JAMB UTME - Commerce - 2003
Question 2 Report
The payment made periodically in respect of an insurance policy entered into is known as?
Answer Details
The payment made periodically in respect of an insurance policy entered into is known as "premium". It is an amount paid by the policyholder to the insurance company in exchange for the coverage provided by the policy. The premium can be paid monthly, quarterly, or annually, depending on the terms of the policy. It is usually calculated based on the level of risk associated with the policyholder and the amount of coverage provided by the policy. The payment of the premium is essential to keep the policy in force and to ensure that the policyholder is covered against the risks specified in the policy.
Question 3 Report
The type of marine insurance which covers either damage or loss to the vessel and such as caused by it to other vessel is?
Answer Details
Hull insurance is the type of marine insurance that covers damage or loss to the vessel and such as caused by it to other vessels. In simple terms, it provides coverage for physical damage to the ship or vessel itself, as well as any liability that may arise from damage caused by the ship to other vessels or property. This coverage can include damage from accidents, natural disasters, and even intentional acts of sabotage or piracy.
Question 4 Report
The business organization established mainly for the purpose of carrying out specific assignments for a specific duration is a?
Answer Details
The business organization established mainly for the purpose of carrying out specific assignments for a specific duration is a joint venture. Joint ventures are business partnerships between two or more parties, usually companies or corporations, that come together for a specific purpose, such as a new project or venture, and then disband after the purpose has been fulfilled or the project has been completed. Joint ventures can help businesses to pool resources, share risks and costs, and gain access to new markets, technology, or expertise.
Question 5 Report
A guarantee given by one person or party to another in which the integrity of the person is assured is?
Answer Details
The guarantee given by one person or party to another in which the integrity of the person is assured is known as "fidelity". It is a promise of faithfulness and loyalty given by one person to another, usually in a business context. This assurance may involve financial compensation or other forms of protection in the event of a breach of trust. It is essentially a form of insurance against dishonesty or fraud, and is commonly used in the context of employment, partnerships, and other business relationships where trust and integrity are essential.
Question 6 Report
The protection of consumers against exploitation by manufacturers is to ensure?
Answer Details
The protection of consumers against exploitation by manufacturers is aimed at ensuring that the right quality of goods and services is sold to them. This involves setting standards for products, ensuring that they are met and that products are safe for use. It also involves ensuring that consumers have access to accurate information about the products they purchase. By doing so, consumers are protected from fraudulent practices by manufacturers and can make informed decisions about the products they buy.
Question 9 Report
A pattern that shows the kinds of participants involved in the production, distribution and ultimate use of a product is referred to as?
Answer Details
The pattern that shows the kinds of participants involved in the production, distribution, and ultimate use of a product is referred to as structure. It shows the framework that outlines the various actors involved in the entire process, including the producers, distributors, consumers, and other relevant stakeholders. The structure helps to provide an understanding of how the participants interact and work together towards achieving a common goal, which is the production and distribution of the product.
Question 10 Report
The government policy thrust on the business environment is to?
Answer Details
The government policy thrust on the business environment is to attract investors. This means that the government is making efforts to create an environment that is conducive for businesses to thrive in the country. This will encourage investors to bring in their capital and invest in the country's economy. By attracting more investors, businesses will be able to expand and create more job opportunities, which in turn will help to increase the country's productivity and ultimately lead to economic growth.
Question 11 Report
Use the information below to answer question 7 and 8.
Ojo purchased the following items from Sani at the specified prices on credit:
200 cartons of milk at N1,000 per carton; 50 bags of rice at N3 000 per bag.
Sani allowed 10% trade discount and 5% cash discount, if payment is made within the agreed period. Ojo paid within the agrred period.
What was the the amount paid by Ojo?
