JAMB UTME - Commerce - 2018

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The sale of second-hand securities is typically done in the stock exchange. The stock exchange is a marketplace where buyers and sellers come together to trade securities such as stocks, bonds, and other financial instruments. When someone wants to sell a second-hand security, they can list it for sale on the stock exchange, where potential buyers can see it and make offers to purchase it. If a buyer is found and the sale is completed, the seller receives the proceeds of the sale and the buyer takes ownership of the security. The stock exchange provides a convenient and efficient way for buyers and sellers to trade securities, as it allows for a large number of transactions to take place quickly and easily. Additionally, the stock exchange provides transparency and fairness in pricing, as all buyers and sellers have access to the same information about the securities being traded.

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The arrangement by independent firms to share the market of their products on a quota basis is called a cartel. In a cartel, companies come together and agree to limit the amount of their product that they sell, in order to reduce competition and maintain higher prices. For example, imagine there are three companies that make the same product. Normally, they would compete with each other by trying to offer the best price or quality. But if they form a cartel, they would agree to limit the amount of their product that they sell, and each company would be assigned a specific quota. This would reduce competition and allow them to charge higher prices because there would be less supply in the market. Cartels are usually illegal because they violate antitrust laws that prohibit companies from colluding to artificially control prices or limit competition. However, some cartels may operate legally in certain countries or industries with government approval.

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Sudden technological changes can have the effect of making a company's product obsolete because newer technologies often provide better and more efficient solutions. As a result, companies that fail to adapt to these changes risk losing their market share and becoming irrelevant. Moreover, sudden technological changes can also make a company's management style ineffective, especially if the new technology requires a different approach to managing employees or implementing processes. Similarly, the control mechanism may become difficult to implement if the new technology requires new tools or software that are not compatible with the existing infrastructure. Lastly, sudden technological changes may make it difficult to monitor the motivational factors in the company. For instance, employees may become demotivated if they feel that their skills are no longer relevant or that they cannot keep up with the pace of technological advancement. This can lead to a decline in productivity and morale, which can ultimately affect the company's bottom line.

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One of the disadvantages of rail transport is that it is not as flexible as other modes of transportation, such as road and air transport. This means that rail transport is limited in terms of the routes it can take and the places it can go to. It is also difficult to make changes to the rail network or to adjust rail schedules, which can make it less convenient for some types of shipments. Additionally, because rail transport is limited to a specific set of tracks, it is not as easy to reach remote or less accessible areas as it is with other modes of transportation.

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The act of selling in a foreign market at a price lower than the cost price is called "dumping". This means that a company is selling its products in another country at a price that is below the cost of production, or below the price that it charges in its home market. Dumping is often used as a strategy by companies to gain a foothold in a new market or to increase their market share. However, it can be harmful to the local businesses in the foreign market because they may not be able to compete with the low prices of the dumped products. In some cases, dumping can also be illegal under international trade laws. To summarize, dumping is the act of selling products in a foreign market at a price that is lower than the cost of production, which can harm local businesses and may be illegal under international trade laws.

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The first form an applicant must complete before taking an insurance policy is the proposal form. This is a document that provides information about the applicant and the property or risk being insured. The proposal form is used by the insurer to assess the risk associated with the policy and to determine the premium that the applicant will be charged. The proposal form typically includes questions about the applicant's personal information, such as name, address, and occupation, as well as details about the property or risk being insured. For example, if the applicant is seeking a home insurance policy, the proposal form may ask about the age and condition of the home, its location, and any previous insurance claims made by the applicant. It's important for applicants to provide accurate and complete information on the proposal form, as any inaccuracies or omissions could affect the insurer's assessment of the risk and the terms of the policy. Once the proposal form is completed and submitted to the insurer, the insurer will review the information and decide whether to offer coverage and at what premium.

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The communication process involves several steps, including the transmission of a message from the sender to the receiver. The sender is the person who originates the message, while the receiver is the person who receives the message. The message is transmitted over a selected channel, which can be a face-to-face conversation, a phone call, an email, a letter, or any other medium used to convey information. The sender encodes the message using language, symbols, or other forms of communication that can be understood by the receiver. The encoded message is then transmitted through the chosen channel to the receiver. Once the message is received, the receiver decodes it, which means interpreting the message in a way that makes sense to them. The receiver may also provide feedback to the sender, which allows the sender to evaluate whether the message was understood as intended. The audience, on the other hand, is the group of people who receive the message, which may include the intended recipient as well as any others who may hear or see the message. Overall, the communication process involves the sender encoding a message and transmitting it over a selected channel to the receiver, who decodes it and provides feedback to the sender. The audience may also receive the message, which can have an impact on how the message is perceived and understood.

