JAMB UTME - Commerce - 1995 | Green Bridge CBT

Question 1 Report

In the case of a voluntary liquidation of a business the receivers is appointed by the by the

creditors

debtors

directors

shareholders

Legal Aspects Of Business

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Question 2 Report

In the channel of distribution, which of the following sets is entirely made up of middlemen?

Wholesalers, retailers and agents

Manufacturers, consumers and retailers

Wholesalers, agents and consumers

Retailers, manufacturers and wholesalers

Answer Details

The set that is entirely made up of middlemen in the channel of distribution is "wholesalers, retailers and agents". Middlemen are individuals or organizations that act as intermediaries between the manufacturer or producer of a product and the end consumer. They help to bridge the gap between the manufacturer and the consumer by performing functions such as buying, selling, storing, and transporting goods. In the given options, "wholesalers, retailers, and agents" are all middlemen because they do not produce or manufacture the product themselves, nor are they the end consumers. Wholesalers buy products in bulk from the manufacturers or producers and sell them in smaller quantities to retailers. Retailers, in turn, sell the products to the end consumers. Agents, on the other hand, act as intermediaries between the manufacturer and the wholesaler or retailer, and facilitate the sale of products by negotiating with both parties. Therefore, the correct answer is "wholesalers, retailers and agents".

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Trade

Introduction

Occupation

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Question 3 Report

Which of the following information is contained in the Articles of Association of a limited liability company?

Rights and obligations of directors

Objectives of the company

Amount of share capital

Limitation of liability of shareholders.

Legal Aspects Of Business

Legal Aspect Of Business

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Question 4 Report

A disadvantage of personal selling is that it

increase a company's operating cost

decreases acompany's operating cost

increase a company's number of customers

reduces a company's area of patronage

Elements Of Marketing

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Question 5 Report

Taking a new product to a particular part of a country to test the reaction of consumers to the product referred to as

sales promotion

sampling

merchandizing

advertising

Purchase And Sale Of Goods

Commerce

Finance And Financial Institutions

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Question 6 Report

The marketing approach by which a firm carries out detailed analysis of itself, the consumers and its competitors is known as?

market analysis

marketing mix analysis

marketing opportunities analysis

market survey

Elements Of Marketing

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Question 7 Report

The insurance policy which provides full cover against all risks at sea is known as

Policy with Particular Average

Policy Free of Particular Average

Marine Freight Insurance

Marine Voyage Policy Insurance

Answer Details

The insurance policy which provides full cover against all risks at sea is known as Marine Voyage Policy Insurance. This type of insurance policy covers a wide range of risks and perils that may occur during a sea voyage, such as damage to the ship or cargo, loss of goods, and liability to third parties. Marine voyage insurance provides comprehensive protection to ship owners, cargo owners, and other parties involved in the transportation of goods by sea. The policy terms and conditions may vary depending on the type of goods being transported, the route, and the duration of the voyage. With a marine voyage policy, the insured party can be assured that they are fully protected against any potential losses or damages that may occur during the sea voyage.

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Trade

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Question 8 Report

RRF as a scheme introduced by the central bank of Nigeria means

recording and Rediscounting Facility

refinancing and Recording Facility

refinancing and Rediscounting Facility

refinancing and Reinvesting Facility

Commerce

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Question 9 Report

Goods imported into a country for the purpose of re-exporting attracts a rebate known as

customs draw back

export royalty

incentive

export rebate

Answer Details

When goods are imported into a country with the intention of re-exporting them, a rebate known as "customs draw back" can be obtained. This is a refund of the customs duty paid on the imported goods when they are exported. The purpose of this rebate is to encourage and facilitate the re-export of imported goods, which can help to stimulate international trade and promote economic growth. Customs draw back is particularly relevant for businesses that engage in international trade, such as exporters, importers, and freight forwarders. By allowing them to recover the customs duty paid on imported goods that are later re-exported, customs draw back can reduce the cost of doing business and make it more competitive. Therefore, the correct answer is "customs draw back".

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Commerce

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Question 10 Report

What are the factors with which commercial undertaking can be distinguish?

