JAMB UTME - Commerce - 2011

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To make a simple contract valid, the intention must be legal and binding. A contract is a legally binding agreement between two or more parties, which outlines the terms and conditions of a particular transaction or relationship. For a contract to be valid, it must be formed with the intention of creating a legally binding relationship. This means that both parties must have a clear understanding of the terms and conditions of the contract, and they must agree to be bound by them. The terms of the contract can be verbal or written, but it is always advisable to have a written contract to avoid any misunderstandings or disputes in the future. Additionally, the terms of the contract must not violate any laws or regulations, and the parties must have the legal capacity to enter into the contract. For example, minors and individuals who are mentally incapacitated may not have the legal capacity to enter into a contract. Therefore, the correct answer is that for a simple contract to be valid, the intention must be legal and binding.

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One of the functions of a retailer is the breaking of bulk. This refers to the process of buying goods in large quantities from wholesalers or manufacturers and then selling them in smaller quantities to individual customers. By breaking bulk, retailers make it easier for consumers to purchase goods in the quantities they need, rather than having to buy in large quantities that they may not be able to use or afford. Breaking bulk can also help to reduce the overall cost of goods, as retailers can negotiate better prices with wholesalers and manufacturers due to the larger volume of goods being purchased. Overall, breaking bulk is an important function of retailers that enables them to provide a valuable service to consumers while also generating profits for their businesses.

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it involves the movement of tourist within their country of residence tourist resident in Nigeria for instance travelling within.

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of the strongest condition attached to the quoting of shares of compares under the first-tier securities market is very strict.

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The activity you're referring to is a type of sales promotion, which is a marketing strategy that focuses on creating a short-term boost in sales through various incentives and activities. In this case, conducting a contest is a way to create awareness for goods and encourage people to engage with the product or brand. By offering a prize or reward for participating, the company can generate interest and excitement, and encourage customers to make a purchase. In simple terms, sales promotion is a marketing technique used to increase sales and attract customers by offering incentives, discounts, or contests.

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Balance of payment problems arise if a country's imports are more than exports. The balance of payments is a record of all financial transactions between a country and the rest of the world over a period of time. It includes transactions related to trade in goods and services, income flows, and financial flows. If a country's imports exceed its exports, it means that the country is spending more on foreign goods and services than it is earning from selling its own goods and services to foreign countries. This creates a trade deficit, which is a major cause of balance of payments problems. When a country has a trade deficit, it must borrow from foreign countries or sell assets to finance the deficit, which can lead to a buildup of foreign debt. Currency devaluation can also contribute to balance of payments problems by making imports more expensive and exports cheaper. However, it is not the only factor that affects the balance of payments. Additionally, the relative proportion of visible and invisible exports does not directly affect the balance of payments, but it can influence the balance of trade and the overall performance of the economy. Therefore, the correct answer is that balance of payment problems arise if a country's imports are more than exports.

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The variety of goods and services which a company offers for sale is its product mix. It refers to the total range of products and services that a company offers to its customers. The product mix includes all the different product lines a company offers. It also includes the depth of each product line, which refers to the number of different products within a product line. The product mix is an important aspect of a company's marketing strategy because it directly affects sales and revenue. A company must carefully manage its product mix to ensure that it meets the needs and wants of its target market.

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The three components of a country's balance of payments are the current account, capital account, and monetary movement account. The balance of payments is a record of all the transactions that occur between a country and the rest of the world. It consists of three main components: 1. The current account: This component records all the transactions that involve the exchange of goods and services, such as imports and exports, tourism, and remittances. 2. The capital account: This component records all the transactions that involve the exchange of assets, such as foreign direct investment, portfolio investment, and loans. 3. The monetary movement account: This component records all the transactions that involve changes in the country's monetary reserves, such as transactions with the International Monetary Fund (IMF). Therefore, when we talk about the three components of a country's balance of payments, we are referring to the current account, capital account, and monetary movement account. These components help us understand the economic relationship between a country and the rest of the world.

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A business organization is said to be socially responsible when it gets involved in issues relating to society. This means that the company is not only focused on making a profit, but it also considers the impact of its operations on the community, the environment, and other stakeholders. Social responsibility can take many forms, including charitable giving, volunteering, sustainability initiatives, ethical sourcing, and fair treatment of employees. By being socially responsible, a business can build a positive reputation, gain the trust of its customers, and contribute to the overall well-being of society. It is important to note that social responsibility is not just a trend or a marketing ploy; it is a fundamental aspect of doing business in a way that benefits everyone involved.

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The most important function of commerce is facilitating exchange among individuals and firms. This means that commerce helps people and businesses to buy and sell goods and services to each other. It makes it possible for people to get what they need and want by trading with others, without having to produce everything they need themselves. This is important because it allows for specialization, where individuals and firms can focus on producing what they do best, and then trade with others for the rest. This leads to greater efficiency and a higher standard of living for everyone.

