JAMB UTME - Commerce - 2018

The main objective of corporate mergers is to?

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The main objective of corporate mergers is to enhance economies of scale. When companies merge, they can combine their resources, reduce duplication of efforts, and operate more efficiently. This can lead to cost savings, improved productivity, and increased profitability. By merging, companies can also expand their market share, increase their bargaining power, and access new technologies or products. While mergers can also provide financial advantages, such as increased revenue or reduced costs, the primary goal is to create a stronger, more competitive business entity through economies of scale.

Money is generally acceptable for transaction due to

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Bank giro is a system where?

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The main objective of a trade association can best be described as promoting and protecting ? 

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The main objective of a trade association can best be described as promoting and protecting the common interest. A trade association is a group of companies or businesses in a specific industry that come together to achieve a common goal. The main objective of a trade association is to promote and protect the interests of its members and the industry as a whole. This can include activities such as advocating for favorable regulations, promoting the industry to the public, and improving the overall business climate for its members. By working together, the members of a trade association can have a greater impact and influence on the industry and the market. This can lead to increased profitability and success for individual companies, as well as the industry as a whole. In simple terms, a trade association helps to bring together businesses in a specific industry to work towards common goals and promote the overall success of the industry.

Which of the following regulates and controls the activities in the Nigeria Stock Exchange?

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The regulatory body that controls and oversees the activities in the Nigeria Stock Exchange is the Securities and Exchange Commission (SEC). SEC is a government agency responsible for regulating the Nigerian capital market to ensure fair and transparent trading of securities. It also ensures that companies seeking to raise capital by listing their shares on the stock exchange follow proper procedures and disclosure requirements. In simple terms, SEC is the watchdog of the Nigerian stock market, ensuring that everything is done in a fair and transparent manner for the protection of investors.

One of the criteria for differenciating consumer markets from industrial ones is the?

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The business organisation in which shareholders have equal votes is?

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The business organization in which shareholders have equal votes is a cooperative. In a cooperative, each shareholder is typically given one vote, regardless of the number of shares they own. This means that each shareholder has an equal say in the decision-making process of the organization, which is different from other types of businesses where the number of votes is often proportional to the number of shares owned. Cooperatives are businesses that are owned and run by their members, who may be customers, employees, or other stakeholders. They are typically formed to meet the common needs and aspirations of their members, and they operate according to principles of democratic control and participation. In addition to giving each member an equal say in the organization, cooperatives often distribute profits among their members in proportion to their participation in the business.

Which of the following is a verbal means of communication

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The verbal means of communication is a type of communication that involves the use of words, either spoken or written, to convey a message from the sender to the receiver. Out of the options provided, the verbal means of communication is the telephone. The telephone allows people to communicate verbally with each other in real-time, which means that they can have a conversation back and forth immediately. This type of communication is useful when people need to discuss complex or sensitive issues, or when they need to get immediate feedback or clarification. In addition, the telephone can help to build relationships between people and can create a more personal connection than other forms of communication, such as email or text messaging. By contrast, express mail, business reply services, and telex are all written means of communication. Express mail and business reply services are both used to send physical documents and packages, while telex is an older technology that used a network of teleprinters to send written messages over long distances. Overall, while all of these means of communication can be useful in different situations, the telephone is the best option for verbal communication.

On liquidation of a public limited liability company, the residual owners are the?

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When a public limited liability company is liquidated, its assets are sold to pay off its debts and obligations. Any money remaining after all the debts have been paid is called the residual value or the residual assets. The residual owners of a company are the owners who are entitled to this residual value. In a liquidation scenario, the residual owners of a company are the ordinary shareholders. They are the last in line to receive any payment, after the creditors, debenture shareholders, and preference shareholders have been paid. Ordinary shareholders are considered residual owners because they are the owners who have invested in the company's equity, and they only receive payment after all other obligations have been fulfilled. To put it simply, when a public limited liability company is liquidated, the residual owners who are entitled to any money left over after all debts and obligations have been paid are the ordinary shareholders.