Answer Details
To calculate the amount paid by Ojo, we need to first find the total cost of the items he purchased before any discounts were applied. The cost of 200 cartons of milk at N1,000 per carton is: 200 x 1000 = N200,000 The cost of 50 bags of rice at N3,000 per bag is: 50 x 3000 = N150,000 So the total cost before any discounts is: N200,000 + N150,000 = N350,000 Next, we need to calculate the amount of the trade discount, which is 10% of the total cost: 10% of N350,000 = N35,000 Subtracting the trade discount from the total cost, we get: N350,000 - N35,000 = N315,000 Finally, we need to calculate the cash discount, which is 5% of the discounted cost: 5% of N315,000 = N15,750 Subtracting the cash discount from the discounted cost, we get the amount paid by Ojo: N315,000 - N15,750 = N299,250 Therefore, the amount paid by Ojo is N299,250. Answer option (C) N363,375 is not correct, and the other options are also incorrect.
Question 12 Report
The act of a person employing another to enter into a contract on his behalf is known as?
Answer Details
The act of a person employing another to enter into a contract on his behalf is known as "agency". In agency, the person who employs the other is called the "principal" while the person who is employed is called the "agent". The agent enters into the contract on behalf of the principal, and any legal consequences that arise from the contract affect the principal, not the agent. The principal has the power to control the actions of the agent, and the agent is obligated to act in the best interest of the principal.
Question 14 Report
Communication process involves the transmission of a message over a selected channel to the?
Answer Details
The communication process involves three main components: the sender, the message, and the receiver. The sender is the person or entity who initiates the communication process by creating and sending the message. The message is the information or content that is being transmitted from the sender to the receiver. The receiver is the person or entity who receives the message and interprets its meaning. The communication process requires a selected channel, such as face-to-face conversation, email, phone call, or social media, through which the message is transmitted from the sender to the receiver. Therefore, the answer to the question is the receiver, as they are the intended recipient of the message transmitted by the sender through a selected channel.
Question 15 Report
An obstacle to international trade is?
Question 16 Report
Entrepreneurship mainly involves?
Question 17 Report
Goods that are manufactured or acquired by the seller after the contract of sale are?
Question 19 Report
Electronic computers differ and minimize errors in a?
Answer Details
Electronic computers differ from manual methods of computation because they are able to perform calculations in a faster and more accurate manner. This is because computers are designed to process large amounts of data quickly and efficiently, while minimizing errors. Unlike manual methods which can be slow, disorganized and prone to errors, computers are able to perform calculations at incredible speeds and with a high degree of precision. Therefore, the correct option is "faster and more accurate manner".
Question 20 Report
The body with the responsibility to register shares for subscription on the stock market in Nigeria is the?
Answer Details
Question 21 Report
The most widely used computer language that focuses on solving science-oriented problems is?
Answer Details
The most widely used computer language that focuses on solving science-oriented problems is FORTRAN. FORTRAN stands for FORmula TRANslation and was developed in the 1950s for scientific and engineering calculations. It is still widely used in scientific and engineering applications because of its efficiency, speed, and ability to handle complex mathematical calculations.
Question 22 Report
The process of dividing task into jobs and departments and of delegating authority is known as?
Answer Details
The process described in the question is known as organizing. Organizing is the process of dividing tasks into jobs and departments and delegating authority to accomplish the tasks. It involves designing the structure of an organization, establishing relationships between jobs and departments, and defining how decisions are made and communicated within the organization. Organizing is a fundamental function of management that enables the efficient and effective use of resources to achieve the goals of an organization.
Question 23 Report
One of the functions of seaports is the provision of?
Answer Details
Seaports are important transportation hubs that connect land and sea transportation systems. One of the primary functions of seaports is to provide berthing and landing facilities for ships. They also provide loading and off-loading facilities for cargo to and from ships. Seaports also have warehouses where cargo can be stored temporarily before they are transported to their final destination. Additionally, seaports may have control rooms for relaying radio messages to ships in the port and monitoring maritime traffic.
Question 24 Report
An example of service rendered by NIPOST is?
Answer Details
An example of a service rendered by NIPOST is mail delivery. NIPOST stands for Nigerian Postal Service, and it is responsible for the collection, conveyance, and delivery of mail in Nigeria. This includes letters, parcels, and other items that need to be delivered from one location to another within the country or internationally. NIPOST also provides other services such as philatelic (stamp collecting) products, money transfer, and e-commerce. However, in the context of the question, mail delivery is the service that best fits the description of what NIPOST does.
