JAMB UTME - Commerce - 2023

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

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

Any activity directed at conveying commodities to buyers is an aspect of

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**Marketing** encompasses any activity directed at conveying commodities to buyers. It involves a set of actions aimed at promoting and selling products or services to customers. Marketing includes various aspects such as **delivering** the products or services to the consumers, **advertising** to raise awareness and attract customers, and **selling** by engaging in transactions or exchange of goods. However, it is important to note that **marketing is not limited to selling alone**. It also involves market research, product development, pricing, distribution, and creating customer relationships. In summary, marketing involves a range of activities that aim to connect products or services with consumers, including delivering, advertising, selling, and several other strategic actions.

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

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

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

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

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

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

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

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

Which of the following is not a veritable source of funds to a public limited liability company?

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The answer is: Government financial grants.

A public limited liability company can obtain funds from various sources such as advances and loans from banks, internally generated funds, and funds from the sale of shares. However, government financial grants are not considered a veritable source of funds for a public limited liability company.

Advances and loans from banks can be obtained by a company in order to meet its financial needs. These funds are typically provided by the bank based on the company's creditworthiness and ability to repay the loan. This can be a reliable source of funds for a company.

Internally generated funds refer to the funds that a company generates from its own operations. This can include profits from the sale of goods or services, dividends from investments, or any other income generated by the company's operations. These funds are considered to be a reliable and sustainable source of financing.

Funds from the sale of shares refer to the capital that a company raises by issuing shares to investors. When a company goes public, it offers shares to the public through an initial public offering (IPO). Investors can then buy these shares, providing the company with capital. This is a common way for companies to raise funds.

On the other hand, government financial grants are not typically a veritable source of funds for a public limited liability company. While governments may provide financial assistance or grants to certain industries or sectors, this is usually not the primary source of funding for a company. Grants are often provided for specific projects or initiatives and may come with certain conditions or limitations.

In summary, while advances and loans from banks, internally generated funds, and funds from the sale of shares are all potential sources of funds for a public limited liability company, government financial grants are not considered a veritable source of funds.

A demonstration of social responsibility by a business is the payment of

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A demonstration of social responsibility by a business is the payment of taxes to the government.
When a business pays its taxes to the government, it shows that it is fulfilling its role as a responsible member of society. These taxes contribute to the functioning of the government and help support important public services such as education, healthcare, infrastructure development, and social welfare programs.
Paying taxes is a financial obligation that businesses have to fulfill, and it ensures that they are contributing their fair share to society. By meeting this obligation, businesses are actively participating in the social and economic development of their community and country as a whole. It indirectly benefits the employees, customers, and other stakeholders associated with the business.
Additionally, tax payments help maintain a stable and functioning society by providing the necessary funds for public goods and services. These services are essential for the well-being and progress of the entire society. Therefore, the payment of taxes is a crucial aspect of a business's social responsibility.

A factor necessary for siting of a warehouse is nearness to

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

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

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The process of dividing tasks into jobs and departments and delegating authority is known as organizing.

Organizing involves breaking down the overall goals and objectives of an organization into smaller, more manageable tasks. This allows for a clear understanding of what needs to be done and how it will be divided among different individuals or departments.

Dividing tasks into jobs means identifying the specific activities or responsibilities that need to be carried out to achieve the organization's goals. For example, in a manufacturing company, tasks may be divided into jobs such as production, quality control, and logistics. Each job has its own set of duties and responsibilities.

Dividing tasks into departments is about grouping jobs together based on their similarities or functions. This helps in creating a more structured and organized work environment. For example, sales, marketing, and customer service might form different departments within a company.

Delegating authority means assigning decision-making power and responsibility to individuals or departments. It involves giving people the necessary authority and resources to accomplish their tasks effectively. This allows for a more efficient and effective decision-making process throughout the organization.

Overall, the process of organizing involves dividing tasks into jobs and departments and delegating the appropriate authority to ensure that the work is performed in a coordinated and efficient manner.

Money is generally acceptable for transaction due to

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Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country.

Legal tender is any official medium of payment recognized by law that can be used to extinguish a public or private debt, or meet a financial obligation

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

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

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

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

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

Which of the following legislation aims primarily at the protection of consumers?

