JAMB UTME - Commerce - 2007 | Green Bridge CBT

Question 1 Report

The World Tourism Organization has its headquarters in?

New York Correct answer

Paris

Madrid

London

Answer Details

Read lesson note on Transport, Tourism, Communication And Warehousing (WAEC)

Transport, Tourism, Communication And Warehousing

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Question 2 Report

Law-making is an example of?

indirect service

commerical occupation

direct service Correct answer

industrial occupation

Answer Details

Law-making is an example of a direct service. Direct services involve the provision of intangible services directly to individuals or organizations, usually without producing any tangible goods. Law-making is a direct service provided by the government to its citizens, where the government enacts laws to regulate the behavior of individuals and organizations within its jurisdiction.

Read lesson note on Occupation (JAMB)

Occupation

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Question 3 Report

A distinctive advantage of GSM is its?

mobility Correct answer

cost

stability

coverage

Answer Details

GSM, which stands for Global System for Mobile Communications, has a distinctive advantage of mobility. This means that GSM services can be accessed and used by subscribers while they are on the move, regardless of their location, as long as they are within the network coverage area. This mobility advantage is a key factor in the popularity of GSM as a communication technology, as it allows users to stay connected while they are traveling or away from their usual place of work or residence.

Read lesson note on Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

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Question 4 Report

A written agreement for hiring a ship for transporting goods is a?

consular invoice

bill of lading

charter party Correct answer

certificate of origin

Answer Details

A written agreement for hiring a ship for transporting goods is known as a "charter party". It is a contract between a shipowner and a charterer, where the shipowner agrees to make the vessel available to the charterer for a specific period of time or for a particular voyage, in exchange for payment. The charter party sets out the terms and conditions of the agreement, including the freight rate, the cargo to be carried, and the responsibilities of both parties. It is a crucial document in the shipping industry and helps to ensure that both parties understand their obligations and rights.

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Trade

Commerce

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Question 5 Report

Public relations and advertising are similar in terms of?

communicating product information Correct answer

customer education

the mode of operation

creating a favorable attitude

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

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Question 6 Report

A major function of a entrepreneur is?

decision-making Correct answer

encouraging competition

human-resource traning

motivating employees

Answer Details

A major function of an entrepreneur is decision-making. An entrepreneur is an individual who creates and manages a business venture with the aim of making a profit. Decision-making is a critical function of entrepreneurship, as it involves identifying business opportunities, evaluating risks and benefits, and choosing the best course of action to achieve business objectives. Entrepreneurs must make decisions about product development, pricing, marketing, financing, and other aspects of their businesses to ensure their success. Good decision-making skills are essential for the success of any entrepreneur.

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 7 Report

The internet is a system of telecommunications used for?

communicating long-distance messages

sending and recieving text massages

sending electronic messages Correct answer

communicating messages through telegrams

Answer Details

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Information And Communication Technology (ict)

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Question 8 Report

A major criticism of a cooperative society is?

limited capital

granting exceessive loans to members

selling goods on credit to non-members

management incompetence Correct answer

Answer Details

A cooperative society is a business organization owned and operated by a group of individuals for their mutual benefit. A major criticism of a cooperative society is management incompetence. This means that the cooperative society may be poorly managed, which can lead to mismanagement of funds, poor decision making, and ultimately, the failure of the cooperative society. The management of a cooperative society should be competent in order to ensure the success and profitability of the society.

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Commerce

Occupation

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Question 9 Report

The first stage in tourism planing is?

assessing feedback from tourists

preparing a list of tourists Correct answer

creating recreational opportunities

building community support

Answer Details

Read lesson note on Transport, Tourism, Communication And Warehousing (WAEC)

Transport, Tourism, Communication And Warehousing

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Question 10 Report

The selling of new shares to exist shareholders is referred to as?

public issue

offer for sale

rights issue Correct answer

bonus issue

Answer Details

The selling of new shares to existing shareholders is referred to as a "rights issue". This means that the current shareholders are given the right to buy new shares in proportion to the number of shares they already own. This is often done by companies as a way of raising additional capital without going through the process of a public issue, which involves selling shares to the general public.