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The element of marketing mix involved in the scenario you described is "place." This is because the vendor is focused on the distribution and delivery of the newspapers to the intended audience, which involves choosing the right locations and routes to reach the maximum number of customers. In marketing, "place" refers to the distribution channels and methods used to get a product or service to the customers who need it. In this case, the vendor is delivering newspapers directly to people's homes and across the streets, which is a specific distribution strategy designed to make the product easily accessible to potential buyers. The vendor may choose certain locations based on factors such as population density, customer demand, and accessibility. While other elements of the marketing mix, such as the product (newspapers), price, and promotion, may also play a role in this scenario, the primary focus is on getting the product to the customer's doorstep, which falls under the "place" element of the marketing mix.

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A quota is a physical restriction that a government or an organization imposes on the quantity of goods that can be imported or exported from a country or a region. It is a limit on the number of goods that can be traded, usually to protect domestic industries from foreign competition or to regulate the flow of goods. For example, a country might impose a quota on the number of cars that can be imported in a year, or limit the amount of sugar that can be exported. This means that once the quota limit is reached, no more goods of that type can be imported or exported until the next period. Quotas can be used to manipulate the supply and demand of goods in a market, affecting their prices and availability.

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In a public limited liability company, planning is carried out by the board of directors. A public limited liability company is a type of business structure that is owned by shareholders and managed by a board of directors. The board of directors is responsible for overseeing the company's operations and making important decisions, including planning for the future. This planning process involves setting goals, developing strategies, and making decisions about how the company will allocate its resources to achieve its goals. The board of directors is accountable to the shareholders, who elect the board members and have the power to approve or reject major decisions.

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Warehousing is a productive function because it increases the utility of goods. Utility refers to the satisfaction or usefulness that consumers derive from using a product. Warehousing increases utility in several ways. First, it allows for better timing of product delivery, ensuring that goods are available when they are needed. This improves customer satisfaction and reduces the risk of lost sales. Second, warehousing can help to improve product quality. Goods can be stored in a controlled environment that is protected from damage, theft, and other hazards. This helps to maintain the quality of the products and ensures that they remain in good condition until they are ready for sale. Third, warehousing enables businesses to take advantage of economies of scale. By purchasing and storing goods in bulk, they can often obtain better prices from suppliers. This can help to reduce costs and increase profitability. Overall, warehousing is an essential part of the supply chain and plays a crucial role in improving the utility of goods, which ultimately benefits both businesses and consumers.

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The satisfaction of a consumer can be best explained by the marketing concept. The marketing concept is a business philosophy that focuses on identifying and meeting the needs and wants of consumers. It involves understanding the target market and delivering superior value to them by providing high-quality products or services that meet their needs and wants. By adopting the marketing concept, a business can tailor its products or services to the specific needs of its customers, and this can lead to higher levels of customer satisfaction. In turn, satisfied customers are more likely to become loyal customers and spread positive word-of-mouth about the business, which can ultimately lead to increased sales and profits. While product mix, marketing mix, and market segmentation are all important components of a business's overall marketing strategy, they are all ultimately aimed at achieving the marketing concept - delivering value to customers.

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One of the obstacles to achieving the objectives of ECOWAS is the issue of language differences. ECOWAS, which stands for the Economic Community of West African States, is a regional economic organization made up of fifteen West African countries. Its primary goal is to promote economic cooperation and integration among member states, with the aim of creating a unified economic market in the region. However, one major obstacle to achieving this goal is the language differences among member states. West Africa is a linguistically diverse region, with over 2,000 different languages spoken. English, French, and Portuguese are the three official languages of ECOWAS, but many other languages are also spoken in the region. This diversity in languages creates communication challenges for member states, which can make it difficult to coordinate and implement policies and initiatives. It also makes it harder to build a shared regional identity and culture, which is a key component of creating a unified economic market. In conclusion, language differences are an obstacle to achieving the objectives of ECOWAS, as they can hinder communication, coordination, and the development of a shared regional identity.