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One of the major disadvantages of pipeline transportation is its high cost of construction. Building a pipeline network requires a significant amount of capital investment, especially when compared to other forms of transportation. The cost of laying pipes, purchasing land, and securing permits can be substantial, which can make it difficult for smaller companies or less developed regions to invest in this type of infrastructure. In addition, the long distances and complex terrain involved in pipeline construction can also contribute to higher costs. These costs can also be further compounded by the ongoing maintenance and repair required to keep the pipeline network operating safely and effectively.

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An example of a computer operating system is Windows 2000. A computer operating system is a software program that acts as an intermediary between the computer hardware and the user applications. It manages the computer's resources, such as the central processing unit (CPU), memory, and input/output (I/O) devices, and provides a user interface for the user to interact with the computer. Windows 2000 is a computer operating system developed by Microsoft. It was released in 2000 and was designed to be a more stable and secure version of Windows. Windows 2000 was widely used in businesses and organizations, and it introduced many new features such as the Active Directory and support for Plug and Play hardware. Therefore, the answer is Windows 2000.

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The major parties to an agency relationship are the principal and the agent. An agency relationship is a legal arrangement where one party, the principal, hires another party, the agent, to act on their behalf in making transactions with third parties. The agent is authorized to perform certain acts on behalf of the principal and is expected to act in the best interests of the principal. The principal is the person or entity that hires the agent and gives them the authority to act on their behalf. The principal may be an individual, a company, or a government agency. The agent, on the other hand, is the person who is authorized to act on behalf of the principal. The agent may be an individual or a company, and they may be compensated for their services through a commission or other forms of payment. In contrast, a bailee and a bailor have a different type of relationship where the bailee is entrusted with the possession of the bailor's property for a specific purpose, and the shareholder and creditor relationship is based on ownership and debt, respectively, rather than on agency. Therefore, the correct answer is that the major parties to an agency relationship are the principal and the agent.

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This implies that the loss should be borne by Mr. Lawal. When Mr. Lawal insured his warehouse, he only insured it against burglary, not fire. So, if the warehouse was gutted by fire, the insurance policy would not cover the loss and Mr. Lawal would be responsible for covering the cost of the damages or loss.

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The body charged with the responsibility of regulating foods and drugs in Nigeria is the National Agency for Food and Drug Administration and Control (NAFDAC). NAFDAC is a Nigerian government agency that is responsible for ensuring the safety, quality, and efficacy of foods, drugs, cosmetics, medical devices, and other regulated products in the country. This includes setting standards for these products, conducting inspections and testing, and monitoring compliance with regulations. The goal of NAFDAC is to protect public health and safety by ensuring that only safe and effective products are available for use in Nigeria.

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The creation of goods and services to satisfy human wants is referred to as production. Production refers to the process of making goods and providing services that people want to buy. This can involve a wide range of activities, from growing crops and raising animals to designing and building products, to providing services like healthcare and education. Production is an essential part of the economy and is the foundation of the goods and services that are available to consumers. The goal of production is to create value for society by providing goods and services that meet people's needs and wants.

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The arrangement and interrelationship of the various components and positions of a business is referred to as the organizational structure. An organizational structure refers to the way that a company is organized and the way that different roles, responsibilities, and departments are defined and connected. It's like a blueprint for how a company operates and how it interacts with its employees, customers, and other stakeholders. The organizational structure helps to clarify the lines of authority, communication, and decision-making within a company, making it an essential component for effective and efficient business operations.

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In the event of voluntary liquidation, the responsibility of appointing a liquidator falls on the directors of the company. Voluntary liquidation occurs when a company decides to wind up its affairs and dissolve the company voluntarily, rather than being forced to do so by court order or other external factors. Once the decision to liquidate has been made, the directors must convene a meeting of the company's shareholders to obtain their approval for the liquidation. If the shareholders approve the liquidation, the directors must then appoint a liquidator to manage the process of winding up the company's affairs, distributing its assets to creditors, and ultimately dissolving the company. While the directors have the responsibility to appoint the liquidator, they must ensure that the liquidator is a licensed insolvency practitioner who is qualified to act as a liquidator. The appointed liquidator will have the authority to act on behalf of the company, sell its assets, and distribute the proceeds to its creditors in accordance with the priorities set out in the law.

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The physical components of a computer system refer to the hardware, which includes all the physical parts that make up the computer. Hardware refers to the physical components of a computer system that can be seen and touched. This includes components such as the system unit, which is the main component that houses the motherboard, processor, memory, and storage devices. Other hardware components include the keyboard, mouse, monitor, printer, and other peripherals that are used to input or output data. Software, on the other hand, refers to the programs and applications that run on the computer system. These programs are stored on the hardware components such as the hard disk drive or a compact disk (CD). Therefore, when we talk about the physical components of a computer system, we are referring to the hardware components that can be seen and touched, such as the system unit, keyboard, mouse, monitor, and other peripherals. These physical components work together to process and store data, while software programs and applications run on these physical components to perform specific tasks.

