect the economy and investor sentiment, leading to fluctuations in securities prices. Overall, the prices of securities are influenced by a combination of factors, with the forces of demand and supply being the most important.
Question 16 Report
You have just bought a new car. What Insurance policy will you take to cover it?
Answer Details
Accident Insurance provides for compensation against injuries or hazards which may be due to a person or group of persons. It covers motor vehicle insurance as well.
Question 17 Report
Advantages of pipeline transport include all except_______
Answer Details
The statement is asking for the option that is not an advantage of pipeline transport. The answer is "Prone to leakages". Pipeline transport is a means of transporting liquids or gases over long distances using pipelines. It has several advantages over other forms of transportation such as: 1. Low maintenance cost: Pipeline transport requires minimal maintenance, as once the pipeline is laid, it can operate for several years with minimal maintenance required. 2. It is safe: Pipeline transport is considered one of the safest modes of transportation, as it reduces the risk of accidents associated with other modes of transportation such as road and rail. 3. Continuous flow of goods: Pipeline transport allows for a continuous flow of goods, without any interruptions or delays, as there is no need for loading and unloading at different points. However, pipeline transport is prone to leakages, which can lead to environmental damage, loss of goods, and even accidents. To prevent this, pipelines need to be regularly maintained and inspected to ensure that they are in good condition and any leaks are quickly detected and repaired. In summary, pipeline transport is a reliable and efficient means of transporting goods over long distances, but it requires proper maintenance and monitoring to ensure that it operates safely and without any leakages.
Question 18 Report
The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
| Initial Capital | 5000 |
| Net Profit | 1000 |
| Furniture | 2000 |
| Equipment | 2900 |
| Debtors | 100 |
| Stock | 1000 |
| Bank | 500 |
From the above, calculate Fixed assets
Answer Details
| Fixed Assets | N |
| Furniture | 2000 |
| Equipment | 2900 |
| 4900 |
Question 19 Report
Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
| ₦ | ₦ | ||
| Opening stock Purchase |
1000 7000 |
Sales | 8000 |
| Closing Stock | 3000 |
Trading Expenses
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |
From the figures given, calculate
Net profit
Answer Details
Net profit = Gross profit - Expenses
3000 - 1400 = 1600
Question 20 Report
A fall in the value of a country's currency vis-a-vis other currencies is known as__________
Answer Details
Devaluation is the lowering of the exchange value of a country's currency against other currencies. This makes import to be expensive and import to be more attractive.
Question 21 Report
All but one is not a demerit of advertising?
Answer Details
The demerit of advertising that is not true is "Increase in profit." Advertising can lead to an increase in profit, but this is not a demerit, but rather a benefit of advertising. Advertising can have various demerits, such as: - It can lead to a monopoly, where large companies with huge advertising budgets can dominate the market and drive out smaller competitors. - It can encourage buyers to purchase products that they don't really need, leading to unnecessary consumption and waste. - Advertising can be expensive, which can lead to higher prices for products and services, ultimately borne by the consumers. - Advertising can be misleading, and make false claims about products or services, which can be harmful to consumers and erode trust in the marketplace. In summary, while advertising can certainly increase profits for businesses, it can also have negative consequences, such as the creation of monopolies, encouraging unnecessary consumption, and misleading consumers, which are all considered demerits of advertising.
Question 22 Report
All but one is not an output devices?
Answer Details
All the options listed are output devices, except for the "Joystick." An output device is a piece of computer hardware that is used to produce information in a form that can be seen or heard by the user. A monitor, plotter, and printer are all examples of output devices. A monitor displays images and text on a screen. A plotter is a type of printer that is used to produce high-quality graphics, such as technical drawings and architectural plans. A printer is used to produce a hard copy of a document, such as a printed page. A joystick, on the other hand, is an input device. An input device is a piece of computer hardware that is used to enter data into a computer. A joystick is used to control the movement of objects in computer games and other applications. So, of the options listed, the "Joystick" is not an output device.
Question 23 Report
The difference between the buying price and the selling price of a share is referred to as
Answer Details
The buying price of a share is the lower price and the selling price is the higher price. The difference between the two gives what is called Jobber's turn.
Question 24 Report
A number of shipping lines operating on a certain route, which agree on a common policy regarding the conditions under which goods are to be carried
Answer Details
The correct term for a group of shipping lines that agree on a common policy regarding the conditions under which goods are to be carried is a "conference." A conference is a group of shipping lines that come together to set standards and establish guidelines for the transportation of goods on a particular route. By working together, the conference members can ensure that they are providing a consistent level of service to their customers, as well as agreeing on pricing and other important terms. While some people might use terms like "cartel," "syndicate," or "trust" to describe this kind of arrangement, those terms are generally associated with illegal or unethical practices like price-fixing, market manipulation, or collusion. In contrast, a conference is a legitimate and legal arrangement that allows shipping lines to work together to provide better service to their customers while maintaining healthy competition within the industry.
