JAMB UTME - Commerce - 2015 | Green Bridge CBT

Question 1 Report

The principle of subrogation stated that

An insured person should be indemnified to the time of the amount insured

An insurance company constant in lace of the insured in dealing with third party.

Only a person who is likely to suffer loss hold take out an insurance cover

There must be accuse connection between the actual loss suffered and risk insure

Answer Details

The option is in line with the principle of subrogation

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Legal Aspects Of Business

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Question 2 Report

Which of the following best describes an invoice?

Contractual agreement for the sale of goods

Document specifying quantity, description, prices and total value of purchase .

Receipt containing necessary information about the goods.

Letter specifying the contractual sales of goods between two parties

Answer Details

Option B best describes an invoice. An invoice is a document that specifies the details of a transaction between a seller and a buyer. It contains information such as the quantity, description, prices, and total value of the goods or services being purchased. The invoice serves as a request for payment from the buyer to the seller. In other words, an invoice is a document that a seller sends to a buyer to request payment for goods or services that have been provided. The invoice specifies the terms of the transaction, such as the due date for payment, the amount owed, and the method of payment. It is an important document for both the seller and the buyer, as it helps to ensure that the transaction is properly documented and that both parties have a clear understanding of the terms of the sale. Therefore, option B is the correct answer.

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Purchase And Sale Of Goods

Commerce

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Question 3 Report

A market where new shares are tracked is known as

Primary Market

Stock Exchange

Secondary Market

Money Market

Answer Details

The market where new shares are tracked is known as the Primary Market. In this market, companies issue new shares of stock to the public for the first time, and the proceeds from the sale of these shares go directly to the company. The primary market is where initial public offerings (IPOs) take place, and investors have the opportunity to buy shares directly from the company at the offering price. Once the shares are sold in the primary market, they can be traded on the secondary market, which is where investors buy and sell shares with each other.

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Stock Exchange

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Question 4 Report

The agency in Nigeria which ensure that products conform to government quality specification is the

Nigerian consumers’ association

Manufacturers' Association of Nigeria

Standard Organization of Nigeria

Nigerian Chamber of commerce

Answer Details

The agency in Nigeria that ensures products conform to government quality specifications is the Standard Organization of Nigeria (SON). SON is a governmental organization that is responsible for setting and enforcing standards for all products, goods, and services in Nigeria. They ensure that products meet safety, health, and environmental standards, and that they are fit for their intended purpose. When products conform to the standards set by SON, it means that they have met the minimum requirements for safety and quality, and consumers can be assured that they are getting products that are safe and of good quality. Therefore, if you want to ensure that the products you are buying in Nigeria meet the government quality specifications, you should look for the SON certification mark on the product or packaging.

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Production

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Question 5 Report

The implied provisions in every sale of goods as contained in the Sales of Goods Act of 1893 are conditions and?

consideration

sureties

warranties

guaranties

Answer Details

The implied provisions in every sale of goods as contained in the Sales of Goods Act of 1893 are conditions and warranties. Conditions are the essential terms of a contract that must be fulfilled in order for the contract to be carried out. In the context of a sale of goods, conditions refer to the fundamental aspects of the transaction that must be met. For example, if you buy a car, a condition of the sale might be that the car is roadworthy and can be legally driven on the roads. Warranties, on the other hand, are promises made about the quality, performance, or condition of the goods being sold. Unlike conditions, the breach of a warranty does not necessarily result in the termination of the contract. For example, if you buy a car and the seller promises that it has a full service history, but it turns out that it doesn't, this would be a breach of warranty, but it wouldn't necessarily mean that the sale is null and void. So in summary, conditions are the essential terms of a contract that must be met, while warranties are promises made about the quality, performance, or condition of the goods being sold. Both conditions and warranties are implied provisions in every sale of goods as contained in the Sales of Goods Act of 1893.

