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Question 1 Report
A person who undertakes life insurance is said to be an
Answer Details
A person who undertakes life insurance is said to be the insured. The insured is the person who purchases a life insurance policy from an insurance company. By paying premiums to the insurance company, the insured transfers the financial risk of their death to the insurance company. In the event of the insured's death, the insurance company pays out a predetermined sum of money, known as the death benefit, to the beneficiaries named in the policy. In summary, the insured is the person who purchases a life insurance policy and is protected by the financial coverage provided by the policy.
Question 2 Report
The document a seller uses in dispatching goods to a customer by a carrier is
Answer Details
Question 3 Report
An example of an activity in the construction industry is
Answer Details
An example of an activity in the construction industry is bricklaying. Bricklaying is the process of arranging bricks in a pattern to create walls or other structures. Bricklayers use mortar to bond the bricks together and make sure that the structure is stable and secure. This activity is an essential part of the construction industry, as brick structures are commonly used in the building of houses, commercial buildings, and other infrastructure. Bricklayers may work on construction sites, in factories producing pre-fabricated elements or may be employed by contractors or companies specializing in brickwork.
Question 4 Report
The main purpose of branding is to
Answer Details
The main purpose of branding is to create an identity for a product, making it recognizable and unique. This helps to differentiate it from similar products, making it easier for consumers to remember and choose the product. A strong brand also helps to create product awareness and make the product more attractive, potentially leading to increased sales volume.
Question 5 Report
Given:
Opening stock: ₦1,800
Purchases: ₦2,800
Sales: ₦8,000
Closing stock: ₦350
Carriage on sales: ₦500
Calculate the value of the unused stock.
Answer Details
The value of the unused stock is ₦350. This is because the opening stock of ₦1,800 plus the purchases of ₦2,800 gives us a total of ₦4,600. Subtracting the sales of ₦8,000 and the carriage on sales of ₦500, we have ₦3,100. Finally, subtracting the closing stock of ₦350 from the total gives us the value of the unused stock, which is ₦350.
Question 6 Report
The most effective type of advertising for branded products is
Answer Details
The most effective type of advertising for branded products depends on the specific goal of the advertising campaign. If the goal is to reach a large audience and create awareness of the brand, mass advertising such as television commercials, billboards or online ads can be effective. If the goal is to convince potential customers to choose the brand over its competitors, persuasive advertising that highlights the unique features or benefits of the product can be effective. If the goal is to educate consumers about a new or unfamiliar product or service, informative advertising that provides detailed information about the product can be effective. If the goal is to directly target a competitor and highlight the advantages of the brand over that competitor, competitive advertising can be effective. Ultimately, the most effective type of advertising for branded products will depend on the specific goals of the advertising campaign and the target audience for the product.
Question 7 Report
One of the inputs in production that can be motivated by remuneration is
Answer Details
The input in production that can be motivated by remuneration is "labour." Labour refers to the effort and time put in by workers to produce goods and services. Remuneration, in this context, refers to the payment or compensation that workers receive for their labour. In most cases, workers are motivated to work harder and produce more when they receive higher wages or salaries. When workers are paid well, they are more likely to be satisfied with their job, and they may also feel valued and appreciated by their employers. This can lead to increased productivity and better quality of output, which can ultimately benefit both the workers and the business. On the other hand, if workers are not paid enough, they may be less motivated to work hard and may even seek employment elsewhere. This can lead to decreased productivity, lower quality output, and higher turnover rates, which can ultimately harm the business. In summary, remuneration is an important motivator for labour in the production process, as it can influence workers' levels of productivity and job satisfaction.
Question 8 Report
The basis for international trade is embedded in the principle of
Answer Details
The basis for international trade is embedded in the principle of comparative advantage. This principle states that countries should specialize in producing the goods and services they can produce most efficiently and trade with other countries for the things they can't produce as efficiently. For example, imagine that there are two countries, Country A and Country B, and both can produce two goods: apples and bananas. Country A can produce 100 apples or 80 bananas in a day, while Country B can produce 80 apples or 100 bananas in a day. According to the principle of comparative advantage, Country A should specialize in producing apples, and Country B should specialize in producing bananas, and then trade with each other. This way, both countries can benefit from having more of both goods than if each tried to produce both on their own. In a nutshell, comparative advantage is the idea that countries can benefit from trade by specializing in what they are best at and trading with others for the things they are not as good at producing.
