JAMB UTME - Commerce - 2019

Which of these is a document used in International trade?

Maelezo ya Majibu

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.

The headquarters of Niger Basin Commission is located at________

Maelezo ya Majibu

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.

In the formation of a united liability company, the following documents are prepared except_______

Maelezo ya Majibu

A prospectus is an invitation to the public to purchase shares or debentures. It is most often issued by public limited companies.

The difference between the buying price and the selling price of a share is referred to as

Maelezo ya Majibu

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.

Computer that process data in the form of values is

Maelezo ya Majibu

Analog computers are those computers that are similar to use for measuring instruments such as Thermometer, Voltmeter i.e measured in value and scale.

First Bank of Nigeria is an example of

Maelezo ya Majibu

First Bank of Nigeria is an example of a commercial bank. A commercial bank is a financial institution that offers a range of services to individuals, businesses, and government entities. These services include deposit accounts, loans, credit cards, wire transfers, foreign currency exchange, and other financial products. Commercial banks earn revenue by charging fees on services, collecting interest on loans, and investing in financial markets. They also play a crucial role in the economy by providing access to credit, managing payments and deposits, and facilitating financial transactions. First Bank of Nigeria is one of the largest and oldest commercial banks in Nigeria, with a long history of serving the banking needs of individuals, businesses, and government entities. The bank offers a wide range of financial products and services, including savings and checking accounts, loans, mortgages, debit and credit cards, and online banking. Overall, First Bank of Nigeria is an example of a commercial bank, which is a key component of the financial system and plays an important role in the economy by providing essential financial services and facilitating economic growth.

Someone traveling abroad for at least "twenty - four hours" and a maximum stay of six months is known as

Maelezo ya Majibu

Someone traveling abroad for at least "twenty-four hours" and a maximum stay of six months is known as a "tourist." Tourism is the industry and activity of traveling for pleasure, which includes visiting places of interest, experiencing different cultures, and engaging in various leisure activities. A tourist is a person who travels to a different location outside of their usual environment for leisure, business, or other purposes. In this case, the requirement of a minimum stay of "twenty-four hours" and a maximum stay of six months is a common definition used by many countries to distinguish between a tourist and someone who is merely passing through. This definition is used by customs and immigration authorities to determine whether a traveler requires a tourist visa, which permits them to stay in the country for a specific period, typically up to six months. Transportation refers to the movement of goods and people from one place to another. It may or may not involve travel for leisure or other purposes. International trade refers to the exchange of goods and services between countries, which can involve the movement of people and goods, but does not necessarily involve travel for leisure. Domestic tourism refers to the activity of traveling within one's own country for leisure or other purposes, which is distinct from international tourism, where a person travels to a different country.

Which function of money is described in the following statement?

It serves as a medium through which business transactions are carried out

Maelezo ya Majibu

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.

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.

Trading Expenses

From the figures given, calculate

Gross profit

Maelezo ya Majibu

Gross profit = Sales - Cost of goods sold
Cost of goods sold = Opening + Purchases - Closing stock = 1000 + 7000 - 3000
⇒ 6000
Therefore, Gp = 8000 - 6000 = 3000

Which of these is not a merit of division of labour

Maelezo ya Majibu

The option that is not a merit of division of labour is "Creates monotony in the workforce." Division of labour is a process where a complex task is broken down into smaller tasks and each task is assigned to different individuals who specialize in that task. This process has several benefits, such as specialization, increased efficiency, and the facilitation of training in new jobs. However, one downside of division of labour is that it can create monotony in the workforce. When workers are assigned to perform the same task repeatedly, it can lead to boredom and a lack of engagement, which can ultimately lead to decreased productivity. Overall, division of labour has its benefits, but it's important to recognize that it also has its limitations, such as the potential for creating monotony in the workforce.

Use the following information to answer this question.

The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

From the above, calculate Current assets

Maelezo ya Majibu

To calculate the current assets of Ojo Trading Company, we need to add up all the assets that are expected to be converted into cash within one year. These include: - Debtors: The amount of money that the company is owed by its customers within one year. - Stock: The value of the goods that the company currently holds in inventory that are expected to be sold within one year. - Bank: The amount of cash that the company has in its bank accounts. Adding these up, we get: Current assets = Debtors + Stock + Bank = 100 + 1000 + 500 = 1600 Therefore, the current assets of Ojo Trading Company as at 31st December, 2018 is 1600. In summary, current assets are those assets that are expected to be converted into cash within one year. For Ojo Trading Company, the current assets include debtors, stock and bank, which when added together, give a total of 1600.

All except one is not a corporation and boards at the federal level

Maelezo ya Majibu

All the options listed are corporations, however only one of them is not a corporation at the federal level. FRCN, NNPC, and CBN are all federal corporations in Nigeria. FRCN stands for Federal Radio Corporation of Nigeria, NNPC stands for Nigerian National Petroleum Corporation, and CBN stands for Central Bank of Nigeria. MAN, on the other hand, stands for the Manufacturers Association of Nigeria, which is a private sector body representing the interests of manufacturers in Nigeria. It is not a corporation at the federal level.

