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Question 1 Report
Which of the following has power to order withdrawal of a particular food item from circulation?
Answer Details
The Standard Organisation of Nigeria (SON) is a statutory body that is created by the Nigerian government and tasked with the responsibility of standardizing and regulating the quality of all products in Nigeria. It means, the body carries out quality checks on all consumer products and those that do not pass the quality test are withdrawn from circulation.
Question 2 Report
The excess of the assets over the liabilities of a business is called
Answer Details
The excess of the assets over the liabilities of a business is called "net worth."
Question 3 Report
A proforma invoice is not required when
Answer Details
A proforma invoice is not required when dealing regularly with a customer.
Question 4 Report
An activity that involves derivation of raw materials from land and sea is
Answer Details
An activity that involves the derivation of raw materials from land and sea is extraction.
Question 5 Report
Use the information below to answer this question
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What is the capital employed?
Answer Details
No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn
Question 6 Report
The main advantage of a sole trader is the freedom to?
Answer Details
The main advantage of a sole trader is the freedom to take quick decisions.
Question 7 Report
Inbound tourism occurs when
Answer Details
Inbound tourism is the act of someone traveling to a country other than that where they live for the purpose of tourism.
Question 8 Report
When two or more companies agree to execute a project too large for one to handle, this is referred to as
Answer Details
A consortium is when two or more companies agree to execute a project too large for one to handle.
Question 9 Report
The conversion of raw materials into finished products creates
Answer Details
The conversion of raw materials into finished products creates form utility. Form utility is the value added to a product or service by transforming raw materials into finished goods or services that meet customer needs and preferences. It is one of the four types of utility in marketing, the others being time utility, place utility, and possession utility.
Question 10 Report
| NAME | INSURED AMOUNT(₦) |
ACTUAL VALUE(₦) |
ACTUAL LOSS(₦) |
| Mr. P Mr. K Mr. R |
25,000 30,000 40,000 |
100,000 120,000 150,000 |
30,000 40,000 50,000 |
What insurance principle has Mr. R violated if he decides to overstate the actual value of his property?
Answer Details
The insurance principle that Mr. R violated if he decides to overstate the actual value of his property is the principle of "Uberrimae fidei" which means "Utmost Good Faith". This principle requires the insured to provide all material information regarding the insurance contract, including the true value of the property, to the insurer. By overestimating the actual value of his property, Mr. R is not providing accurate information to the insurer, which is a violation of the principle of utmost good faith.
Question 11 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 a premium.
Question 12 Report
An agency contract must involve
Answer Details
An agency contract must involve a principal and an agent.
Question 13 Report
Which of the following countries are members of the Lake Chad Basin Commission?
Answer Details
Niger, Cameroon, Chad, Nigeria, and Benin are all members of the Lake Chad Basin Commission.
Question 14 Report
A provision in the charter of a company which gives holders of common stock the first option to purchase additional issues of the firm's common stock is the
Answer Details
A provision in the charter of a company which gives holders of common stock the first option to purchase additional issues of the firm's common stock is called a pre-emptive right.
Question 15 Report
The art of soap making is an example of
Answer Details
The art of soap making is an example of a secondary occupation.
Question 16 Report
The main objective of a trade association is to
Answer Details
No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn,
Question 17 Report
Services rendered to the public is provided by
Answer Details
A civil servant, also known as a public servant, is a person employed by a government department, ministry, or agency for public sector services
Question 18 Report
A form of money with face value which is greater than the value of the metal contents is
Answer Details
A form of money with a face value that is greater than the value of the metal content is called token money.
Question 19 Report
The transmission of the telephone services from one country to another is facilitated by
Answer Details
A communication satellite creates a communication channel between a source transmitter and a receiver at different locations on Earth. It is the technology behind the transmission of telephone services that are put across various parts of the world.
It relays and amplifies radio telecommunication signals via a transponder
Question 20 Report
Hire purchase is advantageous to the seller in that
Answer Details
To the seller, a hire purchase would mean more people who are unable to pay for a product in full being able to get access to the product while paying on installment. A hire purchase benefits the seller in the sense that the level of patronage increases as more people will be willing to buy and pay in bits for a specified period of time.
Question 21 Report
A person who buys new issues with a view of reselling at a higher price in the near future is referred to as a
Answer Details
A bull market is the condition of a financial market in which prices are rising or are expected to rise. A trader in the stock exchange market who buys stocks with the hope of selling them at a higher price is called a bull.
Question 22 Report
The primary memory component of a computer is the
Answer Details
The primary memory component of a computer is the RAM (Random Access Memory).
Question 23 Report
Communication process involves the transmission of a message over a selected channel to the
Answer Details
The communication process involves the transmission of a message from a sender to a receiver over a selected channel.
Question 24 Report
A form of money that has gone out of use is
Answer Details
A form of money that has gone out of use is commodity money.
