WAEC SSCE - Commerce - 2006

House builders belong to

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House builders belong to the constructive industry. This is because they are involved in the construction of buildings, which is a primary activity of the constructive industry. This industry includes various professions such as architects, engineers, construction workers, and builders who are involved in designing, planning, and building structures. The constructive industry is responsible for creating and maintaining various types of buildings such as houses, apartments, commercial buildings, and infrastructure like bridges and highways.

The price quotation where the buyer uses his own means to collect goods from the producer's warehouse is

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The difference between the cost of goods sold and the sales value is known as

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The difference between the cost of goods sold and the sales value is known as "gross profit or loss". Gross profit or loss is a measure of a company's financial performance that shows the difference between the revenue earned from the sale of goods and the cost of producing or acquiring those goods. It is calculated by subtracting the cost of goods sold (COGS) from the total revenue or sales. Gross profit or loss is an important measure for businesses because it indicates the amount of money they have left after paying for the cost of goods sold. If the result is a positive number, it means the company is making a profit, while a negative number indicates a loss. For example, if a company sells goods for #100,000 and the cost of goods sold is #60,000, the gross profit would be #40,000. On the other hand, if the cost of goods sold was #110,000, the gross loss would be #10,000. In summary, gross profit or loss is the difference between the sales value and the cost of goods sold. It is an important measure of a company's financial performance that indicates whether the company is making a profit or a loss.

When the public wants to buy more of a company's share than has been offered for sale, the share is said to be

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When the public wants to buy more of a company's share than has been offered for sale, the share is said to be "over subscribed." This means there is more demand for the shares than there is supply, and the shares become scarce. When this happens, buyers may be willing to pay a higher price to secure the shares, which can cause the share price to go up. This situation is generally seen as a positive sign for the company, as it indicates high demand for its shares and can potentially raise more funds for the company if it decides to issue more shares in the future.

Which of the following is used only in international trade?

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Which of the following does not determine the size of a business unit

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The quality of products, the nature of the business, and the size of the market can all contribute to the growth and success of a business, but they do not solely determine the size of a business unit. The size of capital, on the other hand, can play a crucial role in determining the size of a business unit. Capital refers to the financial resources that a business has available to invest in its operations, such as purchasing equipment, hiring staff, or expanding its facilities. Therefore, a business with a larger amount of capital may have more resources to invest in its operations, leading to the potential for greater growth and a larger business unit.

Which of the following is not a feature of a sole trader

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"Guaranteed profits" is not a feature of a sole trader. A sole trader, also known as a sole proprietorship, is a type of business entity in which an individual runs and manages the entire business. Sole traders have complete control over their business and are responsible for making all decisions related to it. One advantage of being a sole trader is that they can make quick decisions because they don't have to consult with anyone else before making a decision. However, this doesn't guarantee profits. Sole traders also have unlimited liability, which means that if the business incurs debts or losses, the owner's personal assets can be used to pay off those debts. This is a significant risk that a sole trader takes on when starting their business. Another risk that a sole trader takes on is bearing losses alone. Since they are the sole owner of the business, they are solely responsible for any losses the business incurs. In summary, being a sole trader offers advantages such as quick decision making and complete control over the business, but it also comes with risks such as unlimited liability and bearing losses alone. However, there is no guarantee of profits in a sole proprietorship.

The principle where many insurance companies join to compensate one policy holder is called?

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The principle where many insurance companies join to compensate one policy holder is called "contribution". This means that if a policy holder has a claim that exceeds the coverage limit of their insurance policy, multiple insurance companies may come together to share the cost of the claim. Each insurance company pays a portion of the claim based on the percentage of coverage they provide for the policy holder. For example, if a policy holder has a claim of $100,000 and their insurance policy only covers up to $50,000, multiple insurance companies may contribute to cover the remaining $50,000 based on their respective coverage limits. The principle of contribution helps to ensure that policy holders are not left without coverage in the event of a large claim and also helps to distribute the cost of the claim among multiple insurance companies.

A dormant partner is one who

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A dormant partner is someone who has invested in a business but does not participate in running the day-to-day operations of the business. They have limited liability, which means that their personal assets are protected in case the business incurs losses or debts. However, being a dormant partner does not necessarily mean that they do not work hard or have only lent their name to the business. It simply means that they do not actively manage or participate in the business's operations.

