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Question 1 Report
A business unit whose membership ranges from 2-50 is a?
Question 2 Report
Which of the following is not an aid to trade?
Answer Details
The answer is "production". Production refers to the process of creating goods and services, and while it is a crucial aspect of many businesses, it is not considered an aid to trade. The other options listed - transport, banking, insurance, and warehouse - are all aids to trade, as they facilitate the movement, financing, protection, and storage of goods and services.
Question 3 Report
The machine used in sending telex message is known as?
Answer Details
The machine used in sending telex message is known as a "teleprinter". It is an electromechanical device that can both send and receive typed messages over a telecommunications system. The teleprinter has a keyboard for typing messages, and a printing mechanism that prints the message onto a roll of paper or a continuous strip of tape. The messages are sent via a wire or radio link to another teleprinter at the receiving end, where the message is printed out. Telex was a popular means of long-distance communication before the advent of email and the internet.
Question 5 Report
The organization that aims at protecting the business interest of a particular area is the?
Answer Details
Question 6 Report
A group of persons that agrees to pool its resources to achieve a particular objective is known as?
Answer Details
A group of persons that agrees to pool its resources to achieve a particular objective is known as a "consortium." This is a group of companies or individuals who come together to achieve a common goal by pooling their resources, expertise, and/or finances. The members of a consortium work together to achieve a specific objective, such as developing a new product or service, bidding for a large contract, or conducting research. The members of a consortium typically retain their independence, but work together in a coordinated and collaborative way to achieve the shared goal.
Question 8 Report
Incorporation simply means the?
Answer Details
Incorporation refers to the legal process of creating a company or corporation. It involves the registration of a company with the relevant government body and the filing of its articles of incorporation or memorandum of association. Once the company is incorporated, it becomes a separate legal entity that can own property, enter into contracts, and conduct business activities. Therefore, the correct answer is "birth of a company".
Question 9 Report
A parcel of shoes valued at N2,000 only. Which of the following would be used by the seller to correct this error?
Answer Details
Question 10 Report
The capital that is needed to meet the day-to-day running of a business is the?
Answer Details
The capital that is needed to meet the day-to-day running of a business is called circulating capital. It is also known as working capital, and it includes cash, inventory, accounts receivable, and other short-term assets that are used to pay for the day-to-day expenses of a business, such as salaries, rent, utilities, and raw materials. Circulating capital is important for the smooth operation of a business and is considered a short-term investment as it is continually being used and replenished in the course of business operations.
Question 11 Report
Department stores are usually located?
Answer Details
Department stores are typically located in city centers or high-traffic areas. This is because these locations provide easy accessibility to customers and high visibility to the store. Suburban towns may also have department stores, but they are typically smaller in size and may not have as wide a variety of products. Low-income areas may not be the ideal location for department stores due to the target market having limited purchasing power. Additionally, department stores require a large amount of space for merchandise display and storage, which may not be feasible in low-rental areas. Therefore, city centers or high-traffic areas are the most preferred location for department stores.
Question 12 Report
Which of the following statements is not true?
Answer Details
The statement that is not true is "Government does not nationalize businesses owned by its citizens." In some cases, governments may nationalize businesses owned by their citizens for various reasons, such as to address a national crisis or to take over a business that is not being managed effectively by its owners. However, this is not a common practice and is generally viewed as a last resort.
Question 14 Report
A bank may dishonour a cheque if?
Answer Details
A bank may dishonour a cheque if the amount on the cheque is more than the amount in the account. This means that there are not enough funds in the account to cover the amount written on the cheque. Banks are required to ensure that there are sufficient funds in an account before honouring a cheque. If a cheque is dishonoured, the bank will return the cheque to the account holder with an explanation of why it was not honoured. This could be due to insufficient funds, a stop payment order, a closed account, or other reasons. Dishonoured cheques can result in additional fees, legal action, and damage to the account holder's credit rating.
Question 15 Report
The reward of shareholding in a company is?