Question 9 Report
In case of a liquidation of a public limited liability company, those that are first paid are
Answer Details
Question 10 Report
The promotion and protection of trade industry and agriculture through trade fairs is a function of
Answer Details
The organization responsible for the promotion and protection of trade industry and agriculture through trade fairs is the Chamber of Commerce. The Chamber of Commerce is a membership-based organization that represents businesses and entrepreneurs in a specific area. They work to promote economic growth and prosperity by advocating for the interests of their members and organizing events such as trade fairs. Trade fairs are events where businesses can showcase their products and services to potential customers and partners. By participating in trade fairs, businesses can increase their visibility, expand their networks, and generate new sales leads. Trade fairs also provide opportunities for businesses to learn about industry trends, connect with suppliers and distributors, and gather market intelligence. Overall, the Chamber of Commerce plays a crucial role in fostering economic development by supporting businesses in their efforts to grow and succeed through initiatives such as trade fairs.
Question 11 Report
The provision of quality and safe products which guarantee the health of consumers is an example of
Answer Details
Question 12 Report
The portion of the authorized share capital given out to the public for subscription is
Answer Details
The portion of the authorized share capital given out to the public for subscription is called the "issued capital." This is the total amount of money that a company raises by selling shares of stock to the public. The company decides how much of its authorized share capital it wants to issue, and it can issue more or less than the total amount it is authorized to issue. For example, if a company is authorized to issue 1 million shares of stock, it might choose to only issue 500,000 shares to the public. The 500,000 shares that are sold to the public are referred to as the issued capital. In a nutshell, issued capital is the amount of money a company raises by selling shares of stock to the public, and it is a subset of the company's authorized share capital.
Question 13 Report
Dealing in quoted securities on the Nigerian Stock Exchange is restricted to authorized
Answer Details
Question 14 Report
A bill of exchange paid before its due date at an amount less than its face value is said to have been
Answer Details
The correct option is "discounted". A bill of exchange is a financial instrument that is used to facilitate transactions between parties. It is a written order from one party (the drawer) to another party (the drawee) to pay a certain amount of money to a third party (the payee) at a future date. When a bill of exchange is "discounted", it means that the payee has sold the bill to a bank or a financial institution before its due date. The bank or financial institution will pay the payee an amount less than the face value of the bill (i.e., the amount that the drawee is supposed to pay at maturity), in exchange for the right to collect the full amount from the drawee at maturity. The difference between the face value of the bill and the discounted amount paid by the bank or financial institution is called the "discount". The discount represents the interest that the bank or financial institution will earn from the transaction. In summary, when a bill of exchange is "discounted", it means that the payee has sold the bill before its due date at a price less than its face value, in exchange for immediate payment.
Question 15 Report
Yahaya bought a piece of furniture on a credit sale agreement from Ahmed and resold it to Ali before all installments were made .The court upheld that Ahmed could not recover possession of the items from Ali. The reason for the judgement was because
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Question 17 Report
A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a
Answer Details
A "del credere agent" is a person who takes responsibility for goods sold on credit and in case of default. This means that the del credere agent guarantees that the buyer will pay the seller for the goods, even if the buyer defaults on their payment. In exchange for this guarantee, the del credere agent receives an extra commission. In simple terms, a del credere agent acts as a middleman, ensuring that the seller gets paid for the goods sold on credit, and taking on some of the risk involved in selling goods on credit.
Question 19 Report
Under what management function will the motivation of employees fall
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Question 20 Report
Which of the following is a type of system software
Answer Details
A type of system software is utility programs. Utility programs are software programs that help manage, maintain, and optimize the computer system. These programs perform functions like checking and repairing the disk, managing the memory, and improving the performance of the system. Examples of utility programs are antivirus software, disk defragmenter, and backup software. Utility programs are important for the proper functioning of the computer and to keep the system running smoothly. They provide useful tools for diagnosing and fixing problems and can help improve the overall performance of the system.
Question 21 Report
Computers that process all data as binary zeros and ones are
Answer Details
Computers that process all data as binary zeros and ones are called digital computers. Digital computers are electronic devices that use binary code to represent and process information. Binary code is a system of numbers that uses only two digits, 0 and 1, to represent all possible values. Digital computers work by manipulating these binary digits through a series of logical operations, such as addition, subtraction, and comparison. These operations are carried out by electronic circuits known as gates, which are arranged in a specific way to perform complex calculations and logical operations. Digital computers are used in a wide range of applications, including personal computers, smartphones, servers, and supercomputers. They are preferred over analog computers because they are faster, more accurate, and easier to program.
