JAMB UTME - Commerce - 2013

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The role of customs and exercise authority includes controlling the flow of goods in and out of the country. This involves ensuring that all goods entering or leaving the country are properly documented and taxed according to the relevant laws and regulations. Customs officials also monitor for the presence of prohibited or restricted items, such as illegal drugs or weapons, and take steps to prevent their import or export. Additionally, customs may provide security at ports and work to ensure that the transport system is functioning effectively, but the primary responsibility is to regulate and monitor the movement of goods. Providing dockyards for ship repairs is generally not within the scope of customs and exercise authority.

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The Nigerian Bar Association may derobe a lawyer who defrauds their client in order to protect the integrity of the association. The act of defrauding a client goes against the principles and ethics of the legal profession and can damage the reputation of the association. By taking action against such a lawyer, the association is sending a message that it will not tolerate unethical behavior by its members and is upholding the standards of the profession. This helps to maintain the public trust in the legal system and the association. Additionally, derobing a lawyer may also help to prevent the defrauded client from suing the association.

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The type of contract that is acknowledged before a law court is known as a "contract of records". This is a legally binding agreement between two or more parties that is formalized and recorded in writing, and is typically accompanied by signatures or seals of the parties involved. A contract of records is often used in situations where there is a high degree of risk or complexity involved, such as in business transactions, property transfers, or legal settlements. By having a written and signed record of the agreement, the parties can avoid misunderstandings or disputes that may arise later on. When a contract of records is presented before a law court, it can be used as evidence to prove that an agreement was made between the parties, and to establish the terms and conditions of that agreement. If one party breaches the contract, the other party can use the contract of records to seek legal remedies or damages.

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The author's sole legal right to publish his book is copyright. Copyright is a legal right that gives the author control over how their work is used and distributed. This includes the right to publish their book, as well as the right to control who can make copies of it, distribute it, and create adaptations of it. Copyright law helps to protect the author's creative work and ensures that they are properly credited and compensated for their efforts.

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Authorized share capital is the maximum amount of capital that a company can issue to its shareholders. It represents the total value of shares that a company is allowed to sell to the public. The authorized share capital is typically defined in the company's articles of association. The amount of authorized capital that shareholders have subscribed to is referred to as issued share capital. Issued share capital represents the total number of shares that have been sold to the public and are currently held by shareholders. Owner's equity, on the other hand, represents the residual value of a company's assets after all liabilities have been paid off. It includes the value of all assets owned by the company, such as property, equipment, and inventory, minus any outstanding debts or liabilities. Working capital, in contrast, refers to a company's short-term liquidity and its ability to meet its current obligations. It is calculated as the difference between a company's current assets and its current liabilities. Therefore, the correct answer is issued share capital, which refers to the amount of authorized capital that shareholders have subscribed to and represents the total number of shares currently held by shareholders.

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One major factor that affects business operations is technology. Technology refers to the tools, machinery, and processes that businesses use to create, produce, and distribute goods and services. Advances in technology have enabled businesses to automate processes, increase efficiency, and reduce costs. For example, the use of computers and software has revolutionized the way businesses manage their operations, while the internet and e-commerce have opened up new opportunities for businesses to reach customers and markets around the world. Technology can also disrupt traditional business models, as new technologies may make existing products or services obsolete or create new ones. As such, businesses need to keep up with technological advances in order to remain competitive and meet changing consumer demands.

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An unfavorable balance of trade occurs when a country's visible imports (goods and services purchased from other countries) exceed its visible exports (goods and services sold to other countries). In other words, the country is buying more goods and services from other countries than it is selling to them. This can lead to a negative trade balance, meaning the country is running a trade deficit. This can have negative economic consequences, such as a decrease in the value of the country's currency, a decrease in domestic production, and an increase in unemployment.