Answer Details
The reward of shareholding in a company is dividend. Dividend is the portion of the company's profits that is distributed to its shareholders as a return on their investment. When a company makes a profit, it can choose to either retain the profit for reinvestment or distribute a portion of it as dividends to its shareholders. Shareholders receive their dividends in proportion to their shareholding in the company. Dividends can be paid in cash, stock, or property.
Question 16 Report
The handling of telephone and telex services is done by?
Answer Details
The handling of telephone and telex services is done by NITEL (Nigerian Telecommunications Limited). NITEL is a Nigerian telecommunication company that was formerly owned by the Nigerian government. It was responsible for providing telephone and telex services to the public before it was privatized in 2006.
Question 17 Report
Third party insurance covers, damages?
Answer Details
Third party insurance covers damages caused by the vehicle insured to other parties involved in an accident or incident. This means that if the insured vehicle causes damage to another person's vehicle, property or causes injury to other people, the insurance company will pay for the damages or compensation owed to the affected party. Third party insurance does not cover damages to the insured vehicle or the policyholder.
Question 18 Report
A bank whose name is printed on a cheque leaf is known as the?
Answer Details
The bank whose name is printed on a cheque leaf is known as the drawee. When a cheque is issued, it is the drawer (the person who writes the cheque) instructing the drawee bank to pay a specified amount of money to the payee (the person or organization to whom the cheque is made payable). The drawee is the bank on which the cheque is drawn and the bank is responsible for honoring the payment instructions of the drawer.
Question 20 Report
Who is liable for the contract entered into the agent on behalf of his principal? The
Answer Details
In general, the principal is liable for the contract entered into by the agent on behalf of the principal. This means that the principal is responsible for fulfilling the terms of the contract and paying any damages or penalties that may arise from the contract. The agent may also be held liable in certain circumstances, such as if the agent acted outside the scope of their authority or committed fraud. However, the primary responsibility lies with the principal, as the agent is acting on their behalf.
Question 21 Report
The charge paid for failing to off-load a vehicle within a stipulated time is called?
Answer Details
The charge paid for failing to off-load a vehicle within a stipulated time is called "demurrage". Demurrage is a fee charged by the carrier of goods or cargo for the delay in unloading or loading the cargo beyond the stipulated time. It is usually calculated on a per-day or per-hour basis and the amount charged varies depending on the terms of the contract. The purpose of demurrage is to compensate the carrier for the extra costs incurred as a result of the delay and to encourage the timely off-loading of cargo.
Question 22 Report
Trade can be described as?
Answer Details
Trade can be described as the exchange of goods and services between parties, involving the buying and selling of goods or services. It involves the transfer of ownership of goods or services from one person or entity to another. Trade can take place locally or internationally, and it can involve individuals, businesses, or governments. The main aim of trade is to satisfy the needs and wants of both parties involved in the exchange.
Question 23 Report
A system in which people provide their own needs directly is known as?
Answer Details
A system in which people provide their own needs directly is known as a subsistence economy. In this type of economy, people produce goods and services mainly for their own consumption and survival rather than for sale or trade. They rely on natural resources and their own skills and labor to meet their basic needs such as food, shelter, and clothing. The subsistence economy is often found in rural and remote areas where people have limited access to markets and modern infrastructure. It is characterized by low levels of productivity and living standards, and often lacks the specialization and division of labor found in more developed economies.
Question 24 Report
Which of the following assigns a name to a product?
Answer Details
The correct answer is branding. Branding is the process of creating a name, design, symbol, or other feature that identifies and differentiates a product from other products in the market. It helps to establish the product's identity and reputation, and creates a connection with the consumers. Branding involves developing a unique name and image for a product in the consumer's mind, which helps to promote the product and increase its sales.
Question 25 Report
The cost of advertising a product is ultimately borne by the?
