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Question 1 Report
Which of the following is concerned with obtaining raw materials from their natural locations?
Answer Details
The extractive industry is concerned with obtaining raw materials from their natural locations. The extractive industry includes activities that involve exploring, extracting, and processing natural resources from the earth, such as minerals, oil, gas, and timber. This industry is focused on obtaining raw materials from their natural locations and preparing them for use in other industries, such as manufacturing or construction. Examples of extractive industries include mining, quarrying, and logging. In summary, the extractive industry is concerned with obtaining raw materials from their natural locations, while other industries such as manufacturing, construction, and transport, use these raw materials to produce goods and provide services.
Question 2 Report
Which of the following refers to sale promotion?
Answer Details
Sale promotion refers to any marketing activity that aims to stimulate customer demand and increase sales for a product or service. Out of the given options, the one that refers to sale promotion is "offering free samples of products." This is because offering free samples of a product is a common sales promotion technique used by companies to encourage customers to try their products and potentially make a purchase in the future. By providing customers with a free sample, companies hope to create a positive experience with their product, generate word-of-mouth marketing, and increase the likelihood of future sales. Non-personal presentation of a product refers to advertising, which is a separate marketing activity from sales promotion. Providing information about a company and its product can also refer to advertising or public relations. Direct contact with the ultimate buyer refers to personal selling, which is another type of marketing activity. Gathering information about a product refers to market research, which is not a sales promotion activity but rather a method used to inform marketing decisions.
Question 3 Report
A document certifying that goods have been entirely or largely manufactured in the country stated is called?
Answer Details
The document that certifies that goods have been entirely or largely manufactured in the country stated is called a "Certificate of Origin". This document is issued by the Chamber of Commerce or other relevant authority in the exporting country and is used to prove the origin of the goods. It is often required by the importing country's customs officials to determine the eligibility of the goods for importation and to assess the appropriate tariffs or trade agreements. The Certificate of Origin contains information about the exporting company, the importing company, the goods being exported, and the country of origin.
Question 6 Report
A service provided by NITEL through which one can dial any number one wants whether it is a local, trunk or overseas is called the?
Answer Details
The service provided by NITEL that allows a person to dial any number they want, whether it is local, trunk, or overseas, is called the Standard Dialing System. This system allows users to dial any phone number they wish, regardless of location, by following a standard format for entering the phone number. This system is widely used by many telephone service providers around the world, and it makes it easy for people to connect with others regardless of where they are located.
Question 7 Report
The method by which insurance companies spread their risk to other insurance companies is called?
Answer Details
The method by which insurance companies spread their risk to other insurance companies is called "re-insurance". This means that an insurance company transfers a portion of the risks it has taken on to another insurance company, in exchange for a portion of the premiums it has collected. This helps the original insurance company reduce its overall risk exposure, ensuring that it can pay out claims even in the event of large losses or disasters. Essentially, re-insurance is like insurance for insurance companies.
Question 8 Report
Workers involved in mining, quarrying or fishing are engaged in?
Answer Details
Workers involved in mining, quarrying or fishing are engaged in primary production. Primary production involves extracting or harvesting natural resources directly from the earth or sea, such as minerals, oil, gas, fish, and timber. It is the first stage of the production process, and it provides the raw materials for secondary production, which involves turning those raw materials into finished goods, such as steel, paper, or processed foods. Therefore, workers involved in primary production are those who extract or harvest natural resources from the environment, such as miners, quarry workers, and fishermen. They play a crucial role in the economy by providing the raw materials needed for other industries to function.
Question 9 Report
Which of the following is not a reason for imposing custom duty? The need to
Answer Details
The reason that is not a valid reason for imposing customs duty is to decrease the volume of world trade. This is because the imposition of customs duty is a trade barrier that discourages imports, which could increase the volume of world trade. Customs duty can be imposed for various reasons, including raising revenue for the government, protecting domestic industries, preventing dumping of goods, and retaliating against other countries' policies.
Question 10 Report
Buildings, machines and more vehicles used for purpose of production are examples of?
Answer Details
The examples provided - buildings, machines, and vehicles used for production - are called fixed assets. Fixed assets are long-term assets that a company uses in its operations to generate revenue. They are called "fixed" because they are not easily converted into cash, unlike liquid assets such as cash or securities. Instead, fixed assets are expected to provide benefits to the company over a long period of time, typically more than one year. These benefits can include increased efficiency, productivity, and capacity, which ultimately help to increase profits. Examples of fixed assets include property, plant, and equipment, such as buildings, machinery, and vehicles used for production.
