JAMB UTME - Commerce - 2003 | Green Bridge CBT

Question 1 Report

The body with the responsibility to register shares for subscription on the stock market in Nigeria is the?

Securties and Exchange Commission Correct answer

Nigerian Stock Exchange

Nigerian Deposit Insurance Company

Central Bank of Nigeria

Answer Details

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Stock Exchange

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Question 2 Report

The main motive of chambers of commerce and trade association is to?

assist governemnt in achieving its objective

protect the interest of consumers

maximize profit

protect and promote the interests of members Correct answer

Answer Details

The main motive of chambers of commerce and trade associations is to protect and promote the interests of their members. Chambers of commerce and trade associations are organizations that are formed by groups of businesses in a particular region or industry. They work to represent and advocate for the interests of their members, providing a range of services and resources to support them in their business activities. These organizations aim to create a supportive business environment that encourages growth and development of their members, and they may also work with government and other stakeholders to influence policies and regulations that affect their members.

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Trade

Trade Associations

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Question 3 Report

An example of a service-rendering trade association is?

Nigeria Bar Association Correct answer

Association of Nigeria Miners

Cocoa Farmers' Association

Manufacturers' Association of Nigeria

Answer Details

An example of a service-rendering trade association is the Nigeria Bar Association. The Nigeria Bar Association is a professional association for lawyers in Nigeria that provides a range of services to its members, including professional development opportunities, networking events, and legal resources. The association also serves as an advocate for the legal profession and promotes access to justice and the rule of law in Nigeria. As a service-rendering trade association, the Nigeria Bar Association focuses on providing services to its members rather than representing a specific industry or sector.

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Question 4 Report

The right of ownership with respect to goods or property is?

right of occupancy

proxy

tittle

certificate of occupancy Correct answer

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 5 Report

The market structure, business conditions and financial system in Nigeria constitute the?

economic enironment Correct answer

political environment

cultural environment

technological environment

Answer Details

The answer is "economic environment". The economic environment refers to all the economic factors that affect businesses, such as the market structure, business conditions, and financial system of a country. In this case, the question specifically mentions Nigeria, so it is referring to the economic environment of Nigeria.

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Production

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Question 6 Report

Banks are engaged in the business of buying and selling of?

bills of exchange Correct answer

instruments of credit

intangible products

land

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

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Purchase And Sale Of Goods

Commerce

Trade

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Question 7 Report

Social responsibility of an organization to?

tackle the socio-economic problem of its community

meet the needs of its community

contribute to sustaining and developing its community Correct answer

operate without disrupting the very essence of the enviroment

Answer Details

Read lesson note on Business Environment And Social Responsibility (JAMB)

Business Environment And Social Responsibility

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Question 8 Report

A firm that adapts itself to delivering the desired satisfaction more effectively than its competitors is said to be practicing?

price concept

distribution concept

product concept

markting concept Correct answer

Answer Details

The concept described in the question is the marketing concept. The marketing concept is a business philosophy that focuses on meeting the needs and wants of customers in a more effective way than competitors. It involves understanding the needs of the target market, developing products or services that meet those needs, and promoting and delivering those products or services in a way that is more attractive to customers than those offered by competitors. This approach is different from the product, price, or distribution concepts, which focus on the production of goods and services or the management of pricing or distribution channels.

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Elements Of Marketing

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Question 9 Report

The ECOBANK is the initiative of?

some well-meaning Nigerian shareholders

the Federal Government of Nigeria

West African states tto foster trade Correct answer

the Lagos State Governement to enhance capital mobilization

Answer Details

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Question 10 Report

The location of a business is mostly influenced by?

market outlet

management decision

capital

environment Correct answer

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Purchase And Sale Of Goods

Commerce

Trade

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Question 11 Report

A pattern that shows the kinds of participants involved in the production, distribution and ultimate use of a product is referred to as?

selection

strategy

structure Correct answer

synergy

Answer Details

The pattern that shows the kinds of participants involved in the production, distribution, and ultimate use of a product is referred to as structure. It shows the framework that outlines the various actors involved in the entire process, including the producers, distributors, consumers, and other relevant stakeholders. The structure helps to provide an understanding of how the participants interact and work together towards achieving a common goal, which is the production and distribution of the product.

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Question 12 Report

How much was the trade discount?

