WAEC SSCE - Commerce - 1990 (Objective)

Question 1 Report

which of the following is an aspect of the marketing concept?

product orientation

sales orientation

consumer orientation

mass production

mass distribution

Purchase And Sale Of Goods In Home And Foreign Trade

Elements Of Marketing

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Question 2 Report

The oldest and commonest form of business in Nigeria is?

partnership

the co-operative society

sole proprietorship

joint stock veture

public corporation

Answer Details

The oldest and commonest form of business in Nigeria is the Sole Proprietorship. A sole proprietorship is a type of business owned and run by a single person. It is the simplest form of business organization, and it requires no formal registration or legal process to start. In Nigeria, most small businesses, such as small shops, food vendors, and petty traders, are run as sole proprietorships. The main advantage of this form of business is that the owner has complete control over the business and can make all decisions independently. Additionally, the owner receives all profits generated by the business. However, the main disadvantage of a sole proprietorship is that the owner is personally liable for all debts and obligations of the business. This means that if the business incurs debts, the owner's personal assets may be used to settle those debts. In summary, the oldest and commonest form of business in Nigeria is the Sole Proprietorship, which is owned and run by a single person. It is the simplest form of business organization and is commonly used for small businesses.

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Question 3 Report

a study to discover consumers preferences and needs is called?

marketing

consumer orientation

market research

marketing mix

market demand

Elements Of Marketing

Money

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Question 4 Report

Which of the following is a form of sales promotion?

Promotion through radio

Advertising by television

Distributing printed sales literature

Offering free samples to customers

Advertising by posters

Answer Details

A form of sales promotion is "offering free samples to customers." This is a marketing technique used to encourage potential customers to try a product or service by giving them a small amount of it for free. By providing customers with free samples, businesses hope to generate interest and positive word-of-mouth about their products, which can lead to increased sales. Additionally, free samples can be a way for businesses to introduce new products to the market and get feedback from customers. Therefore, the correct answer is "offering free samples to customers."

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

Advertising

Purchase And Sale Of Goods

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Question 5 Report

customs duties are?

excise duties

dock dues

customary dues

customs officers'' duties

import tariffs

Answer Details

Customs duties are taxes levied by a government on goods that are being imported or exported across international borders. These duties are usually based on the value of the goods or the weight, size, or quantity of the goods being imported or exported. Customs duties are typically imposed as a way for governments to generate revenue, protect domestic industries, or regulate trade. Import tariffs are a type of customs duty that is charged on goods being imported into a country.

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Commerce

Production

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Question 6 Report

The main purpose of branding is to?

increase the quantity of goods demanded

differentiate goods from other similar goods made by other producers

increase the selling price of goods

enhance turnover of goods

introduce the product to the customers

Answer Details

The main purpose of branding is to differentiate goods from similar goods made by other producers. Branding helps a product to stand out in the market and create a unique identity for the product that differentiates it from other similar products. This allows consumers to easily identify the product and its quality, and also helps to build customer loyalty and trust in the brand. A strong brand image can also increase the perceived value of the product, which may lead to increased sales and higher prices. Overall, branding is an important marketing strategy that helps businesses to establish a unique identity and gain a competitive edge in the market.

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 7 Report

which of the following is not a means of raising capital by a promoter?

goodwill

borrowing

selling of shares

selling real assets

past savings

Answer Details

The option that is not a means of raising capital by a promoter is "goodwill". Goodwill is an intangible asset that represents the reputation and value of a business or brand. It is not a source of funds that a promoter can use to raise capital for a business venture. On the other hand, borrowing, selling of shares, selling real assets, and past savings are all viable means of raising capital for a business venture. Borrowing involves taking loans from banks or other financial institutions, while selling of shares involves offering a portion of the ownership of the business to investors in exchange for funds. Selling real assets involves selling physical properties or assets that the business owns, while past savings refer to the personal funds that the promoter has accumulated over time and can use to invest in the business. In summary, while goodwill is an important asset for a business, it cannot be used as a means of raising capital by a promoter.

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Read lesson note on Trade Associations (JAMB)

Financing Business

Business Capital And Profits

Trade Associations

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Question 8 Report

The amount paid by the assured to the insurer is called?

interest

premium

dividend

indemnity

surrender value

Answer Details

The amount paid by the assured to the insurer is called a premium. A premium is a regular payment made by the policyholder (or assured) to the insurance company (or insurer) to maintain their insurance coverage. In exchange for the premium, the insurer agrees to pay out a specified amount of money to the policyholder or their beneficiaries if the insured event, such as an accident or illness, occurs. The premium amount is determined based on various factors, such as the type of insurance, the coverage amount, the policyholder's age and health, and the insurer's risk assessment.

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

Transport, Tourism, Communication And Warehousing

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Question 9 Report

Retail outlets which sell from specialized vans are?

Super markets

multiple shops

mail order firms

department stores

mobile shops

Answer Details

The retail outlets which sell from specialized vans are called mobile shops. These are stores that are built inside vehicles, such as vans or trucks, and are designed to bring the products directly to customers in different locations. Mobile shops are often used for selling food, clothes, or other goods that can be easily transported. They can be found at outdoor markets, events, or in residential areas. The advantage of mobile shops is that they can offer convenience to customers by bringing products closer to their location, and can also be a cost-effective way for small businesses to reach customers without the need for a physical storefront.

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Trade

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Question 10 Report

Which of the following is the quickest and accurate means of communication?

Express mail

Courier services

Telex

Railex

Transport, Tourism, Communication And Warehousing

Information And Communication Technology (ict)

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Question 11 Report

the authorised capital of a company is also referred to as it's?

called-up capital

issued capital

subscribed capital

nominal capital

unissued capital

Answer Details

The authorized capital of a company is the maximum amount of capital that the company is authorized to raise through the issuance of shares. It represents the upper limit of the company's fundraising capacity and is set out in the company's constitutional documents (e.g., articles of association). This authorized capital is also referred to as the "nominal capital" or "authorized share capital" of the company. It is important to note that authorized capital is not the same as called-up capital or issued capital, which refer to the amount of capital that has actually been paid by shareholders. Therefore, the correct answer is "nominal capital."

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Business Capital And Profits

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Question 12 Report

The term capital account in international trade includes?
I.foreign investment
II.long-term lending
III. short-term lending
IV.foreign exchange reserve
V.short-term borrowing.

I & II only

III & V only

II, III & IV only

I, III & IV only

II, IV & V only

Business Environment And Social Responsibility

Finance And Financial Institutions

Occupation

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Question 13 Report

Which of the following is not an advantage of advertising? It

gives information about products

increases sales

increases production

improves the quality of products

introduces new products

Answer Details

Improving the quality of products is not an advantage of advertising. Advertising is a marketing tool used to promote products or services to potential customers. It is designed to persuade people to buy a product or service by providing information about its features, benefits, and advantages. Advertising can be done through various channels such as television, radio, print, online, and social media. The advantages of advertising include giving information about products, increasing sales, introducing new products, creating brand awareness, and reaching a wider audience. However, advertising does not directly increase production or improve the quality of products. While advertising can create demand for products, it is up to the producers to meet that demand by increasing production or improving the quality of their products.