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The form of money that has gone out of use is commodity money. Commodity money is a type of currency that is made of a physical commodity with intrinsic value, such as gold, silver, or salt. In the past, people would use these commodities as a medium of exchange because they were valuable in and of themselves. However, as economies grew and became more complex, commodity money became impractical and inconvenient for day-to-day transactions. In its place, bank money and paper money emerged as more convenient forms of currency that are easier to handle and transact with. Today, most countries use fiat money, which is not backed by a physical commodity but by the government's guarantee of its value.

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An overdraft is a source of short term capital. An overdraft allows you to withdraw more money from your bank account than you have available in your account balance. The bank essentially lends you the difference, and you can use the extra funds for a short period of time, usually until your next deposit. This is a convenient way to get access to quick cash when you need it, but it typically comes with high interest rates and fees, so it's important to use it wisely and pay it back as soon as possible.

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A group of companies is a collection of firms that are related to each other in some way, usually through ownership or control. This can include a holding company and its subsidiaries, as well as associates and their holding company. The companies within a group often have common goals and may work together to achieve them. By grouping together, companies can share resources, expertise, and expenses, which can lead to efficiencies and cost savings. Additionally, a group of companies may have a stronger market position than any of its individual members, which can be advantageous in a competitive industry.

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The erroneous real arrangement of financial figures, where the digits are mistakenly swapped or reversed, is called transposition. For example, if the correct figure is N624 but it is mistakenly written as N264, this is a transposition error because the digits '2' and '6' have been switched or transposed. Transposition errors are a common type of mistake in financial calculations and accounting, and they can lead to significant errors in financial reports and transactions. To avoid transposition errors, it is important to double-check all financial figures and calculations, and to use tools such as calculators and spreadsheets to help minimize the risk of errors. Additionally, it can be helpful to have a second person review financial reports and transactions to catch any mistakes that may have been missed.

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The printer that burns the print image into the photosensitive drum is called a laser printer. A laser printer works by using a laser beam to create an electrostatic image on a photosensitive drum. The drum is then coated with toner, which is attracted to the areas that were exposed to the laser. The toner is then transferred onto paper and fused to the paper using heat. In contrast, dot matrix printers use a set of pins to strike an inked ribbon and form characters on paper, while daisy wheel printers use a rotating wheel with raised characters that strike an inked ribbon. Thermal printers use heat to transfer ink onto paper.

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The temporary working area of the control processing unit is called RAM, which stands for Random Access Memory. RAM is a type of memory that the computer uses to store data and programs that are currently in use. When the computer is turned off, the data stored in RAM is lost. This is why it is called "temporary" memory. In contrast, ROM, which stands for Read-Only Memory, is a type of memory that permanently stores data and programs even when the computer is turned off.

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The agency in Nigeria that ensures that products conform with government quality specifications is the Standard Organisation of Nigeria (SON). The Standard Organisation of Nigeria is a regulatory body that is responsible for setting standards for products, services, and systems in Nigeria. They ensure that products meet the required quality specifications and are safe for consumers to use. SON is tasked with the responsibility of inspecting goods produced both locally and imported into Nigeria to make sure that they meet the quality and safety standards set by the Nigerian government. In summary, if you want to make sure that a product you're buying or producing meets the required quality standards in Nigeria, the agency to contact is the Standard Organisation of Nigeria (SON).

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In Nigeria, the ministry in charge of registering trade associations is the Ministry of Trade and Industry. This ministry is responsible for the formulation and implementation of policies and programs that promote the development of trade, commerce, and industry in the country. The Ministry of Trade and Industry works to create an enabling environment for businesses to thrive, by providing support services and developing policies that facilitate trade and commerce. The ministry is also responsible for promoting the development of micro, small, and medium-sized enterprises (MSMEs) in the country. MSMEs play a crucial role in the Nigerian economy, contributing significantly to job creation and economic growth. The Ministry of Trade and Industry works to support these businesses by providing access to finance, technical assistance, and other resources that can help them to grow and compete in the global marketplace. In summary, the Ministry of Trade and Industry is the government agency in Nigeria that is responsible for registering trade associations. This ministry works to promote the development of trade, commerce, and industry in the country, and to support the growth of MSMEs.

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The person who undertakes any risk in insurance business is known as an underwriter. An underwriter is responsible for evaluating the risk associated with insuring a particular person, asset or event, and determining the appropriate premium to charge for that risk. They assess a variety of factors such as the likelihood of a claim being made, the potential cost of that claim, and the insurer's ability to cover the cost. Based on this analysis, the underwriter decides whether or not to accept the risk and issue an insurance policy, and at what price. In other words, an underwriter is like a risk manager for an insurance company. They are responsible for ensuring that the company only takes on risks that it can handle, and that the premiums charged are sufficient to cover any potential losses. Without underwriters, insurance companies would not be able to accurately assess risk, and may be more likely to experience financial difficulties or even failure.

