JAMB UTME - Commerce - 2022

Use the information below to find the company's gross profit

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Gross profit = Sales - Cost of goods sold

Note that cost of goods sold = Opening stock + purchase - closing stock
= 30,000 + 16,000 - 10,000
= 36,000

GP = 50,000 - 36,000
= 14,000

A paid presentation about a product with a view to encouraging purchases by an identifiable sponsor is

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A paid presentation about a product with a view to encouraging purchases by an identifiable sponsor is called an "advertisement." An advertisement is a form of marketing communication that is designed to promote a product or service. It is typically a paid message that is communicated through various channels such as television, radio, print media, online media, billboards, and other forms of outdoor advertising. Advertisements are usually created and placed by an identifiable sponsor, such as a company, organization, or government agency. The main goal of an advertisement is to persuade potential customers to buy a product or service. Advertisements are an important part of the marketing mix, as they help to create awareness of products and services and communicate their features and benefits to potential customers. They can also help to build brand recognition and loyalty over time.

A person engaged for the purpose of bringing his principal and a third party into a contractual relation is

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A person engaged for the purpose of bringing his principal and a third party into a contractual relation is an "agent." An agent is a person who is authorized to act on behalf of another person or entity, known as the principal. The agent's role is to negotiate and enter into contracts with third parties on behalf of the principal, while representing the interests of the principal. In other words, an agent acts as a middleman between the principal and a third party. The agent has a fiduciary duty to act in the best interests of the principal, which means that they must act honestly and with reasonable care and skill. Examples of agents include real estate agents, who act on behalf of property owners to sell or lease their property to interested buyers or tenants. Another example is a travel agent, who acts on behalf of travelers to book flights, hotels, and other travel services. In contrast, an arbiter is a person who is appointed to settle disputes between parties, such as a mediator or an arbitrator. An auctioneer is a person who conducts auctions and facilitates the sale of goods or services to the highest bidder. A middleman is a general term that refers to a person or business that acts as an intermediary between two parties in a transaction.

A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a

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A group of sellers who pool their resources to buy goods in large quantities and sell to its members is called a "wholesaler cooperative society". A wholesaler cooperative society is a type of organization formed by a group of sellers to purchase goods in large quantities and sell them to their members. Members of a wholesaler cooperative society are usually retailers or other small business owners who need to purchase goods in large quantities to sell in their own businesses. By pooling their resources, members of a wholesaler cooperative society can negotiate better prices and purchase goods that might not be available to them individually. The cooperative then sells the goods to its members at a markup, but still at a lower price than they would pay if they bought the goods individually. In summary, a "wholesaler cooperative society" is a group of sellers who work together to buy goods in bulk and sell them to their members, usually retailers or small business owners, at a lower price than they would be able to obtain individually.

When a share with a nominal value of #50 is quoted at #70, it is being sold

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When a share with a nominal value of #50 is quoted at #70, it is being sold at a premium. A share is quoted at a premium when its market price is higher than its nominal or face value. In the case of a share with a nominal value of #50 that is quoted at #70, the share is being sold for a higher price than its face value, meaning that it is being sold at a premium. This can indicate that the company is performing well, and that investors are willing to pay a higher price for the share due to its perceived future potential. On the other hand, a share that is quoted below its nominal value is said to be sold at a discount.

A request for goods from another country by an importer would be made using

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A request for goods from another country by an importer would be made using an order. An order is a formal request made by a buyer to a seller for a specific product or service. In the context of international trade, an importer would place an order with a foreign supplier for goods they wish to purchase. The order will typically include details such as the quantity of goods, the delivery date, and the agreed-upon price. This order serves as the basis for the transaction between the importer and the foreign supplier and is a key step in the importing process.