Taking a new product to a particular part of the country to test the reaction of consumers to the product is referred to as?

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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.

Rights issue means the?

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Extractive industries may also be denominated as?

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Extractive industries, also known as primary industries, are industries that are involved in the extraction and production of raw materials, such as oil, gas, minerals, and other natural resources. These industries are called "primary" because they are involved in the first step of the production process and provide the raw materials that are used to create other products. The products produced by extractive industries are often called "commodities" because they are typically sold on global markets and their prices are determined by supply and demand. In contrast, indirect industries are involved in the production of goods and services that are not directly related to the extraction of raw materials. For example, the manufacturing of consumer goods, such as cars or electronics, is an indirect industry because it relies on raw materials that have been extracted and processed by primary industries. Service industries, such as finance, education, or healthcare, are also considered indirect industries because they provide services rather than physical products.

When it becomes necessary to liquidate a company, the first step to be taken is the appointment of a?

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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.

What is a Quota?

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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.

Which of the following functions is not performed by warehousing?

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The function that is not performed by warehousing is "creating scarcity of goods." Warehousing primarily serves the purpose of storing goods in a safe and organized manner until they are needed for further use or transportation. This ensures that the goods are protected from damage, theft, or any other kind of loss. Stabilization of price is a significant function of warehousing. By storing goods when their supply is high and releasing them when the demand exceeds the supply, warehousing helps regulate the price of goods in the market. This helps prevent price fluctuations, which can be harmful to both producers and consumers. Production ahead of demand is another function of warehousing. Warehouses allow producers to manufacture goods in advance of demand and store them until they are required. This enables them to meet the demand of the market promptly and maintain a consistent supply of goods. Creating scarcity of goods is not a function of warehousing. In fact, warehousing aims to reduce scarcity by ensuring that goods are available when needed. If goods are kept in warehouses, they are readily available to meet the demand, which can help prevent scarcity. In summary, the primary function of warehousing is the storage of goods. Warehousing also helps stabilize prices, enables production ahead of demand, and prevents scarcity of goods.

A group of companies is a collection of? 

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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.

What do we call agreement between two people enforced by law?

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The agreement between two people that is enforced by law is called a contract. A contract is a legally binding agreement between two or more parties who have agreed to do something or refrain from doing something in exchange for something of value, known as consideration. For a contract to be valid, there must be an offer made by one party, acceptance of that offer by the other party, and consideration exchanged between the parties. The terms of the contract must be clear and unambiguous, and the parties must have the legal capacity to enter into the agreement. Once a contract is signed, both parties are obligated to fulfill their respective obligations, and if either party breaches the terms of the contract, the other party may seek legal remedies.

The above chart represents the

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The principle of insurance that I would like to explain is "proximate cause." Proximate cause is a fundamental principle of insurance that states that for a loss to be covered by insurance, it must be caused by an event that is covered by the insurance policy. In other words, the cause of the loss must be directly related to a specific peril or risk that is covered by the insurance policy. For example, if you have a car insurance policy that covers damage caused by collisions, and your car is damaged in a collision with another vehicle, the proximate cause of the damage is the collision, and the loss should be covered by your insurance policy. On the other hand, if your car is damaged by a hailstorm, which is not covered by your collision insurance, the proximate cause of the damage is the hailstorm, and the loss may not be covered by your insurance policy. In summary, the principle of proximate cause is essential to ensure that insurance policies cover only the specific risks and perils that they are designed to cover, and not unrelated losses.

Services which are of absolute monopoly can best be provided by?

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Services which are of absolute monopoly can best be provided by public enterprises. When a service is an absolute monopoly, it means that only one entity can provide that service due to various factors such as high barriers to entry, legal regulations, or exclusive ownership of resources. In such cases, private companies may not be able to enter the market and compete effectively, as they may lack the necessary resources or expertise to provide the service. On the other hand, public enterprises are owned and operated by the government, which can help ensure that the service is provided fairly and efficiently. Public enterprises can also prioritize the needs of the public over profit maximization, which can be especially important for services that are essential to the well-being of citizens. However, it's important to note that the effectiveness of public enterprises can vary depending on the specific context and the quality of governance. In some cases, private companies or other forms of ownership may be better suited to provide certain services, especially if there is competition and proper regulation in place to prevent abuses of power.