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Money is generally accepted for transactions because it has legal backing, which means that governments have declared it to be a valid form of payment for goods and services. This legal backing ensures that people can trust that the money they receive will be accepted by others in exchange for goods or services they want. The rule of law also plays a role in the acceptance of money, as it ensures that contracts and agreements related to transactions are enforceable. Additionally, the acceptability of money in the global market depends on factors such as its stability, scarcity, and perceived value. Finally, the Central Bank Governor's signature on banknotes can indicate their authenticity and reinforce public trust in the currency.

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Out of the options given, air pollution is the environmental hazard that is most difficult to control. This is because air pollution can come from many sources, both natural and human-made, and it can spread over long distances, making it challenging to contain and manage. For example, air pollution from wildfires, dust storms, and volcanic eruptions can be difficult to control, as can emissions from vehicles, factories, and power plants. Additionally, air pollution can have a wide range of negative effects on the environment and human health, making it a critical issue that requires ongoing efforts to mitigate.

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The document lodged with the customs authorities before a ship can leave the port is called a ship manifest. A ship manifest is a document that lists the cargo, passengers, and crew members on a ship. It is used to provide a detailed inventory of the ship's contents to customs officials and other regulatory authorities. The ship manifest is typically submitted to customs before the ship is allowed to leave the port, and it helps ensure that all the necessary paperwork and approvals are in order. The manifest helps prevent illegal activities such as smuggling or trafficking of people or goods by providing an accurate record of what is being transported on the ship.

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The agent who is hired by a principal to sell goods on their behalf is called a factor. The factor is given the goods by the principal and is responsible for finding buyers and completing the sales. The factor acts as an intermediary between the principal and the buyers, taking a commission on the sales made. A factor is different from a special agent or a universal agent. A special agent is hired to perform a specific task or to represent the principal in a particular transaction. A universal agent, on the other hand, has the authority to act on behalf of the principal in all matters, including making decisions that may bind the principal. A del credere agent is a type of factor who guarantees the creditworthiness of the buyers and takes on the risk of non-payment. They charge a higher commission for this additional service.

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The process of transferring data from one computer to another is referred to as "downloading". Downloading involves copying files, documents, or other forms of digital data from a remote computer or server to a local computer. This can be done through various means such as the internet, local area networks (LAN), or other data transfer protocols. For example, when you download a song from an online music store, the file is transferred from the store's server to your computer's hard drive. Similarly, when you download an attachment from an email, the file is transferred from the email server to your computer. Downloading is a common and necessary task in today's digital world. It enables us to access and share files quickly and easily, whether it be for personal or professional purposes.

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Gilt-edged securities are mainly issued by the government. These securities are also known as government bonds, and they are considered to be some of the safest and most secure investments available. This is because they are backed by the government's ability to tax its citizens and print money to pay back the bonds. When a government issues a gilt-edged security, it is essentially borrowing money from investors. In exchange, the government promises to pay back the money with interest at a future date. The interest rates on these securities are typically lower than those on other types of bonds because they are considered to be less risky. Overall, gilt-edged securities are a popular investment choice for individuals and organisations who want a low-risk, stable return on their money. They are also an important way for governments to raise funds to finance their operations and invest in infrastructure and public services.

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A business partner who provides capital but does not participate in the management or administration of the firm is called a dormant partner. This means that the partner is silent and does not take an active role in the day-to-day operations of the business. The dormant partner is also known as a sleeping partner or a silent partner. Unlike a general partner, a dormant partner does not have a say in the decision-making process of the business. They are simply investors who contribute capital to the company in exchange for a share of the profits. The dormant partner is not liable for the debts or obligations of the business, but they also do not have any control over the company's actions. Overall, a dormant partner is an investor who provides financial support to a business, but does not participate in its management or administration.

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The rate of turnover of a firm in a given year being 5 times means that the firm is selling and replacing its stock 5 times in a year. If the average stock is #12,500, then the total value of stock the firm has at any given time is 5 times the average stock, which is 5 x #12,500 = #62,500. This means the turnover of the firm is #62,500.

