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Frage 1 Bericht
Prospectus in relation to a public limited inability company means
Antwortdetails
In the context of a public limited company, a prospectus refers to a formal document that is issued by the company to provide essential information to potential investors. It serves as an invitation to the public to buy shares in the company.
The main purpose of the prospectus is to help potential investors make informed decisions about whether or not to invest in the company's shares. It typically contains details such as:
The prospectus is a crucial document because it ensures transparency and allows investors to assess the potential risks and rewards involved in purchasing shares from the company.
Frage 2 Bericht
Which of the following services is NOT rendered by NITEL?
Antwortdetails
The service that is NOT rendered by NITEL is Recorded Delivery.
Explanation:
NITEL, which stands for Nigerian Telecommunications Limited, was mainly involved in providing telecommunications services in Nigeria. Its core services included:
On the other hand, Recorded Delivery is a service typically offered by postal services, not telecommunication companies. It involves sending mail with proof of mailing and, sometimes, delivery confirmation. This ensures that mailed items are tracked and delivered securely.
Frage 3 Bericht
Bonded warehouse is controlled and supervised by
Antwortdetails
A bonded warehouse is a secure facility where goods are stored, and duties or taxes are deferred until the goods are removed and sold. These warehouses play a crucial role in international trade.
A bonded warehouse is specifically controlled and supervised by customs authorities. Customs are responsible for the regulation and examination of goods that are imported or possibly exported from the country.
Here is why customs control bonded warehouses:
This control by customs is crucial for maintaining transparency and compliance in the import and export of goods, ensuring the appropriate duties are collected and that regulations are respected.
Frage 4 Bericht
Which of the following is NOT an aim of advertising?
Antwortdetails
Advertising primarily focuses on promoting products or services to potential customers. Here are typical aims of advertising:
On the other hand, reducing the cost of the goods produced is NOT an aim of advertising. This is more associated with production processes and cost management strategies within a company. Advertising itself often incurs costs and does not directly reduce production expenses but is intended to increase sales and generate revenue, which can offset costs over time.
Frage 5 Bericht
Obi received a cheque for #1000 from Mr. Ade and this cheque was stolen. He must
Antwortdetails
If Obi received a cheque from Mr. Ade and it was stolen, the appropriate course of action would be to inform Mr. Ade to tell his bank to stop payment on the cheque. Here’s why:
1. Informing Mr. Ade: Obi should immediately inform Mr. Ade because the cheque belongs to Mr. Ade and he is the one who can authorize the bank to stop payment. The cheque is drawn from Mr. Ade's account, so his bank is the one that needs to be notified to prevent the cheque from being cashed by an unauthorized party.
2. Stopping Payment: By stopping the payment, Mr. Ade ensures that if someone tries to cash or deposit the stolen cheque, the bank will reject it, thus preventing any unauthorized withdrawal of funds from Mr. Ade's account.
3. Legality and Authorization: Obi cannot directly stop payment with Mr. Ade's bank because he is not the account holder, and the bank will not act on Obi’s request without Mr. Ade's authorization.
4. Request for Replacement: Once Mr. Ade has successfully stopped payment on the stolen cheque, Obi can politely request Mr. Ade for a replacement cheque, assuming the situation is amicable and Mr. Ade is willing to issue another cheque.
In summary, the first step is to inform Mr. Ade so he can take the necessary action with his bank.
Frage 6 Bericht
The Nigeria Enterprises promotion Decree brought about policy
Antwortdetails
The Nigeria Enterprises Promotion Decree was a significant legislative action aimed at altering the structure of ownership in the Nigerian economy. The primary objective of this decree was to achieve indigenization of the Nigerian economy. This means that the decree was designed to increase Nigerian participation and ownership in various businesses and enterprises operating within the country.
Indigenization is a policy whereby a nation seeks to transfer ownership and control of foreign or expatriate-owned assets to its indigenous people. This was done by setting quotas or limits on foreign participation in certain sectors, thereby reserving those sectors for Nigerians. The goal was to promote local entrepreneurship, boost economic growth, and reduce foreign dominance in the economy.