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Occupation

Stock Exchange

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Question 11 Report

A new company requiring a large amount of equity finance may source funds from the?

capital market

central bank

money market

commercial banks Correct answer

Answer Details

Read lesson note on Finance And Financial Institutions (WAEC)

Finance And Financial Institutions

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Question 12 Report

The major achievement of ECOWAS is?

the expansion of regional trade Correct answer

the emergance of a monetary union

infrastructural development in member countries

mobility of labour among member countries

Answer Details

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Economic Groupings

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Question 13 Report

Citizens are against privatization mainly because of?

the rationalization of organizations

increased prices of goods and services Correct answer

the likelihood of monopoly

ineffective management

Answer Details

Citizens are generally against privatization because of the increased prices of goods and services. When private companies take over government-run organizations or services, they aim to make a profit. As a result, they may raise prices on essential goods and services, such as healthcare or water, making them less affordable for the average citizen. Additionally, there is a concern that privatization may lead to a monopoly, where there is only one provider of a good or service, giving them complete control over the market and the ability to raise prices without competition. Finally, citizens may be concerned about the effectiveness of private management compared to government management, which they perceive to be more accountable to the public.

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Occupation

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Question 14 Report

Which of the is a risk-free security?

Preference share

Ordinary share

Treasury bill Correct answer

Debenture

Answer Details

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Commerce

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Question 15 Report

Determine the owner's equity.

N 38 000 000 Correct answer

N 20 000 000

N 42 000 000

N 25 000 000

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Business Capital And Profits

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Question 16 Report

The central bank controls the quantity of money in circulation through?

open-market operations Correct answer

decreasing the tax rate

issuing new currencies

increasing the tax rate

Answer Details

The central bank controls the quantity of money in circulation through open-market operations. Open-market operations refer to the buying and selling of government securities in the open market by the central bank. When the central bank buys government securities, it releases more money into the economy, leading to an increase in the quantity of money in circulation. On the other hand, when the central bank sells government securities, it reduces the money supply, leading to a decrease in the quantity of money in circulation. This tool helps the central bank to regulate the economy by influencing the interest rates, controlling inflation, and stabilizing the currency.

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Money

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Question 17 Report

The function of money that facilitates the comparison of the quality of goods as a basis of exchange is the?

unit of account

measure of value Correct answer

store of value

medium of exchange

Answer Details

Read lesson note on Money (JAMB)

Money

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Question 18 Report

One of the functions of the Nigeria Ports Authority is the provision of?

facilities to enhance the speedy loading and offloading of cargoes Correct answer

facilities to ensure that goods get to their destinations

shelter for operators of cargoes

courier services to ensure speedy delivery

Answer Details

The Nigeria Ports Authority provides facilities that enhance the speedy loading and offloading of cargoes. In other words, one of their functions is to ensure that the ports have the necessary infrastructure, equipment and facilities to facilitate the smooth and efficient movement of goods in and out of the country via the ports. This includes providing storage facilities, cargo handling equipment, and maintaining navigational channels to ensure that ships can access the ports easily.

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Transport, Tourism, Communication And Warehousing

Occupation

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Question 19 Report

A share premium is an example of?

issued capital

capital stock

equity capital

capital reserve Correct answer

Answer Details

A share premium is an example of "capital reserve." A share premium is the additional amount that a company receives above the par value of its shares when it issues new shares to the public. This excess amount is treated as a capital reserve, which represents the amount of money that the company can use for specific purposes such as paying off debts, expanding the business, or paying dividends to shareholders. Capital reserves are usually created from profits made by a company and cannot be distributed to shareholders as dividends.

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Business Capital And Profits

Occupation

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Question 20 Report

The traditional way of paying cooperative dividend is to distribute profit in proportional to members'?

subscriptions

total savings

volume of purchase Correct answer

contributions

Answer Details

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

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Question 21 Report

A credit instrument which also serves as a legal tender is?

chegue

paper money Correct answer

voucher

money order

Answer Details

The credit instrument that also serves as legal tender is paper money. It is a physical currency that represents a certain value and can be exchanged for goods and services. It is issued by the government and accepted by the public for all transactions. Unlike other credit instruments, such as cheques or money orders, paper money is not just a promise to pay but is itself a means of payment.

