JAMB UTME - Commerce - 2009

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Unresolved disputes between the employer and employees are usually referred to the industrial arbitration tribunal. An industrial arbitration tribunal is an independent body set up to hear and settle disputes between employers and employees. It is usually composed of experts in labor law and industrial relations, and its decisions are binding on both parties. When a dispute arises between an employer and employees, they may attempt to resolve it through negotiation or mediation. If these methods are unsuccessful, the matter can be referred to an industrial arbitration tribunal for resolution. The tribunal will hear evidence from both sides and make a decision based on the facts of the case and the relevant laws and regulations. The role of the industrial arbitration tribunal is to ensure that disputes between employers and employees are resolved fairly and impartially, and that both parties are treated equitably. Its decisions help to promote stability and productivity in the workplace, and provide a means of resolving conflicts without resorting to strikes or other forms of industrial action.

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The most important reason for the existence of insurance business is to spread losses to all covered participants. Insurance is a financial product that provides protection against the risk of loss due to unforeseen events such as accidents, illness, or natural disasters. The insurer collects premiums from a large pool of policyholders and uses that money to pay for any losses that may occur. By spreading the risk among many individuals, insurance helps to protect individuals and businesses from the potentially devastating financial consequences of a loss. Without insurance, a single loss could be financially catastrophic for an individual or business. While insurance may also provide for the replacement of facilities, encourage savings, and promote safety, the primary purpose of insurance is to spread risk and protect individuals and businesses from financial ruin.

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The most commonly used commercial documents are order notes, debit notes, invoices, and quotations. Order notes are used to request goods or services from a supplier, while debit notes are used to inform the supplier of any deductions from payment due to errors or damages. Invoices are used to request payment for goods or services provided, and quotations are used to provide information about the cost and details of goods or services requested. These documents are crucial in any commercial transaction as they provide a record of the transaction and serve as evidence in case of any disputes.

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A firm that disposes its wastes properly is discharging its environmental responsibility. Environmental responsibility refers to the obligation of individuals, organizations, and businesses to act in a way that protects and preserves the natural environment. This includes minimizing the negative impact of their activities on the environment, conserving natural resources, and promoting sustainable practices. Improper waste disposal can have a negative impact on the environment, leading to pollution of air, water, and soil. It can also harm plant and animal life, and pose health risks to humans. By properly disposing of its wastes, a firm is taking steps to reduce its environmental impact and fulfill its environmental responsibility. Proper waste disposal can take many forms, such as recycling, composting, and responsible landfilling. Some firms may also implement waste reduction measures to minimize the amount of waste they generate in the first place. Overall, environmental responsibility is an important aspect of sustainable business practices, and proper waste disposal is just one example of how a firm can fulfill its environmental responsibilities.

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A sole proprietorship is a business that is owned and operated by one person. One of the major problems of a sole proprietor is sourcing for funds to run the business. Unlike other forms of business ownership, the owner of a sole proprietorship is responsible for all financial obligations of the business, including funding its operations, paying expenses, and investing in growth. Therefore, without enough funds, the sole proprietor may find it difficult to purchase raw materials, hire labor, purchase machinery and equipment, and carry out other business activities necessary for the success and growth of the business.

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The characteristic that ensures that money is free from forgery is its "legality." Legality means that the money is authorized by the government and has been issued by the central bank. This means that it is backed by the government and has a legal status as a medium of exchange. Counterfeiters cannot legally produce money, so they are not able to reproduce all of the features of genuine currency, such as the security features that are built into banknotes to make them difficult to copy. Therefore, by ensuring that money is legal, it helps to prevent counterfeiting and ensure the authenticity of the currency.

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A financial instrument that entitles the holder to receive both dividend and capital gains is a share. When you buy a share of a company, you become a part-owner of the company and are entitled to a portion of its profits. The company may distribute these profits to its shareholders in the form of dividends or reinvest them to grow the business, increasing the value of the company and the share price. Thus, a share is a way for investors to participate in the success and profitability of a company.

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Circulating capital refers to the capital that is used for the day-to-day running of a business. The circulating capital of a business enterprise is classified into different categories based on the type of assets. These categories include: 1. Cash: This refers to the amount of money available in the business for use in daily transactions. 2. Stocks of Raw Materials and Fittings: This refers to the inventory of raw materials and fittings that are used to produce goods for sale. 3. Work-in-Progress: This refers to goods that are in the process of being manufactured but have not yet been completed. 4. Debtors: This refers to the money owed to the business by its customers. Overall, the circulating capital of a business enterprise is made up of the assets that are necessary for the day-to-day operations of the business.