In a limited partnership, one of the members must be

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In a limited partnership, there are two types of partners: general partners and limited partners. The general partner is the person who manages the business and is responsible for its debts and obligations. The limited partner is a passive investor who has limited liability and is not involved in managing the business. Therefore, in a limited partnership, there must be at least one general partner who is responsible for the business's management and operation.

The amount the assured receives if he decides to discontinue the life policy is known as

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If an assured decides to discontinue their life insurance policy, the amount they receive from the insurance company is called the surrender value. The surrender value is the amount of money that the insurance company will pay the policyholder if they choose to terminate the policy before its maturity or completion date. This value represents the policy's accumulated savings and investment portion, minus any applicable fees, such as administrative and surrender charges. The surrender value may be lower than the total premiums paid by the policyholder due to the deduction of these charges. Therefore, the correct option is surrender value.

Which of the following institutions does not belong to the capital market

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Commercial banks, development banks, mortgage banks, and insurance companies are all institutions that belong to the capital market. The capital market is a financial market where companies and governments can raise funds by issuing and trading long-term securities, such as stocks and bonds. However, commercial banks are primarily associated with the money market rather than the capital market. The money market is a financial market where short-term securities, such as Treasury bills and commercial paper, are issued and traded. Commercial banks participate in the money market by providing short-term loans and financing for businesses and individuals. Therefore, the institution that does not belong to the capital market is Commercial banks.

The reduction in the value of a country's currency in relation to other country's currencies is

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Devaluation is the term used to describe the reduction in the value of a country's currency in relation to other country's currencies. When a country devalues its currency, it reduces the exchange rate of its currency with respect to foreign currencies, making it cheaper to buy goods and services in the international market. Devaluation typically occurs when a country's government or central bank intentionally takes measures to lower the value of its currency, such as reducing interest rates or selling off foreign currency reserves. This can be done to make a country's exports more competitive by making them cheaper for foreign buyers, and to encourage domestic production by making imported goods more expensive. Therefore, the correct option is devaluation.

Which of the following retail outlets is described as selling without shops

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The retail outlet that is described as "selling without shops" is a mail order business. Mail order businesses do not have physical storefronts or shops that customers can visit to browse or purchase products. Instead, customers place orders through mail, phone, or online, and the business ships the products directly to the customer's address. This type of retail business model is particularly popular for items that are not easily found in local stores or for people who prefer the convenience of shopping from home. Customers can view product catalogs or websites, place orders, and make payments online or via mail without having to physically visit a store.

The monopoly right granted to an inventor is a

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The monopoly right granted to an inventor is called a "patent." A patent is a legal document that gives an inventor exclusive rights to their invention for a certain period of time, usually 20 years from the date of filing. This means that no one else can make, use, or sell the invention without the inventor's permission. Patents are granted for new, useful, and non-obvious inventions or discoveries, such as machines, processes, compositions of matter, and designs.

An association formed to protect the interests of buyers of various commodities is known as

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The association formed to protect the interests of buyers of various commodities is known as a Consumers Association. A Consumers Association is a group of people who come together to represent the interests of consumers. They aim to ensure that consumers get fair treatment from businesses that sell goods and services. These associations work to protect consumer rights and promote consumer education. One of the primary roles of a Consumers Association is to help consumers make informed decisions when buying goods and services. They provide information on the quality, safety, and reliability of different products, and also make recommendations on which products are best for consumers to purchase. Consumers Associations also work to monitor businesses and hold them accountable for any unethical or illegal practices that they engage in. They advocate for changes in laws and regulations that affect consumer protection and work to ensure that consumers are treated fairly in the marketplace. In summary, a Consumers Association is an association formed to protect the interests of buyers of various commodities. They work to ensure that consumers get fair treatment from businesses and promote consumer education, monitoring businesses and holding them accountable for any unethical or illegal practices.

Which of the following groups of activities are commercial services

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The group of activities that are commercial services are vending, purchasing, and banking. Vending refers to the act of selling goods, typically in a retail setting. Purchasing involves the act of buying goods or services for resale or for use in the production of goods or services. Finally, banking involves the provision of financial services such as deposit accounts, loans, and payment services. All of these activities involve the exchange of goods or money for profit, making them commercial services. The other groups of activities listed involve either the production of goods (manufacturing, weaving, farming, harvesting, fishing, constructing) or the storage and promotion of those goods (storing and advertising), but they do not necessarily involve the exchange of goods or money for profit in the same way that vending, purchasing, and banking do.