Read lesson note on Money (JAMB)

Money

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Question 22 Report

Digital computer is divided into?

analogue, hybrid and mini Correct answer

super, maniframe, mini and micro

mainframe, hybrid and micro

super, mainframe, micro and analogue

Answer Details

Read lesson note on Information And Communication Technology (ict) (JAMB)

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Information And Communication Technology (ict)

Occupation

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Question 23 Report

An agent who takes tittle to goods and has authority to buy and sell on behalf of another is?

a jobber

a broker

a factor Correct answer

an auctioneer

Answer Details

The agent described in the question who takes title to goods and has the authority to buy and sell on behalf of another is called a "factor". Factors are commonly used in commercial transactions to help manage inventory and ensure the timely payment of debts. They can take ownership of goods from the manufacturer or seller and sell them to retailers or other customers, or they can provide financing to businesses by purchasing their accounts receivable. In this way, factors act as intermediaries between the seller and buyer, helping to facilitate trade and mitigate risk.

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Trade Associations

Commerce

Occupation

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Question 24 Report

Which of the following requires payment into the payee's account?

Crossed cheque Correct answer

Traveller's cheque

Open cheque

Certified chegues

Answer Details

The option that requires payment into the payee's account is a "crossed cheque". A crossed cheque is a type of cheque that has two parallel lines drawn on the left-hand top corner of the cheque. It indicates that the cheque cannot be encashed at the counter of the bank, and the funds must be deposited directly into the payee's bank account. The purpose of the crossed cheque is to provide an additional level of security against fraud and ensure that the money goes directly to the intended recipient.

Read lesson note on Commerce (JAMB)

Commerce

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Question 25 Report

The sale of of foreign investment and gold reserves can be used to?

correct adverse balance of trade Correct answer

increase invisible imports

correct adverse balance of payment

correct a budget deficit

Answer Details

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Trade

Commerce

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Question 26 Report

The difference between the buying and selling price of shares is known as?

brokerage

margin

jobber's turn Correct answer

gross profit

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Read lesson note on Stock Exchange (JAMB)

Business Capital And Profits

Stock Exchange

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Question 27 Report

The body regulating the sale and purchase of shares in Nigeria is the?

Corporate Affairs Commision

Securities and Exchange Commision Correct answer

Securities and Exchange Tribunal

Nigeria Stock Exchange

Answer Details

The Securities and Exchange Commission is the body regulating the sale and purchase of shares in Nigeria. It is responsible for regulating and developing the Nigerian capital market by supervising the activities of capital market operators, ensuring that listed companies comply with the rules and regulations governing the market, and protecting the interests of investors. The SEC is also responsible for registering, authorizing, and regulating securities exchanges, dealers, brokers, and other market intermediaries.

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Stock Exchange

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Question 28 Report

The controllable variables that a firm uses to achieve its marketing objectives are called?

marketing principles

marketing mix

marketing concepts Correct answer

marketing functions

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 29 Report

An economic activity which deals with natural resources is a form of?

extraction Correct answer

refining

construction

manufacturing

Answer Details

An economic activity that deals with natural resources is a form of extraction. Extraction involves obtaining raw materials or natural resources from the earth or other sources. This can include activities such as mining, drilling for oil, harvesting timber, or fishing. These raw materials can then be used in various industries for manufacturing or construction purposes.

Read lesson note on Production (WAEC)

Production

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Question 30 Report

The creation of utilities is to satisfy human wants is referred to as?

production Correct answer

consumption

industrialization

occupation

Answer Details

The creation of utilities is a process in which goods or services are produced to satisfy human wants. The term 'utility' refers to the satisfaction or usefulness that a person derives from a particular good or service. Thus, the creation of utilities can be understood as the process of producing goods and services to satisfy human wants or needs. It involves identifying what people want or need, and then producing the goods and services that will meet those wants or needs. Therefore, the answer to the question is "production."

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Question 31 Report

A major benefit a debtor can derive from using a credit facility is?

better service

goodwill

convenience Correct answer

control

Answer Details

A major benefit a debtor can derive from using a credit facility is convenience. This means that the debtor can use the credit facility to make purchases or pay bills without having to use their own funds immediately. This allows them to manage their cash flow more effectively, and to have access to funds when needed. Additionally, using a credit facility can also help to establish a credit history, which can be beneficial for future borrowing.