Question 25 Report
In the formation of a united liability company, the following documents are prepared except_______
Answer Details
A prospectus is an invitation to the public to purchase shares or debentures. It is most often issued by public limited companies.
Question 26 Report
Examples of Commercial occupation are all except___________
Answer Details
All the options listed - bankers, traders, insurers, and goldsmiths - are examples of commercial occupations, so the correct answer is "none of the above" or "all of the options are examples of commercial occupations". Commercial occupations are those that are primarily involved in buying, selling, or trading goods or services for a profit. Bankers are involved in the business of banking, which includes accepting deposits, making loans, and other financial services. Traders are involved in buying and selling financial instruments such as stocks, bonds, and commodities. Insurers provide insurance policies to individuals and businesses in exchange for premiums. Goldsmiths are involved in the business of making and selling jewelry and other precious metal items. All of these professions involve commercial activities aimed at making a profit, so they are all examples of commercial occupations.
Question 27 Report
The following development of money have therefore been the use of, except______
Answer Details
The option that has not been a development of money is "Abacus". An abacus is a counting tool used for arithmetic calculations, and it was used before the invention of money. It was used to keep track of quantities of goods, but it was not used as a form of currency or exchange. Coins, inconvertible paper money, and commodities, on the other hand, have been used as forms of money. Coins are pieces of metal with a specific value stamped on them, which were used as a medium of exchange. Inconvertible paper money is paper currency that is not backed by a commodity such as gold or silver, but is used as a medium of exchange based on trust in the issuing government. Commodities, such as gold, silver, or cattle, have also been used as money because they have value and can be traded for goods and services.
Question 28 Report
The provision of qualified managerial and other skilled personnel for an enterprise is called
Answer Details
The provision of qualified managerial and other skilled personnel for an enterprise is called "staffing". Staffing is the process of recruiting, selecting, training, and developing employees for an organization. It involves identifying the right people with the required skills and knowledge to fill various positions within the company, from entry-level roles to managerial positions. Staffing is an essential function of management that helps ensure that the organization has the right people in the right roles to achieve its goals effectively and efficiently. In short, staffing is about finding and nurturing talent to build a strong and capable team that can drive the organization forward.
Question 29 Report
In Nigeria, it is mandatory for all business enterprises to be registered with the________
Answer Details
In Nigeria, all business enterprises are required to be registered with the Corporate Affairs Commission (CAC). The CAC is a government agency that is responsible for registering and regulating all business activities and organizations in Nigeria. By registering with the CAC, a business can legally operate in Nigeria and receive protection under the law. The CAC also helps to ensure that businesses are operating in a fair and transparent manner, and provides a database of all registered businesses for the public to access.
Question 30 Report
Which function of money is described in the following statement?
It serves as a medium through which business transactions are carried out
Answer Details
Since money can be stored, it can accumulated to pay debts and can serve as a medium by which business transactions on credit can be settled.
Question 31 Report
A cheque that is payable to whoever presents it is known as______
Answer Details
A cheque that is payable to whoever presents it is known as a "bearer cheque". A bearer cheque is a type of cheque where the person who presents the cheque to the bank for payment is considered the rightful owner, regardless of who actually wrote the cheque. In other words, if you have a bearer cheque, you can cash it at the bank without having to prove that you are the person to whom the cheque was written. This type of cheque is becoming less common due to security concerns, as it makes it easier for someone to fraudulently cash someone else's cheque. In contrast, other types of cheques, such as "order cheques" and "crossed cheques", have added security features to prevent fraud and ensure that the cheque is paid to the correct recipient.
Question 32 Report
The risks that can be forecast and measured is termed___________
Answer Details
The term you are looking for is "Insurable risks". Insurable risks are those risks that can be quantified and predicted with a certain level of accuracy. They are typically events that are outside of the control of the individual or organization and can result in financial loss or damage. Examples of insurable risks include natural disasters, accidents, theft, and fire. Insurable risks can be mitigated through insurance, which involves paying a premium to transfer the risk to an insurance company. The insurance company then assumes the financial responsibility of the risk and compensates the policyholder in the event of a covered loss. It's important to note that not all risks are insurable. Non-insurable risks are those that are difficult to predict or quantify, such as market fluctuations, changes in regulations, and acts of war. These risks are typically not covered by insurance policies.