N42.500 Correct answer

N27,500

N22,500

N20,000

Answer Details

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Commerce

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Question 13 Report

The assembling of products into usable forms is known as?

construction Correct answer

manufacturing

formation

creation

Answer Details

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Production

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Question 14 Report

The type of marine insurance which covers either damage or loss to the vessel and such as caused by it to other vessel is?

hull insurance Correct answer

time insurance

freight insurance

cargo insurance

Answer Details

Hull insurance is the type of marine insurance that covers damage or loss to the vessel and such as caused by it to other vessels. In simple terms, it provides coverage for physical damage to the ship or vessel itself, as well as any liability that may arise from damage caused by the ship to other vessels or property. This coverage can include damage from accidents, natural disasters, and even intentional acts of sabotage or piracy.

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Occupation

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Question 15 Report

The management function that makes the difference in intensity of behavior is?

coordinating

controlling

motivation Correct answer

planning

Answer Details

The management function that makes the difference in intensity of behavior is motivation. Motivation refers to the process of stimulating and inspiring people to take action to achieve a desired goal. Motivation helps to influence people to work towards the accomplishment of organizational objectives. It can be achieved through various means, such as financial incentives, recognition, and job satisfaction. By providing motivation, managers can increase the intensity of employees' behavior towards achieving the desired objectives of the organization.

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Elements Of Business Management

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Question 16 Report

Public debt management is one of the functions of a?

merchant bank

central bank Correct answer

commercial bank

development bank

Answer Details

Public debt management is one of the functions of a central bank. Central banks are responsible for managing a country's monetary policy, which includes controlling the money supply, interest rates, and inflation. Public debt management involves managing the government's debt, which is typically issued through the central bank. The central bank can manage public debt by buying or selling government securities in the open market, adjusting interest rates, and providing advice to the government on debt management strategies. Therefore, the central bank is responsible for managing the public debt of a country, among other monetary policy functions.

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Trade

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Question 17 Report

Privatization is concerned with?

equal ownership between the public and the governement

thje dilution of ownership among the public

the individual ownership of companies Correct answer

governement ownership of companies

Answer Details

Privatization is the process of transferring the ownership and control of government-owned businesses or industries to private individuals or companies. It involves the sale of assets or shares in a public company to private investors or companies. This means that government-owned businesses become privately owned and operated, and the government no longer controls or manages them. The main aim of privatization is to increase efficiency and profitability of businesses, reduce government expenditure, and promote competition in the market.

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Legal Aspect Of Business

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Question 18 Report

Communication process involves the transmission of a message over a selected channel to the?

receiver Correct answer

audience

sender

encoder

Answer Details

The communication process involves three main components: the sender, the message, and the receiver. The sender is the person or entity who initiates the communication process by creating and sending the message. The message is the information or content that is being transmitted from the sender to the receiver. The receiver is the person or entity who receives the message and interprets its meaning. The communication process requires a selected channel, such as face-to-face conversation, email, phone call, or social media, through which the message is transmitted from the sender to the receiver. Therefore, the answer to the question is the receiver, as they are the intended recipient of the message transmitted by the sender through a selected channel.

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Economic Groupings

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Question 19 Report

An example of service rendered by NIPOST is?

electronic mail

couier

telephone

mail delivery Correct answer

Answer Details

An example of a service rendered by NIPOST is mail delivery. NIPOST stands for Nigerian Postal Service, and it is responsible for the collection, conveyance, and delivery of mail in Nigeria. This includes letters, parcels, and other items that need to be delivered from one location to another within the country or internationally. NIPOST also provides other services such as philatelic (stamp collecting) products, money transfer, and e-commerce. However, in the context of the question, mail delivery is the service that best fits the description of what NIPOST does.

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Production

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Question 20 Report

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

industry

trade Correct answer

tariff

marketing

Answer Details

The correct answer is trade. Trade refers to the exchange of goods and services between two parties, often in exchange for money or other goods/services. Trade can occur within a country, between countries or even between continents. It can take place through various channels such as markets, e-commerce platforms or direct transactions between individuals or firms. Trade is a crucial component of any economy, as it allows individuals, firms and countries to access a wider range of goods and services than they could produce themselves.

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Trade

Commerce

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Question 21 Report

Goods that are manufactured or acquired by the seller after the contract of sale are?

specialty goods

future goods

specific goods Correct answer

general goods

Answer Details

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Production

Occupation

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Question 22 Report

In the event of the liquidation of a company, the first to be settled are?

debenture holders Correct answer

members of the board

preference shareholders

ordinary shareholders

Answer Details

In the event of the liquidation of a company, the first to be settled are debenture holders. Debentures are long-term debt instruments issued by companies to raise capital. They usually carry a fixed rate of interest, and the debenture holders have a right to receive interest and principal payments before any other class of shareholders. In the event of the liquidation of a company, debenture holders are paid before any other class of shareholders, including preference and ordinary shareholders, and members of the board.