The commission on a postal order is

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The commission on a postal order is called "poundage." A postal order is a financial instrument that is issued by postal services in many countries. It is similar to a check or money order, but is generally considered to be a safer and more secure method of payment. When purchasing a postal order, the buyer typically pays an additional fee or commission to cover the cost of issuing and processing the order. This fee is known as "poundage." Poundage is generally a percentage of the total value of the order, and can vary depending on the country and the specific postal service. The other options listed - tariff, brokerage, and fee - all refer to different types of charges or fees that may be associated with financial transactions, but they are not specifically related to postal orders. For example, a tariff is a tax or duty that is imposed on imported or exported goods, while brokerage refers to the fee charged by a broker for arranging a financial transaction.

An article used as a means of exchange in the early days of trade in West Africa was

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An article used as a means of exchange in the early days of trade in West Africa was the cowrie. A cowrie is a small, shiny, freshwater snail shell that was widely used as a form of currency in many parts of Africa, Asia, and the Pacific. It was especially popular in West Africa, where it was used for trade and as a means of exchange for goods and services. The cowrie was valued for its rarity and beauty, as well as for its durability, making it an ideal form of currency for long-distance trade. The other options - cedis, dalasi, and naira - are all the names of modern-day currencies used in West Africa, but they were not used as a means of exchange in the early days of trade in the region.

Which of the following documents would a shareholder inspect to know his voting rights?

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A shareholder would inspect the "Articles of Association" to know his/her voting rights. The articles of association are a legal document that outlines the rules and regulations that govern the internal management of a company. This document specifies the voting rights of each class of shareholders, the procedures for holding meetings, and the voting procedures for each meeting. Therefore, if a shareholder wants to know his/her voting rights, they should refer to the articles of association of the company in which they hold shares.

The last link in a channel of distribution is the

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The last link in a channel of distribution is the consumer. A channel of distribution refers to the series of intermediaries that a product or service goes through before it reaches the final customer. The last link in this chain is the consumer, who is the end user of the product or service. All the other intermediaries in the channel, such as wholesalers, retailers, and agents, play a role in getting the product to the consumer, but the consumer is the ultimate recipient. The goal of the channel of distribution is to get the product into the hands of the consumer in an efficient and effective manner.

The law by which a seller transfers the property in goods to a buyer at an agreed price is the

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The law by which a seller transfers the property in goods to a buyer at an agreed price is the "Sale of Goods Act." The Sale of Goods Act is a law that governs the sale of goods in many countries around the world. It sets out the rules for transferring ownership of goods from a seller to a buyer in a commercial transaction. The law applies to both tangible goods, such as cars and furniture, and intangible goods, such as software and intellectual property. Under the Sale of Goods Act, a seller is required to transfer ownership of the goods to the buyer at an agreed price. This means that the buyer has the right to own and possess the goods, and the seller must transfer the goods to the buyer in exchange for payment. The law also sets out rules for the quality and condition of the goods, and provides legal remedies for buyers who receive defective or faulty goods. The other options listed - Weights and Measures Act, Trade Description Act, and Foods and Drugs Act - are laws that relate to different aspects of commercial transactions, such as measurement standards, consumer protection, and food safety. However, they do not specifically address the transfer of ownership of goods from a seller to a buyer, which is the main focus of the Sale of Goods Act.

The face-to-face meeting of the seller with the buyer for the purpose of making sales is

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The answer is personal selling. Personal selling refers to a face-to-face interaction between a seller and a buyer for the purpose of making a sale. In personal selling, the seller has the opportunity to build a relationship with the buyer, understand their needs and wants, and tailor their sales pitch to meet those needs. This type of selling is often used for high-value or complex products, where a more personal touch is needed to close the sale.