Question 22 Report
Tourism serves the purpose of
Question 23 Report
The sales of goods through a medium that accepts money and delivers the items to the customer is
Answer Details
The option that fits the description is a vending machine. A vending machine is a type of machine that accepts money, such as coins or bills, and dispenses a product or item to the customer. These machines are commonly found in public places, such as schools, airports, and shopping malls, and are used to sell a variety of items such as snacks, drinks, and other small items. Vending machines can be operated either by inserting money directly into the machine or by using a debit or credit card.
Question 24 Report
A feature common to public and private limited liability companies is that
Answer Details
A feature common to both public and private limited liability companies is that they can both sue and be sued. This means that if either a public or private limited liability company is involved in a legal dispute, they have the ability to take legal action and also defend themselves in court. This is an important aspect of being a limited liability company, as it provides protection for the owners and shareholders of the company by limiting their personal financial liability in the event of a legal dispute or bankruptcy.
Question 25 Report
A business organization that exploits the capabilities of a member to remedy the weaknesses of another is
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Question 26 Report
An organization which focuses on consumer satisfaction is practicing
Answer Details
An organization that focuses on consumer satisfaction is practicing the "marketing concept." The marketing concept is a business philosophy that places the customer at the center of all business activities. It involves understanding the needs and wants of the customers and creating products and services that meet those needs and wants. An organization that practices the marketing concept is focused on delivering high-quality products or services that meet the needs and desires of their customers. They strive to build strong relationships with their customers by providing excellent customer service and by continuously improving their products or services to meet changing customer needs. By focusing on consumer satisfaction, the organization is able to build a loyal customer base, increase customer retention, and ultimately increase revenue and profitability. Therefore, the marketing concept is a key component of successful businesses that want to remain competitive in the long run.
Question 27 Report
The body which ensures that consumers are protected against harmful products in Nigeria is
Answer Details
The body which ensures that consumers are protected against harmful products in Nigeria is NAFDAC, which stands for the National Agency for Food and Drug Administration and Control. NAFDAC is responsible for regulating and controlling the manufacture, importation, exportation, distribution, advertisement, sale, and use of food, drugs, cosmetics, medical devices, and packaged water in Nigeria. The agency was established to ensure that the Nigerian public has access to safe, efficacious, and wholesome food, drugs, and other regulated products. NAFDAC achieves its mandate by carrying out various activities such as product registration, laboratory analysis, inspection of facilities, surveillance of markets, enforcement of standards, and public enlightenment. The agency also collaborates with other relevant government agencies, industry associations, and international organizations to promote the safety and quality of regulated products. In summary, NAFDAC is the body in Nigeria that ensures that consumers are protected against harmful products, particularly food, drugs, and other regulated products, by regulating and controlling their manufacture, importation, exportation, distribution, advertisement, sale, and use.
Question 28 Report
If the rate of turnover of a company in 1999 was 4 times while the average stock was N49,600, determine the turnover.
Answer Details
To determine the turnover of a company, we need to multiply the rate of turnover with the average stock.
In this case, the rate of turnover in 1999 was 4 times, and the average stock was N49,600. Therefore, the turnover can be calculated as:
Turnover = Rate of turnover x Average stock
Turnover = 4 x N49,600 Turnover = N198,400
So, the turnover of the company in 1999 was N198,400.
Question 29 Report
Communication is relevant to business activities because it
Question 30 Report
A business organization must always consider the overall effect of its actions on the
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Question 31 Report
A company has an authorized capital of 40 million shares at N1 each, out f which 32 million are issued and fully paid-up. What happens to the remaining 8 million shares?
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Question 32 Report
The right of an insurance company to stand in place of an insured against a third party , who is liable for the occurrence of a loss, is the principle of
Answer Details
Question 34 Report
One of the characteristics of a good organizational chart is that it should
Answer Details
One of the characteristics of a good organizational chart is that it should Facilitate Communication. An organizational chart is a visual representation of the structure of an organization and the relationships between different positions within the organization. A good organizational chart should make it easy for employees to understand how the different parts of the organization fit together and who they should communicate with for different tasks. It should also make it easy for employees to understand their own role and responsibilities within the organization. In short, a good organizational chart should help employees to communicate effectively and efficiently within the organization, making it an important tool for promoting clear and efficient communication.
Question 35 Report
Assurance is different from insurance in that the former is based on
Answer Details
Question 36 Report
A current account holder pays fees for services in form of
Answer Details
A current account holder pays fees for services in the form of bank charges. Bank charges refer to fees that a bank charges for providing its services such as maintaining the account, processing transactions, issuing checks, and providing overdraft facilities. These fees can be a monthly maintenance fee, a per-transaction fee, or a fee for exceeding the number of allowed transactions in a month. The bank charges are separate from the interest rate, which is the cost of borrowing money from the bank, and commission on turnover, which is a fee that a bank charges for handling transactions on behalf of the customer. The minimum lending rate refers to the minimum interest rate that a bank charges for lending money to its customers.