Question 11 Report
When a customer writes a cheque to withdraw cash from his current account, he is both the?
Answer Details
When a customer writes a cheque to withdraw cash from his current account, he is both the Drawer and the Payee. The term "drawer" refers to the person who writes the cheque and orders the bank to pay the specified amount to the recipient or payee. In this case, the customer is the one who is writing the cheque and ordering the bank to pay him/her the specified amount in cash. The term "payee" refers to the person who receives the payment or the beneficiary of the cheque. In this case, the customer is also the one who is receiving the payment or the beneficiary of the cheque since he/she is writing the cheque to withdraw cash from his/her own account. Therefore, the customer is both the drawer and the payee when he/she writes a cheque to withdraw cash from his/her current account.
Question 12 Report
Which shares are sold Ex-div it means that the?
Answer Details
When a stock is sold ex-dividend, it means that the buyer of the stock is not entitled to receive the next dividend payment. The seller of the stock will receive the dividend instead. For example, if a company declares a dividend of $1 per share and the ex-dividend date is set for May 1st, any shares bought on or after May 1st will not entitle the buyer to receive the dividend payment. The buyer will have to wait for the next dividend payment to be declared in order to receive any dividend payouts. Therefore, is incorrect, as the buyer is not entitled to any dividend which may be declared if the shares are sold ex-dividend. and 3 are also incorrect as the price of the shares being sold ex-dividend is not affected by whether they are sold at par (the nominal or face value of the shares) or at a premium. is correct as the seller of the shares sold ex-dividend has the right to receive the next dividend payment, whereas the buyer does not. Finally, is not relevant to the concept of shares being sold ex-dividend, as the term "sold at a loss" refers to a situation where the selling price of the shares is lower than the purchase price, and is not related to the payment of dividends.
Question 13 Report
The system of parting with authority not responsibility is known as?
Answer Details
The system of parting with authority not responsibility is known as delegating. Delegating is the act of giving authority to a subordinate to perform a task or make a decision, while still retaining the overall responsibility for the task or decision. In other words, delegating is about assigning tasks and decision-making authority to others while still being responsible for ensuring that the task is completed successfully. Effective delegation is an essential component of good management and can lead to improved productivity, increased motivation, and better decision-making.
Question 14 Report
The marketing concept which begins and ends satisfying the needs and wants of the consumer is called?
Answer Details
The marketing concept that centers around identifying and satisfying the needs and wants of the consumer is known as "consumer orientation." This approach recognizes that businesses exist to meet the needs of their customers and that success in the marketplace depends on delivering value to those customers. In other words, a consumer-oriented approach puts the customer at the center of everything a business does, from product design and development to pricing, promotion, and distribution. It involves understanding the needs, preferences, and behaviors of target consumers and then tailoring products and services to meet those needs and exceed their expectations. By adopting a consumer-oriented mindset, businesses can build strong customer relationships, enhance brand loyalty, and ultimately drive growth and profitability.
Question 15 Report
The sole purpose of production is?
Answer Details
The sole purpose of production is to create goods or services that people want or need to consume. This can be for their personal use, to fulfill a basic necessity, or for enjoyment. The goal is to produce efficiently and effectively, using resources such as labor, capital, and technology, to create the highest quality product possible. The purpose of production is not primarily for employment, promotion, competition, or enterprising, although these may be secondary benefits of successful production. The main objective is to provide valuable goods or services to consumers, which can contribute to the overall well-being and growth of society.
Question 16 Report
Which of the following are elements of the economic environment of business?
Answer Details
Question 17 Report
Which of the following is a commercial service?
Answer Details
Transporting is a commercial service. A commercial service is any activity that is provided to customers for a fee with the aim of making a profit. Transporting involves moving people, goods, or materials from one place to another using vehicles such as buses, trucks, ships, or planes, for a fee. It is a commercial service because it is provided to customers in exchange for payment, with the aim of making a profit for the transportation company.
Question 18 Report
Commerce developed as a result of?