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The legislation that aims primarily at the protection of consumers is the Trade Description Act. The Trade Description Act is a law that is specifically designed to safeguard the interests of consumers. Its main purpose is to prevent businesses from misleading or deceiving consumers about the goods or services they are offering. Under this act, businesses are required to provide truthful and accurate information about their products or services. They are not allowed to make false claims or misrepresent the quality, quantity, or any other important aspect of their offerings. This act also ensures that consumers have the right to receive goods or services that match the descriptions provided by the businesses. If a consumer feels that they have been misled or deceived by a business, they can take legal action against the business and seek compensation for any damages or losses incurred. In summary, the Trade Description Act is a legislation that primarily focuses on protecting consumers by prohibiting businesses from providing false or misleading information about their products or services. Its aim is to ensure that consumers are well-informed and can make informed decisions when purchasing goods or services.

An announcement of a person's willingness to enter into a contract is referred to as

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The correct answer is an offer.

An offer is an announcement made by a person expressing their willingness to enter into a contract. It is a clear and definite proposal that outlines the terms and conditions of the contract.

Think of it as an invitation to negotiate. When someone makes an offer, they are essentially saying "I am willing to do this, under these conditions." It is important to remember that an offer must be communicated to the other party, indicating a genuine intention to be bound by the terms mentioned.

For example, if someone offers to sell their car for $10,000, they are making an offer to enter into a contract to sell the car at that price. So, in summary, an offer is the announcement of someone's willingness to enter into a contract.

A system where customer patronage is sought by producing what they need is referred to as

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A system where customer patronage is sought by producing what they need is referred to as market orientation. Market orientation is an approach adopted by businesses where they prioritize understanding customer needs and preferences. Rather than focusing solely on promoting or selling their products, market-oriented companies aim to produce goods and services that align with customer demands. In a market-oriented system, businesses conduct thorough market research to identify consumer needs, preferences, and trends. This information is then used to develop and modify their products to meet these specific requirements. The key point is to focus on customer satisfaction by delivering products that fulfill their needs, wants, and expectations. By adopting a market orientation, businesses can effectively tailor their products and marketing strategies to meet customer demands, resulting in increased customer satisfaction and long-term success.

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

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

The government agency involved in issuing of export licences is

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The government agency involved in issuing export licenses is the Nigeria Export Promotion Council (NEPC).

The NEPC is responsible for promoting and regulating exports in Nigeria. One of its main functions is to issue export licenses to Nigerian companies or individuals who want to export goods and services to other countries.

Export licenses are important because they serve as official documents that grant permission to individuals or businesses to export specific goods or services. These licenses ensure that exports comply with national and international trade regulations, help protect local industries, and facilitate trade relationships between Nigeria and other countries.

To obtain an export license from the NEPC, individuals or businesses need to fulfill certain requirements such as registration, documentation, and compliance with export regulations.

The NEPC reviews applications and verifies that the export activities align with the country's trade policies.

Once an export license is granted by the NEPC, the exporter can legally engage in international trade, confidently ship goods or provide services to foreign customers, and access benefits such as export incentives, trade promotions, and market opportunities.

In conclusion, the Nigeria Export Promotion Council (NEPC) is the government agency responsible for issuing export licenses in Nigeria.

These licenses are essential for individuals and businesses seeking to engage in legal and regulated export activities, promoting trade and economic growth in the country.

Which of the following attracts only interest but leaves the capital unpaid?

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A bond is a financial instrument that represents a loan made by an investor to a borrower. In return for lending their money, the investor receives periodic interest payments and the promise of repayment of the principal amount at maturity. Out of the given options, the financial instrument that attracts only interest but leaves the capital unpaid is an **irredeemable bond**. An irredeemable bond, also known as a perpetual bond, is a type of bond that does not have a maturity date. This means that the issuer of the bond does not have the obligation to repay the principal amount to the investor at any point in the future. Instead, the issuer makes periodic interest payments to the investor for as long as the bond remains outstanding. These interest payments compensate the investor for lending their money, but the principal amount is never repaid. The main attraction of an irredeemable bond is that it provides a predictable stream of income in the form of interest payments. However, the investor is exposed to the risk that the bond issuer may default on the interest payments. Since the principal amount is not repaid, the investor does not have the potential for capital appreciation from the bond. In summary, an irredeemable bond attracts only interest payments but does not repay the principal amount.

A partnership is dissolved due to

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

Which of the following is an item in the marketing mix?

