JAMB UTME - Commerce - 2014

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The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is the principle of utmost good faith, also known as uberrimae fidei. This principle is a fundamental principle of insurance law that requires both the insurance company and the person seeking insurance (the proposer) to act with utmost good faith in the insurance transaction. The insurance company must fully and accurately disclose all material facts about the risk to be insured, while the proposer must also disclose all relevant information about the risk to the insurance company. This principle is important because it helps to ensure that the insurance company has a full and accurate understanding of the risk it is taking on, and that the proposer is fully informed about the terms and conditions of the insurance contract. By acting in good faith, both parties can make an informed decision about whether or not to enter into the insurance contract.

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Token money is a form of money with face value that is greater than the value of the metal or material content. It can be made of paper, plastic, or metal and is used as a medium of exchange in place of real money or commodity money. Token money is legal tender, meaning it is recognized by law as a valid payment for debts and taxes. Unlike commodity money, the value of token money is not based on the material it is made of, but rather on the trust and confidence that people have in its worth.

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Cooperation and friendliness are enhanced among nations through interdependence necessitated by "commerce." Commerce refers to the exchange of goods, services, and ideas between countries. When countries engage in commerce with one another, they become interdependent on one another for various needs. For example, one country might have a surplus of a particular resource, while another country has a high demand for that resource. By engaging in commerce, both countries can benefit by trading goods and resources with each other. This interdependence created by commerce can help to foster cooperation and friendliness between nations. When countries rely on each other for trade and resources, it becomes more difficult for them to engage in conflict or hostility towards one another. Instead, they have a shared interest in maintaining positive relationships and promoting mutually beneficial trade. Overall, commerce plays an important role in promoting cooperation and friendliness between nations by fostering interdependence and shared interests.

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The principle of management that emphasizes the number of subordinates under the direct supervision of a manager is called "span of control." In simple terms, the span of control refers to the number of people a manager can effectively manage and supervise. The idea is that there is a limit to the number of individuals a manager can supervise effectively without becoming overwhelmed or sacrificing quality. A manager who has too many direct reports may find it difficult to provide adequate attention to each individual and ensure they are working efficiently towards organizational goals. On the other hand, a manager with too few direct reports may not be utilizing their time and resources effectively. By understanding the appropriate span of control, managers can ensure that they are delegating tasks appropriately and managing their team in an efficient and effective manner. This can help to improve productivity and achieve organizational goals.

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The three functional units of a modern computer are: input unit, processor, and output unit. The input unit is responsible for taking in information from external sources, such as a keyboard or a mouse, and converting it into a form that the computer can understand and process. This information is then passed on to the processor. The processor, also known as the central processing unit (CPU), is the "brain" of the computer. It receives input from the input unit, processes it according to the instructions it has been given, and then sends the output to the output unit. The output unit is responsible for taking the processed information from the processor and presenting it in a form that is understandable to the user. This could be through a monitor display, a printer, or some other type of output device. Together, these three functional units work together to form the basic structure of a modern computer. The input unit brings in information, the processor processes it, and the output unit presents the processed information to the user in a meaningful way.

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The social responsibility factor of an organization is geared towards contributing to the sustenance and development of its host community. This means that organizations are expected to take into consideration the impact of their activities on the society and environment in which they operate. They are expected to operate in a manner that does not harm the environment or cause any negative impact on the host community. In addition, organizations are expected to engage in activities that promote the well-being of the community by providing employment opportunities, supporting social and economic development, and promoting sustainable practices. This approach to business is known as corporate social responsibility (CSR) and is seen as a way for organizations to contribute to the betterment of society while also improving their own reputation and bottom line.

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Digital computers are commonly used in weather forecasting. These computers are able to process vast amounts of data quickly and accurately, which is essential for generating weather models and making predictions. Digital computers are also able to handle complex mathematical calculations and are able to store large amounts of information, which is necessary for weather forecasting. Hybrid computers, mainframe computers, and analog computers are also used in weather forecasting, but to a lesser extent than digital computers.

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The term that describes the coming together of a manufacturing business with a firm that markets its products is "forward integration." Forward integration occurs when a company acquires or merges with a firm that is closer to the end-user of its products, such as a distributor or retailer. This allows the company to have greater control over the distribution and marketing of its products, and potentially capture a greater share of the profits in the supply chain.