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Purchase And Sale Of Goods

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Question 6 Report

Communication enhances business activities by?

facilitating interaction between producers and consumers

facilitating interaction among media houses

ensuring the movement of goods from the producer to the consumer

keeping the goods safe untill they are needed

Answer Details

Communication enhances business activities by facilitating interaction between producers and consumers. Communication allows producers and consumers to exchange information and ideas, which helps them understand each other's needs and preferences. This information exchange helps producers to tailor their products and services to meet the needs of consumers, leading to increased satisfaction and loyalty. Communication also allows for effective negotiation and problem-solving, as well as the development of strong business relationships. By facilitating interaction between producers and consumers, communication plays a crucial role in the success of any business. It is important to note that the other options listed, such as facilitating interaction among media houses, ensuring the movement of goods from the producer to the consumer, and keeping the goods safe until they are needed, are also important for business success. However, communication between producers and consumers is a key aspect of business activities that directly impacts the success of a business by improving the exchange of information and ideas.

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Information And Communication Technology (ict)

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Question 7 Report

The internet is a system of telecommunication used for

Sending electronic message

Communicating messages through telegrams

Communicating long-distance

Sending and renewing text message

Answer Details

the devices involved in the internet are electronic devices, the internet is used for sending electronic message.

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Information And Communication Technology (ict)

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Question 8 Report

The computer using linear integrated circuit technology complied with quantification of data in term of length and distance is

Main frame Computer

Digital Computer

Analogue Computer

Hybrid Computer

Answer Details

mainframe computer is the largest compute which his all the features stated above.

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Information And Communication Technology (ict)

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Question 9 Report

Citizens are against privatization mainly because of

Ineffective Management

The likely hood of monopoly

Increased price of good and services

The ration dilation of organizations.

Answer Details

privatization of government owned companies will bring about increase in prices of goods and services nd this situation will definitely not make the citizens to be happy with the issue of privatization and as such they will be against it.

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Occupation

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Question 10 Report

The document issued to a port authority when goods are deposited is a?

dock landing account

bill of sight

bill of lading

dock warrant

Answer Details

The document issued to a port authority when goods are deposited is called a dock warrant. A dock warrant is a legal document that provides proof that goods have been deposited in a specific location, usually a warehouse or a dock. It acts as a receipt for the goods and specifies the details of the deposit, including the name of the depositor, the quantity of goods, and the location where the goods are being held. The dock warrant is an important document because it allows the depositor to retain ownership of the goods while they are being held in storage. The document can be used to transfer ownership of the goods, to secure financing, or to claim the goods when they are ready for delivery. In summary, a dock warrant is a document that serves as proof of deposit of goods in a specific location, and it allows the depositor to retain ownership of the goods while they are in storage.

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Trade

Purchase And Sale Of Goods In Home And Foreign Trade

Production

Commerce

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Question 11 Report

Company has an authorized capital of 100millon shares at N1 per share, out of which 50 million shares have been issued and fully paid-up the remaining 50 million shares have

Not yet been issued

Been applied for but not issued

Not been paid-up

Been issued but have not been paid-up

Answer Details

The authorized capital of a company refers to the maximum number of shares that the company is authorized to issue. In this case, the company has an authorized capital of 100 million shares at a price of N1 per share. Out of this authorized capital, 50 million shares have been issued and fully paid-up. This means that the company has already sold and received payment for these 50 million shares. The remaining 50 million shares have not yet been issued, which means that the company has not yet offered them for sale to the public. These shares are still available for the company to issue in the future, subject to any regulatory requirements. Therefore, the correct answer is: "Not yet been issued".

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Business Capital And Profits

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Question 12 Report

The development of commercial activate in Nigeria was harnessed by

A good storage system

Availability of market

Increase in production

Activities

Answer Details

Is good storage system makes it possible for goods produced ahead of time to be stored until they are needed.

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Commerce

Occupation

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Question 13 Report

The world tourism organization has it headquarters in

New York

Madrid

Paris

London

Answer Details

The World Tourism Organization (UNWTO) has its headquarters in Madrid, the capital city of Spain. The UNWTO is a specialized agency of the United Nations (UN) responsible for promoting sustainable and responsible tourism worldwide. It serves as a global forum for tourism policy issues and provides leadership and support to the tourism sector. The headquarters of UNWTO is located in the Chamartín district of Madrid, and it is responsible for coordinating and implementing tourism-related activities and initiatives around the world.

