JAMB UTME - Commerce - 2024

Use the information below to answer this question.
Aisha sold her wristwatch to Halima for #2,000.00 and she paid. The sum of #2,000.00 is the

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The sum of #2,000.00 in the transaction between Aisha and Halima is referred to as the consideration. In contracts and transactions, particularly in legal terms, a consideration is something of value that is exchanged between parties involved in an agreement. It can be in the form of money, goods, services, or a promise to act or refrain from acting. In this case, Halima paid Aisha #2,000.00 as a consideration for the wristwatch. This makes the transaction a valid contract where the consideration is the monetary amount exchanged for the wristwatch.

An instruction to an agent abroad restricting him to buy from a named manufacturer is known as

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The instruction given to an agent abroad restricting him to buy from a specific or named manufacturer is known as a closed indent.

Let me explain it in a straightforward way:

1. **Indent:** This is a purchase order sent by a buyer to an agent or supplier to buy goods on their behalf. It contains details about the product, quantity, and specifications.

2. **Closed Indent:** This type of indent indicates that the buyer has decided to purchase products from a particular, specified manufacturer or supplier. The agent must comply with this restriction while procuring the goods. The buyer has already made a choice, and the agent is simply carrying out their instructions.

In contrast, an **open indent** allows the agent to choose the manufacturer or supplier from whom to buy the goods, as long as the buyer’s requirements are met. So, the key difference is the level of freedom or restriction given to the agent in selecting the supplier.

Fishing is an example of

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Fishing is an example of the extractive industry. This industry involves activities that extract natural resources from the earth or water bodies. In the case of fishing, it means obtaining fish and other sea creatures from oceans, rivers, and lakes. The extractive industry is characterized by the removal of raw materials from their natural environment without any transformation into other forms before they are further processed, utilized, or consumed.

For example, when fishermen catch fish, they are directly taking resources from nature without altering them. These resources can either be directly consumed or processed into different products, depending on the demand and usage.

One of the following does NOT fit into the group.

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In order to determine which of the options does not fit into the group, we should first classify each of them based on their primary nature or sector.

Agriculture involves the cultivation of land and breeding of plants and animals to provide food, fiber, and other products used to sustain and enhance life. It primarily falls under the category of primary industry that deals with the extraction and harnessing of natural resources directly from nature.

Fishing also involves extracting biological resources directly from nature, specifically aquatic life from water bodies. Like agriculture, it is categorized under primary industry and focuses on the direct procurement of resources provided by nature.

Mining is the extraction of minerals or other geological materials from the Earth, and it is considered a part of primary industry as well. It involves the direct extraction of non-renewable resources from nature.

Carpentry, on the other hand, is a skilled trade in which the primary work performed is the cutting, shaping, and installation of building materials during the construction of buildings, ships, timber bridges, etc. Carpentry is considered a part of the secondary industry, which involves manufacturing and processing of raw materials into finished goods or products.

Therefore, Carpentry does not fit into the group because, unlike agriculture, fishing, and mining, it is not a primary industry activity. It belongs to the secondary industry, which focuses on the transformation of raw materials into finished products.

The principle of insurance which ensures that an individual is restored to his former position after suffering a loss is

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The principle of insurance that ensures an individual is restored to his former position after suffering a loss is the principle of indemnity. This principle is based on the idea that insurance is meant to compensate for the financial loss or damage suffered, and nothing more. It ensures that the insured party is not put in a better position than they were before the loss. The goal is simply to bring the insured back to the status they were at before the loss occurred. In essence, indemnity prevents the insured from profiting from an insurance claim, ensuring that they are compensated fairly and justly for their actual loss.

An allowance made to a customer for prompt payment is known as

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An allowance given to a customer for making prompt payment is called a cash discount. This is a reduction in the amount due to encourage the customer to pay within a shorter period. Essentially, it serves as an incentive for early payment, improving the cash flow for the seller and rewarding the buyer for settling their debts quickly.