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The Securities and Exchange Commission (SEC) is the regulatory body that regulates and controls the activities in the Nigerian Stock Exchange. The SEC is responsible for overseeing the securities market in Nigeria, including the registration of market operators, the approval of securities offerings, and the enforcement of securities laws and regulations. It is an independent agency of the Nigerian federal government, established in 1979 under the Securities and Exchange Commission Decree (now Act) No. 29 of 1979.

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The document described in the question is called a "statement of account". A statement of account is a document that shows the financial transactions between a company and its customer over a specified period, such as a month or a quarter. It usually shows the purchases made by the customer, the payments they have made, and any outstanding balances or debts that are owed to the company. The statement of account helps to keep track of the financial relationship between the company and the customer, and to ensure that all debts are paid in a timely manner. It is typically used for accounting and bookkeeping purposes and can be used as a basis for follow-up actions, such as debt collection or dispute resolution. Therefore, the answer is: "statement of account".

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An agent who transacts business with the broker in the stock exchange is a jobber. A jobber is a type of middleman who acts as an intermediary between a broker and a customer in the stock exchange. Jobbers buy and sell securities on behalf of their clients, typically at a markup or commission. They play an important role in the stock exchange by facilitating the buying and selling of securities and helping to create liquidity in the market. By acting as intermediaries, jobbers provide a valuable service to both buyers and sellers in the stock exchange, helping to match buyers and sellers, negotiate prices, and execute trades.

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Mrs Jones' occupation of crabbing and fishing is an extractive occupation. This is because it involves the extraction of natural resources from the environment, specifically from the water bodies, for commercial purposes.

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A Digital Versatile Disk (DVD) is an example of a computer storage device. It is a type of optical disc that can store large amounts of data, including movies, music, and software. DVDs use laser technology to read and write data, and can hold up to 4.7 gigabytes of information on a single-sided, single-layer disc. They are commonly used for entertainment purposes, such as watching movies or listening to music, as well as for storing backups of important files and documents.

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The major aim of establishing a public corporation is to provide essential services to the public. Public corporations are established by the government to provide certain services to the public, which are deemed to be of national importance or necessary for public welfare. Examples of public corporations include the Nigerian National Petroleum Corporation (NNPC) which provides petroleum products, the Nigerian Postal Service (NIPOST) which provides postal and courier services, and the Nigerian Railway Corporation (NRC) which provides railway transportation services. The main objective of these corporations is to ensure that essential services are provided to the public in a manner that is efficient and affordable. They are usually established to cater to services that the private sector may not be willing to provide or may not be able to provide profitably.

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The role of customs and excise authority includes the control of the flow of goods in and out of the country. Customs and excise authorities play a critical role in managing the flow of goods across national borders. They are responsible for enforcing trade policies, collecting tariffs and taxes, and ensuring that goods are properly declared and meet all relevant regulations. Customs and excise authorities also play a key role in preventing the flow of illegal goods, such as counterfeit goods, drugs, and weapons, across borders. By controlling the flow of goods in and out of a country, customs and excise authorities help to protect the economy, maintain national security, and ensure that trade is conducted in a fair and transparent manner.

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The document sent by a broker to his client to confirm a purchase or sale made on his behalf is called a contract note. A contract note is a legally binding document that confirms the details of a transaction between a broker and his client. It contains information such as the name of the security bought or sold, the quantity, the price, the date and time of the transaction, and the commission charged by the broker. The contract note serves as proof of the transaction and provides the client with an opportunity to verify the details of the transaction. If there are any discrepancies or errors, the client can bring them to the attention of the broker for correction. The contract note is an important document for both the broker and the client. For the broker, it is proof that the transaction has been executed on behalf of the client and allows him to claim his commission. For the client, it is proof that the transaction has been executed correctly and provides the client with a record of the transaction for accounting or tax purposes. In summary, a contract note is a document sent by a broker to his client to confirm a purchase or sale made on his behalf. It provides details of the transaction and serves as proof of the transaction for both the broker and the client.

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One of the products of an extractive industry is an iron ore. An extractive industry is an industry that extracts and processes raw materials from the Earth. This includes industries that extract minerals, oil, and gas. Iron ore is a type of mineral that is commonly extracted in extractive industries. It is a key raw material in the production of iron and steel, and is used in a variety of other applications as well. Extractive industries play a critical role in the global economy, providing essential raw materials for a wide range of industries and helping to fuel economic growth and development.