Read lesson note on Commerce (JAMB)

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Commerce

Money

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Question 32 Report

What is the net working capital ?

N6 000 000

N16 000 000

N11 000 000

N25 000 000 Correct answer

Answer Details

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Question 33 Report

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

a proxy

an offer Correct answer

a consideration

an acceptance

Answer Details

An announcement of a person's willingness to enter into a contract is referred to as an "offer". An offer is a proposal or expression of a willingness to enter into an agreement or contract with another party. It is a statement made by one party that expresses a willingness to do something or to abstain from doing something, in exchange for some benefit or consideration from the other party. In other words, an offer is a preliminary step in the formation of a legally binding contract.

Read lesson note on Legal Aspects Of Business (JAMB)

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

Read lesson note on Commerce (JAMB)

Legal Aspects Of Business

Purchase And Sale Of Goods

Commerce

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Question 34 Report

A Memorandum of Association is applicable to a?

sole trader

Joint company Correct answer

Partnership

public corporation

Answer Details

A Memorandum of Association is applicable to a Joint company. A Memorandum of Association is a legal document that sets out the constitution and objectives of a company. It contains the name of the company, its registered address, the objectives for which the company is established, and the types of activities the company is authorized to carry out. In a Joint company, which is a type of company that has multiple owners who share profits and liabilities, the Memorandum of Association is a crucial document that outlines the terms of the company's formation and the rights and responsibilities of each owner.

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 35 Report

Personal selling is most effective in marketing industrial goods because it involves?

recongnition and attachment to customers

personal interaction and information gathering Correct answer

demonstrations and product acceptability

after-sales services and product demonstrations

Answer Details

Personal selling is most effective in marketing industrial goods because it involves personal interaction and information gathering. Industrial goods are usually complex and expensive, and their purchase decisions require a lot of information and discussion. Personal selling provides a platform for the salesperson to interact with the customer, understand their needs and requirements, and provide information about the product or service. It also allows for two-way communication and a customized approach to each customer. The salesperson can demonstrate the product's features, benefits and its acceptability, which helps build customer confidence in the product. After-sales services and product demonstrations also provide additional support to customers, which is crucial in the marketing of industrial goods.

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Advertising

Elements Of Marketing

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Question 36 Report

The major determinant of fire insurance premium is the?

type and structure of the property to be insured Correct answer

usefulness of the property to the owner

owner of the property to be insured

extent of fire damage anticipated

Answer Details

The major determinant of fire insurance premium is the type and structure of the property to be insured. This refers to the characteristics of the property such as its age, construction materials, location, and fire prevention measures in place. These factors are used to assess the risk of fire damage and determine the amount of premium that the property owner must pay for insurance coverage. The higher the risk of fire damage, the higher the premium. Therefore, it is important to take measures to reduce the risk of fire damage to the property to minimize the premium cost.

Read lesson note on Legal Aspects Of Business (JAMB)

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Legal Aspects Of Business

Legal Aspect Of Business

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Question 37 Report

The macro-environment forces and trends which are a constraint on business operations are referred to as?

technological factors Correct answer

economic factors

external factors

internal factors

Answer Details

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Business Environment And Social Responsibility

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Question 38 Report

The abbreviation C and F indicate that the?

production cost excludes the cost of carriage

selling price includes the cost of carriage Correct answer

cost of production includes dilivery charges

cost price includes the cost of carriage

Answer Details

Read lesson note on Commerce (JAMB)

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Commerce

Trade

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Question 39 Report

A major advantage of a cooperative society is that it?

gives members the opportunity to unite

draws members closer to government

promotes awareness among members

encourages thirft among members Correct answer

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 40 Report

Which of the following best describes inputs for any production activity?

Natural resources

Correct answer

Buessiness resources

Human resources

Material resources

Answer Details

Inputs for any production activity refer to the resources that are used to produce goods or services. These resources can be classified into four categories, which are natural resources, material resources, human resources, and business resources. Natural resources include land, water, air, and minerals, while material resources are the raw materials and components that are used in the production process. Human resources refer to the workers or employees who perform the production activities, while business resources refer to the equipment, machinery, and technology that are used in the production process. Therefore, the option that best describes inputs for any production activity is all of the above, as each of the four categories of resources is important and necessary for any production activity.