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Advertising

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Question 14 Report

The organizing efforts of consumers to protect themselves against the unfair practices of business is called?

strike

consumerism

amalgamation

co-operation

propaganda

Answer Details

The organizing efforts of consumers to protect themselves against the unfair practices of business is called "consumerism." This refers to the social movement aimed at empowering consumers to assert their rights in the marketplace and hold businesses accountable for their actions. Consumerism involves a range of activities and strategies, including advocacy, education, and organizing campaigns to raise public awareness about issues affecting consumers. Some examples of consumer protection issues include product safety, advertising practices, and fair pricing. Therefore, the correct answer is "consumerism."

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Commerce

Occupation

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Question 15 Report

When a business is insolvent it may result in?

incorporation

recuperation

liquidation

restoration

nationalization

Occupation

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Question 16 Report

the value of anything expressed in monetary terms is the?

utility

price

service

charge

money

Answer Details

When the value of something is expressed in monetary terms, it is referred to as its "price." This represents the amount of money that someone is willing to pay for the item or service in question. For example, if someone is selling a car and they list the price as $10,000, that means that they are willing to sell the car for that amount of money. Similarly, if a restaurant offers a meal for $20, that is the price that customers must pay in order to receive the service of having a meal prepared and served to them. Therefore, the correct answer is "price."

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Money

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Question 17 Report

The amount paid by the insurance company to the insured upon giving up his policy is called?

Surrender value

cash bonus

assured sum

dividend

premium

Answer Details

The amount paid by an insurance company to the insured when the policy is terminated before its maturity is known as the "surrender value". This value is the amount that the insurance company agrees to pay to the policyholder upon the cancellation or surrender of the insurance policy. The surrender value is calculated based on the amount of premiums paid by the policyholder and the length of time that the policy has been in force. The longer the policy has been in force and the higher the premiums paid, the higher the surrender value will be.

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Question 18 Report

The main object of a cartel agreement is to control?

output to maintain price

directors to achieve higher profits

workers to increase output

requirement to cut cost

shareholders to maintain shares

Answer Details

The main object of a cartel agreement is to control output in order to maintain price. A cartel is an agreement between firms or producers in an industry to coordinate their activities in order to achieve a shared goal, usually to restrict competition and increase profits. By limiting the supply of goods or services, the cartel can keep prices high, leading to increased profits for its members. Therefore, the main objective of a cartel agreement is to control output, which means controlling the amount of goods or services produced in the market. This allows the cartel to manipulate the market and charge higher prices, which benefits its members.

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Read lesson note on Commerce (JAMB)

Advertising

Economic Groupings

Commerce

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Question 19 Report

Which of the following is the most suitable means of transporting bulky goods from Lagos to Kaduna? By

Train

Aeroplane

Ship

Lorry

Caravan

Transport, Tourism, Communication And Warehousing

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Question 20 Report

Which of the following arguments are in favour of establishing ECOWAS? I. The countries concerned would be able to expand market beyound their territorial boundaries.
II. Currency union is the final objective of member countries
III. Capital movement is not allowed across the boundaries
IV. Free movement across the borders of members would be allowed.

I, II & III only

II & IV only

I, II & IV only

II & III only

I & III only

Answer Details

The arguments in favor of establishing ECOWAS are: I. The countries concerned would be able to expand market beyond their territorial boundaries. This means that member countries of ECOWAS can trade with each other freely without restrictions, which can lead to increased trade, investment, and economic growth. II. Currency union is the final objective of member countries. This means that member countries of ECOWAS are working towards a common currency, which can facilitate trade and investment further, as well as reducing transaction costs. IV. Free movement across the borders of members would be allowed. This means that citizens of member countries of ECOWAS can travel and work freely in other member countries without any restrictions, which can lead to increased job opportunities and cultural exchange. Therefore, the correct option is: I, II & IV only. Option II & III only is incorrect because capital movement is allowed across the boundaries in ECOWAS. Option I & III only is also incorrect because free movement across the borders of members is allowed in ECOWAS.

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Commerce

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Question 21 Report

The purchase of one company by another is called?

incorporation

merger

cartel

nationalization

privatization

Answer Details

The purchase of one company by another is called a "merger". A merger is a financial transaction in which two or more companies combine their operations to form a single entity. In a merger, one company purchases another company's assets and assumes its liabilities in exchange for a payment, which is usually made in the form of cash, stock, or a combination of both. The goal of a merger is to create a stronger, more competitive entity that is better positioned to succeed in the market. Mergers can take various forms, including horizontal mergers, where two companies in the same industry merge, or vertical mergers, where a company acquires another company in the same supply chain. Mergers are a common strategy for companies seeking to grow or diversify their operations.

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Commerce

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Question 22 Report

With the exception of life assurance and personal accident insurance, contracts of insurance are contracts of?

premium

indemnity

proximate cause

utmost good faith

general average cause

Answer Details

With the exception of life assurance and personal accident insurance, contracts of insurance are contracts of indemnity. Indemnity means compensation for loss or damage suffered by the insured party. In the context of insurance, indemnity refers to the payment that the insurer is obligated to make to the insured in the event of a covered loss or damage. The purpose of insurance is to provide financial protection against unforeseen events that can result in losses, such as accidents, theft, fire, or natural disasters. When the insured party suffers a loss, they can make a claim with the insurer to receive compensation for their losses, up to the limit of the insurance coverage. The payment made by the insurer is intended to indemnify the insured for their losses, rather than to provide a profit or windfall. Life assurance and personal accident insurance are exceptions to this general rule, as they provide benefits that are not strictly based on indemnity, such as death benefits or disability benefits.

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Legal Aspect Of Business

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Question 23 Report

One advantage of personal selling is?

low cost

immediate feedback

the appeal to many people at a time

self service

speedy market coverage

Answer Details

One advantage of personal selling is immediate feedback. Personal selling is a method of selling in which a salesperson communicates with a potential customer in person or through other means of direct communication, such as phone, email, or video call. Immediate feedback is an advantage of personal selling because it allows the salesperson to get an instant response from the customer regarding the product or service being offered. The salesperson can use this feedback to modify their sales pitch and address any concerns or objections that the customer may have. Immediate feedback also helps to build a relationship between the salesperson and the customer, which can lead to increased trust, loyalty, and repeat business. Other advantages of personal selling include the ability to provide personalized service, establish a rapport with the customer, and tailor the sales message to the specific needs of the customer.

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 24 Report

Which of the following is sent as a reply to an inquiry?

Tender

Estimate

Statement

Advice note

Quotation

Answer Details

Out of the given options, the response sent to an inquiry is a "Quotation". A quotation is a document that provides the price, terms, and conditions for goods or services that a company is willing to provide to a potential customer. It outlines the specific details of what is being offered, including the price and the quantity of the product or service. On the other hand, a "tender" is a formal offer made by a company to provide goods or services to another company or organization. A "statement" is a document that shows a summary of financial transactions or activities. An "estimate" is a rough calculation of the cost of a project or service. And an "advice note" is a document that informs a customer about the delivery of goods or services. Therefore, the best option to send as a response to an inquiry is a "quotation" because it provides a detailed breakdown of what is being offered, including the price and the terms of the agreement.