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An oil exploration company is engaged in extractive occupation. Oil exploration companies search for oil reserves beneath the earth's surface and extract the oil using various methods such as drilling. This process of extracting resources from the earth is called extraction. Therefore, oil exploration companies are considered part of the extractive industry. The extractive industry is one of the three main sectors of economic activity, along with the primary and secondary sectors. The primary sector involves activities related to the extraction of natural resources, while the secondary sector is concerned with manufacturing and processing raw materials into finished products. Thus, the correct answer is that an oil exploration company is engaged in extractive occupation.

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The three main classifications of occupation are industry, commerce, and services. Industry involves the production of goods through manufacturing, mining, or other processes. Commerce involves the exchange of goods or services, including buying and selling, transportation, and distribution. Services involve the provision of intangible goods, such as healthcare, education, or entertainment, as well as personal services, such as hairdressing, cleaning, or coaching. These three categories are not mutually exclusive, and many occupations may involve aspects of more than one category. For example, a business that produces and sells goods may also offer related services, such as repair or maintenance. Understanding the different categories of occupation can help individuals to identify potential job opportunities and choose a career path that aligns with their interests and skills.

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The divisions of commerce are Trade and Aids to trade or ancillaries to trade. Aids to trade are the commercial activities which facilitate trade (buying and selling) i.e. they make trade possible. Aids to trade are banking, insurance, transport, advertising, warehousing, communication and tourism.

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An individual that links the producer with the retailer is a wholesaler. A wholesaler is a person or company that buys goods in large quantities from manufacturers or producers and then sells those goods in smaller quantities to retailers. Wholesalers act as intermediaries between producers and retailers, helping to connect the two parties and facilitate the distribution of goods. Wholesalers typically buy goods in bulk at a discounted price from manufacturers or producers and then sell them to retailers at a slightly higher price. This allows retailers to buy smaller quantities of goods at a more affordable price, while also enabling producers to sell their products in larger volumes. Therefore, the answer is a wholesaler.

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A consortium is when two or more companies agree to work together on a project that is too big for one company to handle alone. It is a cooperative agreement between multiple companies to achieve a common goal. The companies involved in the consortium work together, pooling their resources, expertise, and skills to complete the project. This allows them to take on larger and more complex projects than they could individually, and also helps to spread risk and increase efficiency.

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The slogan "a wonderful world" used by a communication network is a form of persuasive advertising. Persuasive advertising is a type of advertising that aims to persuade or convince consumers to buy a product or service. In this case, the communication network is trying to persuade consumers that by using their network, they will have access to a wonderful world of communication, connectivity, and convenience. The use of this catchy and positive slogan is intended to create a positive image of the brand and to differentiate it from its competitors. By associating their brand with a wonderful world, the communication network is trying to persuade consumers to choose their brand over others.

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The purchase of goods under the CWO system of payment implies that payment must be made on delivery. This means that the buyer pays for the goods when they receive them, rather than paying for them in advance or a few days later.

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Service rendered to the public is provided by the government and civil servants. Government refers to the political organization that governs a country or state, and civil servants are public employees who work for the government. These individuals are responsible for providing a wide range of services to the public, such as education, healthcare, public safety, infrastructure, and many others. Their role is to serve the needs of the community and to ensure that the government operates effectively and efficiently.

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The managerial ability of a supervisor in an organization may be underutilized if the span of control is wide. The span of control refers to the number of subordinates that a supervisor is responsible for managing. When the span of control is wide, the supervisor is responsible for a large number of subordinates, which can make it difficult to provide individual attention and guidance to each one. This can result in the supervisor's managerial ability being underutilized because they may not be able to effectively manage and develop each subordinate to their full potential. On the other hand, if the span of control is narrow, the supervisor has fewer subordinates to manage, which allows for more individual attention and guidance. This can result in the supervisor's managerial ability being fully utilized because they can effectively manage and develop each subordinate to their full potential. Therefore, if the span of control is wide, the supervisor's managerial ability may be underutilized because they may not be able to effectively manage and develop each subordinate. It is important for organizations to consider the span of control when assigning supervisors to ensure that their managerial abilities are fully utilized.

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The agreement of insurers to spread risks among themselves is a major feature of reinsurance. In simple terms, reinsurance is the practice whereby an insurance company (the reinsurer) agrees to take on some of the risks that another insurance company (the insurer) has already taken on. This is done to limit the amount of risk that any one insurer has to bear, and to spread the risk across multiple companies. By doing so, insurers can protect themselves against losses that could be caused by catastrophic events or other unexpected occurrences. The reinsurer typically receives a premium for taking on this risk, and in return, agrees to pay out some or all of the claims that the insurer would otherwise have had to pay.