__________ is a source of short term capital?

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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.

Why will a cheque be dishonored?

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Transportation, retailing and wholesaling industries rely heavily on?

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A disadvantage of personal selling is that it

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A disadvantage of personal selling is that it increases a company's operating costs. Personal selling involves hiring salespeople to interact directly with potential customers, which requires the company to pay for their salaries, commissions, training, travel expenses, and other related costs. Compared to other forms of marketing such as advertising or digital marketing, personal selling can be more expensive and time-consuming. Additionally, personal selling may not always guarantee a sale, which can lead to lower returns on investment for the company.

The progragramme that makes up the operating system in a computer system is called? 

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The programme that makes up the operating system in a computer system is called system software. The operating system is a critical part of a computer system, as it manages the computer's hardware and software resources, and provides a user interface for interacting with the computer. The system software is a collection of programmes that make up the operating system, including the kernel, device drivers, system utilities, and other components. The kernel is the core of the operating system, responsible for managing memory, processing tasks, and handling input/output operations. Device drivers are programmes that allow the operating system to communicate with hardware devices such as printers, scanners, and network adapters. System utilities are programmes that help users manage and configure the computer system, such as file managers, system settings, and security tools. Micro programs and syntax are not typically used to refer to the programmes that make up the operating system. Micro programs are low-level instructions that are stored in the computer's firmware and used to control the processor's operation, while syntax refers to the rules and structure of a programming language. Similarly, a system flow-chart is a visual representation of the flow of operations in a computer system, but it is not a programme that makes up the operating system.

A printer that burns the print image into the photosensitive drum is called?

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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.

One of these is a current asset

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The current asset in this list is "stock". Current assets are assets that are expected to be converted into cash within one year or one operating cycle, whichever is longer. Stock, also known as inventory, is a current asset because it represents goods that a company has on hand and expects to sell within one year. Fittings, machineries, and motor vehicles are not current assets because they are long-term assets that a company expects to use for more than one year in its operations. Fittings refer to equipment used in a business, such as furniture and fixtures, that are not expected to be sold as part of the company's regular operations. Machineries and motor vehicles are fixed assets used in production or for transportation, respectively.

What is the difference between current assets and current liabilities?

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The duties paid on goods produced locally is

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The duty paid on goods produced locally is called "excise duty". Excise duty is a tax on goods that are produced, sold or consumed within a country, and is typically imposed at the point of production or sale. In other words, if you produce goods in a country and sell them within that same country, you will likely have to pay an excise duty. Excise duty can be levied on a wide range of products, including alcohol, tobacco, fuel, and luxury goods. The rate of excise duty varies depending on the type of product and the country in which it is produced. The purpose of excise duty is to generate revenue for the government and to discourage the consumption of certain products. Unlike ad-valorem duty, which is calculated as a percentage of the value of the goods, excise duty is usually calculated on a per-unit basis. For example, a certain amount of excise duty might be charged for each liter of alcohol produced or for each pack of cigarettes sold. Export duty, on the other hand, is a tax on goods that are exported out of a country. Quota is a restriction on the quantity of goods that can be imported or exported.

What’s the first form an applicant must complete before taking an insurance policy?

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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.

The satisfaction of consumer is best explained by

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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.

A form of money that has gone out of use is ?

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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.

Goods and services are made available to consumers through

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A chamber of commerce is an association made up of?

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In a public limited liability company, planning is carried out by

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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.

Why is clear bill of lading called so?

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One of the obstacles to achieving the objectives of ECOWAS is?

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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.

One of the disadvantages of rail transport is

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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.

Trade fairs in Nigeria are organized by

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Erroneous real arrangement of financial figure such as writing N624 as N264 is called?

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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.