Which of the following goods has the lowest rate of turnover?

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Commercial banks usually settle their interbank indebtedness through the

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Commercial banks usually settle their interbank indebtedness through a clearing house. A clearing house is an intermediary between banks that helps to facilitate the settlement of payments between them. When one bank owes money to another bank, they can use the services of a clearing house to settle the debt. The clearing house works by netting out the total amount owed between banks and facilitating the transfer of funds between them. This helps to reduce the amount of money that needs to be transferred between banks, which makes the process more efficient and less costly. Clearing houses are an important part of the financial system and play a key role in ensuring that payments between banks are settled in a timely and secure manner.

The right that a debenture holder has on the earnings of a company is

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A debenture is a type of long-term loan that a company takes from the public, which is repaid at a fixed interest rate. Debenture holders are entitled to receive interest on their investment, which is paid regularly by the company until the debenture matures. The right that a debenture holder has on the earnings of a company is the right to receive interest payments. Unlike shareholders who have the right to receive dividends, debenture holders are not entitled to a share in the profits of the company. Instead, they receive a fixed interest payment, which is a percentage of the face value of the debenture, usually paid twice a year. Therefore, the correct answer is "interest". Debenture holders have a right to receive interest payments from the company as compensation for lending money to the company. This is a legal obligation of the company, and failure to make the interest payment can result in legal action by the debenture holder.

Which of the following is not a duty of a credit union?

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The duty that is not typically associated with a credit union is "confirming members' indebtedness." Credit unions exist to serve their members, and their primary duties include helping members to save, granting loans, and advising on the use of funds. However, confirming members' indebtedness is not a typical duty of a credit union. While credit unions do need to keep track of their members' loan balances and repayment histories, they typically do not have a responsibility to confirm members' overall indebtedness. This task is usually handled by credit reporting agencies or other financial institutions.

The time allowed for unloading and loading a ship is referred to as

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The time allowed for unloading and loading a ship is referred to as "lay days". When a ship is hired for transporting goods, the contract specifies the number of days the ship will be allowed to load and unload its cargo at the port. These days are known as "lay days". The lay days are important as they determine the amount of time the ship will be available for other work, and also the amount of money that will be paid for any time spent beyond the agreed lay days. This payment is called "demurrage". "Charter party" is a legal contract that defines the terms and conditions of the hiring of a ship. It includes the lay days, demurrage, and other details of the agreement. "Charter by demise" is a type of charter where the owner of the ship leases it to the charterer for a long period, and the charterer has full control and responsibility for the ship during that time.

Which of the following is not the duty of an agent to the principal?

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The duty of an agent to the principal is to act in the best interest of the principal and to carry out their responsibilities with honesty and loyalty. An agent is a person who acts on behalf of someone else, known as the principal. The agent is obligated to follow the instructions of the principal and to work towards the achievement of their goals. Making secret profit is not the duty of an agent to the principal. Secret profit refers to any profit made by an agent without the knowledge or consent of the principal. It is considered a breach of trust and loyalty towards the principal. An agent is obligated to disclose all profits made and to render an accurate account of their activities on behalf of the principal. This duty ensures transparency and accountability in the relationship between the agent and the principal, which is essential for building trust and maintaining a healthy business relationship.

The following information relates to Mallam Amidu Kachella for the year ended 31/12/2005.
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Opening stock 4,000
Purchases 16,000
Sales 30,000
Debtors 6,500
Creditors 4,200
Cash in hand 800
Closing stock 5,600
Bank overdraft 3,000


The average stock is

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The average stock is #4,800. To calculate the average stock, we need to add the opening and closing stock and divide by two. Average stock = (Opening stock + Closing stock) / 2 = (4,000 + 5,600) / 2 = 9,600 / 2 = #4,800 Therefore, the average stock is #4,800.