I Size of the undertaking

II Profits generated

III Forms of ownership

IV Location of the undertaking

I and II only

I andIII only

II and III only

III and IV only

Financing Business

Commerce

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Question 11 Report

If a partnership deed is silent on how profits are to be shared, partners share profits

in the ratio of the value of business secured by each partner for the partnership

in the ratio of partner capital contributions

in an equal proportion irrespective of partners's capital contributons

according to duties performed by each partner

Business Capital And Profits

Occupation

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Question 12 Report

The main advantage of a sole trader is the freedom to

employ anyone he likes

seek advice from any source

take quick decisions

plough all the profits back into the business

Answer Details

A sole trader is a business owner who operates the business alone without any partners. The main advantage of a sole trader is the freedom to take quick decisions without having to consult with anyone else. As the sole owner of the business, he/she has complete control over all aspects of the business, from decision-making to managing finances. This allows the sole trader to make quick and effective decisions, which can be very important in a fast-paced business environment. Additionally, the sole trader can plough all the profits back into the business, which can help the business to grow and expand over time.

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Commerce

Occupation

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Question 13 Report

A manufacturer can make his product distinguishable from those of other competitors by

providing catalogues for his wholesalers

aggressive sale ppromotion

branding and packaging the product

selling the product at a much lower price

Answer Details

A manufacturer can make his product distinguishable from those of other competitors by branding and packaging the product. Branding is the process of creating a unique name, symbol, or design that identifies and differentiates a product from those of other competitors. Packaging is the art of designing the container or wrapper that holds the product. Both branding and packaging play a significant role in making a product easily recognizable and memorable for customers. When a manufacturer brands and packages their product, they create a unique identity that sets it apart from similar products in the market. A well-designed brand and packaging can also evoke emotions and feelings in customers, influencing their purchasing decisions and building brand loyalty. In summary, branding and packaging are effective ways for a manufacturer to make their product distinguishable from those of other competitors. It creates a unique identity for the product, evokes emotions in customers, and builds brand loyalty.

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Elements Of Marketing

Purchase And Sale Of Goods

Trade

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Question 14 Report

Which of the following gives the correct order in which the listed documents are used?

debit note, order, delivery note, invoice and statement

order, delivery note, invoice, debit note and statement

statement, order, invoice, delivery note and debit note

invoice, order, statement, debit note and delivery note

Answer Details

The correct order in which the listed documents are used is: order, delivery note, invoice, debit note, and statement. - An order is the first document used in a business transaction. It is a request made by a customer to purchase goods or services from a supplier. - A delivery note is used to document the goods delivered by the supplier to the customer. - An invoice is issued by the supplier to the customer, indicating the amount of money owed for the goods or services delivered. - If there are any discrepancies or errors in the invoice, a debit note is used to correct them. - Finally, a statement is sent to the customer at the end of a specified period, summarizing all transactions and outstanding balances.

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Purchase And Sale Of Goods

Commerce

Occupation

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Question 15 Report

The development of commercial activities in Nigeria was facilitated largely by

a good transport system

the indigenization decree

a convenient medium of exchange

a high level of production

Trade

Commerce

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Question 16 Report

Consumer sovereignty means that they consumer is

a citizen

always independent

always wrong

always right

Answer Details

Consumer sovereignty means that the consumer is always right. This implies that the consumer has the power to determine what goods and services are produced by the producers. Consumers have the right to choose the products they want to buy and the price they are willing to pay for them. As a result, producers are forced to produce goods and services that meet the needs and wants of the consumers in order to remain in business. The concept of consumer sovereignty is based on the principle of demand and supply, where the consumers' demand for goods and services determines what is produced and supplied in the market.

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Commerce

Production

Occupation

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Question 17 Report

One of the implications of the incorporation of a company is that

it is more difficult for the company to raise loans

the company can sue but cannot be sued

the company's property becomes distinguished from that of its members

its members become liable for all the debts of the company

Answer Details

The implication of the incorporation of a company is that the company's property becomes distinguished from that of its members. In other words, the company becomes a separate legal entity from its owners or shareholders. This means that the company can own property, sue and be sued in its own name, and enter into contracts. The shareholders or owners are not personally liable for the company's debts beyond the amount of their investment, except in certain circumstances such as fraud or illegal activity.