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Transport, Tourism, Communication And Warehousing

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Question 14 Report

Use the information below to answer question 14 and 15.

Miamani Plc, whose nominal capital is made up of 5000 000 ordinary shares of 50k each, decided to offer 80% of it to the public and realized only 50% of the amount due.

What is the company's reserve share capital?

N2500 000

N4000 000

N5000 000

N2000 000

Business Capital And Profits

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Question 15 Report

₦	₦
Capital 8000	Plant and machinery5000
Net profit 4000	Motor Van 4500
Drawings 200	Stock 2000
Creditors 2000	Debtors 1000
Accurals 300	Banks 100
	Cash 600
14100	14100

What is the current ration?

4 : 1

5 : 1

3 : 1

2 : 1

Commerce

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Question 16 Report

In product pricing, which of these elements need more consideration than others?

The cost of producing the product

The economic conditions in the market

the demography of the buyers of the product

The demand for the product

Answer Details

what the form consider first and most is the cost of production i.e. the cost of producing the product as this determines the price at which the product will be sold.

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Commerce

Trade

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Question 17 Report

A type of long-term loan granted to companies with fixed interest rate as well as with redeemable and irredeemable features is referred to as projects.

debenture

a bond

a term loan

an overdraft

Answer Details

A type of long-term loan granted to companies with a fixed interest rate, redeemable and irredeemable features is referred to as a "debenture." A debenture is a type of debt security, similar to a bond, that is issued by a company to raise capital. The company promises to pay a fixed rate of interest to the holders of the debenture, and the loan is typically repayable after a specified period of time. The difference between a debenture and a bond is that a debenture is not backed by any specific assets of the company, while a bond is backed by specific assets. An overdraft is a type of short-term loan, while a term loan is a type of loan that is repayable in installments over a specified period of time.

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Financing Business

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Question 18 Report

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

demographic evironment

economic evironment

cultural environment

natural environment

Answer Details

The business environment that takes into account the age distribution, ethnic mix, and educational level of the consumer is called the demographic environment. This environment refers to the various characteristics of the population that may affect a business's operations, including their age, gender, income, education, ethnicity, and other factors. By understanding the demographic environment, businesses can tailor their products and services to meet the specific needs and preferences of their target market. For example, a business that sells products primarily to elderly customers would likely focus on making their products easy to use and accessible to people with mobility issues. Similarly, a business that sells products to a diverse ethnic mix would want to ensure that their marketing materials and customer service are culturally sensitive and appropriate. Overall, the demographic environment is an important consideration for businesses that want to successfully market their products and services to different segments of the population.

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Economic Groupings

Business Environment And Social Responsibility

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Question 19 Report

The effective and efficient delivery of the desired satisfaction by a firm is said to be the practice of

Product concept

Marketing concept

Distribution concept

Price concept

Answer Details

The practice of delivering the desired satisfaction to customers in an effective and efficient way is called the Marketing Concept. The marketing concept is a customer-focused approach to doing business. It means that the company focuses on understanding the needs and wants of its customers and then creates products and services that meet those needs. The company also focuses on promoting and selling those products in a way that is appealing to the customer. By doing this, the company aims to deliver the highest level of satisfaction to its customers and build long-lasting relationships with them. In simple terms, the marketing concept is all about putting the customer first and making sure they are happy with what the company is offering.

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Elements Of Marketing

Trade Associations

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Question 20 Report

Which of the following is classified as an immaterial want?

Protection

Raw materials

Machines

Goods and Services

Answer Details

"Protection" is classified as an immaterial want. Immaterial wants are non-physical things that people desire, such as security, peace of mind, love, and happiness. Protection refers to feeling safe and secure, and it is not a physical item that can be touched or seen. In contrast, raw materials, machines, and goods and services are all physical items that can be used to fulfill material wants.