Question 33 Report
A self-contained chunk of code with principal aim to replies preferably undetected and to copy itself into the computer's memory and the computer's hard-disk is_________
Answer Details
A self-contained chunk of code with the principal aim to copy itself into a computer's memory and hard-disk, and reply preferably undetected, is a virus. A computer virus is a type of malicious software (malware) that can infect a computer system by copying itself and spreading from one computer to another. It can be disguised as a legitimate program or file, and once it infects a computer, it can modify, delete, or steal data, and even control the computer remotely. The main characteristic of a virus is its ability to replicate and spread itself without the user's knowledge or consent. It can attach itself to files or programs, and when the user opens or runs them, the virus is executed and can start infecting other files or programs on the computer. Some viruses can even modify the computer's operating system to make it more difficult to detect and remove the virus. Computer viruses are a serious threat to computer security, and can cause significant damage to personal or business data, financial information, and reputation. To protect against viruses, it is important to have up-to-date antivirus software installed on your computer, and to be cautious when opening files or programs from unknown or suspicious sources.
Question 34 Report
A market is said to be bullish if_________
Answer Details
A market is said to be bullish if there is a rise in the prices of securities. This means that the investors are optimistic about the market conditions and are buying stocks and other securities, which leads to an increase in their prices. A bullish market is generally seen as a sign of a strong and healthy economy, as investors are confident about the future prospects of the companies whose stocks they are buying. When the market is bullish, people are more likely to invest and take risks, as they believe that the prices of securities will continue to rise, resulting in profits for them.
Question 35 Report
Thee major aim of consumer orientation is_________
Answer Details
The major aim of consumer orientation is to ensure consumer satisfaction. Consumer orientation is a business approach that prioritizes meeting the needs and wants of consumers. It involves designing products, services, and marketing strategies that are tailored to the preferences of consumers, as well as seeking feedback from consumers to continuously improve and refine offerings. By placing the needs and wants of consumers at the forefront of decision-making, businesses that adopt a consumer orientation can improve customer satisfaction and build long-term loyalty. This can ultimately lead to increased sales, profits, and market share. Consumer orientation also supports the principle of consumer sovereignty, which means that consumers have the power to determine what is produced in the market through their buying decisions. By understanding and responding to consumer preferences, businesses can better meet the needs of their target markets and improve their competitiveness. Market research is an important component of a consumer orientation strategy, as it provides valuable insights into consumer preferences, behaviors, and attitudes. This can help businesses identify trends, opportunities, and potential areas for improvement, as well as develop more effective marketing campaigns. Overall, the major aim of consumer orientation is to ensure that businesses meet the needs and wants of consumers in order to achieve customer satisfaction, loyalty, and long-term success.
Question 36 Report
The policy used when contracts are awarded as a result of tender is________
Answer Details
The policy used when contracts are awarded as a result of tender is Bid Pricing. Bid pricing is a strategy used by companies to win contracts by offering the lowest price among all the bidders while still ensuring profitability. When a company or organization puts out a tender for a project, other companies can submit their bids, which include the proposed price, along with other information like project timeline, quality standards, and experience. The company or organization will then review the bids and award the contract to the bidder with the most suitable proposal, often taking into consideration the price quoted. In summary, bid pricing is a competitive strategy used by companies to secure contracts by offering the lowest price possible while still ensuring that the project remains profitable for the company.
Question 37 Report
The assembling of Manufactured products into forms usable by humans is classified as
Answer Details
Construction occupation is the assembling of manufactured products into forms e.g The building of houses is done by assembling bricks, tiles, door frames, window, frames, ceiling boards e.t.c
Question 38 Report
Which of these is a document used in International trade?
Answer Details
An invoice is a document used in international trade. It is a commercial document that lists the goods or services that have been sold, along with the price, quantity, and other relevant information. The invoice serves as a record of the transaction between the buyer and the seller, and it is often used for accounting and tax purposes. The invoice is usually sent by the seller to the buyer, and it is important for both parties to keep a copy for their records.
Question 39 Report
A business environment that take into consideration the beliefs, attitudes, needs, values and attitudes of the people is_________
Answer Details
The business environment that takes into consideration the beliefs, attitudes, needs, values, and customs of the people is called the cultural environment. This environment includes various factors such as social norms, religious beliefs, language, lifestyle, and cultural practices that influence the way people behave and interact with each other. Understanding the cultural environment is essential for businesses to develop products and services that meet the needs of their customers and are acceptable to the society. It helps businesses to identify the cultural differences among different regions and countries and develop strategies to overcome any cultural barriers. By taking cultural factors into account, businesses can improve their relationships with customers, employees, and partners, and create a more inclusive and diverse workplace.
Question 40 Report
An abridged message sent at express speed to reach its destination faster than the airmail letters is known as
Answer Details
A telegram is a message sent at express speed to reach its destination faster than airmail letters. It was a means of communication before the widespread use of telephones and email. The message was sent via a telegraph machine to a telegraph office and then delivered to its intended recipient. The telegram was often abbreviated and sent in code to save time and money. It was a popular way to send urgent messages, such as news of a birth, death, or important business information.
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