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Legal Aspects Of Business

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Question 18 Report

Freight note is a document

used by government to transport goods from one country to another

issued by a shipping company giving details of charges

used for payment for imported goods

given by an importer to pay for goods at a future period

Answer Details

A freight note is a document issued by a shipping company that gives details of the charges associated with the transportation of goods. It is a receipt or invoice that outlines the freight charges and other associated costs, such as handling fees, customs duties, and insurance fees. The freight note is an important document that is used in international trade to ensure that all charges are correctly calculated and accounted for, and to facilitate the movement of goods from one location to another.

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Commerce

Production

Trade

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Question 19 Report

Most foreign trade transaction are paid for through the use of

central bank cheques

bank drafts drawn by commercial banks on their foreign branches

irrevocable and confirmed letters of credit

letters of credit authenticated by the embassies of the respective countries

Answer Details

Most foreign trade transactions are paid for through the use of irrevocable and confirmed letters of credit. An irrevocable letter of credit is a document issued by a bank on behalf of an importer, which guarantees that payment will be made to the exporter, provided that the exporter complies with the terms and conditions of the letter of credit. The letter of credit is confirmed when another bank adds its guarantee to the original letter of credit issued by the importer's bank, thereby providing an additional layer of security for the exporter. Letters of credit are the preferred method of payment in international trade because they provide a high level of security for both the importer and the exporter. The importer can be sure that the goods will be shipped and delivered as agreed, and the exporter can be sure that payment will be made as long as the terms and conditions of the letter of credit are met.

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Trade

Commerce

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Question 20 Report

The secretariat of the Niger Basin Commission is located at

Ouagadougou, Burkina Faso

Abuja, Nigeria

Niamey, Niger

Bamako, Mali

Answer Details

The secretariat of the Niger Basin Commission is located in Niamey, Niger. The Niger Basin Commission is an intergovernmental organization that aims to promote the sustainable development of the Niger River Basin. The commission was established in 1964 and is composed of nine member countries: Benin, Burkina Faso, Cameroon, Chad, Cote d'Ivoire, Guinea, Mali, Niger, and Nigeria. The secretariat of the Niger Basin Commission serves as the administrative and coordinating body of the organization, responsible for implementing its decisions and managing its day-to-day affairs. The secretariat is located in Niamey, the capital city of Niger. In summary, the secretariat of the Niger Basin Commission is located in Niamey, Niger, which serves as the administrative and coordinating body of the organization that promotes the sustainable development of the Niger River Basin among its nine member countries.

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Introduction To Business Management

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Question 21 Report

The federal Government made efforts at rendering public enterprises more efficient and profit-oriented through the process of

privatization

commercialization

indigenization

nationalization

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Question 22 Report

A major liability of a commercial bank arises from

customers' deposits

loans and advances

overdrafts

staff allowance

Answer Details

A major liability of a commercial bank arises from customers' deposits. When customers deposit money in a commercial bank, the bank assumes a liability to repay the customer the deposited amount on demand or on the agreed terms. This is a major liability for the bank as it is obligated to keep the customers' money safe and repayable at any time, while also making use of the funds for lending and other business activities. Therefore, it is important for banks to have appropriate risk management measures in place to ensure that they can meet their obligations to depositors at all times.

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Commerce

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Question 23 Report

Berne union is also known as

International Credit Union

International Documentry Credit

International Union of Credit and Investment Insurers

export Credit Guarantee Scheme

Answer Details

The Berne Union is also known as the International Union of Credit and Investment Insurers. The Berne Union is an association of export credit and investment insurance providers from around the world. The organization was established in 1934 and is headquartered in London, United Kingdom. The Berne Union's members include both public and private sector organizations that provide insurance and other forms of financial protection to businesses involved in cross-border trade and investment. The organization aims to promote international trade by facilitating access to credit and investment insurance, providing a forum for information sharing and best practice, and promoting a better understanding of the role of export credit and investment insurance in supporting economic development. In summary, the Berne Union is an international association of credit and investment insurers that provides financial protection to businesses involved in cross-border trade and investment. The organization promotes international trade and economic development by facilitating access to credit and investment insurance and sharing best practices.