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Question 25 Report

which of the following is not a fixed asset of a business?

sundry debtors

patent

machinery and plant

goodwill

loose tools

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Question 26 Report

Opening stock.................N1000
Closing stock.................N9000
Purchases.....................N14,000
The average stock is?

N2000

N3000

N5000

N6000

N7000

Production

Commerce

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Question 27 Report

the main source of income for a limited liability company is?

bank overdraft

government subsidy

undistributed profit

bank loan

share subscrptions

Answer Details

The main source of income for a limited liability company is share subscriptions. A limited liability company is a type of business structure where the owners are not personally liable for the company's debts or liabilities. Instead, the company is considered a separate legal entity that can own assets, enter into contracts, and generate income. One way a limited liability company can generate income is by issuing shares to investors in exchange for capital. These shares represent ownership in the company and entitle the shareholder to a portion of the profits. Share subscriptions can be a significant source of income for the company, especially during the early stages of its development when it may not yet have a steady stream of revenue from operations. While a limited liability company may also generate income from bank loans, overdrafts, undistributed profits, or government subsidies, these sources of income are generally considered secondary to share subscriptions. In summary, the main source of income for a limited liability company is share subscriptions, which represent ownership in the company and entitle shareholders to a portion of the profits.

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Business Capital And Profits

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Question 28 Report

Which of the following is not an essential of a contract?

Offer and acceptance

Intention to create legal relations

All contracts written out

Legality of object

Consideration

Answer Details

"All contracts written out" is not an essential of a contract. Contracts can be either written or verbal and both are legally binding, as long as they fulfill the other essential elements of a contract. However, some contracts are required to be in writing by law, such as contracts involving the sale of land or contracts that cannot be performed within one year.

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Legal Aspect Of Business

Business Environment And Social Responsibility

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Question 29 Report

which of the following currencies does/do not belong to any country within the ECOWAS?

naira and kobo

dalasi

cedis and pesewas

leo

kwasha and shilling

Answer Details

The currency/currencies that do not belong to any country within the ECOWAS is/are kwasha and shilling. ECOWAS is a regional intergovernmental organization of West African countries established to promote economic integration and cooperation among its members. The member countries have their own currencies, such as Nigeria's naira and kobo, Ghana's cedis and pesewas, and Sierra Leone's leone. However, kwasha and shilling are not the currencies of any country within the ECOWAS region.

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Read lesson note on Purchase And Sale Of Goods In Home And Foreign Trade (WAEC)

Trade

Purchase And Sale Of Goods In Home And Foreign Trade

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Question 30 Report

The three main division of production include industrial?

commercial banking services

commercial and services

transportation and services

manufacturing and services

banking and services

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Question 31 Report

Which of the following is the safest means of sending a postal order from Lagos to a friend in Jos?

Special delivery

Recorded delivery

Registered letters

First class mail

Express letter

Commerce

Trade

Occupation

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Question 32 Report

One of the objectives of the indigenisation programme of the Federal Government of Nigeria is to?

encourage the use of local raw materials

expel all foreigners from Nigeria

make Nigeria businessmen very rich

maximize local retention of profits

promote foreign trade

Answer Details

The objective of the indigenisation programme of the Federal Government of Nigeria is to maximize local retention of profits. This means that the government wants to promote the participation of Nigerians in the ownership and control of businesses operating in Nigeria. By doing so, Nigerians can benefit from the profits generated by these businesses, rather than having those profits sent out of the country to foreign owners. This would in turn help to develop the Nigerian economy and promote local economic growth.

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Trade

Commerce

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Question 33 Report

money spent for the day-to-day running of a business is called?

fixed capital

working capital

equity capital

capital employed

authorized capital

Answer Details

Money spent for the day-to-day running of a business is called working capital. Working capital represents the funds that a business needs to maintain its daily operations, such as paying for raw materials, salaries, rent, utilities, and other expenses. Working capital is calculated by subtracting a business's current liabilities from its current assets. Current assets include cash, accounts receivable, and inventory, while current liabilities include accounts payable, short-term loans, and other debts that must be paid within one year. Having sufficient working capital is crucial for a business to maintain its operations and meet its financial obligations. A shortage of working capital can lead to difficulties in paying bills and suppliers, resulting in disruptions to the business's operations. Therefore, the correct answer is working capital.

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Commerce

Occupation

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Question 34 Report

which of the following is not a reason for imposing a tariff? to

correct an adverse balance of payments

raise revenue for the government

encourage imports

protect infant industries

encourage the consumption of home-produced goods

Answer Details

The reason for imposing a tariff that is not included in the list is to encourage imports. A tariff is a tax that a government imposes on imported goods or services. Tariffs are usually imposed for economic or political reasons. The five main reasons for imposing a tariff are as follows: - To correct an adverse balance of payments: If a country is importing more goods than it is exporting, it may impose a tariff on imports to reduce the amount of foreign currency leaving the country. - To raise revenue for the government: Governments can generate revenue by imposing tariffs on imported goods or services. - To protect infant industries: Governments may impose tariffs to protect new or emerging industries that are not yet able to compete with established industries in other countries. - To encourage the consumption of home-produced goods: By increasing the cost of imported goods, tariffs can make domestically produced goods more competitive. - To restrict the importation of goods for political reasons: Governments may impose tariffs as a way of putting pressure on other countries to change their policies or behavior. Therefore, the correct answer is to encourage imports, as a tariff is intended to make imported goods more expensive and less attractive to consumers in order to protect domestic industries and encourage the consumption of home-produced goods.

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Trade

Commerce

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Question 35 Report

The Nigeria Television Authority is an example of a?

private limited liability company

public limited liability company

multinational corporation

co-operative society

public corporation

Answer Details

The Nigeria Television Authority is an example of a "public corporation." It is a government-owned entity that operates as a public service broadcaster in Nigeria. Public corporations are created by the government to provide essential services or perform certain functions that benefit the public. They are owned by the state and run by a board of directors appointed by the government. Public corporations are not designed to generate profit like private companies, but rather to provide services or goods to the public at affordable rates or as a means of achieving government policy objectives.

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Commerce

Occupation

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Question 36 Report

The law which stipulate that labels should give an accurate account of a product is the?

price control act

consumer credit act

trade description act

hire purchase act

product standard act

Answer Details

The law which stipulates that labels should give an accurate account of a product is the Trade Description Act. This act requires that any information displayed on a product or its packaging should not be misleading and should provide accurate and sufficient details about the product. The purpose of this law is to protect consumers from false, deceptive, or misleading product descriptions or advertisements. The Trade Description Act also provides legal remedies for consumers who have been deceived by inaccurate product labeling.

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Advertising

Legal Aspect Of Business

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Question 37 Report

Opening stock.................N1000
Closing stock.................N9000
Purchases.....................N14,000
The cost of goods sold is?

N6000

N10000

N42000

N16000

20000

Purchase And Sale Of Goods

Commerce

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Question 38 Report

a company has recently advertised an issue of one million ordinary shares of 50kobo and 65kobo per share.wen the issue is fully paid the company will collect?