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Purchase And Sale Of Goods

Commerce

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Question 21 Report

Resource committees into the production of relatively few commodities is known as

Production

Specialization

Creation manufacturing

Manufacturing

Answer Details

The term you are referring to is "Specialization". Specialization refers to the process of focusing on producing a specific product or a limited number of products, rather than producing a wide range of products. This allows a company, country, or region to become an expert in producing that specific product and to increase efficiency, quality, and competitiveness. For example, if a country specializes in producing and exporting coffee, it is likely to have a higher quality coffee, a more efficient production process, and a lower cost of production compared to a country that tries to produce a wide range of products, including coffee.

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Production

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Question 22 Report

Given:

Opening stock	50,000
Purchases	200,000
Sales	350,000
Closing stock	80,000

What is the cost of good sold?

₦200,000

₦190,000

₦170,000

₦175,000

Answer Details

To calculate the cost of goods sold (COGS), we need to subtract the closing stock from the sum of the opening stock and purchases. The COGS is the cost of the products that were sold during the accounting period. So, let's calculate the sum of the opening stock and purchases: Opening stock + Purchases = ₦50,000 + ₦200,000 = ₦250,000 Now, let's subtract the closing stock from this sum: COGS = (Opening stock + Purchases) - Closing stock = ₦250,000 - ₦80,000 = ₦170,000 Therefore, the cost of goods sold is ₦170,000. Option C is the correct answer. The cost of goods sold is an important figure in accounting as it is used to calculate gross profit, which is the difference between sales revenue and COGS. Gross profit is a measure of how efficiently a company is using its resources to produce and sell its products.

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Production

Commerce

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Question 23 Report

A cheque drawn by a bank official on the bank’s deposit in another bank on a customer’s deposit in another bank

Bank draft

Bankers’ order

Promissory note

Travelers cheque

Answer Details

it is an order by the customer requesting the bank to transfer certain amount from the customer’s account to another bank account, so it is a standing order.

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Purchase And Sale Of Goods In Home And Foreign Trade

Purchase And Sale Of Goods

Commerce

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Question 24 Report

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

Corporate affair commission

Securities and exchange commission

Securities and exchange tribunal

Nigerian stock exchange

Answer Details

The body that regulates the sale and purchase of shares in Nigeria is the Securities and Exchange Commission (SEC). The SEC is a government agency established to oversee and regulate the Nigerian capital market. It is responsible for protecting investors, maintaining fair and orderly markets, and promoting the development of the Nigerian capital market. The SEC enforces rules and regulations for the sale and purchase of shares in Nigeria, including those related to disclosure, transparency, and accountability. The Nigerian Stock Exchange (NSE) is a self-regulatory organization that operates under the supervision of the SEC. It provides the platform for trading of stocks and other securities in Nigeria, while the SEC regulates the activities of the NSE and the market participants to ensure compliance with the rules and regulations.

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Stock Exchange

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Question 25 Report

₦	₦
Capital 8000	Plant and machinery 5000
Net profit 4000	Motor van 4500
Drawings 200	Stock 2000
Creditors 2000	Debtor 1000
Accruals 300	Bank 100
	Cash 600
14100	14100

What is the acid ratio?

1.13 : 1

2 : 1

4.75 : 1

4.25 : 1

View Answer

Question 26 Report

Opening stock	1800
Purchases	2800
Sales	800
Closing stock	800
Carriage on sale	500

Calculate the value of the unused stock.

N320

N350

N500

N800

Answer Details

Closing stock for the year of an accounting period is also regarded as unused stock.

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Trade Associations

Occupation

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Question 27 Report

The vessels that operate on specific route on high seas and oceans are

Coastal Liners and Cargo Liners

Cargo Liners and Tramp liners

Passenger liners and Tramp liners

Passenger Liners and Cargo Liners

Answer Details

The vessels that operate on specific routes on high seas and oceans are called "Liners". These ships are designed to transport cargo and passengers on fixed routes, and their schedules are usually published in advance. Passenger liners are ships that transport people from one place to another, while cargo liners are ships that transport goods and products. Coastal liners operate along the coastlines and may stop at various ports along the way, while ocean liners travel across the open ocean. Tramp liners, on the other hand, do not operate on fixed routes, and their schedules and destinations may vary depending on the cargo they are transporting and where it needs to go. Tramp liners may carry anything from raw materials to finished goods and may travel to various ports around the world. Therefore, the vessels that operate on specific routes on high seas and oceans are a combination of passenger liners and cargo liners.