While nationalization involves taking private assets into public ownership, and privatization is about transferring public sector enterprises into private hands, the Nigeria Enterprises Promotion Decree primarily focused on indigenizing the economy by empowering Nigerian citizens and businesses to own and control economic activities in the country.
Frage 7 Bericht
A public limited liability company is owned by
Antwortdetails
A Public Limited Liability Company is owned by shareholders. These are individuals or entities that own shares in the company. Each share represents a portion of ownership, so the more shares an individual or entity owns, the more ownership they have in the company. Shareholders have the right to vote on important company matters, including the election of the board of directors and major company policies.
It is important to note that although the shares of a public limited liability company are available for purchase by the general public on the stock exchange, the term "general public" refers to potential or current investors and does not mean that the general public owns the company. Ownership is exclusively linked to those who buy shares, making them shareholders.
Neither the government nor debenture holders own the company. The government may regulate the company but does not hold ownership unless it has explicitly purchased shares. Debenture holders are lenders to the company, holding debt instruments rather than equity, so they do not have ownership rights. Their relationship with the company is typically based on the repayment of debt with interest, rather than ownership.
Frage 8 Bericht
Which of the following is NOT a credit instrument?
Antwortdetails
The term **credit instrument** refers to a written document that provides evidence of a borrower's promise to repay a debt. These instruments allow the transfer of money or credit between parties. Each of the options given is assessed below:
Bill of Exchange: This is a written order used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date. It is a credit instrument as it facilitates deferred payments.
Bank Notes: These are the paper currency issued by a central bank that people can use to pay for goods and services. They are not credit instruments because they represent actual money rather than a promise to pay in the future.
Cheques: A cheque is a written order directing a bank to pay money as instructed from the account holder's balance. It is a credit instrument as it allows the holder to defer payment until it is presented at the bank.
Bill of Lading: This is a document issued by a carrier to acknowledge receipt of cargo for shipment. It is mainly used to transfer goods and does not involve deferred payments or evidence of a debt, thus it is not a credit instrument.
Therefore, among the given options, the Bill of Lading is NOT a credit instrument as it is primarily related to the shipment and receipt of goods, and not to financial credit or promises of payment.
Frage 9 Bericht
The rules and regulations guiding the conduct of business transactions are known as law
Antwortdetails
In the context of **business transactions**, the rules and regulations that govern them are primarily known as **commercial law**. This is because **commercial law deals specifically with the legal aspects of business and trade**, and it includes a variety of laws that regulate how businesses operate, how they interact with other businesses, and how consumers are protected in these transactions.
Other laws mentioned, such as:
Therefore, when discussing the guidelines and frameworks for business transactions specifically, **commercial law** is the umbrella under which these rules and regulations fall.
Frage 10 Bericht
Banks issue cheque books to customers holding ___________ accounts.
Antwortdetails
Banks issue cheque books to customers holding current accounts.
Let me explain why:
A current account is designed for regular transactions. It is ideal for individuals or businesses that need frequent access to their funds. This account allows for multiple daily transactions such as deposits, withdrawals, and transfers.
One primary feature of a current account is the ability to issue cheques. A cheque is a written order to a bank to pay a certain amount of money from one’s account to another person or entity.
Unlike a current account, foreign accounts, deposit accounts, and fixed deposit accounts serve different purposes:
Therefore, banks provide cheque books specifically for current accounts to facilitate regular transactions.
Frage 11 Bericht
The service rendered by NIPOST in which letters are addressed to any post office to await collection by the addressee is known as
Antwortdetails
The Free post service allows individuals to send letters or parcels to any post office without the need to pay for postage upfront. The addressee can then collect the item from the designated post office upon presentation of proper identification.