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The undertaking given by a person to another assuring his integrity is called a fidelity guarantee. A fidelity guarantee is a type of insurance that protects a business from financial losses caused by the fraudulent or dishonest acts of its employees. It assures the employer that the employee will act with integrity and not engage in any dishonest behavior that could harm the company. In simpler terms, if an employee steals from their employer or engages in other fraudulent behavior, the fidelity guarantee will provide financial compensation to the employer to cover the losses. It's like a promise from the employee that they will act honestly and if they don't, the employer has a safety net to protect them from financial harm.

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The Nigerian Communications Commission organizes a parliament in the Nigerian GSM industry to protect the interest of consumers. The purpose of this parliament is to make sure that the services provided by the GSM companies are of high quality, affordable and meet the needs of the consumers. The parliament works to regulate the activities of the GSM companies and ensure that they follow ethical and fair business practices. The ultimate goal is to make sure that the consumers have a positive experience when using the services provided by the GSM companies.

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In a staff-authority relationship, the opinion of a specialist in one department to another is typically considered an advice. An advice is a suggestion or recommendation offered by someone with specialized knowledge or experience to help another person make a decision or solve a problem. In this case, the specialist is not in a position of authority over the other department, but rather provides their expertise to assist decision-making. The receiving department can choose to accept or reject the advice, but it is not a directive or command that must be followed. Similarly, it is not a delegation, which would involve transferring authority or responsibility for a task or decision to someone else.

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The essential utility derived from the use of a product is known as the core benefit. This refers to the primary or fundamental benefit that a product provides to its consumers. For example, the core benefit of a car is transportation, the core benefit of a phone is communication, and the core benefit of a laptop is computing power. The core benefit is the reason why consumers purchase a product in the first place, and it is the foundation upon which all other product benefits are built.

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To meet security requirements before gaining access to data, a computer operator supplies a password. A password is a secret code or combination of characters that is used to verify the identity of a user and grant them access to a computer system or data. Passwords are commonly used as a security measure to prevent unauthorized access to sensitive or confidential information. When a computer operator enters their password, the system compares it to the stored password for that user and grants access only if the two match. This helps to ensure that only authorized personnel are able to access sensitive data and that the data remains secure.

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The final link in the chain of distribution is the consumer. The consumer is the end user of the product or service and the ultimate recipient of the distribution chain. In simpler terms, the consumer is the person who buys and uses the product or service. The other links in the distribution chain, such as middlemen, wholesaling, and retailing, are all involved in getting the product or service to the consumer, but the consumer is the final destination.

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The physical component of a computer system is called "hardware". Hardware refers to all the physical parts of a computer that you can see and touch, such as the monitor, keyboard, mouse, central processing unit (CPU), motherboard, memory (RAM), graphics card, power supply, and so on. Hardware is essential for a computer to function properly. Without hardware, a computer would not be able to process data or run software programs. The hardware components of a computer work together to perform tasks, store data, and display information on the screen. Hard disk and floppy disk are examples of storage devices, which are also part of the hardware. The hard disk is a permanent storage device that stores all your files, programs, and operating system. The floppy disk is a removable storage device that was commonly used in the past to transfer files between computers. In summary, the hardware is the physical part of a computer system that includes all the components that make up a computer, including storage devices like the hard disk and floppy disk.

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The most reliable and efficient means of conveying urgent documents is through courier services. Courier services specialize in delivering documents and parcels quickly and securely, often within the same day or next day. They also provide tracking information and proof of delivery, which ensures that your urgent documents reach their intended recipient in a timely and reliable manner. On the other hand, postal orders and ordinary letters are not the best option for urgent documents. They may take several days or even weeks to reach their destination, and they don't provide any guarantees of delivery or tracking information. Registered letters, while providing some level of security and tracking, may still take longer to reach their destination compared to courier services. They may also have limitations on the size and weight of the document or parcel that can be sent. Overall, when it comes to urgent documents, the best option is to use a courier service that specializes in fast and secure deliveries with tracking information and proof of delivery.