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Trade

Legal Aspects Of Business

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Question 23 Report

One of the requirements necessary for setting up a business is?

registration

knowledge of the business Correct answer

documentation

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 24 Report

An obstacle to international trade is?

trade imbalance between countries

availiability of local market

quantity and quality of labour

cost of finance Correct answer

Answer Details

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Trade

Commerce

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Question 25 Report

Which oft these factors of production is relatively fixed in supply?

Capital

Enterpreneuer

Human resources

Natural resources Correct answer

Answer Details

Natural resources are relatively fixed in supply, as they are limited and cannot be easily replenished. For example, land and minerals are finite resources that cannot be created or expanded. In contrast, factors such as capital, labor, and entrepreneurship can be increased or decreased based on demand and availability. Therefore, natural resources are the factor of production that is relatively fixed in supply.

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Production

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Question 26 Report

A guarantee given by one person or party to another in which the integrity of the person is assured is?

fidelity Correct answer

term assurance

subrogation

indemnity

Answer Details

The guarantee given by one person or party to another in which the integrity of the person is assured is known as "fidelity". It is a promise of faithfulness and loyalty given by one person to another, usually in a business context. This assurance may involve financial compensation or other forms of protection in the event of a breach of trust. It is essentially a form of insurance against dishonesty or fraud, and is commonly used in the context of employment, partnerships, and other business relationships where trust and integrity are essential.

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Read lesson note on Introduction To Business Management (WAEC)

Legal Aspect Of Business

Introduction To Business Management

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Question 27 Report

The payment made periodically in respect of an insurance policy entered into is known as?

bond

commission

premium Correct answer

surrender value

Answer Details

The payment made periodically in respect of an insurance policy entered into is known as "premium". It is an amount paid by the policyholder to the insurance company in exchange for the coverage provided by the policy. The premium can be paid monthly, quarterly, or annually, depending on the terms of the policy. It is usually calculated based on the level of risk associated with the policyholder and the amount of coverage provided by the policy. The payment of the premium is essential to keep the policy in force and to ensure that the policyholder is covered against the risks specified in the policy.

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Trade Associations

Commerce

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Question 28 Report

Entrepreneurship mainly involves?

risk-taking Correct answer

initiating

skilled manpower

knowledge

Answer Details

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Introduction To Business Management

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Question 29 Report

An essential factor for evaluating the different sources of funds for a business is the?

decree establishing the business

ownership structure of the business concern Correct answer

size and the type of the business

burden of cost and repayment

Answer Details

Read lesson note on Financing Business (JAMB)

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Read lesson note on Introduction To Business Management (WAEC)

Financing Business

Trade Associations

Introduction To Business Management

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Question 30 Report

A major benefit derivable from the privatization and commercialization of public enterprises in Nigeria is?

increase in wages

employment generation

information technology

revenue generation Correct answer

Answer Details

A major benefit of privatization and commercialization of public enterprises in Nigeria is revenue generation. Privatization involves the transfer of ownership and control of government-owned enterprises to private individuals or companies, while commercialization involves the restructuring of such enterprises to operate on a more commercial and profit-oriented basis. By privatizing and commercializing public enterprises, the government can generate revenue through the sale of these enterprises and the taxes they pay as profitable businesses. This revenue can then be used to fund other developmental projects and services.

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Commerce

Occupation

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Question 31 Report

The process of dividing task into jobs and departments and of delegating authority is known as?

staffing

leading

directing

organizing Correct answer

Answer Details

The process described in the question is known as organizing. Organizing is the process of dividing tasks into jobs and departments and delegating authority to accomplish the tasks. It involves designing the structure of an organization, establishing relationships between jobs and departments, and defining how decisions are made and communicated within the organization. Organizing is a fundamental function of management that enables the efficient and effective use of resources to achieve the goals of an organization.

Read lesson note on Elements Of Business Management (JAMB)

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Elements Of Business Management

Introduction To Business Management

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Question 32 Report

The business organization established mainly for the purpose of carrying out specific assignments for a specific duration is a?

joint venture Correct answer

cooperative society

partnership

company

Answer Details

The business organization established mainly for the purpose of carrying out specific assignments for a specific duration is a joint venture. Joint ventures are business partnerships between two or more parties, usually companies or corporations, that come together for a specific purpose, such as a new project or venture, and then disband after the purpose has been fulfilled or the project has been completed. Joint ventures can help businesses to pool resources, share risks and costs, and gain access to new markets, technology, or expertise.