Question 25 Report
The best mode of ensuring that items posted get to the named addresses is through
Answer Details
The best mode of ensuring that items posted get to the named addresses is through registered mail. Registered mail provides a higher level of security and tracking than regular mail or other delivery options. When you send an item via registered mail, it is given a unique identification number that allows you to track it from the time it leaves your hands until it is delivered to the recipient. Additionally, registered mail usually requires a signature upon delivery, which provides an extra layer of confirmation that the item was received by the intended recipient. This makes registered mail a reliable option for sending important or valuable items, or items that require proof of delivery.
Question 26 Report
The function of a merchant wholesaler is to
Answer Details
A merchant wholesaler is an institution that buys goods from manufacturers and resells them to businesses, government agencies, other wholesalers, or retailers. All merchant wholesalers take title to the goods they sell.
Question 27 Report
Departmentalization is an aspect of
Answer Details
Departmentalization is an aspect of organizing within the management functions. Organizing is concerned with defining the structure of the organization and arranging resources to achieve the objectives. Departmentalization involves grouping activities and people into departments based on similarity of functions or purpose. This allows for efficient allocation of resources, coordination, and communication within the organization.
Question 28 Report
Use the information below to answer this question
A B C Balance Sheet as at 31/12/2004
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The total sum of financing short term projects is
Answer Details
No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn
Question 29 Report
The principle of span of control stipulates that?
Answer Details
The principle of span of control stipulates that the number of employees reporting to one superior should be kept to a workable maximum.
Question 30 Report
The type of communication from a superior to a subordinate in an organization is referred to as
Answer Details
The type of communication from a superior to a subordinate in an organization is referred to as "downward communication".
Question 31 Report
The instruments of credit include
Answer Details
The instruments of credit include bills of exchange and promissory notes.
Question 32 Report
A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a
Answer Details
A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a del credere agent.
Question 33 Report
The major objective of corporate mergers is to?
Answer Details
Corporate mergers can have multiple objectives, but generally, the primary objective of a corporate merger is to increase the financial advantage of the merged company. This can be achieved through various means, such as enhancing economies of scale, expanding the product or service offerings, increasing market share, reducing costs, and improving overall profitability. By combining the resources, expertise, and market reach of the merging companies, the merged entity can achieve greater financial strength, which can lead to increased profits and shareholder value. While minimizing the effects of taxation may be a consideration in some mergers, it is not typically the primary objective.
Question 34 Report
Chibuzor agreed to make a dress for Hauwa with September 20, 1995 as the delivery date, if the dress was not ready on that date, Hauwa could
Answer Details
In the law of contract, specific performance is the act whereby a court issues an order requiring a party to perform a specific action, such as to complete the performance of the contract.
Hauwa could easily sue Chibuzor for not keeping her own end of the agreement and compel her to deliver the dress as promised.
Question 35 Report
The activities aimed at finding customers needs and satisfaction can be described as
Answer Details
The Marketing Concept or in this case, conceptual marketing involves the idea of satisfying the needs of the customer by means of the product as a solution to the customer's problem (needs).
Question 36 Report
The major determinant of fire insurance premium is the
Answer Details
The major determinant of fire insurance premium is the type and structure of the property to be insured. Fire insurance premiums are calculated based on the risk of fire damage to the property, which is influenced by the type and structure of the property. Other factors that may be considered include the property's location, the amount of coverage needed, and the level of fire protection systems in place. The usefulness of the property to the owner, the owner of the property, and the extent of fire damage anticipated may not have as significant an impact on the fire insurance premium as the type and structure of the property.
Question 37 Report
A distinctive advantage of GSM is its
Answer Details
A distinctive advantage of GSM (Global System for Mobile Communications) is its mobility, which allows users to make and receive calls from anywhere in the world where there is network coverage.
Question 38 Report
| NAME | INSURED AMOUNT(N) |
ACTUAL VALUE(N) |
ACTUAL LOSS(N) |
| Mr. P Mr. K Mr. R |
25,000 30,000 40,000 |
100,000 120,000 150,000 |
30,000 40,000 50,000 |
Use the table above to answer questions 27 and 28
If Mr. P takes a fire insurance policy with average clause, his compensation will be
Answer Details
Under an average clause in insurance, if the value of the insured property is less than the insured amount, the policyholder will only receive a proportional compensation based on the actual value of the property. For Mr. P, the insured amount is N25,000 and the actual value is N100,000. So, the compensation will be (N25,000 / N100,000) * N30,000 = N7,500.
Question 39 Report
The macro-environmental forces and trends which are a constraint on business operations are referred to as
Answer Details
The macro-environmental forces of a business are made up of economic factors, demographic forces, technological factors, natural and physical forces, political and legal forces, and social and cultural forces.
The economic factors may include costs such as wages, interest rates, governmental activity, laws, policies, and tax rates. It posed as a constraint to the business environment because it is beyond the control of the business.
Question 40 Report
Given:
I. Retail
II. Export
III. Transport
IV. Import
V. Insurance
VI. Banking and finance
VII. Wholesale
VIII. Communication.
Which of the above are aids to trade?
Answer Details
Aids to trade are those services that make it easy to carry out trade. They include insurance, advertising, warehousing, transportation, and banking services.
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