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The type of computer software mainly used for management information is a database software. A database is an organized collection of data that allows users to store, access, and manage information efficiently. It is designed to manage large amounts of information and can be used to store and retrieve data related to various aspects of an organization, such as employees, customers, inventory, and finances. With a database software, users can create, modify, and query data in a structured and organized way. They can also generate reports and charts based on the data stored in the database, which can help in making informed decisions and managing the organization more effectively. Corel draw, AutoCAD, and WordPerfect are not typically used for management information. Corel draw and AutoCAD are graphics software used for creating designs and drawings, while WordPerfect is a word processing software used for creating and editing text documents.

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Among the given options, "market skimming" is a pricing policy. Market skimming is a pricing strategy where a company sets a high price for its new or innovative product initially, targeting early adopters who are willing to pay a premium price for the product. As demand from this segment declines, the company gradually lowers the price to attract more price-sensitive customers. This strategy is usually employed by companies to recoup their research and development costs quickly. Labelling refers to the process of attaching a label to a product that provides information such as the name, ingredients, nutritional value, and instructions for use. Packaging refers to the physical container or wrapping used to protect and present a product. It can include materials such as boxes, bags, bottles, and jars. Market selection refers to the process of identifying and targeting specific market segments that a company believes are most likely to buy its products or services. Therefore, market skimming is the pricing policy out of the given options.

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The breaking down of a market into separate and identifiable elements is known as segmentation. Segmentation is the process of dividing a larger market into smaller groups of consumers who share similar needs, interests, or characteristics. This allows businesses to create targeted marketing strategies that are more effective in reaching and satisfying the specific needs of each segment. Segmentation can be based on factors such as demographics, psychographics, behavior, and geography. By using segmentation, businesses can better understand their customers and create products or services that meet their specific needs and preferences, which can result in increased customer satisfaction and sales.

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The right to retain possession of goods until the contract price is paid is referred to as a lien. A lien is a legal right that allows a person or business to hold onto property belonging to someone else, until a debt owed by the owner of the property is paid. In the context of goods, this means that the seller has the right to keep the goods until the buyer has paid the full amount for them. Think of it like a security deposit: the seller is holding onto the goods as collateral until they receive payment in full. Once the buyer has paid, the lien is released and the buyer takes full possession of the goods.

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Print media advertising appeals to only the literate in the society. This is because print media refers to any form of communication that is printed on paper or other similar materials, such as newspapers, magazines, brochures, and flyers. These materials typically require readers to have a certain level of literacy and reading comprehension skills in order to understand the message being conveyed. On the other hand, radio, television, and cinema advertising rely heavily on audio and visual elements to convey their message. These mediums do not require the same level of literacy as print media because they use spoken words and moving images to communicate with the audience. Therefore, if an advertiser wants to reach a literate audience, print media advertising would be the most effective medium to use.

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The two main forms of communication are verbal and non-verbal. Verbal communication refers to the use of spoken or written words to convey a message from one person to another. It includes face-to-face conversations, phone calls, video chats, and written messages such as emails or letters. Non-verbal communication, on the other hand, refers to the use of body language, facial expressions, gestures, and tone of voice to convey a message. This type of communication can be subconscious or intentional and can convey meaning that complements, contradicts, or substitutes for words. Both verbal and non-verbal communication are important in our daily interactions with others. Verbal communication is necessary for exchanging information and ideas, while non-verbal communication helps us to better understand and interpret the messages we receive from others.

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If Mr. P decides to overstate the actual value of his property, he has violated the principle of "Uberrimae fidei" or "utmost good faith". This means that when someone takes out an insurance policy, they have a duty to disclose all relevant and material information about the subject matter of the insurance to the insurance company. If the policyholder knowingly provides false or misleading information, it can be considered a violation of this principle. By overstating the value of his property, Mr. P is not acting in good faith and is not providing the insurance company with all the necessary information to properly assess the risk and determine the premium for the policy. This could have consequences for both the policyholder and the insurance company in the event of a claim.

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