Frage 12 Bericht
Transfer of ownership of goods sold under Hire Purchase System takes place when
Antwortdetails
Under the Hire Purchase System, the transfer of ownership of goods occurs when the buyer completes all the terms of the agreement. Specifically, this means that the ownership is transferred only when the final instalment is paid. Until the final payment is made, the ownership of the goods remains with the seller or the finance company facilitating the hire purchase. This arrangement allows the buyer to use the goods while making payments in instalments, but the buyer does not become the legal owner until they fulfill the entire payment commitment. Therefore, **the final payment is crucial** for the change of ownership, ensuring that all obligations under the agreement are satisfied.
Frage 13 Bericht
Which type of advertisement induces consumer to purchase the goods he does not need?
Antwortdetails
Persuasive advertisement is the type that induces consumers to purchase goods they do not need. This form of advertising aims to create a desire in the consumer by appealing to their emotions, beliefs, or aspirations. Instead of providing just information about the product, it focuses on convincing the consumer that they will gain certain benefits or status by owning or using the product. This can be achieved through various techniques such as celebrity endorsements, fear of missing out (FOMO), appealing to trends, or showcasing how the product improves one's lifestyle or social standing. By doing this, consumers are often led to believe that they need the product to achieve happiness, success, or social acceptance, thereby encouraging them to make purchases that were originally unnecessary to them.
Frage 14 Bericht
The documents sent by the suppliers of good to a prospective buyer, informing him of what to pay if he buys the good is
Antwortdetails
The document sent by suppliers of goods to a prospective buyer, informing him of what to pay if he buys the goods is called an invoice. An invoice is a commercial document that itemizes all the products or services provided by the seller, as well as the prices. It typically includes important details such as the list of goods, quantities, agreed-upon prices, any discounts or taxes, and the total cost that the buyer needs to pay.
Invoices serve multiple purposes: they act as a request for payment, provide a clear record of a sale, and can be used for accounting and taxation purposes. By receiving an invoice, the prospective buyer is informed of the amount they need to pay if they decide to purchase the goods.
Frage 15 Bericht
The term "consumer sovereignty" means that the consumer is a
Antwortdetails
The term "consumer sovereignty" indicates that the consumer is considered a king in the market. This concept emphasizes the power and freedom consumers have to influence the goods and services that are produced in a market economy. Essentially, businesses strive to fulfill the desires and needs of consumers because their satisfaction and demand determine what should be produced. In this role, the consumer wields the power to make decisions based on preferences, effectively guiding the market dynamics. Companies that understand their consumers well and meet their needs are more likely to succeed.
Frage 16 Bericht
The policy designed to accelerate the greater participation of Nigerians in the ownership and management of business enterprises in Nigeria is called
Antwortdetails
The policy designed to accelerate the greater participation of Nigerians in the ownership and management of business enterprises in Nigeria is called Indigenization.
Indigenization refers to efforts and policies implemented to transfer ownership and control of enterprises and resources from foreign and non-national entities to the nationals of a country. The aim is to increase the involvement of local citizens in the economy of their country, ensuring that they have a substantial stake in the economic activities.
In the context of Nigeria, the indigenization policy was meant to empower Nigerians by enabling them to own and manage businesses. This was achieved by legally requiring certain levels of Nigerian ownership and participation in various sectors of the economy. Such policies were put in place to reduce foreign control and ensure that the wealth generated within the country contributed to national development and was accessible to the citizens of Nigeria.
Frage 17 Bericht
An instruction to an agent abroad restricting him to buy from a named manufacturer is known as
Antwortdetails
The instruction given to an agent abroad restricting him to buy from a specific or named manufacturer is known as a closed indent.
Let me explain it in a straightforward way:
1. **Indent:** This is a purchase order sent by a buyer to an agent or supplier to buy goods on their behalf. It contains details about the product, quantity, and specifications.
2. **Closed Indent:** This type of indent indicates that the buyer has decided to purchase products from a particular, specified manufacturer or supplier. The agent must comply with this restriction while procuring the goods. The buyer has already made a choice, and the agent is simply carrying out their instructions.