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In the context of business-related law, let's examine each of the given areas to identify the one that is generally **not directly linked** to business:

• Agency: This area involves the relationship between an agent and a principal. An agent is authorized to act on behalf of a principal in business transactions, making this area heavily related to business.
• Hire Purchase: This is a form of agreement in which goods are leased with an option to purchase at the end of the leasing period. It is commonly used in business to acquire assets, making it relevant to business law.
• Possession: This refers to the control or ownership of property or goods. While it can be related to business in terms of property ownership, **it is primarily a core concept of property law** rather than business law. Therefore, it is **less directly linked** to business transactions compared to the other concepts.
• Contract: This involves legally binding agreements between two or more parties. Contracts are fundamental to all business transactions, making this area highly relevant to business law.

From this analysis, it is clear that the concept of **possession**, although important in its own right, is generally **not as directly related to business** as the other areas mentioned, which are closely involved in business operations and transactions.

The association that encourages savings for the benefit of its members is known as

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The association that encourages savings for the benefit of its members is known as a Credit and Thrift Co-operative Society.

Let me explain this in simple terms:

• A Credit and Thrift Co-operative Society is a type of organization where members voluntarily come together to save their money on a regular basis.
• The primary purpose of this type of society is to encourage savings among its members. It helps members accumulate their savings in a safe and structured manner.
• These societies also provide members with access to credit or loans. The money saved by the members is used to give loans back to them at low-interest rates, which is beneficial for individuals who may not have easy access to standard banking loans.
• The profits made by the society through lending are typically shared among the members, hence everyone benefits from their collective savings.

In summary, a Credit and Thrift Co-operative Society is all about saving money together as a group and supporting each other financially by providing easy access to loans.

The deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of

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The scenario you described is an example of a general average loss. This term is used in maritime law and insurance. It refers to a situation where part of the cargo or equipment is deliberately sacrificed or damaged to save the rest of the ship and its cargo from imminent danger. In this case, the throwing of some goods into the sea is done to prevent the ship from sinking, which benefits all parties involved. As a result, the losses are shared proportionally among all stakeholders, such as the shipowner and cargo owners. This shared approach to dealing with loss is known as a general average loss.

A multiple shop has many stores which sell

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A multiple shop, also known as a chain store, is a type of retail business that consists of several locations all managed under the same brand or company. The primary characteristic of a multiple shop is that all the stores offer similar goods. Each store in the chain typically carries the same range of products, regardless of its location. This uniformity assures customers that they will find the same items in each store of the chain, leading to a consistent shopping experience.

For example, if a chain store specializes in clothing, all its branches will sell the same clothing lines, maintaining consistency in style, quality, and price. This is true for other types of goods such as electronics, groceries, and more.

Therefore, among the options given, it is most accurate to say that a multiple shop sells similar goods. This means that whether you visit a store in the chain in one city or another, you can expect to find the same types of products.

The rights of the consumers does NOT include

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In discussing the rights of consumers, it's important to recognize that these rights are intended to ensure fair treatment, safety, and access to necessary information. Let's look closely at the options provided to determine which one does not align with consumer rights:

• The right to a healthy environment: This is indeed a consumer right. It ensures that products and services do not harm the environment and that consumers can enjoy environmentally sustainable options.
• The right to be informed: Consumers have the right to receive accurate information about products and services, which helps them make informed decisions.
• The right to choose: This right enables consumers to select from a range of products and services at competitive prices.

The right to fix prices: However, this is not a consumer right. **Consumers do not have the right to set or fix the prices of goods and services.** ^Pricing is usually determined by companies, influenced by factors like production costs, market demand, and competition.^ While consumers can compare prices and make choices based on their budget and preferences, the **determination of prices is not within their rights**.

In summary, **the correct answer is that consumers do not have the right to fix prices**. This responsibility lies with businesses and is regulated to prevent practices like price fixing, which can harm consumer interests.

A person who runs a business on his own account is called a

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A person who runs a business on his own account is called a sole trader. This term refers to an individual who owns and operates their business independently, without forming a company or corporation. They are solely responsible for all aspects of the business, including decision-making, profits, and losses.