Payment made to a carrier for transportation of goods is

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The payment made to a carrier for the transportation of goods is called "freight." Freight is the amount of money that is paid by a shipper or consignee to a carrier, such as a trucking company or shipping line, for the transportation of goods from one place to another. Freight charges are typically based on the weight, volume, and distance of the shipment, as well as any additional services or requirements that may be necessary. Freight charges can be calculated in a variety of ways, depending on the mode of transportation and the specific terms of the contract between the shipper and the carrier. For example, freight charges for trucking companies may be based on the weight of the shipment, while freight charges for ocean shipping may be based on the volume of the shipment or the number of shipping containers. Freight charges can also include additional fees and charges for services such as packaging, loading and unloading, customs clearance, and insurance. These charges are typically negotiated and agreed upon between the shipper and the carrier before the shipment is made. In summary, the payment made to a carrier for the transportation of goods is called "freight." Freight charges are based on the weight, volume, and distance of the shipment, as well as any additional services or requirements that may be necessary. Freight charges can also include additional fees and charges for services such as packaging, loading and unloading, customs clearance, and insurance.

One of the products of the construction industry is a

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One of the products of the construction industry is a bag of cement. The construction industry produces a wide range of products and materials that are used in building and construction projects. One of the key products of the construction industry is cement, which is used as a binding agent in concrete and mortar. Cement is an essential component of many construction projects, and is used in the construction of buildings, bridges, roads, and other structures. The production of cement and other construction materials is a major component of the construction industry and plays a critical role in the growth and development of the sector.

Central banks sell treasury bills to the public to

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Central banks sell treasury bills to the public to reduce cash in circulation. Treasury bills are short-term government securities that are issued by the central bank and sold to the public in exchange for cash. When individuals or institutions buy these securities, they are essentially loaning money to the government for a fixed period of time, usually ranging from a few days to a few months. By selling treasury bills to the public, the central bank is able to withdraw money from circulation and reduce the amount of cash in the banking system. This helps to control inflation and maintain the stability of the currency. When the central bank sells treasury bills, it effectively takes money out of the economy, which can help to reduce the supply of money and prevent the value of the currency from decreasing. In addition, central banks may also use the revenue generated from the sale of treasury bills to fund government operations or to pay off existing debt. However, the primary purpose of selling treasury bills is to control the money supply and ensure that the economy remains stable and healthy.

Average stock is derived by adding

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The average stock is derived by adding the opening stock to the closing stock and then dividing the sum by two. The opening stock is the value of inventory at the beginning of an accounting period, while the closing stock is the value of inventory at the end of the accounting period. The average stock is the value of inventory that a business holds on average during the accounting period. By adding the opening and closing stock and then dividing by two, a business can calculate the average stock value. This calculation is used in various accounting and financial ratios, such as inventory turnover ratio and gross profit ratio. These ratios help a business to analyze its inventory management and profitability. The other options provided in the question are not correct methods to calculate the average stock value. The first option is the average of closing stock and purchases, which does not include the opening stock. The second option is the ratio of closing stock to opening stock, which does not provide an average value. The fourth option is the difference between opening stock and purchases, which also does not include the closing stock value.

An agreement that is enforceable in law is

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An agreement that is enforceable in law is called a "contract." A contract is a legally binding agreement between two or more parties. It is created when one party makes an offer, and the other party accepts that offer, which leads to an agreement. The parties to a contract are legally bound to fulfill the terms of the contract, and failure to do so may result in legal action. For a contract to be legally enforceable, it must meet certain requirements. First, there must be an offer made by one party to another. The offer must be clear and unambiguous, and it must be communicated to the other party. Second, there must be an acceptance of the offer by the other party. The acceptance must be clear and unambiguous, and it must be communicated to the party making the offer. Third, there must be consideration, which is something of value that is exchanged between the parties. Consideration can take the form of money, goods, services, or a promise to do something. Finally, the parties must have the legal capacity to enter into the contract. This means that they must be of legal age, sound mind, and not under duress or undue influence. In summary, a contract is an agreement that is enforceable in law. It is created when one party makes an offer, the other party accepts that offer, there is consideration, and the parties have the legal capacity to enter into the contract.