N65,000.00

N500,000.00

N650,000.00

N1,000,000.00

N65,000,000.00

Answer Details

When a company issues shares, it means they are selling ownership in the company to the public. In this case, the company is advertising an issue of one million ordinary shares of 50kobo and 65kobo per share. The difference in the share price is likely due to the fact that one price is for fully paid shares, while the other is for partially paid shares. If the issue is fully paid, it means that shareholders have paid the full amount of the share price. So, for one million ordinary shares at 65kobo per share, the company will collect N650,000.00 (65kobo x 1,000,000 shares). Therefore, the correct answer is N650,000.00.

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Business Capital And Profits

Occupation

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Question 39 Report

Which of following could account for a favourable balance of payment?

High capital repayments

high debt service repayment

higher imports than exports

higher expert than imports

higher public spending

Answer Details

A favorable balance of payments occurs when a country's exports are greater than its imports. This means that the country is earning more foreign exchange from exporting goods and services than it is spending on importing them. Therefore, the option that could account for a favorable balance of payment is "higher exports than imports".

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Trade

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Question 40 Report

Which of the following countries is not a member of ECOWAS?

Nigeria

Gambia

Sierra-Leone

Ghana

Cameroun

Answer Details

Cameroon is not a member of ECOWAS. ECOWAS stands for the Economic Community of West African States, which is a regional intergovernmental organization established in 1975 with the aim of promoting economic integration and cooperation among its member states. As the name suggests, it is primarily focused on West African countries. Nigeria, Gambia, Sierra Leone, and Ghana are all West African countries and are members of ECOWAS. However, Cameroon is not a West African country and therefore is not a member of ECOWAS. Cameroon is located in Central Africa, and it is a member of a different regional intergovernmental organization called the Economic Community of Central African States (ECCAS). In summary, Cameroon is not a member of ECOWAS, while Nigeria, Gambia, Sierra Leone, and Ghana are all members of ECOWAS.

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Economic Groupings

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Question 41 Report

The major dealers on stock exchange market are the?

authorized clerks

jobbers

investors

brokers

underwriters

Stock Exchange

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Question 42 Report

a document that regulates the internal operations of a company is known as?

memorandum of association

articles of association

prospectus

certificate of incorporation

certificate of trading

Answer Details

The document that regulates the internal operations of a company is known as the "articles of association." It is a legal document that sets out the rules and regulations for how a company operates, such as the appointment of directors, their powers and duties, shareholders' rights and responsibilities, and the process for holding meetings. The articles of association are typically created at the time of a company's formation and provide guidance for its management and operations.

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Legal Aspects Of Business

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Question 43 Report

Which of the following statements is not true?

Commercial services are the life's blood of a country's economic system

There cannot occur commercial services unitl goods have been produced

Without commercial services must goods and services will not produced

There is no stage of production that does not employ commercial services

Commercial services add to the value of a product

Commerce

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Question 44 Report

Paper money originated in form of receipt given by?

money lenders

goldsmiths

bankers

traders

thrift societies

Answer Details

Paper money originated in the form of receipts given by goldsmiths. In the past, goldsmiths would keep gold and other valuables safe for their customers. Over time, people realized that it was easier to trade with paper receipts rather than carrying heavy gold around. The receipts gradually evolved into paper money, which became the primary form of currency in many countries around the world.

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Money

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Question 45 Report

The word Ltd written after the name of a company means that?

the individual member's capital is limited

the total sum of the company's capital is limited

members are liable to the extent of their holding

company's location is limited

a shareholder has only one vote

Answer Details

When the word "Ltd" is written after the name of a company, it means that the liability of its members is limited to the amount of their shareholdings in the company. This means that in the event of the company's insolvency or failure, the personal assets of the members are protected, and they cannot be held personally liable for any debts or losses incurred by the company beyond the amount of their investment. Therefore, the correct answer is "members are liable to the extent of their holding."

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Legal Aspects Of Business

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Question 46 Report

Which of the following is a type of marine insurance?

Endowment

Freight

Accident

Fidelity

Fire

Answer Details

Marine insurance is a type of insurance that covers losses and damages to ships, cargo, terminals, and any transport by which property is transferred, acquired, or held between the points of origin and the final destination. Therefore, the answer to the question is "Freight," as it refers to the insurance of goods or cargo being transported by sea.

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Trade

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Question 47 Report

an association formed by Tyre manufacturers to safeguard and promote their interests is known as

co-operative society

chamber of commerce

trade union

consortium

trade association

Answer Details

The association formed by Tyre manufacturers to safeguard and promote their interests is known as a trade association. A trade association is a group of businesses in a particular industry that join together to protect their common interests and promote their industry. They often offer services to their members such as lobbying for favorable laws and regulations, providing industry-specific training and education, and promoting the industry to the public. In this case, the Tyre manufacturers have come together to form a trade association to protect their interests and promote their industry.

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Trade Associations

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Question 48 Report

A trade document signed by a representative of the country to which goods are being sent is called?

export invoice

consignment note

certificate of origin

pro-forma invoice

consular invoice

Answer Details

The trade document that is signed by a representative of the country where goods are being sent is called a consular invoice. This document serves as a proof of the value and quantity of goods being shipped, and it also helps to determine the customs duties and taxes that will be imposed on the goods when they arrive at their destination. The consular invoice is an important document in international trade, and it must be completed accurately and in accordance with the regulations of the country to which the goods are being sent.

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Trade

Commerce

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Question 49 Report

If a retailer Mr. Aigbojie buys goods manufactured by Adefila Limited from wholesaler Mrs. Jumai, who will prepare the delivery note?

Mr. Aigbojie

Adefila Limited

Mr. Jumai

Mr. Aigbojie and Adefila Limited

Adefila Limited and Mrs. Jumai

Advertising

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Question 50 Report

Which of the following is not part of the facilities provided by the Nigerian Ports Authority?

Dredging

Warehousing

Collection of customs duties

Loading and off-loading of cargoes

Off-loading of cargoes

Trade

Transport, Tourism, Communication And Warehousing

Finance And Financial Institutions

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Question 51 Report

which of the following documents transfers title to goods?

bill of exchange

treasure bill

bill of lading

bill of sight

bill of sale

Purchase And Sale Of Goods

Commerce

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Question 52 Report

In insurance the term Uberrimae fidei stands for?

utmost good faith

suborgation

insurable interest

indemnity against loss

proximate cause

Answer Details

In insurance, the term Uberrimae fidei stands for utmost good faith. It means that the parties involved in an insurance contract must act in complete honesty and disclose all material facts that could affect the insurance coverage. The insurance company relies on the information provided by the policyholder to determine the risk and calculate the premium. Therefore, it is the duty of the policyholder to provide accurate and complete information. Failure to do so can result in the insurance policy being voided, and the insured party will not receive any compensation in case of loss or damage.