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A business that focuses attention on the quality of the goods produced by precisely knowing what the consumers desire is said to be operating under the marketing concept. The marketing concept is a philosophy that businesses should focus on meeting the needs and wants of their customers, rather than just trying to sell as many products as possible. This means that the business will conduct market research to understand what consumers want and will use that information to guide their decision-making and production processes. The marketing concept is distinct from other business orientations, such as product orientation, which focuses on the quality of the product itself, or promotion mix, which focuses on how to best promote the product to consumers. The marketing concept takes a more holistic approach, considering both the needs of the customer and the quality of the product in order to create a successful business strategy.

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Marketing is the process of identifying, anticipating and satisfying customer needs and wants through the creation, promotion, and distribution of a product or service. It involves a range of activities, such as market research, product development, pricing, advertising, and distribution. On the other hand, selling is the process of convincing potential customers to buy a particular product or service. It is a component of marketing, but not the entire process. Selling is primarily focused on creating possession utility, which is the utility created by transferring ownership or title of a product from the seller to the buyer. In summary, marketing is a broader concept that encompasses all the activities involved in satisfying customer needs, whereas selling is only one aspect of marketing that focuses on creating possession utility by convincing customers to purchase a product or service.

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An endowment policy in insurance business is a type of life assurance policy. A life assurance policy is a contract between the policyholder and the insurance company where the policyholder pays a premium and the insurance company provides a lump sum payment to the policyholder's beneficiaries upon the policyholder's death. An endowment policy is a type of life assurance policy that not only provides a lump sum payment to the policyholder's beneficiaries upon death, but also provides a lump sum payment to the policyholder if they survive the policy term. This type of policy is designed to help the policyholder save for the future, and the lump sum payment can be used for a variety of purposes, such as paying for education, buying a home, or retiring.

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When a customer makes an inquiry to a wholesaler, the wholesaler is expected to send back a quotation. A quotation is a document that outlines the details of the products or services requested by the customer, including their prices and other terms and conditions. It serves as a formal response to the customer's inquiry and enables the customer to make an informed decision about whether or not to proceed with the purchase.

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The correct answer is called-up capital. When a company issues shares, it raises capital by selling a portion of ownership in the company to investors. The total amount of shares that are issued is called the "issued capital". However, not all of the issued capital has to be paid by the investors immediately. The company may ask the investors to pay only a portion of the total cost of the shares at the time of allotment, with the remaining amount to be paid at a later date. This portion of the capital that has been paid by the investors is referred to as the "called-up capital".

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Ex-dividend (ex div) refers to a period after a company has declared a dividend, but before the dividend is paid out to shareholders. During this period, if someone buys shares of the company, they will not be entitled to receive the upcoming dividend payment. On the other hand, if someone sells shares of the company during the ex-dividend period, they will still receive the upcoming dividend payment. Cum dividend (cum div) refers to a period before the ex-dividend period, during which someone who buys shares of the company is entitled to receive the upcoming dividend payment. In other words, if you buy shares of the company during the cum dividend period, you will receive the upcoming dividend payment, as opposed to the ex-dividend period, during which you will not receive the upcoming dividend payment. Therefore, the answer is: "entitles the purchaser to receive a company's current dividend."

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The major determinant of the volume of production is the market size. Market size refers to the number of potential customers for a product or service. When there is a large market size, there is a greater demand for the product, which in turn drives production volume. This is because businesses can sell more units of their product and generate more revenue, which allows them to increase their production capacity to meet the demand. On the other hand, if the market size is small, the demand for the product will be lower, resulting in a lower production volume. In such a scenario, businesses may struggle to generate enough revenue to justify increasing their production capacity. While other factors such as the availability of banks, sex distribution, and government policy can have an impact on production volume, they are not as significant as the market size. Ultimately, a business needs a sufficient market size to sell its products or services in order to justify increasing its production volume.

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The payment for direct services is usually made by the individual receiving the service. Direct services refer to services provided directly to a person, such as healthcare, personal care, or home repairs. In these cases, the individual is responsible for paying for the service, either out of pocket or through insurance. Local authorities, communities, and governments may also provide funding for these services in some cases, but the primary responsibility for payment typically falls on the individual receiving the service.

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When tourists are traveling and have no permanent address, they can use the Poste Restante service to receive their letters at a post office. This service allows the post office to hold mail for the traveler until they come to collect it. To use this service, the traveler must simply address their letters to their name, followed by "Poste Restante" and the name of the post office where they will be collecting their mail. Once the mail arrives, the post office will hold it for a certain period of time (usually a few weeks) and then return it to the sender if it is not collected.