Answer Details
The cost of advertising a product is ultimately borne by the consumer. This is because the cost of advertising is typically included in the price of the product. The manufacturer or producer will factor in the cost of advertising when determining the price of the product, and then the retailer will mark up the price to cover their own costs and make a profit. Ultimately, it is the consumer who pays the final price, which includes the cost of advertising.
Question 26 Report
The different between an overdraft and loan is that an overdraft?
Question 27 Report
Air transport is considerable importance today because it?
Answer Details
Air transport is of considerable importance today mainly because it is faster than other means of transport. Airplanes can travel at high speeds and cover long distances in a shorter time compared to other modes of transportation, such as road, rail, or sea transport. This makes air transport the preferred choice for people who need to travel long distances within a short period of time, or for businesses that need to transport goods quickly and efficiently. Additionally, air transport has the advantage of being able to fly to remote and inaccessible areas, making it ideal for emergency relief operations or scientific expeditions. However, air transport can be relatively more expensive than other modes of transport, especially for bulky goods.
Question 28 Report
Which of the following is used to stimulate sales?
Answer Details
Advertising is used to stimulate sales. Advertising is a marketing tool that businesses use to communicate with their customers about their products or services. It involves creating and spreading messages through various media channels to promote a product or service to potential customers. By using advertising, businesses can reach a wider audience and create brand awareness, which can lead to increased sales. Therefore, of the options listed, advertising is the most appropriate one used to stimulate sales.
Question 29 Report
New shares are offered to the public through?
Answer Details
New shares are typically offered to the public through an issuing house. An issuing house is a type of financial institution that specializes in helping companies raise capital by issuing new securities, such as stocks and bonds, to investors. The issuing house plays a key role in underwriting the new securities, which means that it agrees to buy a certain number of shares or bonds from the company at a predetermined price, and then sells them to the public. The stock exchange is a marketplace where securities are bought and sold, but it is not typically involved in the initial offering of new shares.
Question 30 Report
The main advantage of water transport is that it?
Question 31 Report
Which of the following is the safest means of sending a postal order from Lagos to a friend in Jos?
Answer Details
Question 32 Report
A service whereby NIPOST undertakes to collect money due to the sender of a parcel is called?
Answer Details
The service whereby NIPOST undertakes to collect money due to the sender of a parcel is called C.O.D (Cash On Delivery). This means that the recipient of the parcel pays for it upon delivery, and NIPOST then collects the payment on behalf of the sender. This service is commonly used in e-commerce and mail order businesses, as it allows customers to pay for goods only after they have received and inspected them.
Question 33 Report
The excess value of the assets of a business over its liabilities is?
Answer Details
Question 34 Report
In a limited partnership, the liability of most of the partners is?
Answer Details
In a limited partnership, the liability of most of the partners is limited. This means that the liability of these partners is restricted to the amount of capital they have invested in the business. They are not personally liable for the debts and obligations of the partnership beyond their investment. However, there is usually one partner who has unlimited liability, known as the general partner. The general partner is personally liable for all the debts and obligations of the partnership. Limited partnership is a type of partnership where there are both limited partners and general partners.
Question 35 Report
A group of persons that agrees to pool its resources to achieve a particular objective is known as?
Answer Details
The term that describes a group of persons that agree to pool their resources to achieve a particular objective is "consortium." A consortium is usually formed when a group of individuals, companies, or organizations come together to pool their resources, expertise, and experience to achieve a common goal that they might not have been able to accomplish on their own. A consortium can be formed for a variety of purposes, including research and development, joint ventures, and investment.
Question 36 Report
The rights, responsibilities and liabilities of each partner are specified in the?
Answer Details
Question 37 Report
Which of the following protects consumers against poor quality goods?
Answer Details
The Standards Organization of Nigeria (SON) protects consumers against poor quality goods. SON is a government agency responsible for the development of standards for products and services, as well as ensuring compliance with these standards. It conducts inspections, tests and certification of products, and takes measures to enforce product quality standards. Therefore, if a consumer finds a product to be of poor quality, they can contact SON to make a complaint and seek redress.
Question 39 Report
A person who wants to undertake an insurance policy usually completes?