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Billboards and posters are forms of outdoor media. Outdoor media refers to any type of advertising that is displayed outdoors, such as billboards, posters, bus shelters, and digital displays. Outdoor media is an effective way to reach a large number of people, as it is visible to anyone who passes by the advertising space. Billboards and posters are typically large and colorful, making them eye-catching and attention-grabbing. They are often placed in high-traffic areas such as highways, busy streets, and public transportation hubs to maximize exposure to potential customers. Outdoor media is a popular advertising option for businesses looking to reach a broad audience and increase brand awareness.

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The Manufacturers' Association of Nigeria is an example of a pressure group. A pressure group is an organization that seeks to influence government policies or decisions without seeking to take control of the government. The Manufacturers' Association of Nigeria (MAN) is a private sector organization that represents the interests of manufacturers in Nigeria. Its primary aim is to promote the development of the manufacturing sector in Nigeria and to support policies that will enable manufacturers to operate effectively and profitably. MAN engages in lobbying and advocacy activities to influence government policies on issues such as taxation, trade, and regulation. It also provides support services to its members, including training and capacity building, and promotes the development of the manufacturing sector through various initiatives and programs. While labour unions represent workers and seek to protect their interests, cartels are organizations that seek to control a particular industry, and conglomerates are large corporations made up of several smaller companies. The Manufacturers' Association of Nigeria is an example of a pressure group because it represents the interests of a particular group (manufacturers) and seeks to influence government policies on their behalf.

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The central focus of commercial activities is trading. Commercial activities refer to the exchange of goods or services between businesses or individuals with the primary objective of generating profit. Trading involves the buying and selling of goods or services in exchange for money or other forms of payment. It is the foundation of commercial activities as it allows businesses to acquire goods or services they need and sell products they have manufactured or acquired to generate revenue. While pricing, advertising, and marketing are important aspects of commercial activities, they are primarily aimed at facilitating trading and generating revenue for the business.

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One of the facilities enjoyed by a current account holder is an overdraft. An overdraft is a facility offered by banks that allows current account holders to withdraw more money than they have in their account, up to a pre-agreed limit. In other words, it allows the account holder to borrow money from the bank. An overdraft can be useful for individuals or businesses that need short-term access to extra funds to cover unexpected expenses or cash flow issues. The interest rates on overdrafts are typically lower than those on credit cards or personal loans, making them a more cost-effective option for short-term borrowing. To use an overdraft facility, the account holder must first agree with the bank on the terms and conditions, including the maximum amount they can borrow and the interest rate they will be charged. Overdrafts may be subject to fees and charges, so it is important for account holders to read the fine print and fully understand the terms and conditions before using the facility. Overall, an overdraft is a convenient facility that can provide a useful safety net for current account holders who may need short-term access to extra funds.

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The primary memory component of a computer is the cache. The cache is a type of memory that stores frequently used data and instructions for quick access by the computer's central processing unit (CPU). It is a high-speed memory that is faster than the computer's main memory, which is typically referred to as RAM. The cache helps to improve the performance of the computer by reducing the time it takes for the CPU to access data and instructions, which is critical for the efficient operation of a computer system.

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The percentage of gross profit on sales can be calculated by first finding the gross profit, which is the difference between the turnover and the cost of goods sold. In this case, the gross profit is N50,000 - N40,000 = N10,000. Then, to find the percentage of gross profit on sales, divide the gross profit by the turnover and multiply by 100. So: Gross profit percentage = (Gross profit / Turnover) x 100 = (N10,000 / N50,000) x 100 = 0.2 x 100 = 20.0% Therefore, the answer is 20.0%.

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Partnerships are most effective where professionals are involved. Partnerships are a business structure where two or more people own and run a business together. Professional partnerships are formed by individuals with similar expertise or complementary skills, such as lawyers, doctors, or accountants. When professionals come together, they can combine their knowledge, experience, and resources to create a more robust business that is better equipped to meet the needs of their clients. Partnerships also offer the benefit of shared risk and shared rewards, making it easier for partners to raise capital and share expenses. However, it is essential to have clear partnership agreements and open communication to ensure the success of the business. While family and friends may also form partnerships, they may not have the same level of expertise and professionalism, which could impact the effectiveness of the partnership. Additionally, favorable government regulations and access to capital are also important factors for the success of any partnership.

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The major dealers on the stock market are brokers. Brokers are individuals or firms that act as intermediaries between buyers and sellers on the stock market. They facilitate the buying and selling of stocks by matching buyers with sellers, and they earn a commission on each transaction they facilitate. Brokers play an important role in the stock market because they provide liquidity, which is the ability to buy or sell stocks quickly and easily. They also provide valuable advice and information to investors, helping them to make informed decisions about which stocks to buy or sell. Jobbers, on the other hand, are a type of dealer who buy and sell stocks for their own account, rather than on behalf of clients. They are less common on modern stock markets, and their role has largely been replaced by electronic trading platforms. Overall, brokers are the major dealers on the stock market, providing liquidity, advice, and information to investors, and earning commissions for facilitating transactions.