In contrast, an **open indent** allows the agent to choose the manufacturer or supplier from whom to buy the goods, as long as the buyer’s requirements are met. So, the key difference is the level of freedom or restriction given to the agent in selecting the supplier.
Frage 18 Bericht
The rights of the consumers does NOT include
Antwortdetails
In discussing the rights of consumers, it's important to recognize that these rights are intended to ensure fair treatment, safety, and access to necessary information. Let's look closely at the options provided to determine which one does not align with consumer rights:
The right to fix prices: However, this is not a consumer right. **Consumers do not have the right to set or fix the prices of goods and services.** ^Pricing is usually determined by companies, influenced by factors like production costs, market demand, and competition.^ While consumers can compare prices and make choices based on their budget and preferences, the **determination of prices is not within their rights**.
In summary, **the correct answer is that consumers do not have the right to fix prices**. This responsibility lies with businesses and is regulated to prevent practices like price fixing, which can harm consumer interests.
Frage 19 Bericht
Gross profit can be calculated as
Antwortdetails
The calculation of **gross profit** is done by taking the total **sales revenue** and subtracting the **cost of goods sold (COGS)**. Hence, the correct formula to calculate gross profit is:
Gross Profit = Sales - Cost of Goods Sold
Let's break it down for clarity:
The **gross profit** reflects the company's **profitability** related to its core operations, excluding other expenses such as operating expenses, taxes, and interest.
For example, if a company records total sales of $100,000 and its cost of goods sold is $60,000, the gross profit would be:
Gross Profit = $100,000 - $60,000 = $40,000
The gross profit of $40,000 provides insight into the financial **efficiency** of the company's production and sales processes.
Frage 20 Bericht
A bill of exchange sold for less than its face value before maturity is said to be
Antwortdetails
A bill of exchange that is sold for less than its face value before maturity is said to be discounted.
Here's a simple explanation: A bill of exchange is a written order used in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date or on demand. When you hold a bill of exchange and decide to sell it before its maturity date, you usually sell it for less than its full value. This is because the buyer is taking on the risk of waiting for the maturity date to receive the full amount, and they are compensated for taking that risk by paying less than the bill's face value.
This process is known as discounting the bill of exchange. The amount you receive in the sale is called the discounted value, while the difference between the face value and the discounted value is known as the discount. Discounting is a common financial practice and allows the holder of the bill to get immediate funds, albeit at a lesser amount than the bill's face value.
Frage 21 Bericht
The aid to trade which enables producer and consumer to transact business without physical contact is known as
Antwortdetails
The aid to trade that enables a producer and consumer to transact business without physical contact is known as communication.
To understand why, consider the following: Communication is a process that involves the exchange of messages, ideas, and information. With modern technology, such as telephones, emails, and the internet, communication allows people from various locations to interact and conduct business seamlessly. This eliminates the necessity for face-to-face meetings.
For example, a consumer can order a product online and communicate with the seller via chat or email. Similarly, a producer can advertise a product to a global audience through digital platforms without any need for physical presence. These exchanges are facilitated primarily by effective communication.
Frage 22 Bericht
A contract in which all parties to the contract have carried out their obligation is said to be terminated by
Antwortdetails
A contract in which all parties have fully met their obligations is said to be terminated by performance.
Here's an explanation:
Frage 23 Bericht
The first Nigerian enterprises promotion decree was promulgated in
Antwortdetails
The Nigerian Enterprises Promotion Decree of 1973, also known as the Indigenization Decree, was a significant policy implemented by the Nigerian government aimed at promoting indigenous participation and ownership in the country's economy. The decree outlined provisions for the transfer of ownership and control of certain businesses from foreign owners to Nigerian citizens.