The process of putting goods in attractive packets to arouse the interest of customers is

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The printing of catalogs is one of the costs associated with the operation of

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The printing of catalogs is one of the costs associated with the operation of "mail order shops". Mail order shops are businesses that sell products through catalogs that customers can order by mail, phone, or online. The catalogs are printed and mailed to customers, and the cost of printing and mailing is one of the main expenses associated with this type of operation. Customers can browse the catalog and select the items they want to purchase, then place an order and provide payment information. The shop then processes the order and ships the products to the customer. Tied shops are retail stores that are owned and operated by a manufacturer or supplier of a particular product, and are required to sell only that product. Mobile shops are retail shops that are located in vehicles and travel from place to place. Department stores are retail stores that sell a variety of products in different categories, such as clothing, electronics, and home goods.

A specialized market where stocks and shares are bought and sold is

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The specialized market where stocks and shares are bought and sold is called the stock exchange market. It is a place where companies' shares are traded publicly among investors, allowing people to buy or sell ownership in companies. In simple terms, it is a marketplace where buyers and sellers come together to trade stocks and shares. The stock exchange market provides companies a way to raise capital by issuing shares to the public, and it allows investors to invest their money in companies they believe will generate profits in the future.

Any activity aimed at finding out the wants of consumers and supplying them at a profit is referred to as?

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The activity aimed at finding out the wants of consumers and supplying them at a profit is referred to as "marketing". Marketing is a broad term that encompasses all the activities involved in identifying the needs and wants of customers, and then satisfying those needs through the creation, promotion, and distribution of products and services. Marketing involves researching and analyzing customer preferences and behavior, developing products that meet those preferences, promoting those products to customers, and making the products available for purchase through appropriate channels. It is aimed at identifying and meeting the needs of customers in a way that is profitable for the company. Promotion, segmentation, and penetration are all specific aspects of marketing. Promotion refers to the activities used to communicate with customers and persuade them to buy a product or service, while segmentation involves dividing the market into smaller groups with similar needs and characteristics. Penetration, on the other hand, refers to the strategy of gaining market share by selling more of an existing product to existing customers or by entering new markets with existing products. Therefore, the correct answer is "marketing", which is the broad term used to describe the entire process of identifying and satisfying customer needs at a profit.

The place where dutiable goods are kept until the duties on them are paid is

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The place where dutiable goods are kept until the duties on them are paid is called a "bonded warehouse". A bonded warehouse is a secured facility that is approved by the government for the storage of imported goods until the duties and taxes on those goods are paid. Dutiable goods are stored in bonded warehouses until they are either cleared for entry into the country or re-exported. The purpose of a bonded warehouse is to provide importers with temporary storage for their goods without paying the duties and taxes upfront. The importers can pay the duties and taxes at a later time when the goods are released from the bonded warehouse. Bonded warehouses are under the supervision of the government customs agency and are subject to strict security and inventory control measures. This ensures that the goods are not tampered with or removed from the warehouse without proper authorization. In summary, a bonded warehouse is a place where dutiable goods are kept until the duties on them are paid. It provides importers with temporary storage for their goods without paying the duties and taxes upfront.

An outright prohibition on the importation of goods to a country is referred to as

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An outright prohibition on the importation of goods to a country is referred to as an embargo. An embargo is a government-imposed restriction on the importation or exportation of goods to or from a particular country or region. It is a complete ban on trade and is usually put in place for political or security reasons. The purpose of an embargo is to restrict the flow of goods and services between countries or regions as a means of expressing disapproval or exerting pressure on a government to change its policies or behavior. In contrast, a quota is a restriction on the amount of goods that can be imported into a country, while a tariff is a tax on imported goods. Devaluation, on the other hand, refers to a reduction in the value of a country's currency relative to other currencies. In summary, an embargo is a complete ban on the importation or exportation of goods to or from a particular country or region, imposed by the government for political or security reasons.

A practice where producers of the same product come together to advertise is known as

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Demurrage is paid by a vessel for

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Demurrage is a fee that a vessel has to pay when it exceeds the allowed time for loading and unloading cargo at a port. In other words, if the vessel stays at the port for longer than the agreed-upon time, it will have to pay demurrage fees. This is to incentivize the efficient use of port facilities and ensure that cargo is moved in a timely manner. Therefore, delaying at the port is the correct answer.

Which of the following trends in retailing provides the convenience of shopping without cash

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The trend in retailing that provides the convenience of shopping without cash is the use of credit cards. Credit cards allow customers to make purchases without having to use physical cash, as they can use the credit line provided by the card issuer to pay for the goods and services they purchase. The use of credit cards has become increasingly popular in recent years, as it allows customers to make purchases quickly and easily, without having to carry around large amounts of cash.