The basic characteristics of co-operative society include all except one

Maelezo ya Majibu

The basic characteristics of a cooperative society include being managed democratically, following the principle of "one member, one vote," and typically having amateur management. Cooperative societies are member-owned organizations that operate for the mutual benefit of their members. They are typically formed to address a specific need or challenge faced by a group of individuals, such as farmers, consumers, or workers. One of the key characteristics of a cooperative society is that it is managed democratically, with decisions made through a vote by the members. This ensures that everyone has a say in the operation of the society and that decisions are made in the best interest of the members as a whole. Another important principle of cooperative societies is that they follow the "one member, one vote" principle, which means that each member has an equal say in the decision-making process regardless of how much capital they have invested in the society. Amateur management is another characteristic of cooperative societies, with members typically volunteering their time and expertise to manage the society's operations. This helps keep costs low and ensures that decisions are made in the best interest of the members, rather than for the benefit of professional managers. The characteristic that does not apply to cooperative societies is raising extra capital through loans. Cooperative societies typically raise capital from their members through the sale of shares, rather than through loans. This helps ensure that the society remains member-owned and that decisions are made in the best interest of the members rather than for the benefit of outside lenders.

One of these is not a major in the production process?

Maelezo ya Majibu

It should be noted that production is said to be complete when goods and services produced get to the final users or consumers. The production process involves: Producers, distributors and consumers.

A two-way process which involves sending and receiving of messages is referred to as__________

Maelezo ya Majibu

The two-way process which involves sending and receiving of messages is referred to as communication. Communication is the exchange of information between two or more individuals or groups. It involves both sending and receiving messages and is essential for human interaction and understanding. Communication can take many forms, including verbal, nonverbal, and written. It can occur in various settings, such as personal, professional, or public. Effective communication requires active listening, clear expression, and mutual understanding. In a two-way communication process, each party involved sends and receives messages, creating an ongoing dialogue. This enables participants to exchange information, clarify misunderstandings, and build relationships. Overall, communication is a fundamental aspect of human interaction, enabling individuals and groups to connect, collaborate, and understand one another.

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.

Trading Expenses

From the figures given, calculate

Net profit

Maelezo ya Majibu

Net profit = Gross profit - Expenses
3000 - 1400 = 1600

A company which another company is a member and control the board of directors or hold more than half of its equity is termed_______

Maelezo ya Majibu

A subsidiary is a company that is controlled by another company, often referred to as the parent company. The parent company holds more than half of the subsidiary's equity or controls the board of directors, giving it significant influence over the subsidiary's operations and decisions. The subsidiary operates as an independent company, but it is ultimately controlled by the parent company. This relationship allows the parent company to expand its operations and diversify its business interests, while still maintaining control over the subsidiary.

Tourism involving residents of the given country travelling only within this country is called__________

Maelezo ya Majibu

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.

A market is said to be bullish if_________

Maelezo ya Majibu

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.

The provision of qualified managerial and other skilled personnel for an enterprise is called

Maelezo ya Majibu

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.

The most important resources of business is_______

Maelezo ya Majibu

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.

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_________

Maelezo ya Majibu

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.

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?

Maelezo ya Majibu

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.

A fall in the value of a country's currency vis-a-vis other currencies is known as__________

Maelezo ya Majibu

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.

Booklets containing a range of products, their uses and prices are called

Maelezo ya Majibu

The booklets containing a range of products, their uses, and prices are called catalogues. Catalogues are comprehensive printed or digital documents that contain a list of products or services, their descriptions, features, and prices. They are usually organized in a clear and easy-to-understand format, making it easy for potential customers to compare different products and make informed buying decisions. Catalogues can be used by various businesses, including retail stores, online shops, and manufacturers, to showcase their products to potential customers. Unlike posters, which typically only feature a single product or service, catalogues provide a broader overview of the range of products or services available from a particular business.

The basic characteristics of co-operative society include all except one

Maelezo ya Majibu

Members in the management committees of Co-operative societies often lack business experience and expertise.

A conter offer is an offer that is

Maelezo ya Majibu

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.

The factors to be considered in setting up retail trade include all except_____

Maelezo ya Majibu

The factor to be considered in setting up retail trade that does not need to be considered is "Age". Age does not have a direct impact on setting up a retail trade business. Other factors such as capital, experience, and location are more important and directly affect the success of the business. Capital refers to the financial resources required to start and run the business, including money for rent, inventory, equipment, and other expenses. Experience refers to the knowledge and skills the owner has in running a retail business, including knowledge of the industry, customer service, and marketing. Location refers to the physical location of the business, and it is crucial to choose a location that is easily accessible to customers and has a high foot traffic.