Frage 24 Bericht
An allowance made to a customer for prompt payment is known as
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An allowance given to a customer for making prompt payment is called a cash discount. This is a reduction in the amount due to encourage the customer to pay within a shorter period. Essentially, it serves as an incentive for early payment, improving the cash flow for the seller and rewarding the buyer for settling their debts quickly.
Frage 25 Bericht
The components of a balance of payments account are
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The balance of payments (BOP) is a record of all economic transactions between residents of one country and residents of other countries over a specific period. It is divided into three main components, which are: Current, Capital and Monetary movement (financial) account.
Frage 26 Bericht
Which of the following is NOT part of Pre-Sales Service/ice?
Antwortdetails
Pre-sales services are the activities and support provided to potential buyers before the actual sale takes place. These services aim to assist customers in making informed purchasing decisions and to facilitate a smooth sales process. They typically include activities such as providing information about the products, answering inquiries, and assisting with product selection. However, granting credit or hire purchase sales facilities is not typically considered a pre-sales service.
Frage 27 Bericht
Antwortdetails
The relationship between a country's visible imports and exports in a trading year is known as the balance of trade.
To understand this concept, think of it as a way to measure how much a country is buying from other countries (imports) compared to how much it is selling to other countries (exports). When we talk about "visible" imports and exports, we refer to tangible goods like cars, food products, electronics, etc., that you can see, touch, and feel.
The balance of trade is essentially the difference in value between a country's visible exports and visible imports. If a country exports more than it imports, it has a trade surplus. Conversely, if it imports more than it exports, it has a trade deficit.
This concept is crucial because it gives insights into a country's economic health. A trade surplus might indicate a strong economy, whereas a trade deficit might suggest dependency on other nations for goods.
In summary, the balance of trade helps us understand the economic relationship between a country and its trading partners by showing whether the country has a surplus or deficit in its visible goods trade. Other terms like counter trade, international trade, and balance of payment have different meanings in economics and should not be confused with the balance of trade.
Frage 28 Bericht
Which of these is NOT a governments legislation to protect the consumer?
Antwortdetails
The correct option that is NOT a government legislation to protect the consumer is Privatization and Commercialization.
Let me explain this in a simple way:
However:
Therefore, while the first three directly aim to protect consumers, Privatization and Commercialization are more about economic management and do not serve as consumer protection legislation.
Frage 29 Bericht
Tariff can be defined as a compulsory levy on
Antwortdetails
A tariff is a compulsory levy imposed by a government on imported goods only. This means that when products are brought into a country from abroad, a tax or duty is charged by the government on these goods. Tariffs are typically used to protect domestic industries from foreign competition by making imported goods more expensive, encouraging consumers to buy locally produced items. They can also be a source of revenue for the government. By increasing the cost of imports, tariffs influence the prices and choices available to consumers, often making domestic goods more appealing. In summary, tariffs are specifically associated with imports, not exports, foreign exchange earnings, or foreigners working in a particular country.
Frage 30 Bericht
Which of these is used in calculating working capital?
Antwortdetails
Working capital is a financial metric that represents the difference between a company's current assets and current liabilities. It is used to assess a company's short-term liquidity and operational efficiency. In calculating working capital, we focus on the **current assets**, which are assets that are expected to be converted into cash or used up within one year.
Among the options provided:
Therefore, the **stock of raw material** is used in calculating working capital because it is a **current asset**. Working capital is calculated using the formula:
Working Capital = Current Assets - Current Liabilities
In this formula, **current assets** would include items such as stocks of raw material, cash, accounts receivable, etc. As a result, stock of raw material is relevant for determining a company's ability to meet its short-term obligations and manage day-to-day operations.
Frage 31 Bericht
All the following are principles of insurance EXCEPT
Antwortdetails
In insurance, there are several fundamental principles that ensure the contractual agreement between the insurer and the insured is fair and effective. Among these principles, three are well-known:
Insurable Interest: This principle states that the insured must have a financial stake in the object or life insured. The policyholder should suffer a financial loss if the insured event occurs. This ensures that insurance is not a mere gambling proposition.