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Trade Associations

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Question 24 Report

Rights issue means the

issue of shares to the directors of a company on favourable terms

Issue of shares by a company only to the founders of the company

right of shareholders to vote on any issue

issue of shares to shareholders on favourable terms

Answer Details

A rights issue is an issuance of additional shares of a company to its existing shareholders in proportion to their current shareholding. This means that each shareholder has the right to purchase additional shares at a discounted price compared to the market value of the shares. The purpose of a rights issue is for a company to raise capital for expansion or other projects while giving existing shareholders the opportunity to maintain their proportional ownership in the company. Therefore, the correct answer is: issue of shares to shareholders on favourable terms.

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Commerce

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Question 25 Report

Rights issue means the

issue of shares to the directors of a company on favourable terms

Issue of shares by a company only to the founders of the company

right of shareholders to vote on any issue

issue of shares to shareholders on favourable terms

Answer Details

Rights issue means the issue of shares to shareholders on favourable terms. When a company needs to raise additional capital, it may decide to issue new shares to existing shareholders, in a process known as a rights issue. In a rights issue, the company offers its existing shareholders the right to purchase new shares at a discounted price, which is typically lower than the market price of the shares. This makes it an attractive option for shareholders to purchase more shares, as they can do so at a lower cost than the current market price. The purpose of a rights issue is to raise additional capital for the company, while also giving existing shareholders an opportunity to maintain their percentage ownership in the company, without being diluted by the issuance of new shares to outsiders. By offering shares to existing shareholders, the company is also able to maintain its relationship with its current investors, and may be able to avoid the costs and difficulties associated with finding new investors. The other options listed in the question do not accurately describe a rights issue, as a rights issue is specifically an issue of shares to existing shareholders, and does not involve the directors or founders of the company, or the right of shareholders to vote on any issue.

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Purchase And Sale Of Goods

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Question 26 Report

The nominal value of a share as specified in the Memorandum of Association and the share certificate is the

discounted value

stock value

face value

par value

Business Capital And Profits

Stock Exchange

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Question 27 Report

The merger of two companies producing the same type of products is an example of

vertical integration

horizontal integration

lateral merger

an acquisition

Answer Details

The merger of two companies producing the same type of products is an example of horizontal integration. Horizontal integration refers to the process of two or more companies at the same level of the production process coming together to form a single entity. In this case, the two companies producing the same type of products are at the same level of production, and their merger will help to reduce competition and increase market share. By merging, they can increase their economies of scale, improve efficiency, and reduce duplication of efforts, leading to improved profits for the new entity.

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Production

Occupation

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Question 28 Report

The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called

subrogation

contribution

re-insurance

indemnity

Answer Details

The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called re-insurance. Re-insurance is a way for insurance companies to protect themselves against the risk of a large loss by transferring some of that risk to another company. For example, if an insurance company has a policy that covers a very large risk, such as a major natural disaster, they may not be able to handle the financial impact of that loss on their own. In such cases, they may choose to transfer some of that risk to another insurance company through re-insurance. The original insurance company (the cedent) pays a premium to the re-insurance company, who then takes on a portion of the risk associated with the policy. Re-insurance can be an effective way for insurance companies to manage their exposure to risk, as it allows them to spread the risk over a larger pool of companies. It also helps to ensure that policyholders can be adequately compensated in the event of a major loss, even if the original insurance company is not financially able to cover the entire loss on their own.

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Finance And Financial Institutions

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Question 29 Report

In which of the following sets of occupations can an industrial worker be found?

extraction commerce and construction

manufacturing extraction and banking

construction, quarrying and insurance

manufacturing , extraction and construction

Answer Details

An industrial worker can be found in the set of occupations that include manufacturing, extraction, and construction. Manufacturing involves the production of goods using machinery and labor. Industrial workers in manufacturing jobs may work in factories or production facilities, and may be involved in the production of goods such as cars, electronics, or textiles. Extraction involves the removal of natural resources from the earth, such as minerals, oil, or gas. Industrial workers in extraction jobs may work in mines, oil fields, or other types of extraction sites. Construction involves the building of structures such as buildings, roads, and bridges. Industrial workers in construction jobs may work in a variety of roles, such as carpenters, electricians, or plumbers. The other sets of occupations listed do not typically include industrial workers. Commerce and banking involve activities related to finance and business, while quarrying and insurance are more specialized fields that do not necessarily involve manufacturing or construction activities.