Answer Details
Commerce developed as a result of "specialization". Specialization refers to the process of focusing on a specific task or activity, usually based on an individual's or group's skills, resources, or location. As individuals or groups specialize in different activities, they become more efficient and productive, which leads to an increase in output and surplus. Specialization creates a situation where individuals or groups have a surplus of a particular product or service that they can trade with others who have a surplus of a different product or service. This leads to the exchange of goods and services, which is the basis of commerce. For example, if a farmer specializes in producing wheat and has a surplus, they can trade with a baker who specializes in producing bread. The baker can provide the farmer with goods or services that they need, such as tools or medical care, in exchange for the wheat. As specialization increases and trade becomes more common, the exchange of goods and services leads to the development of markets, where buyers and sellers come together to exchange goods and services. These markets eventually develop into more complex economic systems, which include banking, finance, and other institutions that facilitate commerce and trade. In summary, commerce developed as a result of specialization, which led to the exchange of goods and services and the development of markets and economic systems.
Question 19 Report
Which of the following policies could be taken for a guaranteed life income?
Answer Details
The policy that could be taken for a guaranteed life income is an "annuity." An annuity is a type of insurance policy that provides regular payments to the policyholder for a specified period, usually for the rest of their life. The policyholder pays a lump sum or regular premiums to the insurer, and in return, the insurer provides regular payments to the policyholder. An annuity is a useful policy for individuals who are looking for a guaranteed income stream in retirement or for a specified period. The payments from an annuity can be fixed or variable, depending on the type of policy and the options selected by the policyholder. Endowment assurance, household policy, personal accident insurance, and consequential loss insurance are all different types of insurance policies that provide coverage for specific risks or events. However, none of these policies are designed to provide a guaranteed life income like an annuity. In summary, if you are looking for a guaranteed life income, an annuity is the policy to consider.
Question 20 Report
The main aim of the ECOWAS is the?
Answer Details
The main aim of ECOWAS (Economic Community of West African States) is to promote economic and cultural interaction among member states. It was established in 1975 to promote regional integration, cooperation, and development in West Africa. ECOWAS aims to create a common market, free movement of people, goods and services, and harmonization of economic policies among member states. It also seeks to promote peace, stability and security in the region, as well as to enhance the well-being and social progress of its people.
Question 21 Report
In nationalized industries, losses are borne by the?
Answer Details
In nationalized industries, losses are borne by the taxpayers. This is because nationalized industries are owned by the government, which means that any losses incurred by the industry will be funded by the government. The government, in turn, funds its operations through tax revenues collected from the public. Therefore, when a nationalized industry incurs losses, it is ultimately the taxpayers who bear the cost.
Question 22 Report
Which of the following is a feature of Co-operative Societies?
Answer Details
The feature of a cooperative society is that all members have equal votes during meetings. This means that every member has an equal say in the decision-making process of the society, regardless of how much capital or investment they have contributed. This democratic feature ensures that decisions are made fairly and in the interest of all members. It also fosters a sense of community and shared responsibility among members.
Question 23 Report
The principle of subrogation in insurance means that?
Answer Details
The principle of subrogation in insurance means that the insurance company can take the place of the insured person in order to recover the amount of money paid out for a claim from a third party who was responsible for the loss or damage. For example, if your car is damaged in an accident caused by another driver, your insurance company can pay for the repairs and then try to recover the cost from the driver who was at fault. This principle helps to ensure that the insured person is fully compensated for their loss and that the responsibility for the loss is properly assigned to the party responsible.
Question 24 Report
Which of the following are the important functions of any organization?
Answer Details
The second option, "Planning, Organizing, Controlling and Motivating," lists the important functions of any organization. Here's a brief explanation of each function: 1. Planning: This involves setting goals, objectives, and strategies to achieve them. 2. Organizing: This involves arranging resources, such as people, materials, and equipment, to achieve the goals and objectives set in the planning stage. 3. Controlling: This involves monitoring performance, comparing it to the goals and objectives set in the planning stage, and taking corrective action as needed. 4. Motivating: This involves inspiring and energizing employees to achieve the goals and objectives set in the planning stage. While the other options may also be important functions in certain types of organizations or industries, the second option provides a comprehensive overview of the key functions that apply to most organizations.
Question 25 Report
Debentures are part of a company's?
Answer Details
Debentures are a form of loan capital that a company can issue to raise funds. Unlike shares, debentures do not represent ownership in the company. Instead, they are a type of bond that pays a fixed rate of interest to the debenture holders. The company is legally obligated to repay the principal amount borrowed when the debentures mature. In summary, debentures are not part of a company's authorized share capital, issued share capital, paid-up capital, called-up capital. Instead, they are a type of loan capital that a company can issue to raise funds.
Question 26 Report
In winding-up a company, the assets of the company are vested in the hands of the?