Commerce is defined as

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Commerce is defined as "all activities involved in the distribution and exchange of goods and services." Commerce encompasses a wide range of activities that relate to the buying and selling of goods and services. These activities include production, marketing, distribution, and exchange. Commerce can take place at both the local and international level, and it involves a variety of participants, such as businesses, governments, consumers, and intermediaries. Commerce includes all the activities involved in getting goods and services from the producers to the consumers. This includes activities such as sourcing, production, transportation, warehousing, marketing, sales, and customer service. Commerce is essential to the functioning of modern economies. It allows businesses to produce goods and services efficiently and to distribute them to a wide range of consumers. It also provides consumers with a range of options for goods and services, and it creates employment opportunities and generates income for businesses and individuals. In summary, commerce is defined as all the activities involved in the distribution and exchange of goods and services. It includes a wide range of activities related to sourcing, production, marketing, distribution, and sales, and it is essential to the functioning of modern economies.

When the cost of sales is divided by the average stock, the result is

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The result of dividing the cost of sales by the average stock is the rate of turnover. This calculation measures how efficiently a company is using its inventory to generate sales. The cost of sales is the direct cost of producing or purchasing the goods that are sold by the company, while the average stock is the average value of inventory held by the company over a given period of time. By dividing the cost of sales by the average stock, we can determine how many times the company's inventory was sold and replaced during that time period. This is the rate of turnover. A high rate of turnover indicates that the company is efficiently selling and replenishing its inventory, which can lead to higher profits and better cash flow. On the other hand, a low rate of turnover may indicate that the company is struggling to sell its inventory or is holding onto it for too long, which can lead to higher costs and lower profits. Therefore, it's important for companies to monitor their rate of turnover and aim for an optimal level based on their industry and business model.

Dealers in stock exchange such as bulls, bears and stags are categorized as

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Dealers in the stock exchange such as bulls, bears, and stags are categorized as "speculators." Speculators are individuals or entities who buy or sell financial assets, such as stocks, bonds, or commodities, in the hope of making a profit from price fluctuations. They are often motivated by the potential for high returns, but they also face significant risk due to the volatility of financial markets. In the context of the stock exchange, bulls are speculators who believe that stock prices will rise, and therefore buy stocks in the hope of selling them later at a higher price. Bears, on the other hand, are speculators who believe that stock prices will fall, and therefore sell stocks in the hope of buying them back at a lower price. Stags are speculators who buy stocks at the time of the initial public offering (IPO), hoping to sell them later at a profit when the price goes up due to high demand. In contrast, an actuary is a professional who uses mathematical and statistical methods to analyze and assess financial risk, usually in the context of insurance or pension plans. Promoters are individuals or companies who promote and market a particular product, service, or idea to the public. An underwriter is a financial institution or individual who assumes the risk of buying new securities from a company and reselling them to the public. They are not typically involved in the buying and selling of securities on the stock exchange.

The incentive given to a buyer to encourage prompt payment is

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The incentive given to a buyer to encourage prompt payment is called a "cash discount." A cash discount is a reduction in the price of a product or service that a seller offers to a buyer as an incentive for paying their invoice within a certain period of time. The discount amount and the time period for payment are typically specified in the terms of the sale. For example, a seller may offer a 2% discount if the buyer pays the invoice within 10 days, rather than the standard 30 days. This incentivizes the buyer to pay the invoice early, which improves the seller's cash flow and reduces the risk of late or unpaid invoices. A cash discount is also known as a prompt payment discount, because it rewards buyers who pay their bills promptly. It can be a win-win situation for both the seller and the buyer, as the seller benefits from improved cash flow and the buyer benefits from a lower cost of goods or services. In contrast, a seasonal discount is a reduction in price that is offered to buyers during a specific season, such as a sale on winter clothing during the summer. A quantity discount is a reduction in price that is offered to buyers who purchase a large quantity of a product, while a trade discount is a reduction in price that is offered to resellers, such as wholesalers or retailers.