Answer Details
Question 40 Report
The insured is prevented from making profit from claims under more than one policy for the same risk by the principle of?
Answer Details
Question 41 Report
An instalmental buying system where ownership immediately transfers to the buyer is known as?
Answer Details
Question 42 Report
Which of the following is not a branch of production?
Answer Details
The branch of "consumption" is not a branch of production. Consumption refers to the act of using or consuming goods and services to satisfy human needs and wants. On the other hand, production refers to the creation or provision of goods and services to meet human needs and wants. The other options, namely extraction, manufacturing, distribution, and direct services, are all branches of production. Extraction involves the gathering or mining of natural resources, manufacturing involves the transformation of raw materials into finished goods, distribution involves the movement of goods from producers to consumers, and direct services involve the provision of intangible services directly to consumers.
Question 43 Report
An increase in turnover is an increase in?
Answer Details
An increase in turnover refers to an increase in the total value of goods or services sold by a business during a given period of time, usually a year. This means that the volume of sales has increased. Therefore, an increase in turnover is an increase in the amount of money the business has generated through its sales activities. It does not necessarily mean an increase in liquid capital, current assets, fixed assets or owners equity, although it may indirectly affect these financial aspects of the business.
Question 44 Report
Which of the following is a form of sales promotion?
Answer Details
The form of sales promotion from the given options is "Offering free samples to customers". Sales promotion refers to the marketing activities other than advertising, personal selling, and public relations, aimed at stimulating consumer purchases and dealer effectiveness. Offering free samples to customers is a common form of sales promotion where companies distribute free samples of their products to customers. This allows customers to try out the product without any obligation to buy and can help to increase sales by generating interest and familiarity with the product.
Question 45 Report
Which of the following is not an elements of the marketing mix?
Answer Details
The element that is not part of the marketing mix is "Purchases". The marketing mix is made up of four P's: product, price, promotion, and place. These elements are essential for the development and implementation of a successful marketing strategy. The product refers to the goods or services offered by the company, while pricing involves setting the right price for the product. Promotion involves advertising and promoting the product to potential customers. Place refers to the location where the product is made available to customers, such as a physical store or an online platform. Purchases are made by the customers, but it is not an element of the marketing mix.
Question 46 Report
A person who sells goods belonging to another person in his own name and receives commission is a?
Answer Details
The term used to describe a person who sells goods belonging to another person in his own name and receives a commission is a "factor". Essentially, the factor is acting as an intermediary between the owner of the goods and the buyer, facilitating the sale and taking a commission for their services. This arrangement is often used when the owner of the goods does not have the means or desire to sell the goods themselves, and the factor is able to use their network and expertise to find buyers and close deals.
Question 47 Report
The telephone service through which one can dial any number,local,trunk or overseas is known as?
Answer Details
The telephone service through which one can dial any number, whether local, trunk, or overseas is known as the "subscriber's trunk dialling system". It allows subscribers to directly dial long-distance calls without the assistance of an operator. The system was introduced to simplify and speed up the process of dialling long-distance calls. Instead of having to go through an operator, subscribers can simply dial the telephone number they wish to reach, and the call will be connected automatically through the appropriate trunk line. This system is widely used all over the world to make long-distance calls.
Question 48 Report
The concept that consumers decided what goods and services shall be known as consumer?
Answer Details
The correct option is "sovereignty". Consumer sovereignty is the idea that consumers have the power to determine what goods and services are produced and sold in a market economy. It means that the consumer is the ultimate decision-maker in what is produced because they ultimately determine what is in demand. The producer will only create products and services that consumers are willing to buy, and will make changes based on consumer feedback. Consumer sovereignty is a key principle in a market economy, where businesses compete to provide the best products and services to meet consumer demands.
Question 49 Report
Which of the following is not one of the 4m's of business resources?
Answer Details
The 4M's of business resources are material, men, money and machine. These are the basic resources that a business needs to carry out its operations. The methods of operations are not part of the 4M's, but are instead part of the overall business strategy. Therefore, the correct answer is "Method".