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Question 28 Report

The development of commerce in west Africa was not hampered by

Inadequate capital

Inadequate means of transportation

Insurance

Low savings

Purchase And Sale Of Goods In Home And Foreign Trade

Commerce

Trade Associations

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Question 29 Report

The forum for the selling and buying of securities of small and medium companies is called.

Securities and Exchange Commission

Second tier Security Market

Foreign exchange Market

Second tier foreign Exchange market

Answer Details

The forum for the selling and buying of securities of small and medium companies is called the "Second tier Security Market." This market is also known as the "Second Market" or "Junior Market" and provides a platform for smaller companies to sell their securities to investors. Unlike the primary market, where newly issued securities are sold to the public for the first time, the second tier market is a secondary market where existing securities of small and medium-sized companies can be traded. This market is often less regulated and less liquid than the primary market or major exchanges, but it provides an opportunity for investors to buy into smaller, growing companies with potential for growth.

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Stock Exchange

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Question 30 Report

Inbound tourism occurs when?

non-residents of a country travel to other countries

resident of a country travel to another country

non-resident of a country tyravel within it

resident of a country travel within it

Transport, Tourism, Communication And Warehousing

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Question 31 Report

A direct service is rendered by

State counsels

Civil servants

Police

Family doctor

Answer Details

A direct service is a service that is provided directly to a person or group of people without any intermediaries involved. Out of the four options given, the one that best fits this definition is a family doctor. A family doctor provides medical care directly to their patients, without any intermediaries or middlemen involved. They diagnose illnesses, prescribe treatments, and offer medical advice, all through direct interaction with their patients. State counsels and civil servants provide services to the public, but these services are often mediated through a bureaucratic system, which can involve multiple steps and intermediaries. For example, if you need a document from a government office, you may have to go through several levels of bureaucracy before you can obtain it. Police officers also provide a service to the public, but their work involves a level of mediation. They are responsible for enforcing the law and maintaining public safety, but they do so by patrolling the streets, responding to emergency calls, and conducting investigations. They do not provide direct services in the same way that a family doctor does. In summary, a direct service is one that is provided directly to a person or group of people without any intermediaries involved, and a family doctor best fits this definition out of the four options given.

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Occupation

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Question 32 Report

Name	Insure amount	Actual value	Actual loss
Mr A	30,000	100,000	40,000
Mr B	40,000	120,000	50,000
Mr C	50,000	15,000	70,000

If Mr A takes a fire insurance policy with average clause, his compensation will be

N15,000

N20,000

N12,000

N25, 000

Answer Details

Since the policy is with average clause the formula used in calculating his compensation is

$\frac{Amount insured x total actual loss}{Total actual value of property}$

By this formula the compensation will be

Amount insured = N30,000

Amount loss = N40,000

Actual Value = N100,000

= $\frac{30, 000 \times 40, 000}{100, 000}$

= $\frac{1200000000}{100, 000}$ = 12,000

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Question 33 Report

The term 4 net 7 on an invoice means that

4% surcharge will be made unless payment is made within seven days

4% discount will be allowed on the price charged only if the good are bought within seven days

4% discount will be allowed on the price charge if payment is made after seven days

4% discount will be allowed on the price charged if payment is made price charged if payment is made price charged if payment is made within seven days.

Answer Details

The term "4 net 7" on an invoice means that a 4% discount will be given on the price charged if payment is made within seven days of the invoice date. Essentially, the seller is offering a small discount as an incentive for the buyer to pay promptly. The "4" refers to the percentage discount, and the "net 7" means that the full amount is due in 7 days, after which the discount will no longer be available. This is a common payment term used in business transactions and can help both parties manage their cash flow.

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Purchase And Sale Of Goods

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Question 34 Report

Second-tier Securities Market differ from the First-tier Securities Market in that the former is?

highly restricted

regulated by the SEC

regulated by the NIPC

less restricted

Stock Exchange

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Question 35 Report

The application of division of labour would generally bring about

Increase in quantity of goods and services

Increase in variety of goods and services

Cheapness of goods and services

Cost efficiency in the production of goods and series.