Which of the following groups would advocate for the supply of constant electricity to households?

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The group that would advocate for the supply of constant electricity to households is the "Consumer's association". A consumer's association is an organization that represents the interests of consumers in a particular market or industry. The main objective of a consumer's association is to ensure that the goods and services provided by the industry meet the needs and expectations of consumers. In the case of the supply of constant electricity to households, a consumer's association would advocate for the needs of households and their requirements for electricity. The association would seek to ensure that electricity suppliers provide a consistent and reliable supply of electricity to households, with minimal disruptions or outages. The advocacy efforts of a consumer's association may include lobbying for government policies that support the provision of constant electricity to households, working with electricity suppliers to improve their services, and educating consumers about their rights and responsibilities in relation to electricity supply. In summary, a "Consumer's association" is the group that would advocate for the supply of constant electricity to households, with the objective of ensuring that electricity suppliers provide a consistent and reliable supply of electricity to households.

An internal source of finance to an enterpreneur is

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An internal source of finance to an entrepreneur is retained earnings. This refers to the profit that a business keeps and re-invests into the business, rather than distributing it as dividends to shareholders. Retained earnings can be used to finance a variety of business expenses, such as expanding operations, acquiring new assets, or developing new products. This type of financing is considered internal because it comes from within the business, rather than from external sources like loans or investments. Retained earnings are a flexible source of financing that do not have to be repaid and do not come with any interest or repayment obligations.

The share value stated on a share certificate is

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The share value stated on a share certificate is called the nominal value. Nominal value, also known as face value or par value, is the minimum amount at which a company's shares can be issued and is typically stated on the share certificate. The nominal value is a fixed value assigned to the shares when they are first issued and it serves as the legal capital of the company. It is used to calculate the company's share capital and to determine the amount of dividends to be paid to shareholders. The market value of a share, on the other hand, is the current value of the share in the stock market, which can be higher or lower than the nominal value. The market value is determined by the forces of supply and demand, and can change frequently based on a variety of factors such as the company's financial performance, economic conditions, and investor sentiment.

A contract will not be discharge through

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A contract will not be discharged through performance if one or both parties do not fully fulfill their obligations as specified in the agreement. In this case, the contract may still be considered valid and enforceable, and the non-performing party may be held liable for damages or breach of contract. However, if both parties agree to modify the terms of the contract or to release each other from their obligations, the contract may be discharged through agreement. Additionally, a contract may be discharged through acceptance, which occurs when both parties agree to terminate the contract by mutual consent. Finally, a contract may be discharged through breach if one party fails to fulfill their obligations and the other party chooses to terminate the contract as a result.

The bank which acts as the lender of last resort is the

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The bank that acts as the lender of last resort is the central bank. The central bank is the authority responsible for overseeing the monetary system of a country. One of its important functions is to act as a lender of last resort, which means it provides loans to other banks or financial institutions that are experiencing financial difficulties and cannot obtain funding from other sources. The central bank provides this emergency lending to prevent a crisis in the banking system that could lead to a broader economic downturn. By providing loans to troubled banks, the central bank helps maintain confidence in the financial system and ensures that banks can continue to provide services to their customers. Commercial banks, merchant banks, and mortgage banks are not typically authorized to act as lenders of last resort. Instead, they rely on access to funding from the central bank and other sources to meet their liquidity needs.

The right to buy or sell stock in the stock exchange within a stipulated period is

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A retail store that sells a single product from a particular manufacturer is a

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A retail store that sells only one product from a particular manufacturer is called a tied shop. This means that the store has an exclusive agreement with the manufacturer to sell only that specific product. Tied shops are commonly found in industries such as electronics, where manufacturers may have flagship products that they want to showcase in dedicated stores. By having a tied shop, the manufacturer can have more control over the presentation of the product and ensure that customers have a consistent experience. Customers who are interested in purchasing that particular product can visit the tied shop with the assurance that they will find the product they are looking for. Therefore, the correct option is tied shop.