Answer Details
In winding-up a company, the assets of the company are vested in the hands of the liquidator. Winding-up refers to the process of dissolving a company by selling off its assets, paying off its debts, and distributing any remaining funds to its shareholders or other stakeholders. The liquidator is a professional appointed by the court or the members of the company to manage the winding-up process. One of the key responsibilities of the liquidator is to take possession of and manage the assets of the company. This includes selling off any assets that are not needed to pay off the company's debts, such as property, equipment, and inventory. The proceeds from the sale of these assets are used to pay off the company's creditors in a specific order of priority. Once all of the company's debts have been paid off, the liquidator is responsible for distributing any remaining funds to the company's shareholders or other stakeholders. The liquidator is also responsible for filing the necessary paperwork with the registrar of companies to officially dissolve the company. Therefore, in winding-up a company, the assets of the company are vested in the hands of the liquidator, who is responsible for managing and distributing them in accordance with the law and the interests of the company's stakeholders.
Question 27 Report
The reward of land as a factor of production is known as?
Answer Details
The reward of land as a factor of production is known as "rent". Rent refers to the payment made by a tenant or a user of land to the owner of that land for the use of the land. It is the income earned by the landowner simply by allowing others to use their land for a specific purpose, such as farming, mining, or building. In other words, rent is the return received by the owner of land for the use of their property. It is one of the four factors of production, along with labor, capital, and entrepreneurship.
Question 28 Report
The insurance cover on property being shipped from one location to another comes under?
Answer Details
The insurance cover on property being shipped from one location to another comes under marine insurance. Marine insurance is a type of insurance that provides coverage for goods or cargo being transported by water or air from one place to another. It protects the owner of the property from financial loss or damage caused by various risks such as sinking, piracy, collision, or theft during transportation. So, if you are shipping your property from one location to another, it is important to consider marine insurance to protect your valuable assets from potential risks and damages that may occur during transit.
Question 29 Report
A bill of exchange to which document of title are attached is known as?
Answer Details
The correct answer is "documentary bill." A documentary bill is a type of bill of exchange that includes a document of title attached to it. This document of title could be a bill of lading, which serves as proof of ownership and receipt of goods shipped. The purpose of attaching a document of title to a bill of exchange is to provide additional security for the parties involved in the transaction. The holder of the bill of exchange can only receive payment once they have presented the required document of title to the issuer of the bill of exchange. In summary, a documentary bill is a bill of exchange that requires a document of title to be attached to it, such as a bill of lading, to ensure payment.
Question 30 Report
A trade deficit means that?
Answer Details
A trade deficit means that a country is importing more goods and services from other countries than it is exporting to them. In other words, the value of a country's imports is greater than the value of its exports. This can be a concern for some because it may mean that a country is relying too heavily on imports and not producing enough goods or services for export, which could potentially impact its economy.
Question 31 Report
The technique of controlling money supply through the purchase and sale of government bond is called?
Answer Details
The technique of controlling money supply through the purchase and sale of government bond is called open market operations. In this technique, the central bank of a country buys or sells government bonds from or to commercial banks, thereby influencing the amount of money available in the economy. If the central bank buys government bonds, it releases more money into the economy, thus increasing the money supply. On the other hand, if the central bank sells government bonds, it reduces the amount of money available in the economy, thus decreasing the money supply. This technique is used by central banks to achieve their monetary policy objectives, such as controlling inflation or stimulating economic growth.
Question 32 Report
Which of the following enhances the leading powers of commercial banks?
Question 33 Report
The system of parting with authority not responsibility is known as?
Answer Details
The system of parting with authority but not responsibility is known as "delegating". Delegating means giving someone else the authority to complete a task or make a decision, while still retaining ultimate responsibility for the outcome. In other words, delegating is about entrusting a task to someone else, but still being accountable for it. This can be an effective way to manage a team, as it allows you to focus on your own tasks while empowering others to take on responsibility and develop their skills. However, it's important to delegate tasks to the right people and provide clear instructions and guidance to ensure success.
Question 34 Report
The interplay of such variables as product, price, distribution and promotion is known as?
Answer Details
Question 35 Report
Which of the following deals with the problems involved in selling of a particular product?
Answer Details
Question 36 Report
When a share is bought at a rate below the par value, it is said to have been sold?