A partnership may be automatically dissolved due to the following factors except________

Maelezo ya Majibu

A partnership may be automatically dissolved due to any of the following factors: court verdict, joint decision, or bankruptcy of a partner. However, the admission of new partners does not automatically dissolve a partnership. When a partnership is dissolved, it means that the business relationship between the partners has ended, and the partners are no longer bound to work together. The dissolution can occur for various reasons, including those listed above. A court verdict may dissolve a partnership when a lawsuit is brought against the partners, and the court orders the dissolution of the partnership. A joint decision to dissolve the partnership occurs when all the partners agree to end their business relationship. The bankruptcy of a partner may also lead to the automatic dissolution of a partnership. In this case, the bankrupt partner's assets may be used to pay off the partnership's debts, and the remaining partners may not be willing or able to continue the business. On the other hand, the admission of new partners does not necessarily dissolve a partnership. It is possible for a partnership to bring in new partners without ending the existing partnership. However, the addition of new partners may require a re-negotiation of the partnership agreement, which can lead to changes in the terms and conditions of the partnership.

The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

From the above, calculate Current liabilities

Maelezo ya Majibu

From accounting equation;
Assets = Capital + liabilities
Therefore, liabilities = Assets - Capital
Liabilities = (4900 + 1600) - (500 + 1000) = 6500 - 6000
⇒ ₦600

The communication aspect of the marketing mix is

Maelezo ya Majibu

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.

The risks that can be forecast and measured is termed___________

Maelezo ya Majibu

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.

Examples of Commercial occupation are all except___________

Maelezo ya Majibu

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.

One of the disadvantages of Sole Proprietorship is__________

Maelezo ya Majibu

One of the disadvantages of Sole Proprietorship is that it "lacks specialization." A Sole Proprietorship is a type of business structure where an individual operates and owns the business by themselves. This type of business structure is simple to start and requires minimal paperwork, but it also has some disadvantages. One of the disadvantages of Sole Proprietorship is that it lacks specialization. This means that the owner of the business is responsible for all aspects of the business, including management, marketing, finances, and operations. This can be overwhelming for one person to handle, and can lead to burnout or reduced efficiency. Additionally, a Sole Proprietorship does not have any separate legal standing from the owner, which means that the owner is personally liable for all debts and obligations of the business. This can put the owner's personal assets, such as their home or savings, at risk. So, the disadvantage of Sole Proprietorship mentioned in the question is "lacks specialization."

Examples of consumer goods include all except________

Maelezo ya Majibu

Consumer goods are goods and services that can satisfy the consumer's immediate needs. These goods do not require further process of production for their use by the consumers.

A document which entitles its holder to the gods named on it, which is stored in a specific warehouse is called________

Maelezo ya Majibu

The document which entitles its holder to the goods named on it, which is stored in a specific warehouse is called a Warrant. A warrant is a legal document that gives the holder the right to take possession of a specific commodity or asset. In this case, the warrant entitles its holder to the goods named on it, which are stored in a specific warehouse. The holder of the warrant can present it to the warehouse and take possession of the goods specified on the warrant. Warrants are commonly used in commodity trading, where they serve as a form of guarantee that the holder has the right to take possession of the commodity specified on the warrant. Warrants are also used in other industries, such as finance and logistics, to facilitate the transfer of assets and goods.

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.

From the question above, the document the firm or organization will send to the buyer is

Maelezo ya Majibu

The document the firm or organization will send to the buyer is a Quotation. A quotation is a document that provides details about the cost of goods or services requested by a customer. In this case, the Oladosu Bookshop is requesting a quote from Olu Stationery Ltd for 200 pieces of 0.8mm fountain pens and 1000 pieces of plain single line 21cm × 18cm exercise books. The quotation will provide the prices for the requested items and also include the terms of trade, which specify the conditions for payment, delivery, and other important information. The purpose of the quotation is to give the buyer an estimate of the cost of the items requested so that they can make an informed decision about whether or not to proceed with the purchase.

An International organisation that influence and fix the price of oil in the International markets is

Maelezo ya Majibu

The international organization that influences and sets the price of oil in the international markets is the Organization of the Petroleum Exporting Countries (OPEC). OPEC is an intergovernmental organization made up of 14 oil-producing countries. These countries work together to control the supply of oil in the international markets, with the aim of stabilizing prices and generating income for their member countries. By controlling the supply of oil, OPEC can influence the price of oil in the international markets, making it a powerful player in the global energy market. IMF, ECOWAS, and OAU are not organizations that are involved in setting the price of oil. IMF (International Monetary Fund) is a global organization that provides financial assistance and support to countries with economic difficulties. ECOWAS (Economic Community of West African States) is a regional organization made up of 15 West African countries, aimed at promoting economic integration and development in the region. OAU (Organization of African Unity) is a defunct organization that was formed to promote unity and cooperation among African countries.

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.

Trading Expenses

From the figures given, calculate

Percentage of net profit to turnover

Maelezo ya Majibu

The theory of International trade is based on_________

Maelezo ya Majibu

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.