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Commerce

Occupation

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Question 53 Report

which of the following is not a means of making payment to a businessman?

bank draft

cash

money order

cheque

statements

Answer Details

The means of making payment are different methods that can be used to pay a businessman. Bank draft, cash, money order, and cheque are all common methods of making payment. However, statements are not a means of making payment to a businessman. Statements are typically used to provide information about account balances or transactions, but they do not involve the transfer of funds from one party to another. Therefore, statements are not a means of making payment to a businessman.

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Money

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Question 54 Report

Which of the following is the acceptable classification of warehouse?

Ordinary, wholesale and state warehouse

Ordinary, presidential and bonded warehouse

Bonded, royal and queen warehouse

Ordinary off-shore and bonded warehouse

Private, public and bonded warehouse

Answer Details

The acceptable classification of warehouse is private, public, and bonded warehouse. - A private warehouse is owned and operated by an individual or company for their exclusive use. - A public warehouse is open to anyone who needs to store goods and charges a fee for their services. - A bonded warehouse is a secure storage facility that is authorized by the government to store imported goods before they are cleared by customs. The other options listed are not accurate classifications of warehouses.

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Question 55 Report

Demurrage is a charge for?

utlized lay days

unsed lay days

exceeding lay days

damaged cargo

jettisoned cargo

Answer Details

Demurrage is a charge for exceeding the allotted lay days that a ship is allowed to stay at a port or terminal for loading or unloading cargo. In other words, if a ship stays longer than the agreed-upon time period, demurrage charges will be imposed on the cargo owner or shipper for the additional time used. The purpose of demurrage charges is to compensate the shipping company for the delay in the release of its equipment and to encourage quick turnaround times at ports or terminals.

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Trade

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Question 56 Report

the main purpose of establishing a public corporation is to?

make profit

provide employment

provide essential services

compete with entrepreneurs

establish a monopoly

Answer Details

The main purpose of establishing a public corporation is to provide essential services. A public corporation is a type of business organization that is owned and operated by the government. The primary objective of a public corporation is to provide essential services that are important for the well-being of the public, such as healthcare, education, transportation, energy, and communication. Public corporations are created to ensure that these services are provided to the public in an efficient, cost-effective, and sustainable manner. They are not primarily established to make a profit or compete with entrepreneurs, although they may generate revenue to cover their costs and reinvest in their operations. Providing employment opportunities may be a secondary objective of public corporations, as they often require a workforce to deliver their services. Establishing a monopoly is not a typical objective of public corporations, as they are usually subject to government regulation and oversight to ensure fair competition in the market.

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Commerce

Occupation

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Question 57 Report

An overdraft is usually granted a?

savings account holder

deposit account holder

current account holder

loan account holder

fixed deposit account holder

Answer Details

An overdraft is usually granted to a "current account holder". A current account is a type of bank account that allows customers to deposit and withdraw money as well as make payments. An overdraft is a financial facility that allows a current account holder to withdraw more money than they have in their account, up to a pre-determined limit set by the bank. The overdraft facility is usually granted by the bank to help the current account holder to cover short-term expenses or to manage cash flow. The amount borrowed must be repaid with interest within a specified period of time. Overdrafts are subject to fees and interest charges, and the bank has the right to cancel or reduce the overdraft limit at any time if the account holder fails to make the required payments.

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Financing Business

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Question 58 Report

Which of the following is not a factor of product?

Capital?

Land

Labour

Organization

Staffing

Answer Details

Staffing is not a factor of product. The factors of production are the resources that are used to produce goods and services. The traditional factors of production are land, labor, capital, and organization. Land refers to all natural resources that are used in production, including land itself, minerals, and water. Labor refers to the human effort that is used in production, including physical and mental skills. Capital refers to the financial resources, machinery, and equipment that are used in production. Organization refers to the ability to coordinate the other factors of production to produce goods and services efficiently. Staffing, on the other hand, refers to the process of finding, hiring, and managing employees to work in an organization. While staffing is an important aspect of running a business, it is not considered a factor of production because it is not directly involved in the process of producing goods or services.

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Production

Occupation

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Question 59 Report

Charges paid by a for staying at at a port beyond agreed sailing time is called?

profit

interest

holding

carriage cost

demurrage

Answer Details

The charges paid by a ship owner or operator for staying at a port beyond the agreed sailing time is called "demurrage". In simpler terms, it means that if a ship stays in a port longer than the time agreed upon, the owner/operator will have to pay extra charges to the port authorities. These charges are meant to compensate for the delay caused to other ships waiting to dock, and for any additional costs incurred by the port due to the prolonged stay of the ship. Therefore, demurrage is a penalty fee for failing to meet the agreed terms of the contract between the ship owner/operator and the port authorities.

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Commerce

Finance And Financial Institutions

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Question 60 Report

The purpose of of issuing a credit note is to?

correct errors of overcharging

correct errors of undercharging

write off bad debts

encourage immediate payment

encourage bulk buying

Answer Details

A credit note is a document issued by a seller to a buyer to indicate a reduction in the amount due for goods or services previously purchased. The main purpose of issuing a credit note is to correct errors of overcharging. This can happen if the buyer is charged more than the agreed price or if there is an error in the calculation of the total amount due. By issuing a credit note, the seller can rectify the error and reduce the amount owed by the buyer. It is a way of keeping accurate records and maintaining good customer relations.

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Question 61 Report

which of the following is not the function of a small? retailer

supplying goods to the final consumer

breaking goods into small units

granting credits to known customers

furnishing information to the wholesaler

selling in large quantities

Answer Details

The function of a small retailer is to sell goods to the final consumer, break goods into small units, furnish information to the wholesaler, and grant credits to known customers. Therefore, the option that is not a function of a small retailer is selling in large quantities. Small retailers typically sell products in small quantities to individual customers, as opposed to selling in large quantities to other businesses or wholesalers.

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Occupation

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Question 62 Report

A holding company assumes control of its subsidiaries through?

taking over routine administration

becoming the principle customer

majority shareholding

paying all the debts outright

taking over only the assets

Answer Details

A holding company assumes control of its subsidiaries through "majority shareholding." This means that the holding company owns more than 50% of the shares in the subsidiary company, giving it the power to control the subsidiary's operations and decision-making processes. The holding company can appoint the board of directors and management team of the subsidiary, and can influence the subsidiary's strategic direction and financial decisions. By owning a majority of the shares, the holding company has the ability to approve or reject important proposals, such as mergers or acquisitions, and can veto decisions that are not in its best interest. This allows the holding company to exert significant control over the subsidiary without having to take over routine administration or pay all the debts outright.

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Legal Aspects Of Business

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Question 63 Report

a partnership agreement specifying the relationship amongst partners is called?

article of association

memorandum of association

partnership act

partnership deed

certificate of incorporation

Answer Details

A partnership agreement specifying the relationship amongst partners is called a partnership deed. A partnership deed is a legal document that outlines the terms and conditions of a partnership agreement between two or more partners. The partnership deed defines the roles and responsibilities of each partner, their respective contributions, the share of profits and losses, the decision-making process, the management of the partnership, and the procedure for dispute resolution. It is a crucial document that establishes the framework for the partnership and helps to avoid misunderstandings and conflicts among partners. The partnership deed is binding on all the partners and serves as a reference document in case of any dispute or misunderstanding between them. It also helps to establish the credibility of the partnership and enhances the trust and confidence of the stakeholders. Therefore, the correct answer is partnership deed.