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Occupation

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Question 30 Report

public limited company can raise long-term loans through

the capital market

the money market

bank overdrafts

discount houses

Answer Details

A public limited company can raise long-term loans through the capital market. The capital market is a market for long-term investment that provides a platform for companies to raise capital by issuing securities such as shares and bonds. In the case of a public limited company, it can issue shares to the public and raise funds for its long-term financing needs. The capital market provides access to a wide range of investors, including institutional investors, retail investors, and foreign investors, who are willing to invest in companies for a long period of time. This enables the public limited company to raise substantial amounts of capital, which can be used for various purposes such as expansion, research and development, and acquisition of new assets. While a public limited company can also raise short-term loans through the money market, such as bank overdrafts and discount houses, these are typically used for short-term financing needs and are not suitable for long-term financing. Therefore, the capital market is the preferred option for a public limited company to raise long-term loans.

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Commerce

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Question 31 Report

When a company uses more of loans than equity to finance its business, the company is said to be

bankrupt

solvent

highly geared

in a strong liquid position

Answer Details

When a company uses more loans than equity to finance its business, the company is said to be "highly geared." In other words, the company has a high level of financial leverage, meaning that a large portion of its assets are funded by borrowing. This can be advantageous because interest paid on loans is tax-deductible, and the company's equity investors benefit from the higher return on their invested capital. However, it can also be risky, as the company may have trouble meeting its debt obligations if its earnings decline.

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Financing Business

Occupation

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Question 32 Report

A bank statement is a document

ordering a bank to pay on demand a stated sum of money

containing records of receipts, payments and balance on an account

used for paying into bank account

used for regular withdrawal of money from a savings account

Answer Details

A bank statement is a document containing records of receipts, payments, and the balance on an account. It is a summary of the transactions that have occurred in a bank account over a period of time, typically one month. A bank statement provides details of all deposits, withdrawals, and other transactions that have taken place in an account during that period, along with the beginning and ending balances. It is usually provided by the bank to the account holder on a monthly basis, either as a physical statement or an electronic copy. Bank statements are important financial documents that can be used for budgeting, tax purposes, and reconciling accounts. They allow account holders to keep track of their account activity and ensure that all transactions are accurate and accounted for.

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Money

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Question 33 Report

Which of the following are forms of sales promotion?

advertising, personal selling and publicity

advertising, market skimming and publicity

personal selling, packaging and publicity

advertising, packaging and publicity

Answer Details

Advertising, personal selling, and publicity are forms of sales promotion. Sales promotion refers to the activities that businesses undertake to promote their products or services and increase sales. Advertising involves using paid media channels such as television, radio, or social media to communicate with potential customers. Personal selling involves direct communication between a salesperson and a potential customer, often face-to-face. Publicity is a form of promotion that involves getting free media coverage for a product or service, such as through news articles or press releases. In summary, sales promotion involves activities that businesses undertake to promote their products or services and increase sales. Advertising, personal selling, and publicity are all examples of sales promotion.

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Advertising

Elements Of Marketing

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Question 34 Report

The financial index which compares current assets directly with current liabilities is known as current

turnover

capital

ratio

balance

Answer Details

The financial index which compares a company's current assets directly with its current liabilities is known as the current ratio. It is a measure of a company's liquidity or ability to pay its short-term debts using its short-term assets. The current ratio is calculated by dividing the company's current assets by its current liabilities. A ratio of 1 or higher indicates that the company has sufficient current assets to cover its current liabilities, while a ratio of less than 1 indicates that the company may have difficulty paying its short-term debts. The current ratio is an important financial metric that is closely watched by investors, analysts, and creditors to assess a company's financial health and ability to meet its short-term obligations.