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An item in the marketing mix refers to a component or element that is crucial in the overall marketing strategy of a product or service.

Out of the given options, promotion is an item in the marketing mix. Promotion involves various activities and strategies implemented by companies to communicate and promote their products or services to the target audience.

It is a way of informing, persuading, and influencing potential customers about the value and benefits of their offerings. Promotion can take different forms such as advertising, personal selling, sales promotion, direct marketing, and public relations.

These activities are designed to create awareness, generate interest, and ultimately lead to the purchase of the product or service. In the marketing mix, promotion complements the other elements such as product, price, and place (distribution). It helps in building brand awareness, creating a strong market presence, and ultimately driving sales.

Overall, promotion plays a vital role in the marketing mix by effectively reaching out to the target audience, creating demand, and influencing consumer behavior.

An example of extractive occupation is

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

At the collapse of a business enterprises, the person appointed to dispose off the assets is called

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The person who is appointed to dispose off the assets at the collapse of a business enterprise is called a liquidator.

A liquidator is an individual or a professional firm that specializes in winding up the affairs of a company when it is unable to pay its debts or when it is being voluntarily dissolved. The role of a liquidator is to ensure that the assets of the company are efficiently sold or distributed in order to repay the creditors and stakeholders.

Their primary responsibility is to maximize the value of the assets and distribute the proceeds fairly among the various parties involved. To achieve this, a liquidator may use various methods such as organizing auctions, negotiating with potential buyers, or selling the assets through brokers. They also handle legal matters and ensure that the company's liabilities are adequately settled.

Additionally, a liquidator may also be responsible for dealing with employee redundancies and managing any ongoing legal disputes. In summary, the main duty of a liquidator is to oversee the process of selling off the assets of a business entity in order to settle its debts and obligations.

Their goal is to maximize returns for creditors and stakeholders while following legal protocols and ensuring a fair distribution of the proceeds.

I. Its unlimited nature
II. The number of partners
III. The withdrawal of a major of partner
IV. The bearing of risk

Which of these is both merit and demerit in partnership?

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Partnership are formed by an association of two to twenty persons. The number of partners involved serves as both merit and demerit to partnership business.

Which of the following is a verbal means of communication

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A verbal means of communication refers to a method of conveying information using spoken words. Out of the given options, the telephone is a verbal means of communication. The telephone allows people to talk to each other by transmitting their voices over a distance. It works by converting sound into electrical signals that can be transmitted through telephone lines or wirelessly. When you speak into a telephone, your voice is converted into an electrical signal and sent to the other person's telephone. Their telephone then converts the electrical signals back into sound, allowing them to hear your voice. This verbal communication method is widely used for various purposes, such as personal conversations, business discussions, and customer service. It provides real-time interaction and enables people to express their thoughts and ideas directly to others. In summary, the telephone is a verbal means of communication because it allows people to communicate using spoken words transmitted through electrical signals.

The process of buying, selling and distribution of goods and services is

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The process of buying, selling and distributing goods and services is called commerce.

Commerce involves various activities such as production, packaging, branding, advertising, selling, and delivering goods and services to customers. It is a system that facilitates the exchange of goods and services between producers and consumers.

Marketing is one part of the broader field of commerce. It focuses on activities such as market research, promoting and advertising products or services, and building relationships with customers to meet their needs and wants. Marketing plays a crucial role in commerce by identifying what customers want, creating demand for products, and facilitating transactions.

Retail trade is a specific branch of commerce that involves the sale of goods directly to consumers. It refers to the process of selling products through brick-and-mortar stores, online platforms, or any other means of retailing. Retailers purchase goods from manufacturers or wholesalers and make them available for consumers to buy.

While marketing concept is an important concept within commerce and marketing, it refers to a customer-centric approach to doing business. It emphasizes understanding and satisfying customer needs and wants, which ultimately leads to achieving business goals and profitability. In summary, commerce encompasses all the activities involved in buying, selling, and distributing goods and services.

Marketing is a subset of commerce that focuses on understanding and meeting customer needs, while retail trade specifically refers to the sale of goods to consumers. The marketing concept highlights the importance of customer satisfaction in driving business success.