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Question 64 Report

total sales less total returns inwards is called?

purchases

net profit

gross profit

average stock

net sales

Answer Details

Total sales less total returns inwards is called "net sales". Net sales is a financial term used to refer to the total revenue generated by a business from the sales of its goods or services after adjusting for any returns or refunds given to customers. In other words, it is the amount of money a business earns from its sales transactions, minus any returns or refunds issued to customers. Net sales is an important financial metric for businesses because it reflects the actual revenue earned from the sale of goods or services, without any adjustments for discounts, taxes, or other expenses. It is a key indicator of a company's financial performance and is used to calculate gross profit and net profit.

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Purchase And Sale Of Goods

Commerce

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Question 65 Report

The taking over by state of ownership and control of certain business enterprises is known as?

indigenization

nationalization

privatization

commercialization

rationalization

Answer Details

The taking over by the state of ownership and control of certain business enterprises is known as nationalization. Nationalization is a process in which the government takes control of privately-owned businesses or industries and makes them public or state-owned. The reasons for nationalization may vary, but they often include the desire to promote public welfare, ensure economic stability, or protect national interests. The industries that are often nationalized include those that are essential to the economy or those that provide vital services such as utilities, transportation, or telecommunications. When an industry or business is nationalized, the government assumes full ownership and control. This means that the state is responsible for managing and regulating the operations of the business, including the hiring of employees, setting prices, and making investment decisions. Therefore, the correct answer is nationalization.

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Occupation

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Question 66 Report

Which of the following statements best describes net profit? The excess of

total revenue over total expenditure

total capital income over expenditure

sales over purchases

total capital formation over capital consumption

total expenditure over total revenue

Answer Details

Net profit is the excess of total revenue over total expenditure. In other words, it is the amount of money that a company makes after deducting all of its expenses, such as the cost of goods sold, operating expenses, interest payments, and taxes, from its total revenue. It represents the actual profit a company has earned during a given period of time, and is a key measure of its financial performance.

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Business Capital And Profits

Introduction To Business Management

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Question 67 Report

Which of the following is not required in a Memorandum of Association? The

name of the company

location of the company

names of the Board of Directors

limitation of member's liability

objectives of the company

Answer Details

The option that is not required in a Memorandum of Association is "names of the Board of Directors". A Memorandum of Association is a legal document that sets out the company's constitution and defines the company's objectives, scope of activities, and powers. It also contains the name of the company, location, limitation of member's liability, and objectives of the company. However, the names of the Board of Directors are not required in the Memorandum of Association because the composition of the Board can change over time, and it is not necessary to have a list of specific names in a legal document that defines the company's constitution.

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Legal Aspects Of Business

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Question 68 Report

A number of shops under one roof is the feature of a?

supermarkets

chain stores

department store

mail order business

shopping centre

Trade

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Question 69 Report

In which class of occupation would you place a taxi driver?

Extractive

Indirect services

Personal services

Primary production

Commercial services

Occupation

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Question 70 Report

The selection and promotion of staff in an organization is the function of the?

marketing department

finance department

personnel department

production department

public relations department

Answer Details

The selection and promotion of staff in an organization is the function of the personnel department. The personnel department, also known as the human resources department, is responsible for managing the people who work for an organization. This includes tasks such as recruiting and hiring new staff, providing training and development opportunities, managing employee benefits and compensation, and handling employee relations issues. One of the key functions of the personnel department is to oversee the selection and promotion of staff. This involves identifying job vacancies, creating job descriptions and person specifications, and advertising job openings to potential candidates. The personnel department is also responsible for conducting interviews, checking references, and making job offers. In addition to selecting new staff, the personnel department is also responsible for promoting existing staff. This may involve identifying employees who have demonstrated strong performance or potential and providing them with opportunities for career development and advancement within the organization. Overall, the personnel department plays a crucial role in ensuring that an organization has the right people in the right positions, and that those people are provided with the support and opportunities they need to succeed in their roles.

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Occupation

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Question 71 Report

Which of the following is one of the functions of commerce?

Manufacturing

Growing of tomatoes

Storage of goods

Construction of roads

Car assemblying

Answer Details

One of the functions of commerce is the storage of goods. This refers to the practice of keeping products in a warehouse or other storage facility until they are needed for sale or distribution. Storage is an essential function of commerce because it allows businesses to maintain a steady supply of products to meet customer demand. It also helps to prevent shortages or overstocking, which can lead to lost sales and revenue. In addition to storage, other functions of commerce include buying and selling goods and services, financing, transportation, and marketing.

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Production

Commerce

Occupation

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Question 72 Report

the production of goods in anticipation of demand is made possible by?

packaging

warehousing

branding

advertising

transporting

Answer Details

The production of goods in anticipation of demand is made possible by warehousing. Warehousing refers to the process of storing goods before they are sold or distributed. By warehousing goods, manufacturers can produce goods in advance and store them until they are needed or demanded by customers. This enables manufacturers to respond quickly to changes in demand and to avoid stock shortages. Warehousing also allows manufacturers to take advantage of economies of scale by producing goods in larger quantities, which can reduce the overall cost of production.

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Question 73 Report

Which of the following does not belong to the industry?

Farming

Insuring

Mining

Drilling

Fishing

Answer Details

Insuring does not belong to the industry. While farming, mining, drilling, and fishing are all considered industries, insuring is a service-based activity and does not involve the production of tangible goods. The insurance industry is instead focused on providing financial protection against risk and uncertainty for individuals and businesses.

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Question 74 Report

The accomplishment of a good company's objective by guiding and motivating subordinates is known as?

Planning

Organizing

Managing

Controling

Directing

Answer Details

The accomplishment of a good company's objective by guiding and motivating subordinates is known as "Directing." It involves supervising and overseeing the performance of employees to ensure that they are working towards achieving the organization's goals. The process of directing involves issuing instructions, motivating subordinates, providing guidance, and maintaining communication to achieve the desired results. The ultimate goal of directing is to create a conducive work environment that enables employees to work efficiently and effectively towards the achievement of the company's objectives.

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Elements Of Business Management

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Question 75 Report

The major divisions of Commerce are?

import, export and transport

trade, communication and warehousing

trade and auxiliaries to trade

exchange, consumption and production

import, trade and production

Answer Details

The major divisions of Commerce are: trade and auxiliaries to trade. Trade involves the exchange of goods and services between two parties, while auxiliaries to trade include activities that support trade such as transportation, warehousing, communication, banking, insurance, and advertising. Therefore, (trade and auxiliaries to trade) is the correct answer.