Answer Details
When a share is bought at a rate that is lower than its par value, it is said to have been sold "at a discount." This means that the buyer is paying less for the share than its nominal or face value. For example, if the par value of a share is $10, and it is bought for $8, then it is sold at a discount. "On the other hand, if a share is bought at a price that is higher than its par value, it is said to have been sold "at a premium." In this case, the buyer is paying more than the nominal or face value of the share. For example, if the par value of a share is $10, and it is bought for $12, then it is sold at a premium. "Cum div" refers to the fact that the buyer of a share is entitled to receive any dividends that have been declared or paid by the company up to the date of purchase. "Ax-div" refers to the fact that the buyer of a share is not entitled to receive any dividends that have been declared or paid by the company prior to the date of purchase. "Pro-rata" refers to the fact that shareholders are entitled to receive dividends in proportion to their shareholding. For example, if a company declares a dividend of $1 per share and a shareholder owns 100 shares, then they will receive a dividend of $100 (100 x $1).
Question 37 Report
equity interest in a company is represented by?
Answer Details
Equity interest in a company is represented by Ordinary Shares. When a company issues ordinary shares, also known as common shares, it is essentially selling ownership in the company to investors. By purchasing ordinary shares, investors become part-owners of the company and are entitled to a share of its profits in the form of dividends. They also have the right to vote on important company decisions, such as the election of the board of directors and any proposed changes to the company's articles of association. In contrast to debt instruments like bonds and debentures, which represent loans to a company and are typically paid back with interest, ordinary shares represent a stake in the company's ongoing success and future growth potential. The value of a company's ordinary shares can rise or fall based on a variety of factors, including the company's financial performance, industry trends, and overall market conditions.
Question 38 Report
A'bear' on the stock exchanges sells share in anticipation of?
Answer Details
A 'bear' on the stock exchanges sells shares in anticipation of a fall in price. In the stock market, a 'bear' is an investor who believes that the prices of stocks or securities are going to fall in the future. To benefit from this decline in prices, the bear will sell shares that they do not own, with the expectation of buying them back later at a lower price to make a profit. This practice is known as short-selling. Therefore, a bear will sell shares in anticipation of a fall in price, while a 'bull' on the stock exchange sells shares in anticipation of a rise in price. The other options such as a change in price, the liquidation of the company concerned, or new issues, do not necessarily determine whether a bear or a bull will sell shares.
Question 39 Report
Which of the following is not a function of money?
Answer Details
The option that is not a function of money is "Determinant of exchange of medium." Money serves five main functions, which are: 1. Medium of exchange: Money is used as a medium of exchange in the exchange of goods and services. It eliminates the need for the barter system, where goods are exchanged for other goods. 2. Unit of account: Money serves as a common unit of measurement of value, making it easy to compare prices of different goods and services. 3. Store of value: Money can be stored and used later as a means of exchange. It preserves the value of wealth over time, allowing individuals to accumulate savings. 4. Standard for deferred payment: Money is used as a standard for deferred payment, such as loans, mortgages, and bonds. 5. Medium of exchange: Money facilitates the exchange of goods and services, making it easier to conduct transactions. The "Determinant of exchange of medium" is not a function of money because it does not make sense in the context of the other functions. The options listed above cover the essential functions of money, such as facilitating trade, preserving value, and serving as a common unit of measurement. The option "Determinant of exchange of medium" is not a recognized function of money.
Question 40 Report
A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?
Answer Details
The document that is sent to a customer at regular price intervals to inform them about their outstanding debts to their supplier is known as a "statement." A statement typically includes a summary of all the invoices that have been issued to the customer over a particular period, along with the amounts that have been paid and any outstanding balances. The purpose of the statement is to provide the customer with a clear picture of their financial position with the supplier, and to facilitate prompt payment of any outstanding amounts. In contrast, an invoice is a document that is issued by the supplier to the customer at the time of a sale, indicating the products or services provided, along with the price and payment terms. A debit note is a document that is issued by the supplier to the customer to request payment for goods or services that were overcharged or incorrectly invoiced. A receipt is a document that is issued by the supplier to the customer at the time of payment, acknowledging that the payment has been received. Finally, a consignment note is a document that is used to accompany goods being transported by a carrier, providing information about the contents of the shipment and the parties involved in the transaction.
Question 41 Report
Which of the following enjoins the buyers ti examine goods thoroughly beforeigeria making a purchase?
Answer Details
Question 42 Report
Which of the following is statutorily responsible for providing information and incentives required to increase the volume of Made-in-Nigeria goods in foreign markets?