Here's a simple way to understand this:

Sole: This means "one" or "single," indicating that there is only one person in charge.

Trader: This refers to someone who engages in selling goods or providing services.

Therefore, a sole trader is someone who runs their business independently and takes full responsibility for its operation. They do not have partners or additional directors in the business.

The first Nigerian enterprises promotion decree was promulgated in

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The Nigerian Enterprises Promotion Decree of 1973, also known as the Indigenization Decree, was a significant policy implemented by the Nigerian government aimed at promoting indigenous participation and ownership in the country's economy. The decree outlined provisions for the transfer of ownership and control of certain businesses from foreign owners to Nigerian citizens.

A typical example of an event covered by an Assurance Policy is

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An event that is typically covered by an Assurance Policy is death.

Assurance policies are often referred to as life assurance or life insurance. The primary purpose of these policies is to provide a financial safety net for beneficiaries in the event of the policyholder's death.

Life assurance is considered a form of long-term coverage that guarantees a payout when the insured person passes away, as long as the premiums have been paid consistently. This type of policy is different from insurance policies that cover specific events, like accidents or burglary, which are often provided as short-term risk coverages.

Therefore, **death** is the typical event covered by an assurance policy because the primary intent of such policies is to ensure that financial obligations can be met and dependents are taken care of after the policyholder's death.

Which of the following warehouse is generally found near a port?

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Warehouses that are generally found near a port are known as bonded warehouses.

Bonded warehouses are storage facilities where imported goods are stored until the customs duties are paid.

Key reasons for their location near a port include:

• Proximity to customs facilities: Being near a port, bonded warehouses have easy access to customs offices, facilitating quicker processing and clearance of goods.
• Efficient transport: Ports serve as major hubs for transportation. Goods arriving by sea can be quickly transferred to a nearby warehouse, minimizing delays and reducing transportation costs.
• Duty deferment: Goods stored in a bonded warehouse do not require immediate payment of import duty. Importers can defer payment until the goods are released for sale or use.

Therefore, locating these warehouses near ports helps streamline international trade processes and enhances logistics efficiency.

Which of the following does a seller send in reply to a letter of inquiry?

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When a potential buyer sends a seller a **letter of inquiry**, they are typically asking for information regarding the availability, price, and terms of products or services. In reply to this inquiry, a seller typically sends a **quotation**.

Here is why a **quotation** is the appropriate response:

• Quotation: This is a formal document provided by the seller in response to an inquiry, detailing the price and terms under which goods or services will be supplied. A quotation includes essential information about the price of products, delivery conditions, discount policies, validity period of the offer, and any other relevant details. It serves as a basis for negotiation and is used by buyers to make purchasing decisions.


• Credit Note: This is issued by the seller to the buyer, often used to rectify a post-purchase issue such as an overcharge or a returned item. It is not used to respond to an inquiry.


• Debit Note: This is similar to an invoice and is issued by a buyer to the seller to request a credit note. It indicates that the buyer owes the seller, but like a credit note, it is not used to respond to an inquiry.


• Delivery Note: This accompanies a shipment of goods and provides details about the delivered products. It confirms what was sent or received, but it is not used in response to an inquiry.

In conclusion, a seller sends a quotation in response to a letter of inquiry because it addresses the buyer's questions about pricing and other terms related to potential products or services they might purchase.

The activities concerned with changing of raw materials into finished products belong to __occupation.

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The activities involved in transforming raw materials into finished products are related to the manufacturing occupation.

This occupation plays a crucial role in the production process as it focuses on converting raw materials, which could be natural resources or partially processed items, into complete, ready-to-use products.

For instance, consider the process of making a wooden table. Manufacturing involves taking raw wood, cutting, shaping, sanding, assembling, and finally finishing it into a table that is ready for consumers to use.

Manufacturing can take place in various industrial settings, such as factories or plants, where machinery and labor transform inputs into outputs on a large scale.

This is distinct from other types of occupations like:

• Commercial: This involves trading, buying, or selling goods and services but does not involve the creation or transformation of goods.
• Extractive: This refers to the extraction of natural resources from the earth, such as mining or fishing.
• Constructive: This is related to activities that involve building structures, such as construction work.