Question 37 Report
A business organization can obtain long term financing through
Answer Details
A business organization can obtain long-term financing through the sale of shares. This means that a business can sell ownership stakes in the company to investors in exchange for funds that can be used to finance its operations or investments in the long-term. When a business sells shares, it is essentially selling a portion of ownership in the company. The investors who purchase these shares become shareholders and have a say in the company's decisions, as well as the potential to earn a return on their investment through dividends or capital appreciation. Compared to other financing options such as bank overdrafts or credit purchases, selling shares can provide a more stable and long-term source of funding. Bank overdrafts and credit purchases typically provide short-term financing that must be paid back quickly, whereas selling shares provides funds that do not need to be repaid and can be used for long-term investments. Bureau de change, on the other hand, is not a financing option at all, but rather a type of business that deals in the exchange of one currency for another. In summary, a business organization can obtain long-term financing through the sale of shares, which involves selling ownership stakes in the company to investors in exchange for funds that can be used to finance its operations or investments in the long-term. This provides a more stable and long-term source of funding compared to other options like bank overdrafts or credit purchases.
Question 38 Report
Which of the following is a characteristic of a bearer cheque
Answer Details
A characteristic of a bearer cheque is that it is made payable to whoever presents it. A bearer cheque is a type of negotiable instrument that is payable to the bearer or holder of the cheque. This means that whoever possesses the cheque can cash it or deposit it into their own account, regardless of whether they are the payee named on the cheque or not. In other words, the payee is not specified on the cheque, and anyone who presents the cheque can receive payment. Bearer cheques are usually made without transverse lines, which are lines drawn across the cheque to indicate that the cheque can only be deposited into the account of the payee named on the cheque. Without transverse lines, bearer cheques can be easily transferred from person to person, making them a convenient form of payment. Overall, bearer cheques provide a flexible and convenient way to make payments, but they can also be risky because they can be easily stolen or lost. Therefore, it is important to handle bearer cheques with care and ensure that they are only given to trusted parties.
Question 39 Report
A document which serves as an order with details of goods required by an intending purchaser is
Answer Details
The document which serves as an order with details of goods required by an intending purchaser is called an "indent". An indent is used when a buyer wants to purchase goods from a seller. It contains specific details about the goods, such as the type, quantity, quality, and price of the items. It is sent by the buyer to the seller, who then uses the indent to prepare and deliver the goods to the buyer. To summarize, an indent is a document that helps a buyer communicate the specifics of the goods they want to purchase to the seller.
Question 40 Report
Good and services are made available to consumers through
Answer Details
Goods and services are made available to consumers through the channel of distribution, which is a network of individuals and organizations that work together to get products and services from the producer to the final consumer. The channel of distribution includes a variety of entities, such as wholesalers, retailers, distributors, and agents. These middlemen play a crucial role in the distribution process by providing services such as storage, transportation, financing, and marketing. For example, a manufacturer of smartphones may use a wholesaler to purchase large quantities of phones at a discounted price. The wholesaler then sells the phones to retailers, who in turn sell them to consumers. The retailer may also provide additional services such as customer support and product demonstrations. In addition to the middlemen, the channel of distribution also includes transportation and logistics companies that ensure the products are delivered to the right place at the right time. Sales promotion and advertising agencies can also be part of the distribution channel by creating awareness and interest in the product. Overall, the channel of distribution is a critical component of the marketing mix, as it ensures that goods and services are available to consumers when and where they need them. Without an effective distribution strategy, even the best products may fail to reach their target market.
Question 41 Report
The promotion of team spirit in an organization is referred to as
Answer Details
The promotion of team spirit in an organization is referred to as "esprit de corps." This is a French term that translates to "spirit of the body," and it refers to a sense of camaraderie and loyalty among members of a group or organization. Esprit de corps is important in promoting teamwork, collaboration, and a shared sense of purpose within an organization. When employees feel a strong sense of camaraderie and loyalty to their colleagues and the organization as a whole, they are more likely to work together effectively and contribute to the success of the organization. Unity of direction and unity of purpose are related concepts that also promote collaboration and teamwork within an organization. Unity of direction refers to the idea that all members of the organization should be working towards the same goals, while unity of purpose refers to the shared sense of mission or vision that drives the organization. Discipline, while important for maintaining order and productivity in an organization, is not directly related to promoting team spirit or esprit de corps. In summary, the promotion of team spirit in an organization is referred to as esprit de corps, and it involves fostering a sense of camaraderie and loyalty among members of the organization. This promotes collaboration, teamwork, and a shared sense of purpose that contributes to the success of the organization.