Answer Details
The statutory body responsible for providing information and incentives required to increase the volume of Made-in-Nigeria goods in foreign markets is the Nigeria Export Promotion Council (NEPC). The NEPC is a government agency established to promote non-oil exports in Nigeria. Its primary responsibility is to develop and implement export promotion strategies that will increase the volume and value of non-oil exports in the country. The NEPC provides various services to exporters such as market intelligence, export promotion activities, capacity building, and export documentation assistance. It also collaborates with other government agencies and private sector organizations to create an enabling environment for export growth. Therefore, if a Nigerian manufacturer or exporter wants to increase the volume of their goods in foreign markets, they can approach the NEPC for support, guidance, and incentives. The NEPC can provide information on export markets, export documentation requirements, export financing, and other relevant information that will help the manufacturer or exporter succeed in the export market.
Question 43 Report
A house insured against damaged by flood was burnt down and the owner had a claims. Which of the following prevented him from making any claim? The principle of
Answer Details
Question 44 Report
Terms of payments are quoted on the?
Answer Details
Terms of payment are usually quoted on an invoice. An invoice is a document that a seller sends to a buyer, itemizing the products or services provided and the amount due. The terms of payment are usually included on the invoice, specifying when payment is due and what payment methods are accepted. An order form is a document used by a buyer to request goods or services from a seller. It typically includes information about the products or services requested and the quantity desired. However, it does not usually include payment terms. A delivery note, also known as a device note, is a document that accompanies a shipment of goods. It itemizes the products shipped and may include information such as the quantity and the condition of the goods. However, it typically does not include payment terms. A credit note is a document issued by a seller to a buyer, indicating that the buyer has been credited for a particular amount, usually due to an overpayment or a refund. It does not typically include payment terms for future transactions. A debit note, on the other hand, is a document issued by a seller to a buyer, indicating that the buyer owes a particular amount. It may include payment terms for the outstanding balance, but it is not typically used to quote payment terms for future transactions.
Question 45 Report
A cover note is a?
Answer Details
A cover note is a temporary insurance certificate issued by an insurance company to provide proof of insurance coverage for a specific period. It is often issued when the full insurance policy is still being processed, and it serves as a temporary solution until the full policy is issued. The cover note contains details of the insurance coverage, such as the type of policy, the insured person or property, and the period of coverage.
Question 46 Report
The Act designed to reserve certain businesses exclusively for Nigerians is known as the?
Answer Details
The Act designed to reserve certain businesses exclusively for Nigerians is the Nigerian Enterprises Promotion Act. This law was created to encourage the growth of Nigerian-owned businesses and ensure they have a fair opportunity to compete in the country's economy. It reserves certain types of businesses and industries for Nigerian citizens and stipulates that foreign investors must partner with Nigerians to operate in those industries. This helps to protect and promote Nigerian businesses and entrepreneurs.
Question 47 Report
Which of the following ensures that manufactured goods conform to the required standard?
Answer Details
The Standard Organization of Nigeria ensures that manufactured goods conform to the required standard. The Standard Organization of Nigeria (SON) is a government agency responsible for regulating the quality of products in Nigeria. It is tasked with ensuring that products manufactured and sold in Nigeria meet certain standards, such as safety and environmental standards. SON carries out inspections and tests on products to ensure that they meet the required standards before they are approved for sale in the Nigerian market. This helps to protect consumers from substandard products and also promotes fair competition among manufacturers. Therefore, the Standard Organization of Nigeria is the option that ensures that manufactured goods conform to the required standard. The other options such as Nigerian Industrial Research Centre, Consumer Consultative Committee, Price Control Board, and Indigenization Decree, do not have the primary responsibility of regulating the quality of products in Nigeria.
Question 48 Report
A facility used for impressing pre-paid postage rate on letters is called?
Answer Details
The facility used for impressing pre-paid postage rates on letters is called a "franking machine." It is a type of special printing machine used by businesses to apply postage to envelopes or packages before they are sent through the mail. The franking machine prints a unique mark or impression onto the mail that shows the amount of postage paid, and this can help businesses save time and money by avoiding the need to buy and affix postage stamps manually.
Question 49 Report
An agreement whereby the seller transfers the title to goods at a price is called?