In summary, manufacturing is the occupation responsible for changing raw materials into finished products, utilizing both technical skills and industrial processes.

Ships that pick up cargo from any port and travels anytime are called

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Ships that pick up cargo from any port and travel anytime are known as tramps.

Tramp ships are like the "taxis" of the sea. They do not have a fixed schedule, route, or a fixed rate of charge. Instead, they go where cargo is available, which might mean visiting multiple ports at irregular times. They 'tramp' around, picking up loads wherever and whenever there is a need. This is different from other types of ships, such as liners, which operate on fixed schedules and routes.

Tramp shipping is very flexible and can cater to sudden changes in supply and demand, making it ideal for carrying bulk cargoes, like coal or grain, which might not be available regularly or may need prompt transportation.

Stock exchange quoted the shares of ABC Plc at #0.75K for #1.25K per share. This means the shares were sold at a

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When shares are quoted on a stock exchange, it signifies the price at which the stock is available for purchase. The problem provides two prices regarding the shares of ABC Plc:

• #0.75K - This is the par value of each share. The par value is a nominal or face value of a share when it is initially issued. It is the minimum price that the company has set to start with.
• #1.25K - This is the price per share at which these shares were sold in the market. When the selling price is higher than the par value, it means the shares were sold at a premium.

In this scenario, since the selling price (#1.25K) is higher than the par value (#0.75K), the shares were sold at a premium. Therefore, the stocks of ABC Plc were sold for more than their face value, which indicates that investors were willing to pay more than the nominal value for those shares, typically due to the company's perceived potential or existing market demand.

Which of the following types of insurance is usually excluded from the principle of indemnity?

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The principle of indemnity in insurance states that an insured should not profit from a loss but rather be restored to their financial position prior to the loss. This principle is applied to prevent the insured from benefiting financially from an insurance claim.

Among the options provided, Life Insurance is usually excluded from the principle of indemnity. In the case of life insurance, it is not possible to quantify the loss of life in monetary terms and therefore indemnification in its traditional sense does not apply. Instead, life insurance works on a principle of paying out a specified sum when the insured event (death or specified incident) happens.

Other types of insurance like Fire, Fidelity Guarantee, and Marine are indemnity-based, meaning the payout aims to cover the actual financial loss. For example, if a fire damages property, the insurance payout is based on the value of the property destroyed. Similarly, fidelity guarantee insurance covers loss due to employee dishonesty, and marine insurance compensates for damage or loss of goods during transit. Therefore, these fall under the principle of indemnity.

In summary, life insurance is excluded from the principle of indemnity because it deals with the incalculable loss of a life by providing a predetermined benefit rather than a directly quantifiable financial covering of loss.

A contract in which all parties to the contract have carried out their obligation is said to be terminated by

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A contract in which all parties have fully met their obligations is said to be terminated by performance.

Here's an explanation:

• When a contract is terminated by performance, it means that all the parties involved have successfully carried out the duties and promises as outlined in the contract. Each party has done what they agreed to do, and once this has been completed, the contract comes to an end naturally.
• For instance, if a person hires a painter to paint their house and the painter completes the job to the agreed specifications, then the contract is terminated by performance. Both parties have fulfilled their end of the agreement: the homeowner has paid, and the painter has completed the work.

A tax paid on goods manufactured and consumed in your country is called

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The type of tax that is paid on goods that are manufactured and consumed within a country is called excise duty.

Excise duty is essentially a tax on the manufacturers of certain goods and products within the country. It is typically levied on goods that are considered either luxurious or harmful if over-consumed, such as cigarettes, alcohol, or fuel. The government imposes this tax to either limit the consumption of these goods, to increase government revenue, or both.

This tax is different from custom duty or income tax. Custom duty is charged on goods that are imported into a country, whereas income tax is charged on individuals' or entities' earnings.

The policy designed to accelerate the greater participation of Nigerians in the ownership and management of business enterprises in Nigeria is called

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The policy designed to accelerate the greater participation of Nigerians in the ownership and management of business enterprises in Nigeria is called Indigenization.