The provision of dredging and dry dock facilities at any sea port is the responsibility of

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The provision of dredging and dry dock facilities at any sea port is the responsibility of the Ports and Harbours Authority. Dredging is the process of removing sediment and other debris from the bottom of a body of water to deepen it and make it safer for boats to navigate. Dry docks are facilities that allow ships to be taken out of the water for repairs and maintenance. Both of these services are essential for keeping a port running smoothly and safely. The Ports and Harbours Authority is the government agency that is responsible for the management and operation of ports and harbours. This includes ensuring that necessary services such as dredging and dry dock facilities are available to ships that use the port. Customs and Excise Authority is responsible for collecting taxes on imports and exports, National Health Authority is responsible for public health, and National Water and Electricity Authority is responsible for managing water and electricity resources, but none of these agencies have the specific mandate to provide dredging and dry dock facilities at sea ports.

The speculator who applies for a new issue of shares without the intention of keeping them is

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The speculator who applies for a new issue of shares without the intention of keeping them is called a stag. Stags are investors who apply for shares in a company's initial public offering (IPO) with the intention of selling them quickly for a profit. They do not intend to hold onto the shares for the long term but aim to make a quick profit by selling them as soon as the shares start trading on the stock market. The term "stag" comes from the idea of a male deer, which is known for its quick movements and agility, just like how stags in the stock market move quickly to make a profit.

Which of the following arranges for the conveyance of goods abroad

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The organization that arranges for the conveyance of goods abroad is the Export Promotion Council. Export Promotion Councils are organizations that promote and facilitate the export of goods and services from a particular country. They work closely with exporters to help them understand the export process and provide them with the necessary support to make their exports successful. Export Promotion Councils provide a wide range of services to exporters, including market research, export documentation, trade fairs and exhibitions, and financial assistance. They also work closely with other organizations, such as shipping companies, to ensure that goods are transported safely and efficiently to their destination. In summary, if you want to export goods abroad, the Export Promotion Council is the organization that can help you with the process.

It is safer and quicker to transport petrol and gas by

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It is safer and quicker to transport petrol and gas by pipeline. Pipelines are the safest and most efficient way to transport large quantities of petrol and gas over long distances. Pipelines are usually buried underground, which minimizes the risk of accidents and makes them less vulnerable to damage from natural disasters or other external factors. In addition, pipelines are able to transport large volumes of petrol and gas at a faster rate than other modes of transportation, such as rail or road. This is because pipelines are able to operate 24 hours a day, 7 days a week, and do not have to contend with traffic congestion or other delays. Furthermore, pipelines are able to transport petrol and gas over very long distances, making them ideal for transporting these materials across countries or even continents. In summary, if you want to transport petrol and gas safely and quickly over long distances, pipelines are the most effective mode of transportation.

The process of taking over the management and control of a privately owned business by government is

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The process of taking over the management and control of a privately owned business by the government is called nationalization. This means that the government takes control of the company, usually by buying out its owners, and becomes responsible for running it. Nationalization is often done to ensure that important industries and services are owned and operated by the government, rather than by private individuals or companies. This can be done for a variety of reasons, such as to protect national security, ensure fair distribution of resources, or to provide essential services at affordable prices.

Which of the following is the main purpose of a third party insurance? To

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The term "utmost good faith" in insurance requires that the insured must

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The term "utmost good faith" in insurance means that the insured is required to disclose all relevant information regarding what is being insured to the insurer. This duty of full disclosure ensures that the insurer is fully informed and can accurately assess the risk involved in insuring the policy. The insured is expected to provide all relevant information, whether requested by the insurer or not, in good faith. This duty of utmost good faith is based on the principle of mutual trust between the insurer and the insured. If the insured fails to provide full disclosure of relevant information, the insurer may not have a clear understanding of the risk involved and may not be able to accurately assess the premium to be charged. This can lead to disputes in the event of a claim, and the insurer may refuse to pay compensation, or the insured may receive a lower amount than expected. It is important to note that the duty of utmost good faith is not a one-way street. The insurer is also expected to act in good faith and deal fairly with the insured. The insured is also required to pay the premium regularly, as agreed upon in the insurance policy, to maintain the coverage.

Which of the following assesses duties payable on imports and exports?