Answer Details
An agreement between a buyer and a seller, in which the seller transfers the ownership of goods to the buyer in exchange for an agreed price, is called a "contract of sale." It is a legal document that defines the terms and conditions of the sale, such as the quantity, quality, price, and delivery of goods. In simpler terms, a contract of sale is a formal agreement between a seller and a buyer that outlines the specific details of a transaction involving the purchase and sale of goods. It is a crucial document that protects the rights and interests of both parties and ensures that the transaction is carried out in a fair and transparent manner. Examples of a contract of sale include the purchase of a car, a house, or any other type of product or service. In each case, the contract of sale would outline the terms of the agreement, including the price, delivery date, and any warranties or guarantees. In summary, a contract of sale is a legal agreement that sets out the terms and conditions of a transaction involving the purchase and sale of goods, and is an essential document in any commercial transaction.
Question 50 Report
That part of the money in circulation not backed by gold is known as?
Answer Details
The part of the money in circulation that is not backed by gold is called "fiduciary issue." Fiduciary issue refers to the currency or money that a government or central bank issues without having the equivalent amount of gold reserves to back it up. In other words, fiduciary issue money is not backed by any tangible asset like gold, but it is based on the trust and confidence that people have in the issuing authority. This type of money is usually in the form of banknotes and coins that are widely accepted as a means of payment and a store of value. Governments and central banks can increase the amount of fiduciary money in circulation by printing more banknotes or minting more coins. However, too much fiduciary money in circulation can lead to inflation as it reduces the value of each individual unit of currency.
Question 51 Report
A customer is granted an overdraft by the bank subject to his operating a?
Answer Details
When a customer is granted an overdraft by the bank subject to his operating a current account, it means that the bank allows the customer to withdraw more money than they have in their account, up to a specified limit. The customer can use this overdraft to cover expenses or make purchases even when there is not enough money in their account. The customer will be charged interest on the amount they have overdrawn until they pay it back to the bank. It's important to note that overdrafts are typically granted for short-term borrowing only and can be an expensive way to borrow money over a long period.
Question 52 Report
Patent Right gives the owner the exclusive right to?
Answer Details
Patent right gives the owner the exclusive right to his or her invention. This means that the owner has the legal authority to prevent others from making, using, selling, or importing the invention without permission. In other words, the owner has the sole right to produce and sell the invention, or license the invention to others for a fee. The patent right does not give the owner the right to form a new business or produce the same goods with other manufacturers unless they have permission to do so.
Question 53 Report
Restoring the insured to his former position by the insurer in the event of his suffering the specified loss is called?
Answer Details
The term used to describe restoring the insured to his former position by the insurer in the event of suffering a specified loss is "indemnity." Indemnity refers to the compensation or reimbursement paid by the insurer to the insured in the event of a loss. When an insured suffers a loss covered by the insurance policy, the insurer is responsible for paying the insured an amount that will restore them to their financial position before the loss occurred. This means that the insured should not be worse off financially after the loss than they were before the loss occurred. For example, if a car is damaged in an accident and the owner has car insurance, the insurance company will provide compensation to the owner to repair the car or to replace it with a similar one. The amount paid by the insurer is usually equal to the cost of repairing or replacing the car, less any deductible or excess specified in the policy. In summary, indemnity in insurance refers to the restoration of the insured to their financial position before the loss occurred. The insurer compensates the insured for the loss suffered, and the payment should be equal to the amount necessary to restore the insured to their pre-loss financial position.
Question 54 Report
A documents which a retailer sends to a wholesaler requesting him to supply items is called?
Answer Details
The document a retailer sends to a wholesaler to request items is called an "order." It's like a shopping list that the retailer provides to the wholesaler, specifying the items they want to purchase and the quantity they need. The wholesaler then fulfills the order by supplying the requested items to the retailer.
Question 55 Report
Which of the following must be submitted to the Registrar of Companies before the company is incorporated?
Answer Details
Question 56 Report
The tendency for firms and individuals to concentrate on the activity which is of most advantage of them is known as?
Answer Details
The tendency for firms and individuals to concentrate on the activity which is of most advantage to them is known as "specialization". Specialization means focusing on a specific task or job, usually based on an individual's or firm's skill set, resources, or location. By specializing in a specific activity or task, individuals or firms can become more efficient and effective at that activity, thereby increasing productivity and output. For example, in a manufacturing company, individuals can specialize in different aspects of the production process such as design, assembly, quality control, or logistics. By doing so, they become experts in their respective fields, which can lead to higher quality products and more efficient processes. Specialization also allows for the exchange of goods and services between individuals or firms who specialize in different activities, leading to mutually beneficial outcomes for all parties involved. This is known as the principle of comparative advantage, which suggests that individuals or firms should specialize in the activities they are relatively better at, and trade with others who specialize in different activities.