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Trade

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Question 35 Report

Which of the following sets of items was used for exchange in Nigeria before money was introduced?

cowries, iron rods, brass rods and copper rods

iron rods, copper rods, manilla and cowries

cowries, manilla, brass rod andcopper wires

copper wires, brass wires, cowries and iron rod

Purchase And Sale Of Goods

Commerce

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Question 36 Report

Spot market goods are those which are available for

immidiate delivery

short-term delivery

long-term delivery

end of the delivery

Answer Details

Spot market goods are those which are available for immediate delivery. This means that the goods can be delivered to the buyer immediately or within a very short period of time after the transaction is completed. This is different from goods that are available for long-term delivery, which may not be available for several months or even years. The spot market is often used for commodities such as oil, gold, and agricultural products, where prices can change rapidly based on supply and demand factors.

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Purchase And Sale Of Goods

Commerce

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Question 37 Report

Factoring is a trade debt term used when the agent buys all the trade debts of the

importers

exporters

nation

customers

Commerce

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Question 38 Report

A firm's organizational structure would change if

one of the major partner dies

there is excessive competition

there is seasonal variation in demand

the scope of business operation changes

Answer Details

A firm's organizational structure may change due to various reasons such as changes in the scope of business operations, mergers and acquisitions, changes in ownership, introduction of new products, changes in market conditions, and others. For instance, if a company decides to diversify its operations or enter into a new market, it may need to restructure its organization to accommodate the new business lines or market conditions. Additionally, changes in ownership, such as the death of a major partner, may also lead to a restructuring of the organization. Therefore, option D, "the scope of business operation changes," is the most appropriate answer.

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Elements Of Business Management

Business Units

Occupation

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Question 39 Report

The main advantage of road transport is that it is

convenient and flexible

cheap and direct

common and fast

safe and available

Answer Details

The main advantage of road transport is that it is convenient and flexible. Road transport allows for easy and direct movement of goods and people from one location to another. It is not limited by specific routes or schedules, and can be used to transport goods of various sizes and types. Additionally, road transport can reach remote areas and is not affected by the availability of other modes of transport like railways or airways. The flexibility of road transport makes it a popular choice for both short and long distance travel and transportation of goods.

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Transport, Tourism, Communication And Warehousing

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Question 40 Report

The breaking down of a market into separate and identifiable elements each with its own special product requirement is known as market

differentiation

segmentation

penetration

identification

Answer Details

The breaking down of a market into separate and identifiable elements, each with its own special product requirement is known as market segmentation. Market segmentation is the process of dividing a larger market into smaller groups of consumers with similar needs and characteristics. By doing so, companies can tailor their marketing strategies and product offerings to better meet the specific needs and preferences of each segment, which can lead to increased customer satisfaction and loyalty, and ultimately, higher profits.

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Economic Groupings

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Question 41 Report

Which of the following is NOT a function of the stock exchange market?

providing long term loans to large scale enterprises

encouraging people to buy shares and thereby providing capital for investment

providing means of assessing the value of a firm's assets

enabling firms to wind-up quickly in times of difficulties

Answer Details

The function of the stock exchange market are to provide a platform for companies to raise capital by issuing shares to investors, to facilitate the buying and selling of stocks and other securities, and to provide information to investors about the financial performance of listed companies. Therefore, the option that is NOT a function of the stock exchange market is "enabling firms to wind-up quickly in times of difficulties." The stock exchange market is not directly involved in the liquidation or dissolution of companies, but rather focuses on providing a marketplace for investors to trade shares of publicly listed companies.

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Stock Exchange

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Question 42 Report

Chinyere agree to make a dress for Halima with September 20, 1995 as the delivery date. If the dress was not ready on that date, Halima could

sue Chinyere for damages

sue Chinyere for specific performance

seize another gown from Chinyere's shop

regard the contract between them as terminated

Answer Details

If Chinyere agreed to make a dress for Halima with a specific delivery date, and the dress was not ready on that date, Halima has the option to sue Chinyere for specific performance. This means that Halima can demand that Chinyere fulfill the contract as agreed upon, and deliver the dress at a later date. Alternatively, Halima can sue for damages, which would compensate her for any losses or inconvenience caused by the late delivery. The other options, seizing another gown from Chinyere's shop or regarding the contract as terminated, are not viable solutions and could potentially result in legal consequences.