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The major components of modern retailing are branding, supermarkets, and after-sales service. Branding refers to the use of unique names, symbols, or designs to distinguish a retailer's products or services from its competitors. Supermarkets are large self-service retail stores that offer a wide variety of products and services, ranging from groceries to household items. After-sales service refers to the support provided by a retailer after a sale has been made, including things like warranties, repairs, and customer service. These components are essential to the success of modern retailing and help to provide customers with a convenient and enjoyable shopping experience.

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The body established to protect the interest of members against the exploitation of retail traders and manufacturers is the "consumers association." This is an organization that advocates for the rights of consumers in the marketplace. It ensures that consumers are treated fairly by retailers and manufacturers, and that they receive value for their money. The association also provides information to consumers about their rights and responsibilities and educates them on how to make informed purchasing decisions. The ultimate goal of a consumers association is to promote fair and ethical business practices and to ensure that consumers are not exploited in any way.

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The cost of a message sent is determined by the number of words used in Telegram. Telegram is a method of communication that involves the transmission of messages over long distances by telegraph. The cost of sending a telegram was determined by the number of words used in the message. The longer the message, the more expensive it was to send. This pricing system was in place for many years before other forms of communication, such as telephone, telex, and email became popular. In contrast, the cost of sending messages in these other forms of communication is not usually based on the number of words used, but rather on other factors such as distance or time.

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Primary production is associated with agriculture. Primary production refers to the creation of raw materials and resources that are used to produce goods and services. Agriculture involves the cultivation of crops and the rearing of animals to produce food, fiber, and other products. Primary production is the first stage in the production process and is essential for the functioning of the economy. Other sectors such as manufacturing, construction, and banking rely on primary production to obtain the raw materials they need to produce goods and services. Without primary production, these other sectors would not be able to function effectively. Therefore, primary production, particularly in the form of agriculture, is a vital sector for the development and sustainability of the economy.

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This is an example of e-banking. E-banking refers to the use of electronic channels to conduct banking transactions such as transferring funds, checking account balances, paying bills, and accessing other banking services. In this case, the customer used an electronic channel (likely online banking or a mobile app) to transfer money from his account to his sister's account in another branch, without physically visiting the bank or filling out any paperwork.

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The transmission of telephone services from one country to another is facilitated by communication satellites. Communication satellites are artificial satellites that orbit the Earth and are used to relay various types of telecommunications signals, including telephone calls, television broadcasts, and internet data. They are equipped with transponders, which receive signals from the ground and retransmit them to other locations around the world. When a telephone call is made from one country to another, the signal is transmitted from the caller's telephone to a local exchange. From there, it may be transmitted to a long-distance carrier, which routes the call to a gateway that connects to the communication satellite. The satellite then relays the signal to another gateway located in the destination country, which connects to a local exchange that routes the call to the intended recipient. Communication satellites have revolutionized international telecommunications by providing a reliable, cost-effective means of transmitting signals over long distances. They have greatly expanded global connectivity and facilitated the growth of industries such as international trade, tourism, and finance. Overall, communication satellites play a critical role in the transmission of telephone services from one country to another, and they are an essential component of modern international telecommunications infrastructure.

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The principle of insurance which entitles an insurance company to take any advantage due to the insured after full indemnity is called subrogation. In simple terms, this means that after an insurance company compensates the insured for a loss, they have the right to legally pursue a third party who may have caused the loss or is responsible for it. Once the insurer recovers the amount they paid to the insured from the third party, they may keep any additional amount recovered as their own advantage.

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One major advantage of transportation to a business is to extend the firm's market coverage. Transportation enables businesses to reach customers and markets that are located far away from their production facilities or headquarters. By providing access to a wider range of customers, transportation can help businesses to increase their sales and revenues. Transportation can also help businesses to reduce their costs by enabling them to access raw materials or other inputs that are located far away. For example, a company that manufactures goods in one part of the country may be able to source raw materials more cheaply from another region, and transportation can help to facilitate this. In addition to extending market coverage and reducing costs, transportation can also help businesses to improve their overall efficiency and productivity. By enabling goods to be moved more quickly and efficiently, transportation can help businesses to streamline their supply chains and improve their operations. Overall, transportation plays a critical role in the success of many businesses, enabling them to reach new markets, reduce costs, and improve their overall efficiency and competitiveness.

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The concept which focuses on consumers in decision-making is the marketing concept. The marketing concept is a business philosophy that emphasizes identifying and satisfying the needs and wants of customers as the primary goal of a company. In other words, a company that adopts the marketing concept places the customer at the center of its decision-making processes. This involves conducting market research, developing products and services that meet the needs of customers, and promoting those products and services in a way that resonates with the target audience. The ultimate goal of the marketing concept is to create long-term, mutually beneficial relationships between the company and its customers.