Indigenization refers to efforts and policies implemented to transfer ownership and control of enterprises and resources from foreign and non-national entities to the nationals of a country. The aim is to increase the involvement of local citizens in the economy of their country, ensuring that they have a substantial stake in the economic activities.

In the context of Nigeria, the indigenization policy was meant to empower Nigerians by enabling them to own and manage businesses. This was achieved by legally requiring certain levels of Nigerian ownership and participation in various sectors of the economy. Such policies were put in place to reduce foreign control and ensure that the wealth generated within the country contributed to national development and was accessible to the citizens of Nigeria.

Which of these is NOT a governments legislation to protect the consumer?

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The correct option that is NOT a government legislation to protect the consumer is Privatization and Commercialization.

Let me explain this in a simple way:

• Foods and Drugs: These legislations are meant to ensure that food and drug products sold to the public are safe, properly labeled, and effective. They protect consumers from harmful substances and misleading claims.
• Weight and Measure: This type of legislation ensures that products are weighed and measured accurately at the point of sale. It protects consumers from being cheated in terms of quantity and pricing.
• Trade Description: This legislation prevents businesses from providing false or misleading information about products and services. It protects consumers by ensuring that they know exactly what they are buying.

However:

• Privatization and Commercialization: These terms refer to the process through which government-owned businesses and services are transferred to the private sector. This is more about economic policy and restructuring how services are provided, rather than directly protecting consumers. It focuses on improving efficiency and reducing government burden but does not primarily aim to protect consumer rights.

Therefore, while the first three directly aim to protect consumers, Privatization and Commercialization are more about economic management and do not serve as consumer protection legislation.

An agent held responsible for non-payment of goods bought by the customer he introduced to his principal is called agent

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The agent responsible for non-payment of goods bought by the customer he introduced to his principal is called a del-credere agent.

This type of agent provides an additional guarantee or assurance to their principal that customers introduced by them will pay for the goods purchased. If the customer fails to pay, the del-credere agent is liable and must cover the payment to the principal. This arrangement reduces the risk for the principal regarding customer payments.

Here's a simple breakdown:

• A del-credere agent essentially acts not only as a sales intermediary but also takes on the financial risk of ensuring payment collection.
• They commonly receive an additional commission or fee for this extra responsibility.
• The del-credere arrangement is beneficial to the principal as it minimizes the risk of bad debts.
• For the client or customer, there is no change, as their transaction is with the principal; the arrangement mainly affects the agent and the principal.

Branding is the assigning of trade marks to goods for the purpose of......... by the public.

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Branding is the assigning of trademarks to goods for the purpose of identification by the public. This means that branding helps consumers easily recognize and differentiate a particular product from other similar products in the market. Trademarks can be logos, symbols, names, or a combination of these elements that represent a brand. By having a unique and consistent brand identity, companies ensure that their products are easily identifiable by consumers, facilitating customer trust and loyalty. In essence, branding provides a way for the public to identify and remember the products of a specific manufacturer or company.

The coming together of two or more firms with each of them losing its identity is known as

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The coming together of two or more firms with each of them losing its identity is known as an amalgamation.

An amalgamation occurs when two or more companies combine to form a new entity, and as a result, each of the original companies ceases to exist as an independent entity. The firms essentially merge to create a new organization with a new identity. This is different from other forms such as a holding company where individual companies maintain their identities or a consortium, which is generally a collaboration without the loss of individual identities. It's not similar to a cartel either, as a cartel involves competitors collaborating to set prices or output but still maintaining their distinct identities.

Bonded warehouse is controlled and supervised by

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A bonded warehouse is a secure facility where goods are stored, and duties or taxes are deferred until the goods are removed and sold. These warehouses play a crucial role in international trade.

A bonded warehouse is specifically controlled and supervised by customs authorities. Customs are responsible for the regulation and examination of goods that are imported or possibly exported from the country.