Question 42 Report
The process of decoding data in a computer is known as
Answer Details
The process of decoding data in a computer is known as Decryption. Decryption is the process of converting encoded or encrypted data into its original form so that it can be understood and used. Encrypted data is transformed into a form that is unreadable without a key or password, and decryption is the process of using that key or password to convert the encrypted data back into its original form. This process is used to protect sensitive information and ensure that it is only accessible by authorized individuals. In short, decryption is the process of transforming encrypted data into its original, readable form, making it accessible and usable again.
Question 44 Report
If a customer pays within nine days of receiving goods and takes advantage of 3% off the invoice price, this is stated as
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Question 45 Report
The allocation of tasks to different skills in a production process is referred to as
Answer Details
The allocation of tasks to different skills in a production process is referred to as "division of labour." This is a process where a complex task is broken down into smaller, simpler tasks that can be performed by different workers with specialized skills. Division of labour is a common practice in manufacturing and other production processes because it can lead to increased efficiency and productivity. When each worker is responsible for a specific task, they can become more skilled at that task over time, leading to increased speed and accuracy. Additionally, the use of specialized equipment and tools can further increase efficiency. Production technique and production function are related concepts that describe the overall process of creating a product or providing a service. Production technique refers to the specific methods and tools used to produce a product or service, while production function refers to the relationship between inputs (such as labor, materials, and equipment) and outputs (such as products or services). Delegation of responsibility refers to the process of assigning tasks and responsibilities to other individuals or teams within an organization. While delegation can be an important part of effective management, it is not directly related to the allocation of tasks in a production process. In summary, the allocation of tasks to different skills in a production process is referred to as division of labour. This process can increase efficiency and productivity by allowing workers to specialize in specific tasks and use specialized tools and equipment. Production technique and production function describe the overall process of creating a product or service, while delegation of responsibility involves assigning tasks and responsibilities within an organization.
Question 46 Report
Modern means of payment is greatly facilitated by
Answer Details
Modern means of payment is greatly facilitated by electronic banking (e-banking) and electronic commerce (e-commerce). E-banking allows individuals to access their bank accounts and make transactions, such as paying bills and transferring money, online or through a mobile app. E-commerce refers to buying and selling goods and services over the internet. With e-commerce, people can purchase products from the comfort of their own homes and have them delivered to their doorstep, and they can also use their electronic banking to pay for these purchases securely and conveniently. In both cases, electronic means of payment have made financial transactions faster, more efficient, and accessible to a wider range of people.
Question 47 Report
One of the major benefits of commerce to government is to
Answer Details
One of the major benefits of commerce to government is to generate revenue for growth and development. Commerce involves buying and selling goods and services, which generates income for businesses and individuals. The government can also benefit from this economic activity by collecting taxes on the goods and services that are sold. These tax revenues can then be used to fund public services and infrastructure projects that contribute to economic growth and development. For example, the government may use tax revenues to build roads, bridges, and schools, or to provide healthcare and social services to citizens. By generating revenue in this way, commerce can help to support the overall well-being of a society and promote long-term prosperity.
Question 48 Report
The type of letters that are delivered through the normal mail or by airmail express service is referred to as
Answer Details
The type of letters that are delivered through the normal mail or by airmail express service are called airmail letters. These are letters that are sent through the postal service and are delivered by air instead of ground transportation. This type of service is usually faster than regular mail and is often used for sending letters or packages to other countries. The letters are typically marked with an "airmail" label to indicate that they should be delivered by air.
Question 49 Report
Printed messages sent by cable are recorded as
Answer Details
The correct option is "telegram". A telegram is a message that is sent by cable from one place to another. It is a form of communication that was widely used in the past, before the advent of modern electronic communication systems like email, text messaging, and social media. To send a telegram, the sender would go to a telegraph office and dictate the message to a telegraph operator, who would transmit it over the telegraph network to the receiving station. The message would be recorded on a strip of paper using a telegraph key, which converts the sender's message into a series of electrical pulses that are transmitted over the wire. At the receiving station, the message would be printed out on a piece of paper by a telegraph printer. The paper strip with the recorded message would then be delivered to the recipient. Telegrams were often used to convey urgent or important messages, such as news of births, deaths, or emergencies, as well as business or government communications. The cost of sending a telegram was based on the number of words in the message, so senders had to be concise and clear in their communication. In summary, a telegram is a printed message that is sent by cable from one location to another. It was a popular form of communication in the past and was used for urgent or important messages.
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