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Trade

Commerce

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Question 76 Report

management can be defined as?

getting things done through people

implementation of business decisions

the number of levels in an organisation

the general manager and the employees

decision making

Elements Of Business Management

Introduction To Business Management

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Question 77 Report

An agreement between two parties which will give rise to rights and obligation is known as?

a warrant

a contract

a consideration

an offer

an acceptance

Answer Details

The correct term for an agreement between two parties that creates rights and obligations is a contract. A contract is a legally binding agreement that outlines the terms and conditions of the arrangement between the parties involved. The terms of the contract can be negotiated and agreed upon by the parties involved, and once the contract is signed, it becomes a legally enforceable document. Both parties have certain rights and obligations they must follow according to the terms of the contract, and if either party fails to fulfill their obligations, the other party may be able to seek legal remedies.

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Legal Aspects Of Business

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Question 78 Report

The concept of marketing as a process which begins and ends with the needs and wants of the consumer rather than those of the organization is called?

caveat venditor

consumer orientation

consumer association

consumer protection

caveat emptor

Answer Details

The concept of marketing that begins and ends with the needs and wants of the consumer rather than those of the organization is called "consumer orientation." In other words, it means that a business should focus on understanding the needs and wants of the consumers and creating products or services that fulfill those needs. This approach puts the consumer at the center of the marketing process, and it is based on the belief that meeting the needs of consumers will ultimately lead to the success of the business.

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Question 79 Report

An author's exclusive right to published and unpublished works is known as?

patent right

fundaamental human right

copyright

authorship

constitutional right

Answer Details

Copyright is the exclusive legal right that an author, artist, or any other creator has to control the use and distribution of their published and unpublished works. It is a form of intellectual property protection that gives the owner the right to prevent others from reproducing, distributing, performing, or displaying their work without their permission. It is a fundamental right recognized in many countries to encourage and promote the creation of original works and to ensure that the creators are rewarded for their efforts.

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Legal Aspect Of Business

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Question 80 Report

Which of the following concepts is concerned with determining the business objectives and how they can be achieved?

Planning

Organization

Co-ordinating

Motivating

Delegating

Answer Details

The concept concerned with determining the business objectives and how they can be achieved is planning. Planning involves setting business goals, identifying the resources required, and developing a strategy to achieve those goals. It is the process of deciding in advance what needs to be done, how it will be done, and who will do it. Planning is a critical function of management because it provides direction, focus, and clarity on what needs to be achieved, and how it will be achieved. Without proper planning, businesses may lack direction, and it will be difficult to achieve their objectives. Therefore, planning is essential for the success of any business.

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Legal Aspects Of Business

Elements Of Business Management

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Question 81 Report

Which of the following is a function of money?

Provision of double coincidence of wants

Durability

Standard for deferred payment

Portability

Divisibility

Answer Details

One function of money is to serve as a standard for deferred payment. Money can act as a means of exchange, a store of value, and a unit of account. As a standard for deferred payment, money enables transactions to occur over time. This means that money can be used to settle debts or make purchases that will be paid off at a later date. By providing a standard for deferred payment, money enables individuals and businesses to make plans for the future, invest in long-term projects, and manage risk. For example, if someone buys a car on credit, they are using money as a standard for deferred payment. The buyer agrees to pay a certain amount of money at specified intervals over a certain period of time. The seller agrees to accept this money in exchange for the car, with the understanding that the payments will be made according to the agreed-upon schedule. In summary, one function of money is to serve as a standard for deferred payment. Money enables transactions to occur over time and allows individuals and businesses to plan for the future, invest in long-term projects, and manage risk.

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Commerce

Money

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Question 82 Report

Efforts geared towards establishing and maintaining good image for a company is termed?

human relations

professional relations

public relations

trade relations

personnel relations

Answer Details

Efforts geared towards establishing and maintaining a good image for a company is termed public relations. Public relations refer to the strategic efforts made by a company to establish and maintain a positive image in the eyes of the public, including customers, investors, and other stakeholders. It involves managing communication and building relationships with various groups and individuals to create a favorable public image for the company. The goal of public relations is to create a positive perception of the company, its products, and its services. This can be achieved through various activities, such as media relations, community outreach, social media engagement, and event planning. By building a strong reputation and establishing trust with the public, a company can enhance its brand image, attract new customers, and increase its bottom line. Public relations is, therefore, an essential aspect of any company's marketing strategy and helps to ensure long-term success. In summary, efforts geared towards establishing and maintaining a good image for a company is termed public relations, which involves strategic communication and relationship-building activities aimed at creating a positive perception of the company in the eyes of the public.

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Legal Aspect Of Business

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Question 83 Report

A business is in existence primarily to?

make profit

provide goods amd services

provide employment

complete with others in business

sell goods at reasonable prices

Answer Details

A business exists primarily to make a profit. While providing goods and services, providing employment, competing with others in business, and selling goods at reasonable prices are all important aspects of running a successful business, the primary goal of any business is to generate profit for its owners or shareholders. Profit allows a business to invest in its growth, pay dividends to shareholders, and stay in operation over the long term.

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Government Policies Relating To Business

Business Capital And Profits

Finance And Financial Institutions

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Question 84 Report

which of the following documents may be used when an importer requires a longer period of credit before settlement?

letter of credit

documentry credit

bill of lading

sight draft

bill of exchange

Answer Details

The document that may be used when an importer requires a longer period of credit before settlement is a "bill of exchange". A bill of exchange is a written order from the importer to the exporter, instructing the importer's bank to pay a specific amount of money to the exporter's bank after a certain period of time. This allows the importer to delay payment until a later date, giving them more time to generate revenue and meet their financial obligations. The other documents listed, such as a letter of credit, documentary credit, bill of lading, and sight draft, are all related to international trade and finance, but do not specifically address the issue of extending credit terms.

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Commerce

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Question 85 Report

Entrepot Trade refers to?

importing for domestic consumption

importing for industrial use

importing for government concerns

exporting for factory use

import for re-port

Answer Details

Entrepot trade refers to "importing goods for re-export." This means that goods are imported into a country, stored in a warehouse or free trade zone, and then re-exported to another country without undergoing any further processing or manufacturing. The purpose of entrepot trade is to take advantage of lower import duties or taxes in the importing country, as well as to serve as a distribution hub for the goods being exported. This type of trade is common in countries that have strategic locations, such as Singapore or Dubai, which serve as major entrepot trade centers for their respective regions.

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Commerce

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Question 86 Report

Which of the following is not an element of the marketing mix?

Product

Pricing

Promotion

Merchandising

Distribution

Answer Details

The element of the marketing mix that is not included in the standard set of four elements is merchandising. The marketing mix refers to the set of tools that a business uses to promote its products or services to customers. The four main elements of the marketing mix are product, pricing, promotion, and distribution. - Product refers to the goods or services that a business offers to customers. - Pricing refers to the price that a business charges for its products or services. - Promotion refers to the methods that a business uses to communicate with customers and promote its products or services, such as advertising, sales promotion, public relations, and personal selling. - Distribution refers to the methods that a business uses to make its products or services available to customers, such as through retail stores, online sales, or direct mail. Merchandising, on the other hand, refers to the visual display of products in a retail store, including the design and layout of the store, product packaging, and product placement on shelves. While important for the sale of products, it is not considered a separate element of the marketing mix. Therefore, the correct answer is merchandising.