Here is why customs control bonded warehouses:

• Duty Regulation: Customs is in charge of collecting import duties and taxes. By regulating bonded warehouses, customs ensures that these financial obligations are met before goods are released.
• Security and Compliance: Customs ensures that the goods stored in bonded warehouses comply with local and international trade regulations, preventing illegal trade activities.
• Inventory Control: Customs keeps track of stored goods, ensuring that none are lost, swapped, or improperly documented.
• Efficient Trade Facilitation: Customs authorities expedite the clearance process for goods stored in bonded warehouses, reducing delays and enhancing international trade efficiency.

This control by customs is crucial for maintaining transparency and compliance in the import and export of goods, ensuring the appropriate duties are collected and that regulations are respected.

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In the event of winding up, a company's assets are used to settle its debts and obligations in a specific order of priority. Understanding who gets paid last among the given options involves recognizing the hierarchy of claims. Here's a comprehensive explanation:

1. Debenture holders: Debenture holders are considered creditors of the company. They have a debt claim on the assets of the company. As creditors, debenture holders are paid before any shareholders.

2. Preference Shareholders: Preference shareholders have preferential rights over the assets of the company compared to ordinary shareholders during liquidation. This means they are paid before ordinary shareholders but after all creditors, including debenture holders.

3. Cumulative Preference Shareholders: Similar to preference shareholders, cumulative preference shareholders also have preferential rights over ordinary shareholders. Furthermore, if any preference dividend was missed in previous years, cumulative preference shareholders have the right to receive these unpaid dividends before ordinary shareholders are paid.

4. Ordinary Shareholders: Ordinary shareholders are the last to receive anything from the distribution of a company's assets. This is because they are the owners of the company and bear the most risk. If any assets remain after all debts, liabilities, and preferential claims are settled, this residual is distributed among ordinary shareholders.

In conclusion, **ordinary shareholders** are paid last in the event of a company's winding up. This hierarchy reflects the risk-reward principle where ordinary shareholders take the highest risk but also have the potential for the highest reward if the company performs well.

Which of the following forms part of a company's Article of Association?

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The name of the company is an essential component of the Articles of Association. It specifies the legal name under which the company operates and is registered.

The act of being on one job for expertise is called

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The act of being on one job for expertise is called specialization. Specialization is when an individual, group, or company focuses on a specific task, role, or field to become highly skilled and efficient in that area. For example, a person might specialize in medicine, engineering, or teaching, dedicating their time and effort to gaining deep knowledge and expertise in that particular domain.

Specialization allows individuals to become experts, improving their ability to perform their job effectively and efficiently. It also contributes to overall productivity and quality, as specialized professionals can apply their specific skills to complex tasks or problems, leading to more innovative and precise solutions.

In summary, by focusing on one job or area, individuals can hone their skills and contribute to greater efficiencies and advancements in their field.

The components of a balance of payments account are

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The balance of payments (BOP) is a record of all economic transactions between residents of one country and residents of other countries over a specific period. It is divided into three main components, which are: Current, Capital and Monetary movement (financial) account.

Prospectus in relation to a public limited inability company means

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In the context of a public limited company, a prospectus refers to a formal document that is issued by the company to provide essential information to potential investors. It serves as an invitation to the public to buy shares in the company.

The main purpose of the prospectus is to help potential investors make informed decisions about whether or not to invest in the company's shares. It typically contains details such as:

• The nature of the business and its operations.
• The types of shares being offered and their respective terms.
• Financial statements and future business plans.
• Information about the company's management and governance.
• The risks associated with investing in the company.

The prospectus is a crucial document because it ensures transparency and allows investors to assess the potential risks and rewards involved in purchasing shares from the company.

A holding company is one which holds shares in another company up to

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A holding company is a corporation that owns enough voting shares in another business to control its management and policies. Control is typically established by owning the majority of the voting stock. In most cases, owning over 50% of the voting shares is considered having sufficient control. Thus, a holding company generally holds shares up to 51% or more in another company to exercise control. To further clarify:

• Owning 51% or more allows the holding company to make significant decisions and influence the strategic direction of the company it holds.