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Financing Business

Occupation

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Question 33 Report

One of the functions of seaports is the provision of?

berthing and landing facilities

loading and off-loading facilities Correct answer

control room for relaying radio messages

warehouses for storage of cargo

Answer Details

Seaports are important transportation hubs that connect land and sea transportation systems. One of the primary functions of seaports is to provide berthing and landing facilities for ships. They also provide loading and off-loading facilities for cargo to and from ships. Seaports also have warehouses where cargo can be stored temporarily before they are transported to their final destination. Additionally, seaports may have control rooms for relaying radio messages to ships in the port and monitoring maritime traffic.

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Production

Occupation

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Question 34 Report

The most widely used computer language that focuses on solving science-oriented problems is?

FORTRAN Correct answer

BASIC

ADA

COBOL

Answer Details

The most widely used computer language that focuses on solving science-oriented problems is FORTRAN. FORTRAN stands for FORmula TRANslation and was developed in the 1950s for scientific and engineering calculations. It is still widely used in scientific and engineering applications because of its efficiency, speed, and ability to handle complex mathematical calculations.

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Economic Groupings

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Question 35 Report

Money can simply be referred to as a?

medium of exchange Correct answer

means for the settlement of debts

durable assets for doing business

standard of value

Answer Details

Money is a medium of exchange that is widely accepted in transactions to buy goods and services. It is used to settle debts and obligations between parties. Money is not a durable asset for doing business, as it is typically not used as a long-term investment or asset in a company's operations. Additionally, money serves as a standard of value, providing a common unit of measurement for pricing goods and services.

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Money

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Question 36 Report

Stimulation of demand is a kind of communication in marketing which connotes?

personal selling

sales promotion

advertising Correct answer

merchandising

Answer Details

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Elements Of Marketing

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Question 37 Report

The act of a person employing another to enter into a contract on his behalf is known as?

business

sale of goods

bilateral agreement

agency Correct answer

Answer Details

The act of a person employing another to enter into a contract on his behalf is known as "agency". In agency, the person who employs the other is called the "principal" while the person who is employed is called the "agent". The agent enters into the contract on behalf of the principal, and any legal consequences that arise from the contract affect the principal, not the agent. The principal has the power to control the actions of the agent, and the agent is obligated to act in the best interest of the principal.

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 38 Report

The focal point of marketing is?

the competitior

the buyer

profit-making

sales Correct answer

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

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Elements Of Marketing

Introduction To Business Management

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Question 39 Report

A type of long-term loan granted to companies with fixed interest as well as with redeemable and irredeemable features is referred to as?

a denbenture Correct answer

a bond

a term loan

an overdraft

Answer Details

A type of long-term loan that has a fixed interest rate and can be redeemed or irredeemable is referred to as a debenture. A debenture is usually issued by a company and it represents a loan that the company has taken from investors. The debenture holders are considered creditors of the company and have a claim on the company's assets. Debentures are often used by companies as a way to raise long-term capital for their operations.

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Financing Business

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Question 40 Report

The evolution of commerce in Nigeria is traceable to the?

period of barter economy as human needs became limitless

desire by human beings to satify their needs through the services of other people inthe society Correct answer

development of human civlizations and the desire to meet their needs

primitive stage of existence of human beings

Answer Details

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Commerce

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Question 41 Report

Use the information below to answer question 7 and 8.

Ojo purchased the following items from Sani at the specified prices on credit:

200 cartons of milk at N1,000 per carton; 50 bags of rice at N3 000 per bag.

Sani allowed 10% trade discount and 5% cash discount, if payment is made within the agreed period. Ojo paid within the agrred period.

What was the the amount paid by Ojo?

N382,500

N425,000

N363,375 Correct answer

N61,625

Answer Details

To calculate the amount paid by Ojo, we need to first find the total cost of the items he purchased before any discounts were applied. The cost of 200 cartons of milk at N1,000 per carton is: 200 x 1000 = N200,000 The cost of 50 bags of rice at N3,000 per bag is: 50 x 3000 = N150,000 So the total cost before any discounts is: N200,000 + N150,000 = N350,000 Next, we need to calculate the amount of the trade discount, which is 10% of the total cost: 10% of N350,000 = N35,000 Subtracting the trade discount from the total cost, we get: N350,000 - N35,000 = N315,000 Finally, we need to calculate the cash discount, which is 5% of the discounted cost: 5% of N315,000 = N15,750 Subtracting the cash discount from the discounted cost, we get the amount paid by Ojo: N315,000 - N15,750 = N299,250 Therefore, the amount paid by Ojo is N299,250. Answer option (C) N363,375 is not correct, and the other options are also incorrect.