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Elements Of Marketing

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Question 87 Report

to inform the buyer that the goods are in transit,the seller sends him?

a quotation

an invoice

a debit note

an advice note

a credit note

Answer Details

To inform the buyer that the goods are in transit, the seller sends him an advice note. An advice note, also known as a delivery advice, is a document that the seller sends to the buyer to notify them that the goods they purchased have been dispatched and are in transit. It typically contains information such as the date of dispatch, the mode of transportation, and the expected delivery date. This document serves as proof of delivery and helps both the seller and the buyer to keep track of their inventory and manage their finances.

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Purchase And Sale Of Goods

Commerce

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Question 88 Report

which of the following is a feature of co-operative society?

dividend is based on the number of shares sold

limited membership

owned and run by the state

democratic controll and management

voting rights are not equal

Answer Details

A feature of a co-operative society is democratic control and management. This means that the members have an equal say in the decision-making process of the society, regardless of their investment or shareholding. Each member has one vote, which helps to ensure that the society is run in the best interests of all members. Democratic control and management is a key principle of co-operative societies, and it helps to promote fairness, equality and transparency in the society's operations. Therefore, among the options provided, the correct feature of a co-operative society is "democratic control and management."

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Occupation

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Question 89 Report

a speculator in the stock exchange market who sells securities in expectation of a fall in their prices is called?

broker

a bull

a bear

an investor

a stag

Answer Details

A speculator in the stock exchange market who sells securities in expectation of a fall in their prices is called a "bear". The term "bear" is used to describe someone who believes that the market or a particular stock is going to go down or decline in value. A bear may sell securities or stocks that they do not currently own, hoping to buy them back at a lower price in the future, thereby making a profit from the difference. The opposite of a bear is a "bull", which is a term used to describe someone who believes that the market or a particular stock is going to go up or increase in value. Both bears and bulls can be speculators or investors, but they have different views on the future direction of the market. In summary, a "bear" is a speculator in the stock exchange market who sells securities in anticipation of a price decline.

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Stock Exchange

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Question 90 Report

The organization of Petroleum Exporting Countries(OPEC) is an example of a?

cartel

trust

holding company

consortium

chamber of commerce

Answer Details

The organization of Petroleum Exporting Countries (OPEC) is an example of a cartel. A cartel is a group of independent producers or sellers who work together to regulate the production, pricing, and sale of a product or service to maximize their profits. OPEC is made up of 13 countries that produce oil and gas, and they work together to set production quotas and prices for oil to control the global oil market. By acting as a single entity, OPEC can influence the supply and demand of oil, which affects its price and profits.

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Commerce

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Question 91 Report

Which of the following advertising media combines the advantages of sound and motion?

Radio

Neon signs

Press

Hoarding

Television

Answer Details

Television combines the advantages of sound and motion in advertising. Television is a powerful advertising medium that uses both visual and auditory components to deliver its message. Advertisements on television are typically presented in the form of video commercials, which can feature moving images, music, voice-overs, and sound effects to capture the viewer's attention and communicate the message. The use of sound and motion in television advertising helps to make the message more engaging and memorable, as it appeals to both the visual and auditory senses of the viewer. Compared to other advertising media such as radio, press, neon signs, and hoardings, television advertising has the advantage of being able to combine both sound and motion. While radio advertising can use sound to deliver its message, it lacks the visual component that television provides. Similarly, press advertisements are limited to static images and text, while neon signs and hoardings may be visually attractive but lack the ability to incorporate sound. In summary, television advertising is the advertising medium that combines the advantages of sound and motion, making it a powerful tool for capturing the viewer's attention and delivering the advertising message effectively.

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Advertising

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Question 92 Report

A cheque made payable to "bearer"

Can be negotiated for cash by the drawer only

can only be paid into an account

can be negotiated for cash by any holder

is not regarded as a negotiable instrument

must be endorsed to another account for settlement

Answer Details

A cheque made payable to "bearer" can be negotiated for cash by any holder. This means that whoever has physical possession of the cheque can present it to the bank and receive cash in exchange, without having to prove their identity or ownership of the cheque. This type of cheque is also known as an "open cheque" and is a negotiable instrument. Bearer cheques can be risky because they can be easily lost or stolen, and whoever finds or steals the cheque can cash it. Therefore, it is important to handle bearer cheques with care and ensure that they are always kept in a safe place.

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Purchase And Sale Of Goods

Commerce

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Question 93 Report

The exchange of goods for other goods in home trade is known as?

entrepot trade

home trade

barter trade

foreign trade

counter trade

Answer Details

The exchange of goods for other goods in home trade is known as barter trade. In barter trade, goods are exchanged directly for other goods without the use of money as a medium of exchange. For example, a farmer may exchange his crops with a butcher for meat, without any cash being involved. Barter trade was a common practice in the past before the advent of money, and it is still used today in some situations where money is not available or where it may be difficult to exchange currency due to exchange rate restrictions or other issues. However, in modern times, barter trade has become less common, and home trade is mostly conducted using money as a medium of exchange.

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Trade

Purchase And Sale Of Goods In Home And Foreign Trade

Commerce

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Question 94 Report

Auctions and Tenders become binding when they are?

accepted

offered

received

advertised

communicated

Answer Details

Auctions and tenders become binding when they are accepted. When an auction or tender is accepted by the party offering it, it means that they have agreed to the terms and conditions of the auction or tender. At this point, a binding agreement is formed between the parties involved, and they are legally obligated to fulfill their respective obligations as stated in the auction or tender document. It is important for both parties to carefully review and understand the terms and conditions of the auction or tender before accepting it to avoid any misunderstandings or disputes in the future.

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Purchase And Sale Of Goods

Commerce

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Question 95 Report

Fidelity guarantee is an insurance cover against loss arising from?

trade debts

personal accidents

dishonest staff

fire disaster

sea disaster

Answer Details

Fidelity guarantee is an insurance cover that protects a business or organization against financial losses caused by the dishonest or fraudulent actions of their employees. This type of insurance provides coverage for losses that result from theft, embezzlement, forgery, or other fraudulent activities committed by employees. It does not provide coverage for other types of losses such as trade debts, personal accidents, fire disaster, or sea disaster. It is specifically designed to cover losses that result from employee fraud or dishonesty. So, if an employee steals from the company, for example, the fidelity guarantee insurance policy would provide financial compensation to the business to help recover from the losses incurred due to the employee's actions.

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Legal Aspect Of Business

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Question 96 Report

An individual who makes the final use of goods and services provided by a firm is the?

manufacturer

wholesaler

consumer

retailer

trader

Answer Details

The individual who makes the final use of goods and services provided by a firm is known as a consumer. A consumer is the end user or customer who purchases goods or services from a business. They are the ones who use the products or services for personal or household purposes. The other options listed in the question refer to different types of intermediaries who are involved in the distribution of goods and services before they reach the end consumer. Manufacturers produce goods, wholesalers purchase goods in bulk from manufacturers and sell them to retailers, retailers sell the goods to consumers, and traders can refer to individuals or companies involved in buying and selling goods or securities for profit.

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Trade

Purchase And Sale Of Goods In Home And Foreign Trade

Occupation

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Question 97 Report

the reward of capital is?

dividend

interest