Answer Details

Division of labour ensure that there more hands involved in the production of a particular, commodity

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Production

Commerce

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Question 36 Report

A memorandum of association is applicable to a

partnership

sole trader

joint stock company

public corporation

Answer Details

A memorandum of association is applicable to a joint stock company. A memorandum of association is a legal document that sets out the company's constitution and defines the scope of its activities. It is one of the key documents required for the formation of a joint stock company, which is a type of business organization that allows individuals to buy and sell shares in the company. In a joint stock company, the memorandum of association is a fundamental document that outlines the company's objectives, powers, and the rights and liabilities of its shareholders. It also includes details such as the company's name, registered office address, and the amount of share capital it has issued. A partnership, sole trader, and public corporation are different types of business structures that do not require a memorandum of association. Partnerships and sole traders typically have a partnership agreement or a proprietorship deed, while public corporations have articles of association or bylaws.

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Legal Aspects Of Business

Legal Aspect Of Business

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Question 37 Report

In a typical manufacturing enterprises, the line function is performed by the

Public relations department

Marketing Department

Estate or Properties Department

legal Department.

Answer Details

the marketing department does public relations i.e the public relations department is part of the marketing department

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Legal Aspects Of Business

Occupation

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Question 38 Report

The circulating capital of a business enterprise is classified into?

cash, work-in-progress and debtors

cash,vehicles, land and buildings

debtors , stock of raw materials and fittings

pre-payments, debtors and equipment

Purchase And Sale Of Goods In Home And Foreign Trade

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Question 39 Report

The difference between a private are public limited liability company is that the former

Is unable to declare and pay dividend.

Has a higher number of share holder

Is unable to offer shares to the public

pays higher salaries to its member

Answer Details

the former does allow members of the public to subscribe to its shares.

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Occupation

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Question 40 Report

The external environmental factors that affect a business cooperation are

Economic, Social and legal

Political, Culture and Labour

Competition, Labour and Political

Competition, Industry and Product.

Answer Details

these elements affect the operation of business eternally factor which can affect the operations of the business.

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Information And Communication Technology (ict)

Legal Aspects Of Business

Legal Aspect Of Business

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Question 41 Report

The business organization established mainly for the purpose of carrying out specific assignment for a specific duration is a

Partnership

Company

Joint venture

Co-operative society

Answer Details

A Joint Venture is a business organization established mainly for the purpose of carrying out a specific assignment for a specific duration. It is a type of partnership in which two or more companies come together to work on a project or to offer a service. The companies involved in a joint venture share the profits and losses and work together towards a common goal. The joint venture is usually formed for a limited period of time and is dissolved after the project is completed.

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Occupation

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Question 42 Report

The document that gives an important freehand to obtain goods form any manufacturer is

A closed indent

A consular invoice

A freight note

An open indent

Answer Details

The document that gives an important freehand to obtain goods from any manufacturer is an open indent. An open indent is a document that is used in international trade to allow a buyer to purchase goods from a manufacturer or supplier with a high degree of flexibility. With an open indent, the buyer has the freedom to purchase goods from the manufacturer at any time within a specified period, without having to place a new order for each purchase. This gives the buyer a great deal of freedom in terms of when and how much they purchase, and it can also help to build a strong relationship between the buyer and the manufacturer or supplier. In contrast, a closed indent is a document that specifies a particular quantity of goods to be purchased, and a consular invoice is a document that is used in international trade to provide customs officials with information about the shipment of goods. A freight note, also known as a bill of lading, is a document that provides details about the shipment of goods and serves as a receipt for the transportation of those goods. So in summary, an open indent is the document that gives a buyer a great deal of flexibility in terms of when and how much they purchase from a manufacturer or supplier.

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Purchase And Sale Of Goods

Commerce

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Question 43 Report

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

A jobber

A broker

A factor

An auctioneer

Answer Details

As a jobber takes title to the goods and has authority to buy and sell or behalf of another

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Purchase And Sale Of Goods

Commerce

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Question 44 Report

The measure of independence available to the individual business units that come together is the main difference between

vertical and horizontal integration

Mergers and Acquisition

Consortium and imagination

Trust and Cartel

Answer Details

in merger and acquisition the firms coming together are independent of one another as is not correct because they are types of merge.

