JAMB UTME - Commerce - 2020

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The factors of production are the resources that are used in certain proportion to create goods and services. These resources can include land, labour, capital, and entrepreneurship. Land refers to the natural resources and physical space used in the production process, such as minerals, crops, and real estate. Labour refers to the effort and skills of workers, including manual and mental work. Capital refers to the financial resources used to fund the production process, such as machinery, buildings, and equipment. Entrepreneurship refers to the drive and risk-taking ability of the individuals who start and manage businesses. In simple terms, the factors of production are the ingredients needed to make a product or provide a service, and they must be combined in the right way to be successful.

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The management function that makes the difference in intensity of behavior is "Motivation." Motivation is the process of inspiring and encouraging people to take action towards achieving a specific goal. It is the driving force behind a person's behavior and actions. When individuals are motivated, they are more likely to be energetic, focused, and productive in their work. In a management context, motivation can be used to influence the intensity of employee behavior, leading to improved performance and productivity. In simple terms, motivation is what makes people work harder and perform better. By understanding and harnessing the power of motivation, managers can effectively lead and guide their team towards success.

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A monopoly refers to a situation where a single company or entity has exclusive control over a certain product or service in a market, such that there is no competition. In this situation, the company or entity has the ability to set prices, control supply and determine the terms of the service. Public enterprises, also known as state-owned enterprises or government-owned corporations, are companies that are owned by the government. These companies can sometimes have a monopoly in certain markets, especially in sectors where the government has deemed it necessary to have control, such as utilities, telecommunications, and transportation. On the other hand, private companies and limited liability companies are owned by individuals or a group of individuals, and they operate in a competitive market. They do not have a monopoly in any market. In summary, public enterprises are best associated with services of absolute monopoly, as they can have exclusive control over certain products or services in a market due to their ownership by the government.

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The slogan "Safeguarding the health of the nation" is used by NAFDAC, which stands for the National Agency for Food and Drug Administration and Control. NAFDAC is a Nigerian government agency responsible for regulating and controlling the manufacture, importation, exportation, advertisement, sale and use of food, drugs, cosmetics, chemicals, and medical devices in Nigeria to ensure public health safety. In other words, NAFDAC's role is to protect the health of Nigerians by making sure that the food, drugs, and other products they use are safe and of good quality.

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The process of converting a non-profit making organization to a profit-making business is called commercialization. Commercialization refers to the process of taking a product, service, technology, or idea and making it ready for the marketplace. This involves developing a business model, determining pricing, and creating a marketing strategy to reach customers. In the case of a non-profit organization, commercialization means changing its focus from serving a social cause to generating profits for its owners or shareholders. This can involve selling products or services, investing in profitable ventures, or making other changes to its operations to increase revenue and reduce costs.

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Fluctuations in the supply of goods refer to changes in the availability of goods over time, for example, a shortage of a certain product during high demand periods. To eliminate these fluctuations, it is important to have a smooth and efficient distribution system that can manage the flow of goods from the manufacturer to the end consumer. One way to achieve this is through the use of modern technology, such as automated systems that can track inventory levels and ensure that there is always a sufficient supply of products available. Another important factor is having a team of retailers who can work together to manage the distribution of goods and ensure that there are no bottlenecks or delays in the supply chain. Warehouse services can also play a crucial role in eliminating fluctuations in the supply of goods. By having a well-organized and efficient storage system, it is possible to ensure that there is always a sufficient amount of products available to meet customer demand. Finally, having sufficient middlemen, such as distributors and wholesalers, can also help to eliminate fluctuations in the supply of goods. These intermediaries can help to manage the flow of goods from the manufacturer to the retailer, ensuring that there are no disruptions or delays in the supply chain.

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The development of a container and a graphic design for a product is called packaging. Packaging refers to the process of designing and creating the packaging for a product, including the container or material that holds the product and the design or graphics on the packaging. The packaging is an important part of the product as it protects the product, helps to preserve its quality, and also serves as a way to attract and inform consumers about the product. In short, packaging is a crucial aspect of bringing a product to market and making it appealing to consumers.