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The organization that assesses duties payable on imports and exports is "Customs and Excise Authority". Customs and Excise Authority is a government agency responsible for enforcing customs laws and regulations related to international trade. They collect taxes, duties, and fees on imported goods as well as regulate the export of goods to other countries. When goods are imported or exported, the Customs and Excise Authority assesses the value of the goods and calculates the taxes, duties, and fees that must be paid by the importer or exporter. This helps to ensure that the government receives revenue from international trade and that imported goods are priced fairly compared to domestically produced goods. In summary, Customs and Excise Authority is responsible for collecting duties payable on imports and exports, and regulating international trade.

The beneficiary of a cheque is called

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The beneficiary of a cheque is called the payee. This is the person or entity that the cheque is written to, and who is intended to receive the funds specified on the cheque. The payee can be an individual or an organization. For example, if John writes a cheque to Jane, then Jane is the payee.

Labour and entrepreneur are examples of

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Labour and entrepreneur are examples of "factors of production". Factors of production are the resources used in the production of goods and services. The four main factors of production are land, labour, capital, and entrepreneurship. Labour refers to the physical and mental effort of people involved in the production process, while entrepreneurship refers to the ability to organize, manage, and take risks in starting and operating a business venture. In other words, labour and entrepreneurship are the human resources required for production. They play an important role in generating income and creating economic growth.

Which of the following is not reason for nationalization

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The reason for nationalization that is not listed in the options is "Encouraging foreign investors." Nationalization is a process where the government takes control of private industries or businesses and makes them publicly owned. This is typically done to control the country's key industries, reduce the remittance of profits abroad, and train local entrepreneurs. Nationalization is not typically done to encourage foreign investors, as it often involves taking control away from private ownership and giving it to the government. Encouraging foreign investors is usually done through other means, such as tax incentives or regulatory reform.

Who among the following is a middlemen?

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A middleman is someone who acts as a mediator between two parties in a transaction. Out of the options provided, the one who acts as a middleman is the "Agent." An agent is a person who is appointed to act on behalf of someone else, such as a manufacturer or a consumer. They usually facilitate the sale of goods or services between the manufacturer and the consumer by helping to negotiate the terms of the sale and ensuring that both parties are satisfied with the outcome. Therefore, an agent is a middleman in this scenario.

A transporter who offers to carry goods for anyone at a fee is called

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The term used to describe a transporter who offers to carry goods for anyone at a fee is a "common carrier." A common carrier is a person or company that provides transportation services to the public for a fee. They are obligated to offer their services to anyone who requests them, regardless of the nature of the goods or the purpose of the shipment. Common carriers are typically regulated by the government to ensure that they provide safe and reliable transportation services. Examples of common carriers include trucking companies, airlines, and railroads. So, a common carrier is a transporter who provides transportation services to the public for a fee, and is required to serve anyone who requests their services.

(a) What is foreign trade?

(b) Explain four ways by which foreign trade is different from home trade.

(c) State five reasons why countries restrict foreign trade.
 

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(a) State three differences between:
(i) shareholders and debenture holders.
(ii) Ordinary shares and preference shares.

(b) Explain four reasons for winding up a public limited company. 
 

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(a) State one use of each of the following:
(i) Letter of enquiry
(ii) Invoice
(iii)Advice note
(iv) Credit note
(v) Statement of account
(vi) Debit note.

(b) Identify two advantages and two disadvantages of automatic vending. 
 

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(a) State five functions of a chamber of commerce.

(b) Explain five functions of a trade association. 
 

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(a) What is turnover?

(b) The following information relates to Mrs. Lulu, a trader. 

(i) Calculate the gross profit percentage on each item. (ii) Calculate the net profit on each item.

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(a) What is non-indemnity insurance?

(b) List and explain three types of life assurance policies.

(c) Explain the term surrender value.
 

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(a) Who is a common carrier?

(b) State three functions of each of the following communication agents:
(i) Post Office.
(ii) Telecommunication.
(iii) Courier companies. 
 

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(a) List four types each of:
(i) Small scale retailers.
(ii) Large scale retailers.

(b) Explain four reasons why small scale retailers survive despite the dominance of large scale retail outlets.
 

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(a) Define marketing mix

(b) Explain the term marketing concept.

(c) List and describe the four elements of marketing mix. 
 

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(a) Explain seven functions of a commercial bank.

(b) Explain three types of accounts that are operated in a commercial bank. 

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