Question 57 Report
Which of the following enjoins the buyers ti examine goods thoroughly beforeigeria making a purchase?
Answer Details
Question 58 Report
When a seller sends pro-forma invoice to a potential customer, it is?
Answer Details
When a seller sends a pro-forma invoice to a potential customer, it is an indication that credit will not be granted. A pro-forma invoice is a preliminary bill of sale sent to the buyer before the actual goods are shipped or delivered. It provides an estimated cost of the goods or services, including any taxes or fees, and outlines the terms of the sale, such as payment terms, delivery date, and shipping information. The purpose of a pro-forma invoice is to provide the buyer with an idea of the cost of the goods or services they are considering purchasing. It is not a request for payment, and the seller has not yet committed to selling the goods or services to the buyer. It is also not an indication that the seller is out of business, that the goods are out of stock, or that the seller is asking the buyer to return previously purchased goods. Instead, a pro-forma invoice is a common practice in international trade, where buyers and sellers may not have an established relationship or credit history. By sending a pro-forma invoice, the seller can communicate their terms of sale and ensure that the buyer understands the cost and conditions of the transaction before proceeding. In summary, a pro-forma invoice is a preliminary bill of sale sent to a potential customer to indicate the estimated cost of goods or services, including the terms of the sale. It is not a request for payment and is commonly used in international trade to establish trust and understanding between buyer and seller.
Question 59 Report
The two main categories of marine losses are?
Answer Details
The two main categories of marine losses are total loss and partial loss. Total loss refers to a situation where a vessel or cargo is completely destroyed or lost, and there is no possibility of recovery or repair. This can occur due to events such as sinking, grounding, or fire. Partial loss, on the other hand, refers to a situation where a vessel or cargo is damaged, but it is still possible to repair or salvage it. This can occur due to events such as collision, stranding, or theft. In summary, total loss means the complete destruction or loss of the vessel or cargo, while partial loss means that the vessel or cargo has been damaged but can still be repaired or salvaged.
Question 60 Report
One of the reasons for national of industries is?
Answer Details
Nationalization of industries refers to a process where the government takes over the ownership and control of certain industries within a country. The primary reason for nationalizing industries is to ensure that the government can have a greater degree of control over the strategic industries, which are considered essential for the development and security of the nation. Nationalization can help to address issues such as inefficient management, corruption, and nepotism that may be prevalent in certain industries. By bringing these industries under government control, the government can implement policies and regulations that can improve their performance and ensure that they are being run efficiently and effectively. Nationalization can also help to increase the number of shareholders by allowing citizens to invest in state-owned enterprises, which can provide an additional source of revenue for the government. Additionally, it can prevent foreign investors from taking control of essential industries, which can help to protect the nation's economic interests and prevent the exploitation of its resources. Overall, nationalization of industries is aimed at ensuring that the government can have a greater degree of control over essential industries, which can help to promote economic development and protect the nation's interests.
Question 61 Report
The practice of selling in foreign markets at less than cost price is known as?
Answer Details
The practice of selling in foreign markets at less than cost price is known as "dumping". This means that a company is selling its products in another country at a price that is lower than what it would cost to produce them, in order to gain an advantage over competitors in that market. This can be seen as an unfair trade practice because it can harm the local businesses in that country by making it difficult for them to compete. Dumping can also lead to lower quality products being sold, as companies may cut corners to reduce their costs.
Question 62 Report
Which of the following is a function of marketing?
Answer Details
The function of marketing is distribution. Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. One of the key functions of marketing is distribution, which refers to the process of getting products or services from the manufacturer or producer to the end user or consumer. Distribution is an essential component of the marketing mix, which also includes product, price, and promotion. Through effective distribution channels, a company can ensure that its products or services are available to customers when and where they want them. This can involve a variety of strategies, such as direct sales, retail distribution, e-commerce, or other methods. By focusing on distribution, marketers can help to ensure that their products or services reach the right customers at the right time, which is essential for achieving business success and customer satisfaction.
Question 63 Report
In which of the following classes of occupation would you place a commerce teacher?
Answer Details
A commerce teacher would be placed in the "Direct service" occupation class. This is because a commerce teacher provides educational services directly to students, which is a form of direct service. The other occupation classes listed do not typically involve providing educational services, but instead involve activities like producing goods (manufacturing), extracting resources (extractive), building structures (construction), or conducting business transactions (commercial).
Question 64 Report
The state of scientific knowledge and production process obtainable in a country is part of the?