Question 50 Report
Speed is an important consideration for the choice of a means of transport where goods are?
Answer Details
When choosing a means of transport for goods, speed is an important factor to consider because different types of goods have different characteristics. For example, if the goods are perishable (meaning they can spoil or go bad quickly), then they need to be transported quickly to ensure they arrive at their destination before they go bad. Similarly, if the goods are fragile, they may need to be transported quickly to prevent damage. On the other hand, if the goods are bulky or durable, they may not need to be transported as quickly since they are less likely to be damaged or spoiled during transportation. Therefore, the choice of means of transport should depend on the characteristics of the goods being transported and the speed required to ensure they arrive at their destination in the best possible condition.
Question 51 Report
When an insured person admits that he has indemnified, he means that?
Answer Details
Question 52 Report
Goods discharged from ship on which import duties have not been paid are kept in the?
Answer Details
Goods discharged from a ship on which import duties have not been paid are kept in the bonded warehouse. A bonded warehouse is a building or a secured area in a port, airport or at the border, where imported goods that are subject to customs duty and taxes are stored until the duties and taxes are paid or the goods are released for export. Bonded warehouses are managed by the government or by private entities that are authorized by the government to operate such warehouses. The purpose of bonded warehouses is to provide a secure storage area for goods that have not yet cleared customs, to prevent loss or theft of the goods, and to provide an opportunity for the payment of customs duties and taxes before the goods are released for consumption in the local market.
Question 53 Report
When an industry is nationalized, ownership belongs to the?
Answer Details
When an industry is nationalized, ownership is transferred from private owners to the government. This means that the government takes control of the industry, and it becomes a state-owned enterprise. Therefore, the correct option is the government.
Question 54 Report
In which class of occupation would doctors, teachers and entertainers be grouped?
Answer Details
Doctors, teachers, and entertainers would be grouped under the "Direct Service" class of occupation. This class of occupation involves individuals who provide services directly to consumers, such as health care, education, entertainment, and hospitality services. The Direct Service class is distinguished from other classes such as Industrial, which includes jobs involved in producing goods, and Commercial, which includes jobs in buying and selling goods and services.
Question 55 Report
A company that acquires a majority of the shares of the other companies with voting rights is regarded as?
Answer Details
A company that acquires a majority of the shares of another company with voting rights is regarded as a "holding company." A holding company is a type of business organization that owns a controlling interest in one or more companies or corporations. Holding companies usually do not engage in any business activities themselves but hold ownership stakes in other companies. The main purpose of a holding company is to control the management and policies of the subsidiary companies, which allows for centralized control and economies of scale. Holding companies can also provide tax and legal advantages for the parent company.
Question 56 Report
Any action taken by a company outside its stated objective is regarded as?
Answer Details
The correct term for any action taken by a company outside its stated objective is "ultra vires." In simple terms, this means that the company is acting beyond its legal authority or power. Ultra vires actions are generally considered void and unenforceable by law.
Question 57 Report
Which of the following is not a source of capital to a sole proprietor?
Answer Details
The option that is not a source of capital to a sole proprietor is borrowing through debentures. Debentures are long-term financial instruments used by companies to raise capital by borrowing from the public. They are essentially loans that a company borrows from investors, promising to repay the principal amount along with interest at a specified rate. Sole proprietors, who run businesses on their own, are not allowed to issue debentures as a means of raising capital. Therefore, borrowing through debentures is not a source of capital available to sole proprietors.
Question 58 Report
A crossed postal order is?
Answer Details
A crossed postal order is a financial instrument used for making payments that is drawn by a post office. It is similar to a money order, but it can only be cashed through a post office. The term "crossed" refers to the fact that two parallel lines are drawn on the face of the order, indicating that it cannot be cashed directly but has to be credited to a bank account. This makes it more secure than an uncrossed postal order, as it reduces the risk of theft or loss during transmission or delivery.