The difference between a country's imports and exports of goods in a particular year is

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The difference between a country's imports and exports of goods in a particular year is known as the "balance of trade." It represents the net value of a country's international trade in goods, which includes tangible products like cars, machinery, and food. If a country exports more than it imports, it has a positive balance of trade, also known as a trade surplus. On the other hand, if a country imports more than it exports, it has a negative balance of trade, also known as a trade deficit. It's important to note that the balance of trade is just one part of a country's overall balance of payments, which includes not just goods but also services, capital, and other financial transactions. The balance of payments is a more comprehensive measure of a country's international economic activity and can give a more accurate picture of its overall economic health.

The safe keeping of goods produced until they are needed is

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The safe keeping of goods produced until they are needed is called warehousing. Warehousing involves the storage of goods and materials in a secure and controlled environment, typically a warehouse or distribution center, until they are ready to be sold, distributed, or used in production. The purpose of warehousing is to provide a safe and secure location for goods and materials, as well as to manage inventory levels and ensure that the right products are available when they are needed. Warehouses may also provide additional services, such as packaging, labeling, and assembly, to prepare products for distribution. Overall, warehousing is an important component of the supply chain and plays a critical role in ensuring that goods are available to meet customer demand.

An association formed by computer distributors to safeguard and promote their interest is a

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An association formed by computer distributors to safeguard and promote their interest is a trade association. A trade association is a group of companies in a specific industry who come together to address common issues and goals. Trade associations are formed to promote the interests of their members, which can include advocating for favorable laws and regulations, providing networking opportunities, offering educational resources and training, and working to improve the overall reputation of the industry. In the case of computer distributors, a trade association could be formed to represent their interests and help them grow and succeed in the industry.

The growth of commerce is not enhanced by

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The growth of commerce is not enhanced by low per capita income. Per capita income refers to the average income earned per person in a given area or population. Low per capita income can be a hindrance to the growth of commerce, as it means that people have less disposable income to spend on goods and services. When people have less money to spend, demand for goods and services decreases, which can negatively impact the growth of commerce. On the other hand, factors such as the development of modern forms of production, government participation in business, and high population growth can positively impact the growth of commerce.

The marketing term which regards the consumer as king that must be satisfied is

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The marketing term which regards the consumer as king that must be satisfied is the "marketing concept." The marketing concept is a philosophy that emphasizes the importance of understanding and meeting the needs and wants of customers, with the goal of maximizing profits and achieving long-term success. It is based on the idea that by putting the customer first and providing them with products and services that meet their needs, a business will naturally attract and retain a large and loyal customer base. In essence, the marketing concept treats the consumer as king, recognizing that they are at the center of all marketing efforts and decisions.

A cheque that could be cashed over the counter by the payee is

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An open cheque is a type of cheque that can be cashed over the counter by the payee. This means that the payee can take the cheque to the bank that it is drawn on and receive the funds in cash, without having to deposit the cheque into their own account. Open cheques are also sometimes referred to as bearer cheques because they can be transferred to someone else simply by endorsing the back of the cheque. However, this also means that if an open cheque is lost or stolen, anyone who has possession of it can cash it, which can be a security risk. In contrast, crossed cheques are marked with two parallel lines, which means that they can only be deposited into a bank account, not cashed over the counter. Certified cheques and bank drafts are also types of cheques, but they are issued by a bank and are generally considered to be more secure forms of payment.