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The element in the marketing mix that ensures goods are available when and where needed is "place". In marketing, "place" refers to the distribution of a product to its customers. It involves making the product available in the right location, at the right time and in the right quantity to meet customer demand. For example, if a customer wants to buy a specific product, they expect to find it easily in a store near them, and not have to go out of their way to find it. This means that the product needs to be available in multiple retail locations, and be restocked regularly to ensure it is always in stock when a customer wants to purchase it. In summary, the "place" element of the marketing mix involves ensuring that the product is distributed effectively to meet customer demand, and making it available at the right place, at the right time, and in the right quantity.

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The term used to describe taking a new product to a particular part of the country to test the reaction of consumers to the product is Sampling. Sampling involves offering a limited number of products to potential customers for free or at a reduced price, in order to gauge their interest and get feedback on the product. This allows companies to test their products in a particular market before committing to a full-scale launch. Sales promotion refers to short-term incentives that encourage customers to make a purchase, such as discounts or special offers. Merchandising refers to the process of displaying and promoting products in a retail store or other sales environment. Advertising refers to the use of various media, such as television, radio, print, and online, to promote a product or service to a large audience.

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When a company needs to be liquidated, the first step is to appoint a liquidator. A liquidator is a professional who is responsible for managing the process of closing down the company, selling its assets, and distributing the proceeds to the creditors and shareholders. The liquidator's primary goal is to ensure that the assets of the company are sold for the best possible price, and that the proceeds are distributed fairly among the company's creditors and shareholders. The liquidator is typically appointed by the court, although in some cases, the company's directors or shareholders may appoint a liquidator voluntarily. Once appointed, the liquidator takes over the management of the company and has the power to sell its assets, settle its debts, and distribute any remaining funds to the shareholders. In summary, when a company needs to be liquidated, the first step is to appoint a liquidator who will manage the process of selling its assets and distributing the proceeds to its creditors and shareholders.

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A debenture holder is entitled to receive interest on the amount of money they have lent to the company by purchasing a debenture. The interest rate and payment schedule will be set out in the debenture agreement. Unlike shareholders, debenture holders do not have an ownership stake in the company, so they are not entitled to receive dividends, commissions, or a share of the profits. Their return on investment is limited to the interest payments specified in the debenture agreement, and they have no say in the management of the company.

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The direct authority of a superior over his subordinate is known as "line authority". In an organizational hierarchy, line authority refers to the chain of command that flows downward from the top level of management to the lowest levels of the organization. This means that every employee in the organization reports to a superior who is responsible for directing their work and ensuring that it is aligned with the organization's goals. Line authority is important because it helps to establish a clear structure of responsibility and accountability within the organization. It ensures that everyone understands their role and the roles of those above and below them in the organizational hierarchy. This, in turn, helps to improve communication, decision-making, and overall organizational efficiency. By contrast, staff authority refers to a type of authority that supports and advises those with line authority but does not have direct control over subordinates. Lateral authority refers to authority that is held by individuals who are at the same level in the organizational hierarchy and is used to coordinate efforts and resolve conflicts between different departments or teams. Finally, line and staff authority is a combination of both line and staff authority, where staff members advise line managers on important decisions.

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The two main categories under which marine losses fall into are: Total loss and partial loss. A total loss occurs when a ship or cargo is completely destroyed, damaged beyond repair, or lost at sea. In this case, the insurer pays out the full insured value of the ship or cargo. A partial loss occurs when a ship or cargo is damaged but can still be repaired or salvaged. In this case, the insurer pays only for the cost of repair or the decrease in value of the damaged item.

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In general, air transportation is the fastest means of transportation. This is because airplanes can travel at extremely high speeds, reaching hundreds of miles per hour. In comparison, water transportation such as boats and ships typically move at much slower speeds due to resistance from the water. Similarly, rail and road transportation are also limited by factors such as traffic, terrain, and speed limits. Of course, there are exceptions to this rule. For example, in certain situations such as traveling short distances or in congested urban areas, road transportation may actually be the fastest option. And while air transportation may be the fastest in terms of raw speed, it can be limited by factors such as security checks, boarding procedures, and delays due to weather conditions. Overall, while there are many factors to consider, in terms of pure speed, air transportation is typically the fastest means of getting from one place to another.