Question 59 Report
The performance of business activities that directs the flow of goods and services from the producer to the consumer is?
Answer Details
The correct answer is "marketing". Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. It involves identifying and understanding the needs and wants of customers, and then creating and delivering products and services that satisfy those needs and wants. The goal of marketing is to create and maintain a mutually beneficial relationship between the producer and the consumer, and to ensure that products and services are delivered efficiently and effectively from the producer to the consumer.
Question 60 Report
Founders shares are usually referred to as deferred shares because the holders?
Answer Details
Question 61 Report
The process of selling government business to the public is known as?
Answer Details
The process of selling government business to the public is known as privatization. This involves the transfer of ownership and control of public assets and enterprises to private individuals or organizations. The aim of privatization is usually to increase efficiency, reduce government involvement in business activities, and raise funds for the government. Privatization can take different forms, such as selling shares of a public company to the public, selling assets to private companies, or contracting out public services to private companies.
Question 62 Report
A post office service which provides an alternative to delivery of mails by a postman is the?
Answer Details
The post office service which provides an alternative to delivery of mails by a postman is the "Post Office Box". A Post Office Box is a locked mailbox located at a post office station. This service enables individuals or businesses to rent a mailbox to receive mail and parcels. It provides a secure and convenient way to receive mail, particularly for those who do not have a permanent mailing address or do not want to disclose their home address. The post office box can be accessed at any time during the post office's business hours.
Question 63 Report
Cash is said to be legal tender because it?
Answer Details
Cash is said to be legal tender because it can be offered and accepted for payment of goods and services. This means that the person who accepts cash in a transaction cannot refuse it as payment, as long as the amount is sufficient to cover the cost of the goods or services. Legal tender is recognized by law as a means of payment and is widely accepted in transactions. Unlike money orders or bank drafts, cash is physical currency that can be carried around and used immediately. Its portability makes it a convenient means of payment in many situations.
Question 64 Report
An association of local,independent retailers formed to encourage buying in bulk from manufacturers is known as?
Answer Details
Question 65 Report
Which of the following terms of price quotation includes cost of transportation to buyers premises?
Answer Details
The term of price quotation that includes the cost of transportation to the buyer's premises is C & F. C & F stands for "Cost and Freight", and it is a type of Incoterm used in international trade where the seller is responsible for the cost of transporting the goods to the destination port and also for the payment of freight charges. The C & F price quotation includes the cost of the goods, the cost of transportation to the destination port, and the freight charges. Once the goods arrive at the port, the buyer takes responsibility for any further transportation and costs associated with it.
Question 67 Report
Which of the following defines communication?
Answer Details
Communication is the transmission of information or exchange of ideas, thoughts or messages between two or more people. It involves sending and receiving messages through various channels like speaking, writing, gestures, or electronic means. The information communicated could be about anything, such as personal opinions, business-related matters, or conveying emotions. Thus, the correct option that defines communication is "Transmission of information."
Question 68 Report
Which of the following is not an important reason for government ownership of industries?
Answer Details
The option that is not an important reason for government ownership of industries is "Making high profit." The primary reasons for government ownership of industries include the provision of essential services, the need for large capital requirements, avoiding duplication of services, and preventing private monopoly. Making a high profit is not a primary objective of government ownership, as government-owned industries are usually operated for the benefit of the public, rather than for generating profits.
Question 69 Report
Speed is an important consideration for the choice of a means of transport where goods are?
Answer Details
When choosing a means of transport for goods, speed is an important consideration when the goods are perishable, which means they can quickly spoil or go bad if not transported quickly. For example, fresh fruits and vegetables need to be transported quickly to avoid spoiling. Fragile goods such as glassware or electronics can also be damaged during transport, so a fast and secure means of transport is preferred. In contrast, bulky and durable goods may not require fast transportation as they are less susceptible to damage or spoilage during transport.
Question 70 Report
Net Profit is the?