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The type of partnership in which all partners are jointly liable in bearing risk is "ordinary partnership". In an ordinary partnership, all partners have unlimited liability and share equally in the profits and losses of the business. This means that each partner is personally responsible for all of the debts and obligations of the partnership, and any one partner can be held liable for the actions of the others. It is important for partners in an ordinary partnership to have a strong level of trust and communication to ensure the success of the business.

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An artificial barrier to international trade is any obstacle that is created by governments, organizations, or individuals to limit the flow of goods and services across borders. Custom duties are one such barrier that involves a tax on imported goods or services, making them more expensive than locally produced goods. This encourages consumers to buy locally produced goods, protecting domestic industries, but ultimately limiting competition and choice for consumers.

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The service of a textile worker is an example of manufacturing. Manufacturing is the process of transforming raw materials, components, or parts into finished goods that meet customers' needs and expectations. In this case, the textile worker is involved in the production of textiles, which involves various manufacturing processes such as spinning, weaving, dyeing, and finishing. The end product of this process is a finished textile that can be used in various applications such as clothing, upholstery, and bedding. Therefore, the service of a textile worker falls under the category of manufacturing activities.

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An insurable risk is a risk that can be estimated and calculated to be compensated for, usually through an insurance policy. This type of risk involves a potential loss or damage that can be financially quantified and transferred to an insurance company in exchange for a premium payment. Examples of insurable risks include fire, theft, and natural disasters, among others. By transferring the risk to an insurer, individuals and businesses can protect themselves against financial losses that may result from unexpected events.

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The efficiency of an organization is enhanced by skilled manpower. Skilled manpower refers to employees who possess the necessary knowledge, expertise, and experience to perform their job duties effectively and efficiently. When an organization has skilled manpower, it can improve productivity, reduce errors, and complete tasks in a timely manner. Skilled employees can also identify problems and implement solutions to address them. As a result, organizations with skilled manpower are more likely to achieve their goals, provide quality products or services, and maintain a competitive advantage in the market. While other factors such as government assistance, customer support, and support from the host community can contribute to an organization's success, having skilled manpower is a crucial component of enhancing efficiency.

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If the buyer is given a 12.5% discount on N50,000 worth of goods, it means he will pay only 87.5% of the original price. The calculation is as follows: 12.5% of N50,000 = (12.5/100) x N50,000 = N6,250 So, the new price is: N50,000 - N6,250 = N43,750 Therefore, the buyer will pay N43,750. The correct option is N43,750.

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A chain store usually combines the features of multiple shops and departmental stores. A chain store is a retail business with multiple locations that operates under the same brand, ownership, and management. The chain store model typically involves standardizing the store's layout, merchandise, and marketing strategies across all locations to create a uniform shopping experience for customers. The combination of multiple shops and departmental stores means that the chain store can offer a wide range of products to its customers, including groceries, clothing, electronics, home goods, and more, while also providing the convenience of a one-stop shopping experience.

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In a public limited liability company, planning is carried out by the board of directors. The board of directors is responsible for the overall management of the company and makes decisions on behalf of the company's shareholders. Planning is an important aspect of management, and it involves setting goals and objectives for the company and determining the strategies and tactics that will be used to achieve them. The board of directors is responsible for developing and approving the company's strategic plan, which outlines the company's long-term goals and the strategies that will be used to achieve them. The board also approves the annual budget, which sets out the company's financial goals for the year and the resources that will be allocated to achieve them. While the chairman of the board plays an important role in leading the board and ensuring that its decisions are implemented, planning is the responsibility of the entire board of directors, who work together to develop and implement the company's plans and strategies. Employees may be involved in the planning process, but ultimate responsibility lies with the board of directors. Shareholders, on the other hand, play a more passive role in the company and do not have direct responsibility for planning or managing the company.

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Resources harnessed in certain proportion to create goods and services are called "factors of production". These factors of production include land, labor, capital, and entrepreneurship. Land refers to the natural resources used in the production process, such as raw materials and minerals. Labor refers to the human effort used in the production process. Capital refers to the tools, machinery, and equipment used in the production process. Finally, entrepreneurship refers to the organization and management skills used to bring together the other factors of production and make the production process possible. All of these factors work together to create goods and services that are essential for the economy.

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The function which ensures that set objectives are attained by an organization is controlling. Controlling involves monitoring and evaluating the progress of the organization towards achieving its set goals and taking corrective actions if necessary. It helps to ensure that resources are used effectively and efficiently towards achieving the organization's objectives. Therefore, controlling is an important function of management that ensures that an organization is on the right track towards achieving its goals.