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Read lesson note on Business Units (WAEC)

Read lesson note on Occupation (WAEC)

Production

Occupation

Business Units

Occupation

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Question 41 Report

The major function of a trade association is that it?

liases with foreign trade associations

helps to promotes foreign trade

facilitates members' access to credit facilities

helps to promote resarch on behalf of members Correct answer

Answer Details

Read lesson note on Trade (WAEC)

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Trade

Trade Associations

Commerce

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Question 42 Report

The business environment that takes into cognizance the age distribution ethnic mix and educational level of the consumer is

Natural Environment

Cultural environment

Economic environment

Demographic Environment Correct answer

Answer Details

The business environment that takes into consideration the age distribution, ethnic mix, and educational level of the consumer is the demographic environment. It is concerned with the study of human populations, including their size, density, distribution, composition, and income, among others. This environment helps businesses to understand their target market and tailor their products and services to meet their needs and preferences. The demographic environment is one of the essential components of the marketing environment, and businesses need to pay attention to it when making marketing decisions.

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Information And Communication Technology (ict)

Introduction To Business Management

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Question 43 Report

Consumers require protection against exploitation to ensure?

adequate consumer awareness

availability of products variety

the sale of quality products Correct answer

increased aggregate demand

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 44 Report

In the permanent storage device, DASD means?

Data Access Storage Device Correct answer

Data Access Systems Device

Direct Access Systems Device

Direct Access Storage Device

Answer Details

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Question 45 Report

A major setback of international trade is?

inadequate exports

economic sanctions Correct answer

devaluation of currency

exchange rate appreciation

Answer Details

A major setback of international trade is economic sanctions. Economic sanctions are actions taken by one country or a group of countries to restrict or limit trade with another country for political, economic or social reasons. Sanctions can take many forms such as a ban on imports and exports, restrictions on financial transactions, travel restrictions, and more. Sanctions can significantly harm the economy of the targeted country, as they limit the country's ability to participate in international trade and access goods and services from other countries. This can cause job losses, increased inflation, and a reduction in the standard of living for citizens of the targeted country.

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Trade

Commerce

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Question 46 Report

A document which advertise the shares of a company is known as a?

memorandum of satisfaction

dividend warrant

deed

prospectus Correct answer

Answer Details

A document which advertises the shares of a company is known as a prospectus. A prospectus is a formal legal document that provides information about a company and the securities it is offering for sale to the public. It is designed to provide potential investors with all the information they need to make an informed investment decision. The prospectus typically includes information about the company's history, management team, financial statements, risk factors, and the terms of the offering. By law, companies must provide a prospectus to potential investors before they can sell their securities to the public.

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Advertising

Stock Exchange

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Question 47 Report

The sustainable growth of commerce is largely due to?

marketing

advertising Correct answer

exchange

branding

Answer Details

Read lesson note on Commerce (JAMB)

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Commerce

Money

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Question 48 Report

An agreement by the insurer to compensate the insured for losses suffered is?

policy

surrender value

caveat emptor

indemnity Correct answer

Answer Details

An agreement by the insurer to compensate the insured for losses suffered is called "indemnity." Indemnity is a legal contract between the insurance company and the insured, where the insurer agrees to compensate the policyholder for losses or damages that the policyholder may experience due to a specific event, such as a car accident, fire, or theft. The amount of indemnity paid by the insurance company depends on the terms and conditions of the insurance policy and the extent of the losses incurred by the policyholder.

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 49 Report

The making of doors from timber planks is a type of?

manufacturing

tertiary production

secondary produuction Correct answer

primary production

Answer Details

The making of doors from timber planks is an example of secondary production. Secondary production involves the conversion of raw materials obtained from primary production into finished products. In this case, the raw material is the timber obtained from primary production, and the finished product is the door.

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Production

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Question 50 Report

The scope of economic activities can be enlarged by

transportation and trading

business and its promotion

trading and aids to trade Correct answer

insurance and banking

Answer Details

Read lesson note on Commerce (JAMB)

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Commerce

Production

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