A business unit in which savings of members are lent to others is a

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A business unit in which savings of members are lent to others is called a "credit and thrift society". A credit and thrift society is a type of financial institution where individuals pool their savings to provide loans to other members of the society. Members of the society may include individuals, small businesses, or even large corporations. The primary objective of a credit and thrift society is to provide its members with access to credit at a reasonable cost. Members can borrow funds from the society to finance their businesses or personal expenses, and the loans are typically repaid with interest over a predetermined period of time. Credit and thrift societies are often formed by individuals or small groups who are unable to obtain loans from traditional banks due to a lack of collateral or a poor credit history. By pooling their resources and lending to one another, members of a credit and thrift society can obtain the funds they need to start or expand their businesses, or to meet their personal financial needs. In summary, a "credit and thrift society" is a business unit where members pool their savings to provide loans to one another, with the primary objective of providing access to credit at a reasonable cost.

The marketing concept emphasizes

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The marketing concept emphasizes that a business should focus on meeting the needs and wants of its customers while also achieving its own business goals. This means that a business should strive to create products or services that are desired by its target customers and then promote and sell those products in a way that meets the customers' needs and also generates a profit for the business. In other words, the marketing concept is based on the idea that the customer is the most important part of the business, and that the business should be oriented around creating value for the customer in order to build long-term relationships and loyalty. This may involve researching customer needs and preferences, developing innovative products, creating effective marketing campaigns, and providing high-quality customer service and support. By focusing on customer satisfaction, a business can build a strong reputation, increase customer loyalty and repeat business, and ultimately achieve long-term success and profitability. This is in contrast to other approaches that may prioritize sales, production, or promotion, but may not necessarily lead to the same level of customer satisfaction and loyalty.

Which of the following is not an objective of ECOWAS?

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The objective of ECOWAS that is not listed among the options is the "promotion of a common language." ECOWAS stands for the Economic Community of West African States, and it is a regional intergovernmental organization of countries in West Africa. The organization was established to promote economic integration and cooperation among its member countries, which currently number 15. The other three options listed - improvement of infrastructural facilities, encouragement of free movement of people, and encouragement of trade among member countries - are all key objectives of ECOWAS. Improving infrastructure such as roads, power supply, and communication networks helps to create a more conducive environment for trade and economic growth. Encouraging free movement of people allows citizens of member states to travel, work, and do business more easily across borders. And promoting trade among member countries helps to increase economic activity, create jobs, and reduce poverty in the region. While promoting a common language could be seen as a useful means of improving communication and cooperation among member countries, it is not listed as an official objective of ECOWAS.

A feature of supermarkets which distinguishes it from other large scale retail outlets is that items sold are

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A feature of supermarkets that distinguishes it from other large scale retail outlets is that items sold are mainly household goods. Supermarkets are large retail stores that specialize in selling a wide range of consumer goods, including food, beverages, household items, personal care products, and more. Unlike other retail outlets, such as industrial supply stores or specialty shops, the primary focus of a supermarket is on selling goods for everyday household use. Supermarkets are designed to offer consumers a convenient, one-stop shopping experience, where they can purchase a variety of items in a single location. This sets them apart from other retail outlets, which may specialize in selling a narrower range of products or focus on a specific market segment.

One of the functions of a trade association is to

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One of the functions of a trade association is to promote members' welfare. A trade association is a group of companies in a specific industry who come together to address common issues and goals. One of the main functions of a trade association is to promote the welfare of its members. This can include advocating for favorable laws and regulations, providing networking opportunities, offering educational resources and training, and working to improve the overall reputation of the industry. By working together, members of a trade association can have a greater impact on the industry and improve their own businesses.

Which of the following is not a characteristic of a commercial bank?

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The characteristic of a commercial bank that is not correct is "Established to issue bank notes." A commercial bank is a financial institution that is established as a limited liability company, which means that the owners or shareholders are not personally responsible for the bank's debts or losses. It is usually established by individuals or organizations to provide a range of financial services such as accepting deposits, granting loans, and offering various investment products. One of the primary objectives of a commercial bank is to make a profit through the various services it provides. However, commercial banks do not have the authority to issue bank notes. The authority to issue bank notes is given to the central bank of a country, which is responsible for regulating the country's money supply and ensuring the stability of the financial system. Therefore, the correct option is "Established to issue bank notes."