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Legal Aspects Of Business

Legal Aspect Of Business

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Question 43 Report

The practice of assessing employees for payment or advancement according to their observed achievement is called

employee ranking

merit rating

job grading

employee education

Occupation

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Question 44 Report

The direct authority of a superior over his subordinate is known as

staff authority

line authority

line and staff authority

office authority

Answer Details

The direct authority of a superior over his subordinate is known as line authority. In an organizational structure, line authority is the most basic form of authority, where a superior has direct control over his or her subordinates. This means that the superior has the power to give orders, make decisions, and enforce policies to ensure that work is completed efficiently and effectively. Line authority flows in a vertical direction, from the top of the organization to the bottom, and is typically associated with production-related activities. The superior is responsible for the work of the subordinates, and the subordinates are accountable to the superior for their performance. In contrast, staff authority is an advisory role that provides support and assistance to line personnel.

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Legal Aspects Of Business

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Question 45 Report

When an industry or company is nationalized, the state becomes

the major shareholder

the mini shareholder

the only shareholder

an equal shareholder with other individuals

Answer Details

When an industry or company is nationalized, the state becomes the only shareholder. Nationalization is a process whereby a government takes over private assets or companies and brings them under state ownership and control. This means that the government becomes the owner of the company and takes control of its operations, management, and profits. As the sole owner of the nationalized company, the state assumes all the rights, responsibilities, and risks associated with ownership, and has full control over the company's decision-making processes.

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Question 46 Report

Profit that is expressed as a percentage of the cost of goods sold is referred to as

margin

mark-up

gain percent

gross profit

Business Capital And Profits

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Question 47 Report

Which of the following organizations represents those who engages labour in Nigeria?

Nigerian Labour Congress

Nigerian Employers Consultative Association

Manufacturers Association of Nigeria

Nigerian Union of Local Government Employees

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Question 48 Report

Given:
Opening stock: ₦40 000
Purchases: ₦115 000
Closing stock: ₦60 000
Sales: ₦250 000

What is the cost of goods sold?

₦155 000

₦95 000

₦50 000

₦30 000

Answer Details

The cost of goods sold is the total cost of the goods that were sold during a specific accounting period. It can be calculated by subtracting the closing stock from the sum of the opening stock and purchases. In this case, - Opening stock: ₦40,000 - Purchases: ₦115,000 - Total cost of goods available for sale: ₦155,000 (₦40,000 + ₦115,000) - Closing stock: ₦60,000 - Cost of goods sold: ₦95,000 (₦155,000 - ₦60,000) Therefore, the cost of goods sold is ₦95,000.

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Question 49 Report

Construction activities include the building of houses and roads as well as

brick laying

shoe making

black smithing

car assembling

Answer Details

Construction activities include the building of houses and roads as well as brick laying. Brick laying is an important part of construction activities, as bricks are commonly used as building materials for walls, foundations, and other structural elements in buildings and other structures. Brick laying involves the arrangement and placement of bricks in a specific pattern to create a sturdy and stable structure. It requires a good understanding of construction principles and techniques, as well as a knowledge of different types of bricks and their properties. While shoe making, blacksmithing, and car assembling are all important activities in their own right, they are not typically considered part of construction activities. Shoe making involves the production of footwear, blacksmithing involves the shaping and forging of metal objects, and car assembling involves the manufacture of automobiles. These activities may be related to manufacturing or other industries, but are not directly related to construction.

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Question 50 Report

Motivation is an essential element in management because it

leads to the improvement of staff welfare

encourage individual to work towards achieving the orgaization's objective

reduce friction among employees in the process of achieving the company's objective

helps to eliminate industrial disharmony

Answer Details

Motivation is an essential element in management because it encourages individuals to work towards achieving the organization's objectives. When employees are motivated, they are more likely to be productive, engaged, and committed to their work, and are willing to put in extra effort to achieve the organization's goals. This can lead to increased efficiency, higher quality output, and improved overall performance of the organization. Motivated employees are also more likely to take ownership of their work, be proactive in problem-solving, and be willing to go above and beyond what is required of them. Additionally, motivation can help to improve staff welfare by providing incentives and rewards for good performance, which can enhance job satisfaction and reduce turnover. While motivation cannot completely eliminate friction among employees or industrial disharmony, it can help to minimize these issues by creating a positive work environment where employees feel valued, supported, and recognized for their contributions.

Read lesson note on Elements Of Business Management (JAMB)

Elements Of Business Management

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