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The stock market is a platform where stocks or shares of companies are bought and sold. When stock prices are rising, the major participants in the market are usually "bulls". Bulls are investors who have a positive outlook on the market and expect stock prices to rise. They buy stocks with the expectation that they will sell them later at a higher price and make a profit. On the other hand, "bears" are investors who have a negative outlook on the market and expect stock prices to fall. They typically sell stocks or short sell, which involves borrowing stocks and selling them with the hope of buying them back at a lower price and making a profit. "Registrars" are organizations that keep track of the ownership of stocks and maintain records of who owns what. They are not directly involved in buying and selling stocks. "Companies" are the issuers of stocks and are not considered major participants in the stock market. They raise capital by issuing stocks and selling them to the public. The performance of a company's stock depends on various factors such as the company's financial performance, market conditions, and investor sentiment.

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The process of buying and selling and distribution of goods and services is commerce. Commerce refers to the exchange of goods and services between individuals, businesses, and other organizations. This includes the various activities involved in the buying and selling of goods, such as advertising, pricing, transportation, and distribution. The goal of commerce is to bring goods and services to the people who need or want them, and to facilitate trade and economic growth. In a simple and comprehensive way, commerce is all about the exchange of goods and services between people to fulfill each other's needs and wants.

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The difference between a chamber of commerce and a trade association is that the former is not restricted to a particular industry. A chamber of commerce is a type of business network that represents the interests of businesses in a specific geographic area, such as a city, region, or country. Chambers of commerce typically include businesses from a variety of industries and are focused on promoting economic development, advocating for favorable business policies, and providing networking opportunities for their members. On the other hand, a trade association is a type of business organization that represents the interests of a specific industry or group of industries. Trade associations are typically composed of businesses that are engaged in the same trade or industry and are focused on promoting the interests of their members by lobbying for favorable policies, providing educational resources, and promoting their members' products and services. So, while a chamber of commerce is a broad-based business organization that includes businesses from a variety of industries, a trade association is more focused and industry-specific.

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The winding up of a firm by a resolution of its shareholders is an example of voluntary liquidation. This means that the company's shareholders have made a decision to voluntarily end the company's operations and dissolve it. The process of voluntary liquidation involves distributing the company's assets to its creditors and shareholders and officially ending the company's existence as a legal entity. This is typically done when the company is no longer profitable or the shareholders feel that it is in the best interest of the company to end its operations. Voluntary liquidation is different from bankruptcy, which is a legal process where a company is declared unable to pay its debts and its assets are sold to repay creditors. It is also different from recession, which is a general slowdown in economic activity, and involuntary liquidation, which is a process where a company is forced to wind up its operations by a court order.

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A public limited company can raise long-term loans through "the capital market." The capital market refers to a market where long-term debt and equity securities are traded. It is a market for long-term investments, where public limited companies can raise funds by issuing stocks and bonds. Stocks represent ownership in the company, while bonds are a form of debt that the company promises to repay with interest over a specified period of time. In simple terms, the capital market provides a platform for public limited companies to raise long-term funding from investors by issuing securities. By accessing the capital market, public limited companies can secure the funding they need to finance growth and expansion plans, without the restrictions of short-term loans or bank overdrafts.

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Selling and marketing are two distinct but related activities in business. Selling is focused on the transaction of exchanging goods or services for money, while marketing is a broader concept that encompasses the entire process of creating, promoting, and distributing a product or service. In simple terms, selling is what you do to close a deal, while marketing is what you do to create demand for your product or service. Regarding the options you provided, "form utility" refers to the process of transforming raw materials into a finished product, while "place utility" refers to the availability of a product in a location where customers can access it. "Possession utility" refers to the satisfaction a customer gets from owning a product. "Marginal utility" refers to the additional satisfaction a customer gets from consuming one more unit of a product. So, selling only creates "possession utility" by allowing the customer to acquire the product, while marketing creates all four types of utilities by ensuring the product is available, accessible, and desirable to the customer.

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A worker who processes rice is engaged in "manufactural activity." This refers to the process of converting raw materials into finished products through various stages of production, including assembly, refining, and packaging. In this case, the raw material is rice and the finished product is processed rice. Manufactural activity encompasses a wide range of industries, from food and beverage production to electronics manufacturing.