Question 26 Report
An essential factor for evaluating the different sources of funds for a business is the?
Answer Details
Question 28 Report
A functional structure is an organizational structure in which?
Answer Details
A functional structure is an organizational structure in which a specialist enforces his directives. This means that the organization is divided into various departments based on their functions such as marketing, finance, operations, and human resources. Each department is headed by a specialist in that particular function, and employees within each department report directly to the department head. The specialist is responsible for making decisions related to their area of expertise and delegating tasks to employees within their department. This structure allows for efficient communication, clear reporting relationships, and specialized expertise.
Question 29 Report
Stimulation of demand is a kind of communication in marketing which connotes?
Answer Details
Question 30 Report
Use the information above to answer the question below.
What is the owners' equity?
Answer Details
The owners' equity is the value of the owner's investment or interest in the business. It represents the residual interest in the assets of the business after deducting liabilities. In the information provided, the owners' equity can be calculated by subtracting the total liabilities (N170,000) from the total assets (N420,000), which is equal to N250,000. Therefore, the owners' equity is N250,000.
Question 31 Report
A firm that adapts itself to delivering the desired satisfaction more effectively than its competitors is said to be practicing?
Answer Details
The concept described in the question is the marketing concept. The marketing concept is a business philosophy that focuses on meeting the needs and wants of customers in a more effective way than competitors. It involves understanding the needs of the target market, developing products or services that meet those needs, and promoting and delivering those products or services in a way that is more attractive to customers than those offered by competitors. This approach is different from the product, price, or distribution concepts, which focus on the production of goods and services or the management of pricing or distribution channels.
Question 32 Report
In the event of the liquidation of a company, the first to be settled are?
Answer Details
In the event of the liquidation of a company, the first to be settled are debenture holders. Debentures are long-term debt instruments issued by companies to raise capital. They usually carry a fixed rate of interest, and the debenture holders have a right to receive interest and principal payments before any other class of shareholders. In the event of the liquidation of a company, debenture holders are paid before any other class of shareholders, including preference and ordinary shareholders, and members of the board.
Question 34 Report
Public debt management is one of the functions of a?
Answer Details
Public debt management is one of the functions of a central bank. Central banks are responsible for managing a country's monetary policy, which includes controlling the money supply, interest rates, and inflation. Public debt management involves managing the government's debt, which is typically issued through the central bank. The central bank can manage public debt by buying or selling government securities in the open market, adjusting interest rates, and providing advice to the government on debt management strategies. Therefore, the central bank is responsible for managing the public debt of a country, among other monetary policy functions.
Question 36 Report
The concept that refers to the sale, transfer or exchange of goods and service is?
Answer Details
The correct answer is trade. Trade refers to the exchange of goods and services between two parties, often in exchange for money or other goods/services. Trade can occur within a country, between countries or even between continents. It can take place through various channels such as markets, e-commerce platforms or direct transactions between individuals or firms. Trade is a crucial component of any economy, as it allows individuals, firms and countries to access a wider range of goods and services than they could produce themselves.
Question 37 Report
The device which interprets and carries out the instructions presented to it by the computer program is known as?
Answer Details
The device which interprets and carries out the instructions presented to it by the computer program is called the microprocessor. A microprocessor is a central processing unit (CPU) made of tiny electrical circuits that can perform arithmetic and logical operations. It fetches instructions from memory, decodes them, and then executes them. The microprocessor is the heart of the computer and is responsible for performing all the computational tasks. Other devices like the mouse, keyboard, and hard-disk are used to provide input to the microprocessor and store data, but they do not interpret or execute the program instructions.
Question 38 Report
A major benefit derivable from the privatization and commercialization of public enterprises in Nigeria is?
Answer Details
A major benefit of privatization and commercialization of public enterprises in Nigeria is revenue generation. Privatization involves the transfer of ownership and control of government-owned enterprises to private individuals or companies, while commercialization involves the restructuring of such enterprises to operate on a more commercial and profit-oriented basis. By privatizing and commercializing public enterprises, the government can generate revenue through the sale of these enterprises and the taxes they pay as profitable businesses. This revenue can then be used to fund other developmental projects and services.