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Question 42 Report

The protection of consumers against exploitation by manufacturers is to ensure?

thaty there are varieties of product

that the right quality of goods and services is sold Correct answer

increase in production capacity

increase in the level of consumers awareness

Answer Details

The protection of consumers against exploitation by manufacturers is aimed at ensuring that the right quality of goods and services is sold to them. This involves setting standards for products, ensuring that they are met and that products are safe for use. It also involves ensuring that consumers have access to accurate information about the products they purchase. By doing so, consumers are protected from fraudulent practices by manufacturers and can make informed decisions about the products they buy.

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Legal Aspects Of Business

Legal Aspect Of Business

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Question 43 Report

A functional structure is an organizational structure in which?

abstract rules are applied

equity prevails

a specialist enforces his directives Correct answer

there is no hierarchy

Answer Details

A functional structure is an organizational structure in which a specialist enforces his directives. This means that the organization is divided into various departments based on their functions such as marketing, finance, operations, and human resources. Each department is headed by a specialist in that particular function, and employees within each department report directly to the department head. The specialist is responsible for making decisions related to their area of expertise and delegating tasks to employees within their department. This structure allows for efficient communication, clear reporting relationships, and specialized expertise.

Read lesson note on Introduction To Business Management (WAEC)

Introduction To Business Management

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Question 44 Report

The basic function of the Nigeria Ports Authority is to?

ensure that the right calibre of personnel is employed at the ports

coordinate and regulate the activities of shipping lines

facilitate and control the movement of goods and services into and out of the country

coordinate the activities of all the seaports in the country Correct answer

Answer Details

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Production

Occupation

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Question 45 Report

Use the information above to answer the question below.

What is the owners' equity?

N 250 000

Correct answer

N 300 000

N 420 000

N 200 000

Answer Details

The owners' equity is the value of the owner's investment or interest in the business. It represents the residual interest in the assets of the business after deducting liabilities. In the information provided, the owners' equity can be calculated by subtracting the total liabilities (N170,000) from the total assets (N420,000), which is equal to N250,000. Therefore, the owners' equity is N250,000.

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Business Capital And Profits

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Question 46 Report

The government policy thrust on the business environment is to?

promote experts

attract investors Correct answer

be self-sufficient

increase production

Answer Details

The government policy thrust on the business environment is to attract investors. This means that the government is making efforts to create an environment that is conducive for businesses to thrive in the country. This will encourage investors to bring in their capital and invest in the country's economy. By attracting more investors, businesses will be able to expand and create more job opportunities, which in turn will help to increase the country's productivity and ultimately lead to economic growth.

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Government Policies Relating To Business

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Question 47 Report

Use the information above to answer the question below.

Find the current ratio.

1.53:1

1, 85:1 Correct answer

0. 87: 1

0, 50:1

Answer Details

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Question 48 Report

Electronic computers differ and minimize errors in a?

faster and more accurate manner Correct answer

more organized manner

faster but less accurate manner

slower but more accurate manner

Answer Details

Electronic computers differ from manual methods of computation because they are able to perform calculations in a faster and more accurate manner. This is because computers are designed to process large amounts of data quickly and efficiently, while minimizing errors. Unlike manual methods which can be slow, disorganized and prone to errors, computers are able to perform calculations at incredible speeds and with a high degree of precision. Therefore, the correct option is "faster and more accurate manner".

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Information And Communication Technology (ict)

Purchase And Sale Of Goods

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Question 49 Report

A source of short-term finance to companies is?

share capital

debentures

retained earnings Correct answer

corperate tax

Answer Details

Share capital, debentures, and retained earnings are all sources of finance, but in this case, the question is specifically asking for a source of short-term finance. Out of the given options, only one is a source of short-term finance, and that is "debentures." Debentures are bonds or other types of debt securities issued by a company that are repayable within a short period, usually a few years or less. Therefore, debentures can be considered a source of short-term finance for companies. Corporate tax, on the other hand, is a type of tax paid by companies on their profits and is not a source of finance for them.

Read lesson note on Financing Business (JAMB)

Financing Business

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Question 50 Report

The device which interprets and carries out the instructions presented to it by the computer program is known as?

software

microprocessor Correct answer

mouse

hard-disk

Answer Details

The device which interprets and carries out the instructions presented to it by the computer program is called the microprocessor. A microprocessor is a central processing unit (CPU) made of tiny electrical circuits that can perform arithmetic and logical operations. It fetches instructions from memory, decodes them, and then executes them. The microprocessor is the heart of the computer and is responsible for performing all the computational tasks. Other devices like the mouse, keyboard, and hard-disk are used to provide input to the microprocessor and store data, but they do not interpret or execute the program instructions.

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Information And Communication Technology (ict)

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