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Business Units

Occupation

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Question 45 Report

A bond which attracts interest but leaves the capital repaid is referred to as

A redeemable bond

An irredeemable bond

A development bond

A long-term loan

Answer Details

The bond which attracts interest but leaves the capital repaid is referred to as an "irredeemable bond". An irredeemable bond is also known as a perpetual bond because it has no maturity date and the issuer is not required to repay the principal amount to the bondholders. Instead, the issuer pays regular interest payments to the bondholders until the bond is redeemed, which typically occurs only when the issuer decides to buy back the bond. This type of bond is different from a redeemable bond, which has a maturity date when the issuer is required to repay the principal amount to the bondholders. Redeemable bonds are more common than irredeemable bonds. An irredeemable bond is also different from a development bond or a long-term loan. A development bond is a type of bond issued by a government or international organization to finance development projects, while a long-term loan is a type of loan with a repayment period of more than one year.

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

Transport, Tourism, Communication And Warehousing

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Question 46 Report

In the permanent storage device, DASD means

Data Access Systems Device

Direct Access Systems Device

Data Access Storage Device

Direct Access Storage Device

Answer Details

Option C is the correct answer because it is a magnetic storage unit, in which the access mechanism and storage medium can be positioned directly at the addresses sought to read or write specific data items.

Read lesson note on Economic Groupings (WAEC)

Read lesson note on Occupation (WAEC)

Economic Groupings

Occupation

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Question 47 Report

A machine which enables sales without the physical presence of sales attendant is a

Telex Machine

Fax Machine

Vending Machine

Computer machine

Answer Details

The machine which enables sales without the physical presence of a sales attendant is called a vending machine. A vending machine is an automated machine that dispenses a variety of products such as snacks, beverages, cigarettes, lottery tickets, and even electronics like smartphones and laptops. It works by accepting payment from the customer, usually in the form of cash or a credit/debit card, and then dispensing the requested product. The advantage of vending machines is that they allow customers to purchase products 24/7 without the need for a sales attendant to be present. This makes them a convenient and efficient way to purchase goods in public places such as airports, train stations, shopping malls, and office buildings. Additionally, vending machines can help reduce labor costs for businesses by eliminating the need for a sales staff.

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

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Question 48 Report

Musa obtains wool from his sheep, spins and transform it into cloth which he sells to consumers, this is a form of

Vertical integration

Horizontal integration

Forward Integration

Background integration

Answer Details

this integration involves the coming of two or more firms at different production stage in the same industry. The production of wool is one stage in the production of cloths while spinning and transformation of the wool into clothes is another stage in the production of clothes

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Question 49 Report

When an oil exploring and mining company builds a health centre in one community where at operates, such a company is

Carrying favour from local people

finding a way to spend excess profit

Fulfilling part of its social responsibility

Investing its idle fund

Answer Details

The company is fulfilling part of its social responsibility. Corporate social responsibility (CSR) is the concept that businesses have a responsibility to consider the social and environmental impacts of their operations, in addition to their economic performance. Building a health center is an example of a social investment that can have a positive impact on the health and well-being of the local community. By investing in the community's health, the company is showing that it cares about the people who live and work in the area where it operates, and it is helping to create a more sustainable and healthy community.

Read lesson note on Business Environment And Social Responsibility (JAMB)

Business Environment And Social Responsibility

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Question 50 Report

The major determinant of fire insurance premium is the

Owner of the property

usefulness of the property to the owner

Type and structure of the property to be insured

extent of fire damaged anticipated.

Answer Details

The major determinant of fire insurance premium is the type and structure of the property to be insured. This means that the premium amount an individual pays for their fire insurance will depend largely on the type and structure of the building they are insuring. For example, a multi-story commercial building will typically have a higher premium than a single-family home because it is considered a higher risk due to its size and the potential for greater fire damage. Other factors, such as the location of the property, its age and condition, and the materials used in its construction, may also be considered when determining the premium amount.

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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