JAMB UTME - Commerce - 2018
Question 1 Rapport
Which of the following is a verbal means of communication
Détails de la réponse
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.
Question 3 Rapport
Services which are of absolute monopoly can best be provided by?
Détails de la réponse
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.
Question 4 Rapport
Consumer sovereignty means that the consumer is?
Détails de la réponse
Consumer sovereignty means that the power is in the hands of the consumers, and that the market is driven by their wants and needs. This means that companies and producers must take into account what consumers want and need in order to be successful. Consumers have the final say in what is produced and what is not by choosing what to buy and what not to buy. This does not mean that consumers are always right or always independent, but it does mean that their choices and decisions play a major role in shaping the market.
Question 5 Rapport
A title, symbol, or design that distinguishes a company is called
Détails de la réponse
The title, symbol, or design that distinguishes a company and its products or services from others is called a "trademark." It is a recognizable symbol or sign that represents a company's identity and helps consumers identify and differentiate the company's offerings from its competitors.
A trademark can be a word, phrase, symbol, design, or a combination of these elements. It can be registered with the government to provide legal protection against unauthorized use by others. This means that other companies cannot use the same or similar mark to sell their products or services, which could cause confusion among consumers.
In summary, a trademark is a valuable asset that companies use to protect their brand identity and to ensure that their customers can easily recognize and trust their products or services.
Question 6 Rapport
__________ is a source of short term capital?
Détails de la réponse
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.
Question 7 Rapport
In a public limited liability company, planning is carried out by
Détails de la réponse
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.
Question 8 Rapport
The progragramme that makes up the operating system in a computer system is called?
Détails de la réponse
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.
Question 9 Rapport
The main objective of corporate mergers is to?
Détails de la réponse
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.
Question 10 Rapport
Distribution of goods belongs to
Détails de la réponse
The distribution of goods generally belongs to the commercial industry.
The commercial industry involves businesses that buy and sell goods to make a profit. These businesses can be wholesalers, retailers, or online stores. When goods are produced by the manufacturing, extractive, or construction industries, they are then sold to commercial businesses who distribute them to the end-users or customers.
For example, when a car is manufactured in a factory, it is sold to a dealership or a distributor, who then sells it to the end-user or customer. Similarly, when a farmer grows vegetables, they sell their produce to a grocery store or a food distributor, who then sells the vegetables to the end-users or customers.
Therefore, the commercial industry is responsible for the distribution of goods to the end-users or customers.
Question 11 Rapport
The main objective of a trade association can best be described as promoting and protecting ?
Détails de la réponse
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.
Question 12 Rapport
The sale of second hand securities is done in which market
Détails de la réponse
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.
Question 13 Rapport
Warehousing is a productive function because it increases the?
Détails de la réponse
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.
Question 14 Rapport
Goods and services are made available to consumers through
Détails de la réponse
Question 15 Rapport
Which of the following regulates and controls the activities in the Nigeria Stock Exchange?
Détails de la réponse
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.
Question 16 Rapport
From which of the following sources can partnership increase their capital?
Détails de la réponse
Partnership can increase their capital through the admission of new partners and the sales of shares.
When a new partner joins the partnership, they bring in additional capital, which increases the overall capital of the partnership.
Similarly, when shares in the partnership are sold, it generates additional capital which also increases the total capital of the partnership.
Discharging a mortgage or receiving grants from relatives may not directly increase the capital of the partnership, but they can improve the financial position of the partnership and make it easier for the partnership to raise capital in other ways.
Question 17 Rapport
An organization which focuses on consumers satisfaction is practicing
Détails de la réponse
The organization that focuses on consumer satisfaction is practicing the marketing concept. The marketing concept is a business philosophy that emphasizes meeting the needs and wants of customers while achieving the organization's goals. It involves researching and understanding the needs of target customers, developing products and services that meet those needs, and then promoting and distributing those products effectively. By focusing on consumer satisfaction, the organization is prioritizing the customer's needs and aiming to provide them with the best possible experience. This approach is in contrast to the selling concept, which focuses more on pushing products onto customers regardless of their needs or wants. Similarly, consumerism is a social movement that advocates for the rights and protection of consumers, while market segmentation is a strategy of dividing a market into smaller groups of customers with similar needs and characteristics for targeted marketing efforts.
Question 18 Rapport
The duties paid on goods produced locally is
Détails de la réponse
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.
Question 19 Rapport
Given
| N | |
| sales | 15,000 |
| opening stock | 5,600 |
| purchase | 9,700 |
| closing stock | 4,400 |
| gross profit | 4,500 |
| net profit | 2,000 |
What is the rate of turnover from the table?
Détails de la réponse
Question 21 Rapport
The elements in marketing mix that ensures goods are available when and where needed is
Détails de la réponse
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.
Question 23 Rapport
A person who undertakes any risk in insurance business is known as ?
Détails de la réponse
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.
Question 24 Rapport
One of the principles of insurance is
Détails de la réponse
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.
Question 25 Rapport
An arrangement by independent firms to share the market of their products on quota basics Is referred to as
Détails de la réponse
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.
Question 26 Rapport
The board of directors of public enterprise is appointed by who?
Détails de la réponse
The board of directors of a public enterprise is typically appointed by the shareholders. Shareholders are the owners of the company and have the right to elect the people who will oversee the management of the company and make decisions on behalf of the shareholders. The board of directors is responsible for setting the overall strategy of the company, making major decisions such as appointing senior management, and ensuring that the company is managed in a way that is in the best interests of the shareholders.
Question 27 Rapport
The satisfaction of consumer is best explained by
Détails de la réponse
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.
Question 28 Rapport
The agency in Nigeria which ensures that products conform with government quality specifications is the?
Détails de la réponse
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).
Question 29 Rapport
Sudden technological changes can have the effect of making?
Détails de la réponse
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.
Question 30 Rapport
What is a Quota?
Détails de la réponse
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.
Question 31 Rapport
The business organisation in which shareholders have equal votes is?
Détails de la réponse
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.
Question 32 Rapport
Transportation, retailing and wholesaling industries rely heavily on?
Détails de la réponse
Question 33 Rapport
The internet is a system of telecommunication used for
Détails de la réponse
The internet is a system of telecommunication that allows people and devices to communicate and exchange information over long distances through digital networks. It enables us to send and receive a wide range of media, such as text, images, and videos, through various applications like email, social media, and messaging platforms. In other words, the internet is a massive global network of computers that are connected to each other and exchange information through standard protocols, allowing us to communicate with each other in real-time, regardless of our physical locations.
Question 34 Rapport
The two main categories under which marine losses fall into are
Détails de la réponse
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.
Question 35 Rapport
A disadvantage of personal selling is that it
Détails de la réponse
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.
Question 36 Rapport
The first known legislation to protect consumer rights in Nigeria is the?
Détails de la réponse
Question 37 Rapport
In the law of contact, a counter offer operates as
Détails de la réponse
A counter offer operates as a rejection.
In the law of contract, a counter offer is a response to an original offer that changes the terms of the agreement. It acts as a rejection of the original offer and a new offer from the person making the counter offer. Until the new offer is accepted, there is no contract. So, if you receive a counter offer, it means that the person you made the original offer to is not accepting it as it is, but instead, they are proposing new terms for the agreement.
Question 39 Rapport
One of these is a current asset
Détails de la réponse
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.
Question 40 Rapport
A company which issues a promissory note in lieu of payment for goods purchased
Détails de la réponse