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The lumbering of trees by a furniture company is an example of primary production. Primary production refers to the extraction of raw materials from natural resources, such as the harvesting of crops, mining of minerals, or lumbering of trees. In this case, the furniture company is directly using the raw material (trees) to produce their product (furniture). This is a direct and initial step in the process of turning raw materials into finished goods, which can then be sold and consumed.

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A share is a financial instrument that entitles the holder to receive dividends and capital gains. A share represents a unit of ownership in a company and as the company earns profits, the holders of the shares are entitled to a portion of those profits in the form of dividends. When the company's stock price increases, the holder of the shares can sell their shares for a profit, which is referred to as a capital gain. A bond is a debt security, meaning the holder is lending money to the issuer (usually a corporation or government) and is entitled to receive periodic interest payments and the return of the bond's face value when it matures. A bill of exchange is a financial instrument that requires one party to pay a certain sum of money to another party on a specified date. A treasury bill is a short-term debt obligation issued by a government, with a maturity of less than one year. It is considered to be a low-risk investment as it is backed by the government.

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The direct authority of a superior over his subordinate is known as line authority. Line authority refers to the authority that is exercised by a manager or supervisor over the employees who directly report to them. This type of authority gives the manager the power to make decisions and give orders that are binding on the employees. Line authority is essential for maintaining control and ensuring that an organization runs smoothly and efficiently. It is the main source of authority in a hierarchical organizational structure, where there is a clear chain of command.

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The unit through which the result of processed data is displayed is the Output Unit. The Output Unit is responsible for presenting the results of the computer's processing to the user. This can be done in many different forms, such as on a screen (such as a monitor), through audio output (such as speakers), or through a physical printout (such as a printer). The output unit is an important part of the overall computer system, as it allows the user to see and interact with the results of the processing that has taken place.

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The essential utility derived from the use of a product is known as the "core benefit." In simple terms, the core benefit refers to the basic need or problem that a product is designed to fulfill. For example, the core benefit of a car is transportation, the core benefit of a toothbrush is to clean teeth, and the core benefit of a computer is to process and store information. The core benefit is the main reason why someone would buy and use a product.

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The advantage of pipeline transport that does not fit the list is "Prone to leakages." Pipeline transport is a system in which liquids or gases are transported through pipelines. The pipeline is usually buried underground, reducing the risk of damage from external factors such as weather or vehicle collisions. However, pipelines can also be vulnerable to leaks due to internal corrosion or other factors, which can result in environmental damage and potentially even harm to human health. Overall, while pipeline transport can offer advantages such as low maintenance costs, safety, and a continuous flow of goods, it is important to also consider the potential for leakages and take appropriate measures to prevent or mitigate them.

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The most widely used computer language for solving science-oriented problems is FORTRAN, which stands for "Formula Translation". FORTRAN was one of the first high-level programming languages and was specifically designed for scientific and engineering calculations. FORTRAN is particularly well-suited for solving problems in areas such as physics, chemistry, and engineering, as it has a strong focus on numerical computations and data analysis. It is still widely used today, especially in fields such as weather forecasting, climate modeling, and numerical simulations. In comparison, BASIC is a more general-purpose programming language that was originally designed to be easy to learn and use. ADA is a high-level programming language that was developed for use in real-time, safety-critical systems such as avionics and air traffic control systems. COBOL, on the other hand, was designed for business applications and is used primarily for financial and administrative systems.

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A Digital Versatile Disk (DVD) is a computer storage device. It is a type of optical disc that is used to store large amounts of data, such as movies, music, or software. DVDs are similar to CDs, but they have a higher storage capacity, which allows them to store more information. They work by using lasers to read and write data on the disk. The data is stored in the form of tiny pits and lands on the disk, which are read by the laser. DVDs are widely used for entertainment purposes, as well as for data storage and backup.

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To determine the net profit of the company, we first need to calculate its gross profit. Gross profit is the revenue minus the cost of goods sold, which in this case is N108 million - N91 million = N17 million. Next, we need to calculate the tax the company paid on its gross profit. If the company paid 45% tax on its gross profit, then the tax would be 45% * N17 million = N7.65 million. Finally, to determine the net profit, we subtract the tax from the gross profit: N17 million - N7.65 million = N9.35 million. So the company's net profit was N9.35 million.