Answer Details
Net Profit is the excess of income over expenses. In other words, it is the amount of money a company earns after deducting all the expenses incurred to generate that income. It takes into account all the revenue earned by a business and all the expenses incurred to generate that revenue. Net profit is an important indicator of a company's financial health and profitability. It is often used to measure a company's performance over a given period, and it is the basis for calculating taxes, dividends, and retained earnings.
Question 71 Report
Which of the following is used to stimulate sales?
Answer Details
Advertising is used to stimulate sales. It involves creating awareness, promoting or informing potential customers about a product or service with the aim of encouraging them to make a purchase. By showcasing the benefits and features of a product or service, advertising can influence consumer behavior and ultimately lead to increased sales.
Question 72 Report
Which of the following comes last in the chain of distribution? The
Answer Details
The consumer comes last in the chain of distribution. After the manufacturer produces the goods, the goods are sold to a wholesaler who then sells to a retailer. The retailer then sells the goods to the final consumer. Therefore, the final consumer is the last in the chain of distribution as they purchase the goods for their own use or consumption.
Question 73 Report
Which of the following statements is true of the manufacturing industry?
Answer Details
The true statement of the manufacturing industry is: "It is involved in changing raw materials to finished goods." The manufacturing industry is involved in the production of goods using raw materials, labor, and machinery. It transforms raw materials into finished goods that are ready for sale to consumers. Manufacturing requires skilled labor, specialized machinery, and facilities, making it different from other industries. The finished products are then distributed to consumers through various channels such as wholesalers, retailers, and e-commerce platforms.
Question 75 Report
(a).Give five examples of trade associations.
(b) Outline any three functions of the Employers' Association.
(c) What are the objectives of the Lake Chad Basin Commission?
(a) Five examples of trade associations
Other examples include road transport owners' associations and market traders' associations.
(b) Three functions of the Employers' Association
(c) Objectives of the Lake Chad Basin Commission
It also aims to prevent pollution and conserve the environment of the basin.
Answer Details
(a) Five examples of trade associations
Other examples include road transport owners' associations and market traders' associations.
(b) Three functions of the Employers' Association
(c) Objectives of the Lake Chad Basin Commission
It also aims to prevent pollution and conserve the environment of the basin.
Question 76 Report
(a) What are Thrift Societies?
(b) Describe five services rendered by Thrift Societies to their members.
(a) What are Thrift Societies?
Thrift societies are voluntary associations of people who come together to save money regularly out of their incomes so as to accumulate funds from which members can borrow, or which they can withdraw to meet future needs. They encourage the habit of saving and provide members with easy access to credit at low cost. Examples include cooperative thrift and credit societies and the informal 'esusu' or 'ajo' savings clubs.
(b) Five services rendered by Thrift Societies to their members
Answer Details
(a) What are Thrift Societies?
Thrift societies are voluntary associations of people who come together to save money regularly out of their incomes so as to accumulate funds from which members can borrow, or which they can withdraw to meet future needs. They encourage the habit of saving and provide members with easy access to credit at low cost. Examples include cooperative thrift and credit societies and the informal 'esusu' or 'ajo' savings clubs.
(b) Five services rendered by Thrift Societies to their members
Question 77 Report
Mention and explain any four environments under which a business operates.
Four environments under which a business operates
A business does not operate in isolation; it is influenced by forces around it known as the business environment. Four of these are explained below.
Other environments include the physical (natural) environment and the competitive environment.
Answer Details
Four environments under which a business operates
A business does not operate in isolation; it is influenced by forces around it known as the business environment. Four of these are explained below.
Other environments include the physical (natural) environment and the competitive environment.
Question 78 Report
(a) What is a contract of sale of goods?
(b) State any three of its provisions.
(c) Explain two conditions that constitute acceptance in the contract of sale of goods.
(a) What is a contract of sale of goods?
A contract of sale of goods is an agreement by which the seller transfers, or agrees to transfer, the ownership (property) in goods to the buyer for a money consideration called the price. It is a legally binding agreement between a seller and a buyer for the exchange of goods for money.