A demerit of communication is that it

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

The effects of devaluation includes all except

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Devaluation is the reduction in the value of a country's currency compared to other currencies. It can have several effects on the economy. One effect of devaluation is the **expansion of local industries**. When a country's currency is devalued, it becomes cheaper for foreigners to buy goods and services from that country. This can make the country's exports more competitive in international markets. The increase in demand for these exports can lead to the growth and expansion of local industries, creating new jobs and boosting the economy. Another effect of devaluation is the **increase in import**. When a currency is devalued, imported goods and services become more expensive for the country's residents. This is because the country needs to exchange more of its devalued currency for the foreign currency to pay for imports. As a result, people may opt to buy more domestic products instead of expensive imports. A third effect of devaluation is that **exports become cheaper**. When a country's currency is devalued, its exports become relatively cheaper compared to currencies of other countries. This means that foreign buyers can purchase a larger quantity of goods and services for the same amount of their own currency. This can help boost a country's exports and improve its trade balance. However, the **increase in standard of living** is not a direct effect of devaluation. Devaluation can bring benefits to certain sectors of the economy, such as exporters and domestic industries, but it does not guarantee an increase in the overall standard of living for all residents. The impact of devaluation on the standard of living depends on various factors, such as the country's dependence on imports, inflation, and the effectiveness of government policies. In summary, the effects of devaluation include the expansion of local industries, an increase in imports becoming more expensive, and exports becoming cheaper. However, it does not directly lead to an increase in the overall standard of living.

An individual that links the producer with the retailer is

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A wholesaler is a merchant who purchases goods in large quantity from the manufacturer and sell in small quantities to the retailer. The wholesaler acts as an intermediary between the retailer and the manufacturer.

The activity which entails buying of goods in bulk and selling in small quantities to retailers is

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The activity which entails buying goods in bulk and selling them in small quantities to retailers is known as wholesaling.

Wholesaling is when a business purchases goods from manufacturers or producers in large quantities, often at discounted prices, and then sells those goods in smaller quantities to retailers.

This middleman role of wholesaling helps to bridge the gap between manufacturers and retailers. Wholesalers typically operate in a B2B (Business-to-Business) context, selling to retail businesses rather than directly to consumers.

Wholesalers provide value by consolidating large quantities of goods from various manufacturers, offering a wide variety of products to retailers all in one place. This allows retailers to conveniently source their inventory without having to deal with multiple manufacturers individually.

In addition to the convenience factor, wholesalers also offer benefits such as lower prices due to bulk purchasing, faster delivery times, and the ability to provide additional services such as packaging, labeling, and inventory management.

Thus, wholesaling plays a vital role in the supply chain by ensuring the smooth flow of goods from manufacturers to retailers, ultimately meeting the demand of end-consumers.

A major objective of all business resources is

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

An advantage of division of labour is

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One advantage of division of labour is that it increases productivity and total output.

Division of labour refers to the specialization of tasks where individuals in a group or organization focus on specific tasks based on their skills and abilities.

Each person becomes proficient in their assigned task and is able to perform it more efficiently and effectively through practice and experience. By dividing a complex task into smaller, simpler tasks, the individuals involved can become experts in their own specific areas.

As a result, they can complete their tasks more quickly and with higher quality. This leads to increased overall productivity and higher output. For example, in a car manufacturing company, workers are divided into different stations or departments such as assembly, welding, painting, and testing.

Each worker in each department focuses on their specific task, such as attaching the wheels, welding the chassis, or applying the paint. This specialization enables the company to produce cars at a faster rate and with better quality than if each worker had to do all the tasks themselves.

Therefore, division of labour leads to increased productivity and total output by allowing individuals to specialize in specific tasks, perform them more efficiently, and collectively contribute to the overall goal.

The organised effort of consumers to protect themselves against the unfair practices of businessmen is known as

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The organized effort of consumers to protect themselves against the unfair practices of businessmen is known as consumerism.

Consumerism is a movement that aims to empower and educate consumers, advocating for their rights and interests in the marketplace. It involves individuals, groups, and organizations working together to promote fair business practices, transparency, and the provision of quality products and services.

Consumerism encompasses various activities such as raising awareness about consumer rights, educating consumers about their rights and responsibilities, promoting ethical and sustainable consumption, and advocating for stronger consumer protection laws.

It encourages individuals to be vigilant and proactive in their purchasing decisions, making informed choices based on factors like product quality, safety, environmental impact, and fair pricing.