Utmost Good Faith (Uberrimae Fidei): Both parties involved in an insurance contract are required to disclose all relevant information truthfully. The insured must reveal all material facts, and the insurer should provide honest terms and conditions.
Subrogation: After compensating the insured for a loss, the insurer may step into the shoes of the insured to seek recovery from a third party responsible for the loss. This principle prevents the insured from profiting more than once for the same loss.
On the other hand, the term "Particular Average" is not one of the fundamental principles of insurance. Instead, it is a maritime insurance term used to describe partial loss or damage to a ship or its cargo that is not shared by all parties but borne only by the individual whose cargo was damaged. Therefore, among the options provided, "particular average" is the exception as it is not a principle of insurance.
Frage 32 Bericht
A ship which has no fixed schedule and travels wherever it can find cargoes to carry is a
Antwortdetails
A ship that does not have a fixed schedule and travels wherever it can find cargoes to carry is known as a tramp ship.
Here's why it is called a tramp ship:
Tramp ships operate differently from other types of vessels, such as liners or ferry boats. They do not follow a set route or schedule. Instead, they are flexible and can go to any port where there is cargo to be transported. This means that their operations are based on demand rather than a predetermined timetable.
To put it simply, a tramp ship is like a freelance vessel that looks for cargo opportunities and travels based on where the work is, rather than sticking to a specific route or timeline. This provides a degree of freedom and responsiveness to market demands that fixed-schedule ships, like liners, do not have.
Frage 33 Bericht
The sum which the insured pays periodically to his insurance company is called
Antwortdetails
The sum which the insured pays periodically to his insurance company is called a premium.
Explanation:
When you purchase an insurance policy, whether it's for health, life, car, or any other type of insurance, you agree to pay a certain amount of money at regular intervals to the insurance company. This amount is known as the premium. The premium is the cost you pay to the insurance company so that they will provide you with coverage and financial protection against specified risks.
Insurance companies calculate your premium based on various factors including the type of insurance, the amount of coverage you want, your age, your health (for health or life insurance), and other risk factors. In return for paying your premium, the insurance company promises to cover certain costs or losses as outlined in your policy.
Frage 34 Bericht
A holding company is one which holds shares in another company up to
Antwortdetails
A holding company is a corporation that owns enough voting shares in another business to control its management and policies. Control is typically established by owning the majority of the voting stock. In most cases, owning over 50% of the voting shares is considered having sufficient control. Thus, a holding company generally holds shares up to 51% or more in another company to exercise control. To further clarify:
Therefore, a holding company usually holds shares up to and typically beyond 51% in another company to ensure they can steer the business according to their interests and policies.
Frage 35 Bericht
The coming together of two or more firms with each of them losing its identity is known as
Antwortdetails
The coming together of two or more firms with each of them losing its identity is known as an amalgamation.
An amalgamation occurs when two or more companies combine to form a new entity, and as a result, each of the original companies ceases to exist as an independent entity. The firms essentially merge to create a new organization with a new identity. This is different from other forms such as a holding company where individual companies maintain their identities or a consortium, which is generally a collaboration without the loss of individual identities. It's not similar to a cartel either, as a cartel involves competitors collaborating to set prices or output but still maintaining their distinct identities.
Frage 36 Bericht
One of the easiest means of transporting petroleum product is by
Antwortdetails
Pipelines are one of the easiest and most efficient means of transporting petroleum products. Here is why:
1. Continuous Flow: Pipelines allow for a constant and uninterrupted flow of petroleum products from one location to another. This continuity ensures a steady supply and minimizes delays that can occur with other modes of transportation.
2. Cost-Efficient: Over long distances, pipelines are generally more cost-effective than other transportation methods. This is due to lower operating costs and the ability to transport large volumes of product with minimal energy input once the infrastructure is in place.