(b) Three provisions of a contract of sale of goods
Other provisions include an offer and acceptance, and the intention to transfer ownership from the seller to the buyer.
(c) Two conditions that constitute acceptance in the contract of sale of goods
Answer Details
(a) What is a contract of sale of goods?
A contract of sale of goods is an agreement by which the seller transfers, or agrees to transfer, the ownership (property) in goods to the buyer for a money consideration called the price. It is a legally binding agreement between a seller and a buyer for the exchange of goods for money.
(b) Three provisions of a contract of sale of goods
Other provisions include an offer and acceptance, and the intention to transfer ownership from the seller to the buyer.
(c) Two conditions that constitute acceptance in the contract of sale of goods
Question 79 Report
(a). What is Public Relations?
(b) State and explain any five methods a firm can use to promote its public relations.
(a) What is Public Relations?
Public relations is the deliberate and planned effort by a firm to create, build and maintain a good image and mutual understanding between the firm and its various publics, such as customers, employees, shareholders, government and the general community. Its aim is to win and keep the goodwill and confidence of the public.
(b) Five methods a firm can use to promote its public relations
Other methods include donations to charity and prompt, honest response to public complaints.
Answer Details
(a) What is Public Relations?
Public relations is the deliberate and planned effort by a firm to create, build and maintain a good image and mutual understanding between the firm and its various publics, such as customers, employees, shareholders, government and the general community. Its aim is to win and keep the goodwill and confidence of the public.
(b) Five methods a firm can use to promote its public relations
Other methods include donations to charity and prompt, honest response to public complaints.
Question 80 Report
(a) Explain five problems of using rail transport in Nigeria.
(b) Write short notes on;
(i) Tramp liners
(ii) Ocean liners.
(a) Five problems of using rail transport in Nigeria
Other problems include insecurity/vandalism of tracks and the use of an outdated narrow gauge.
(b) Short notes
Answer Details
(a) Five problems of using rail transport in Nigeria
Other problems include insecurity/vandalism of tracks and the use of an outdated narrow gauge.
(b) Short notes
Question 81 Report
(a) Describe any four features of a multiple shop.
(b) Give any four reasons why small scale retailing is common in Nigeria.
(a) Four features of a multiple shop
Other features include cash sales (little or no credit) and standardised management policies from the head office.
(b) Four reasons why small scale retailing is common in Nigeria
Other reasons include the ease of entry and exit and the demand for goods in small, affordable units.
Answer Details
(a) Four features of a multiple shop
Other features include cash sales (little or no credit) and standardised management policies from the head office.
(b) Four reasons why small scale retailing is common in Nigeria
Other reasons include the ease of entry and exit and the demand for goods in small, affordable units.
Question 82 Report
(a) Describe the functions of the Stock Exchange.
(b) State the types of securities traded in the Stock Exchange.
(a) Functions of the Stock Exchange
It also helps government and companies to raise long-term capital.
(b) Types of securities traded in the Stock Exchange
Answer Details
(a) Functions of the Stock Exchange
It also helps government and companies to raise long-term capital.
(b) Types of securities traded in the Stock Exchange
Question 83 Report
(a) State any four sources of capital for a public limited company.
(b) Explain any four advantages and disadvantages respectively of converting a business into a public limited company.
(a) Four sources of capital for a public limited company
Other sources include trade credit from suppliers and mortgages on property.
(b) Four advantages of converting a business into a public limited company
Four disadvantages
Answer Details
(a) Four sources of capital for a public limited company
Other sources include trade credit from suppliers and mortgages on property.
(b) Four advantages of converting a business into a public limited company
Four disadvantages
Question 84 Report
Write short notes on the following, showing their main uses in foreign trade:
(a) Shipping notes
(b) Ship's manifest
(c) Bill of sight
(d) Dock warrant
(d) Bill of entry.
Short notes on foreign-trade documents
Answer Details
Short notes on foreign-trade documents
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