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The correct answer is bill of lading. A bill of lading is a document issued by a port authority, shipping company, or carrier. It serves as a receipt for goods that have been loaded onto a ship, and it also acts as a contract of carriage between the shipper and the carrier. The bill of lading lists the details of the shipment, including the type and quantity of goods, the names of the shipper and the recipient, and the terms and conditions of the transportation. In other words, a bill of lading serves as proof of ownership of the goods and ensures that the goods will be transported from one place to another as agreed upon by the parties involved.

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The contract was terminated by frustration. Frustration occurs when an event outside the control of the parties to a contract makes it impossible for one or both of them to fulfill their obligations under the contract. In this case, the accident to the car before the first day of the rental period made it impossible for Mr Taiwo to fulfill his obligation to provide the car to Mr Bunmi for his wedding. As a result, the contract was terminated by frustration and Mr Bunmi was unable to claim damages. This is because, under the doctrine of frustration, neither party is held responsible for the failure to perform the contract when the failure is caused by an event that was not foreseeable or caused by the fault of either party.

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An overdraft is a loan facility that allows a bank account holder with a cheque account to withdraw more money than they have in their account, resulting in a negative balance. Essentially, the bank is allowing the account holder to borrow money from the bank with the understanding that they will repay it within a specified time period and with an agreed upon interest rate. Overdrafts are useful for covering unexpected expenses or short-term cash flow problems.

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The deliberate effort geared towards discarding some cargoes in order to lighten the vessel is called jettison. Jettison is a term used in shipping when a vessel is carrying too much weight and needs to lighten its load to avoid sinking or capsizing. In such a scenario, the captain or crew will deliberately throw overboard some of the cargo to make the vessel lighter and safer to navigate. This practice is a necessary safety measure and is usually done as a last resort. The captain must consider the value of the cargo and the safety of the crew and vessel before deciding to jettison any items. Jettison is a form of sacrifice that is done in the best interest of the ship and its crew. It is important to note that the owners of the jettisoned cargo may be entitled to compensation for their loss, which is usually covered by insurance policies.

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The insurance principle that allows an insurance company to take over the rights of the insured once he has been compensated is called subrogation. Subrogation allows the insurance company to step into the shoes of the insured and pursue recovery from a third party who may have caused the loss that the insurance company compensated the insured for. In simple terms, if an insurance company pays a claim to an insured person, and it is later determined that the loss was caused by someone else, the insurance company can take legal action against that third party to recover the funds they paid out. This helps to ensure that the insurance company is not out of pocket for losses that were not their responsibility. The principle of subrogation is distinct from other insurance principles, such as indemnity, which requires that an insurance company compensate the insured for their actual losses, and utmost good faith, which requires that both the insurance company and the insured act in good faith and disclose all relevant information to each other.

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Market skimming is the pricing policy among the given options. Market skimming refers to a strategy where a company sets a high price for its product or service initially and then gradually lowers the price over time. This approach is often used for new or innovative products with unique features or benefits that may not have any direct competition in the market. The main objective of market skimming is to maximize profit by targeting early adopters or customers who are willing to pay a premium price for the product or service. As demand for the product grows and competitors enter the market, the company can gradually lower the price to attract a broader customer base. In summary, market skimming is a pricing policy where a company sets a high price for a product or service initially and gradually lowers the price over time to maximize profit.

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The document that explains the types of shares available for sale to the public is called a prospectus. A prospectus is a legal document that provides important information about a company's securities, such as stocks, bonds, or mutual funds, that are being offered for sale to the public. It typically includes details about the company's financial performance, management team, and the risks associated with investing in the securities. In the case of stocks, the prospectus would outline the different types of shares available for purchase, such as common stock or preferred stock, and provide information about their characteristics, such as voting rights, dividend payments, and potential for appreciation in value. Overall, a prospectus is a vital tool for investors as it helps them make informed decisions about investing in a company's securities by providing important information about the risks and benefits of the investment opportunity.

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The aspect of marketing that stimulates buying by providing free gifts is "sales promotion." Sales promotion is a marketing tactic that offers a short-term incentive to encourage purchases or other consumer behaviors. One common type of sales promotion is the offer of a free gift with purchase. For example, a company might offer a free tote bag with the purchase of a certain amount of merchandise, or a free dessert with the purchase of an entrée at a restaurant. The idea is that the offer of a free gift will incentivize customers to make a purchase or spend more than they might otherwise. Sales promotion is often used in combination with other marketing tactics, such as advertising and personal selling, to create a comprehensive marketing campaign. By offering free gifts or other incentives, companies can create excitement and encourage purchases among customers.

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