3. Safety: Pipelines are considered to be a safer option for transporting petroleum products compared to road or rail. They reduce the likelihood of accidents or spills that can occur with vehicles or trains, making them a preferred choice for minimizing environmental impact.
4. Reliability: Unlike air or road transport, pipelines are less affected by weather conditions, traffic, or other disruptions, which makes them a reliable choice for consistent delivery schedules.
5. Low Environmental Impact: While the construction of pipelines can initially impact the environment, their operation creates fewer emissions compared to repeated vehicle trips. This makes pipelines a more environmentally friendly option in the long term.
Overall, due to these advantages, pipelines are often the preferred method for transporting large volumes of petroleum products over long distances in a safe, cost-effective, and reliable manner.
Frage 37 Bericht
Use the information below to answer this question.
Aisha sold her wristwatch to Halima for #2,000.00 and she paid. The sum of #2,000.00 is the
Antwortdetails
The sum of #2,000.00 in the transaction between Aisha and Halima is referred to as the consideration. In contracts and transactions, particularly in legal terms, a consideration is something of value that is exchanged between parties involved in an agreement. It can be in the form of money, goods, services, or a promise to act or refrain from acting. In this case, Halima paid Aisha #2,000.00 as a consideration for the wristwatch. This makes the transaction a valid contract where the consideration is the monetary amount exchanged for the wristwatch.
Frage 38 Bericht
A wholesaler who acts as an agent on behalf of the owner of the goods in buying or selling for a commission proportionate to the value of the transaction is called a
Antwortdetails
In the context of trade and commerce, a wholesaler who acts on behalf of the owner of goods in buying or selling, and receives a commission based on the value of the transaction, is typically referred to as a factor.
Here's why:
A factor is a type of agent who is enthusiastically involved in the buying and selling process of goods. This role often involves taking possession of the merchandise, managing the sales, and sometimes providing advance payment to the owner. For these efforts, the factor earns a commission proportionate to the transaction value.
Factors differ from some other types of agents in that they often have more responsibilities, including the power to sell goods in their own name, collect proceeds from buyers, and handle various logistical aspects of the sale.
In contrast:
- A commissioned agent might not necessarily take possession of the goods or manage the detailed logistical aspects of sales.
- A del-credere agent provides a guarantee to the principal that the buyer will perform as agreed, essentially assuming responsibility for any buyer defaults, but this does not inherently describe their primary role in the wholesale process.
- A speculator doesn't fulfill an agency role for the owner of goods but rather buys goods directly to sell at a profit, often taking on significant risk in the hope of financial gain.
Therefore, in the scenario you provided, the term most accurately describing the wholesaler's role as an agent working for a commission based on the transaction value is a factor.
Frage 39 Bericht
The body charged with the responsibility monitoring the quality of goods supplied is the
Antwortdetails
The body responsible for monitoring the quality of goods supplied is the Nigerian Standards Organization. This organization, also known as the Standards Organization of Nigeria (SON), is charged with setting and ensuring compliance with product quality standards for goods in the country. Their primary role is to develop and implement standards that help safeguard both consumers and the environment by ensuring that products are safe, reliable, and of good quality.
The SON conducts inspections, tests, and other evaluative measures on products to ascertain their quality. Additionally, they educate manufacturers and stakeholders about necessary standards and oversee adherence to these standards in production and distribution processes. Through these activities, the organization aims to protect consumers from harm, fraudulent practices, and low-quality products, while also enhancing the competitiveness of Nigerian goods both locally and internationally.
Frage 40 Bericht
An agent held responsible for non-payment of goods bought by the customer he introduced to his principal is called agent
Antwortdetails
The agent responsible for non-payment of goods bought by the customer he introduced to his principal is called a del-credere agent.
This type of agent provides an additional guarantee or assurance to their principal that customers introduced by them will pay for the goods purchased. If the customer fails to pay, the del-credere agent is liable and must cover the payment to the principal. This arrangement reduces the risk for the principal regarding customer payments.
Here's a simple breakdown:
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