Consumerism often involves activities like boycotting companies that engage in unethical practices, filing complaints with consumer protection agencies, participating in product recalls, and supporting initiatives that promote fair trade and responsible corporate behavior.

Overall, consumerism serves to balance the power dynamics between businesses and consumers, giving individuals the means to protect themselves from unfair practices and make informed choices for their well-being and satisfaction.

It plays a crucial role in holding businesses accountable and shaping a fair and just marketplace.

The Central Bank Monetary policy instrument by which it buys and sells securities is called

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The Central Bank's monetary policy instrument that involves buying and selling securities is called open market operation.

Open market operations refer to the buying and selling of government securities, such as bonds, by the Central Bank in the open market. When the Central Bank buys these securities, it injects money into the economy, and when it sells them, it withdraws money from the economy.

The purpose of open market operations is to influence the supply of money in the economy and thereby control interest rates and stabilize the financial system.

When the Central Bank wants to stimulate economic growth, it can buy government securities from commercial banks and other financial institutions. By doing so, it increases the amount of money in circulation, making more funds available for lending and investment.

This promotes economic activity and helps lower interest rates, encouraging borrowing. On the other hand, if the Central Bank wants to reduce inflation or cool down the economy, it can sell government securities.

By selling these securities, it reduces the money supply, making less funds available for lending and investment. This helps raise interest rates, making borrowing more expensive and reducing economic activity.

Open market operations are considered to be a powerful tool in the Central Bank's arsenal as they have a direct impact on the money supply and interest rates.

They provide flexibility to the Central Bank to adjust the monetary policy conditions based on the prevailing economic situation.

In summary, open market operations are the buying and selling of government securities by the Central Bank to influence the money supply and interest rates in the economy.

One of these is a current asset

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Out of the given options, **stock** is a current asset. A current asset is an asset that is expected to be used up or converted into cash within a year or the normal operating cycle of a business. Stock, in this context, refers to the goods or merchandise that a company holds for sale to customers. It includes items such as finished goods, raw materials, and work-in-progress. Stock is considered a current asset because it is typically held for a short period of time before it is sold to generate revenue. Companies often purchase stock to meet customer demand and generate sales. Once the stock is sold, the company receives cash in exchange, thereby converting the stock into cash. Other options like machineries, fittings, and motor vehicles are not considered current assets. Machineries and motor vehicles are typically classified as fixed assets because they are used for long-term operations and are not expected to be converted into cash quickly. Fittings, on the other hand, may refer to fixtures or equipment within a building and also fall under the category of fixed assets. In summary, stock is considered a current asset because it represents the inventory of goods that a company plans to sell within a year or its normal operating cycle. It can be easily converted into cash when sold to customers.

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

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

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

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

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

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

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

Detalhes da Resposta

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

Current account holders withdraw money through

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Current account holders can withdraw money from their accounts using different methods. **1. Transfers:** One of the common ways to withdraw money from a current account is through transfers. This involves transferring funds electronically from the current account to another bank account. You can initiate a transfer by providing the recipient's bank account details such as their bank name, account number, and sort code. This method is often used for making payments to individuals or businesses. **2. Credit Cards:** Another method is through the use of credit cards. If your current account is linked to a credit card, you can withdraw money by using the card at an ATM or making cash advances at a bank or financial institution. It's important to note that using a credit card for cash withdrawals may incur additional fees or interest charges, so it's advisable to check the terms and conditions of your credit card provider. **3. Withdrawal Form:** Some banks may also provide a withdrawal form that you can fill out to withdraw cash from your current account. This form usually requires you to specify the amount you wish to withdraw and your account details. Once the form is completed, you can submit it to the bank, and they will process the withdrawal accordingly. **4. Cheque:** Lastly, current account holders can withdraw money by writing a cheque. A cheque is a paper document that instructs the bank to pay a specific amount from your account to the person or organization named on the cheque. The recipient can then deposit or cash the cheque to access the funds. It's worth noting that the use of cheques is becoming less common due to the increasing popularity of electronic payment methods. Overall, these are some of the ways current account holders can withdraw money from their accounts. The choice of method depends on personal preference, accessibility, and the specific services offered by the bank.

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

One of the functions of a retailer is the

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

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

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

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

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

A major function of chamber of commerce is

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

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

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

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

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

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

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

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

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

The stock exchange is a market where

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

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

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

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

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

Insurance against burglary is an example of

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

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

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

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

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

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