Question 39 Report
Money can simply be referred to as a?
Answer Details
Money is a medium of exchange that is widely accepted in transactions to buy goods and services. It is used to settle debts and obligations between parties. Money is not a durable asset for doing business, as it is typically not used as a long-term investment or asset in a company's operations. Additionally, money serves as a standard of value, providing a common unit of measurement for pricing goods and services.
Question 41 Report
Use the information above to answer the question below.
Find the current ratio.
Answer Details
Question 42 Report
The management function that makes the difference in intensity of behavior is?
Answer Details
The management function that makes the difference in intensity of behavior is motivation. Motivation refers to the process of stimulating and inspiring people to take action to achieve a desired goal. Motivation helps to influence people to work towards the accomplishment of organizational objectives. It can be achieved through various means, such as financial incentives, recognition, and job satisfaction. By providing motivation, managers can increase the intensity of employees' behavior towards achieving the desired objectives of the organization.
Question 43 Report
A type of long-term loan granted to companies with fixed interest as well as with redeemable and irredeemable features is referred to as?
Answer Details
A type of long-term loan that has a fixed interest rate and can be redeemed or irredeemable is referred to as a debenture. A debenture is usually issued by a company and it represents a loan that the company has taken from investors. The debenture holders are considered creditors of the company and have a claim on the company's assets. Debentures are often used by companies as a way to raise long-term capital for their operations.
Question 44 Report
Social responsibility of an organization to?
Question 45 Report
The main motive of chambers of commerce and trade association is to?
Answer Details
The main motive of chambers of commerce and trade associations is to protect and promote the interests of their members. Chambers of commerce and trade associations are organizations that are formed by groups of businesses in a particular region or industry. They work to represent and advocate for the interests of their members, providing a range of services and resources to support them in their business activities. These organizations aim to create a supportive business environment that encourages growth and development of their members, and they may also work with government and other stakeholders to influence policies and regulations that affect their members.
Question 46 Report
Which oft these factors of production is relatively fixed in supply?
Answer Details
Natural resources are relatively fixed in supply, as they are limited and cannot be easily replenished. For example, land and minerals are finite resources that cannot be created or expanded. In contrast, factors such as capital, labor, and entrepreneurship can be increased or decreased based on demand and availability. Therefore, natural resources are the factor of production that is relatively fixed in supply.
Question 47 Report
The market structure, business conditions and financial system in Nigeria constitute the?
Answer Details
The answer is "economic environment". The economic environment refers to all the economic factors that affect businesses, such as the market structure, business conditions, and financial system of a country. In this case, the question specifically mentions Nigeria, so it is referring to the economic environment of Nigeria.
Question 48 Report
An example of a service-rendering trade association is?
Answer Details
An example of a service-rendering trade association is the Nigeria Bar Association. The Nigeria Bar Association is a professional association for lawyers in Nigeria that provides a range of services to its members, including professional development opportunities, networking events, and legal resources. The association also serves as an advocate for the legal profession and promotes access to justice and the rule of law in Nigeria. As a service-rendering trade association, the Nigeria Bar Association focuses on providing services to its members rather than representing a specific industry or sector.
Question 49 Report
A source of short-term finance to companies is?
Answer Details
Share capital, debentures, and retained earnings are all sources of finance, but in this case, the question is specifically asking for a source of short-term finance. Out of the given options, only one is a source of short-term finance, and that is "debentures." Debentures are bonds or other types of debt securities issued by a company that are repayable within a short period, usually a few years or less. Therefore, debentures can be considered a source of short-term finance for companies. Corporate tax, on the other hand, is a type of tax paid by companies on their profits and is not a source of finance for them.
Question 50 Report
Privatization is concerned with?
Answer Details
Privatization is the process of transferring the ownership and control of government-owned businesses or industries to private individuals or companies. It involves the sale of assets or shares in a public company to private investors or companies. This means that government-owned businesses become privately owned and operated, and the government no longer controls or manages them. The main aim of privatization is to increase efficiency and profitability of businesses, reduce government expenditure, and promote competition in the market.