Therefore, a holding company usually holds shares up to and typically beyond 51% in another company to ensure they can steer the business according to their interests and policies.

The service rendered by NIPOST in which letters are addressed to any post office to await collection by the addressee is known as

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The Free post service allows individuals to send letters or parcels to any post office without the need to pay for postage upfront. The addressee can then collect the item from the designated post office upon presentation of proper identification.

Which of the following services is NOT rendered by NITEL?

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The service that is NOT rendered by NITEL is Recorded Delivery.

Explanation:

NITEL, which stands for Nigerian Telecommunications Limited, was mainly involved in providing telecommunications services in Nigeria. Its core services included:

• Providing Data Transmission services, which allow for the transfer of data from one computer or device to another over a network.
• Offering Satellite services, which involve the use of satellite technology for communication purposes, allowing for long-distance and international telecommunications.
• Offering Telex services, which are a method for sending and receiving text-based messages using teleprinters, primarily for business and official communication.

On the other hand, Recorded Delivery is a service typically offered by postal services, not telecommunication companies. It involves sending mail with proof of mailing and, sometimes, delivery confirmation. This ensures that mailed items are tracked and delivered securely.

Which of the following is NOT part of Pre-Sales Service/ice?

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Pre-sales services are the activities and support provided to potential buyers before the actual sale takes place. These services aim to assist customers in making informed purchasing decisions and to facilitate a smooth sales process. They typically include activities such as providing information about the products, answering inquiries, and assisting with product selection. However, granting credit or hire purchase sales facilities is not typically considered a pre-sales service.

Which of the following can be used to establish an importer's title to goods?

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To establish an importer's title to goods, the most significant document among the given options is the Bill of Lading.

The Bill of Lading is a legal document issued by a carrier to a shipper. It has multiple roles, including serving as a:

• Receipt for the shipped goods, confirming that the goods are loaded onto a transport vehicle, like a ship.
• Title of document, giving the holder the right to claim ownership of the goods. It functions as a document of title to the goods described in it.
• Contract of carriage that details the terms for transporting the goods from the port of loading to the port of discharge.

The other documents mentioned have different purposes:

• A Cargo Receipt is generally a document acknowledging that the goods have been received. However, it does not serve as a document of title.
• A Way Bill is a non-negotiable document that accompanies goods in transit. It provides information about the shipment, but it is not effective in transferring title.
• An Import License is a governmental document that permits the importation of certain goods into a country. It does not concern ownership or title to the goods themselves.

In summary, the Bill of Lading is the primary document used to establish an importer's title to goods, serving as both an acknowledgment of the shipment and a legal claim to the goods.

The body charged with the responsibility monitoring the quality of goods supplied is the

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The body responsible for monitoring the quality of goods supplied is the Nigerian Standards Organization. This organization, also known as the Standards Organization of Nigeria (SON), is charged with setting and ensuring compliance with product quality standards for goods in the country. Their primary role is to develop and implement standards that help safeguard both consumers and the environment by ensuring that products are safe, reliable, and of good quality.

The SON conducts inspections, tests, and other evaluative measures on products to ascertain their quality. Additionally, they educate manufacturers and stakeholders about necessary standards and oversee adherence to these standards in production and distribution processes. Through these activities, the organization aims to protect consumers from harm, fraudulent practices, and low-quality products, while also enhancing the competitiveness of Nigerian goods both locally and internationally.

A bill of exchange sold for less than its face value before maturity is said to be

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A bill of exchange that is sold for less than its face value before maturity is said to be discounted.

Here's a simple explanation: A bill of exchange is a written order used in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date or on demand. When you hold a bill of exchange and decide to sell it before its maturity date, you usually sell it for less than its full value. This is because the buyer is taking on the risk of waiting for the maturity date to receive the full amount, and they are compensated for taking that risk by paying less than the bill's face value.

This process is known as discounting the bill of exchange. The amount you receive in the sale is called the discounted value, while the difference between the face value and the discounted value is known as the discount. Discounting is a common financial practice and allows the holder of the bill to get immediate funds, albeit at a lesser amount than the bill's face value.