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Question 1 Report
The act of selling in a foreign market at a price lower than the cost price is called
Answer Details
The act of selling in a foreign market at a price lower than the cost price is called "dumping". This means that a company is selling its products in another country at a price that is below the cost of production, or below the price that it charges in its home market. Dumping is often used as a strategy by companies to gain a foothold in a new market or to increase their market share. However, it can be harmful to the local businesses in the foreign market because they may not be able to compete with the low prices of the dumped products. In some cases, dumping can also be illegal under international trade laws. To summarize, dumping is the act of selling products in a foreign market at a price that is lower than the cost of production, which can harm local businesses and may be illegal under international trade laws.
Question 2 Report
When does the buyer in a hire purchase becomes the owner of the goods?
Answer Details
Question 3 Report
The direct authority of a superior over his subordinate is known as?
Answer Details
The direct authority of a superior over his subordinate is known as "line authority". In an organizational hierarchy, line authority refers to the chain of command that flows downward from the top level of management to the lowest levels of the organization. This means that every employee in the organization reports to a superior who is responsible for directing their work and ensuring that it is aligned with the organization's goals. Line authority is important because it helps to establish a clear structure of responsibility and accountability within the organization. It ensures that everyone understands their role and the roles of those above and below them in the organizational hierarchy. This, in turn, helps to improve communication, decision-making, and overall organizational efficiency. By contrast, staff authority refers to a type of authority that supports and advises those with line authority but does not have direct control over subordinates. Lateral authority refers to authority that is held by individuals who are at the same level in the organizational hierarchy and is used to coordinate efforts and resolve conflicts between different departments or teams. Finally, line and staff authority is a combination of both line and staff authority, where staff members advise line managers on important decisions.
Question 5 Report
When it becomes necessary to liquidate a company, the first step to be taken is the appointment of a?
Answer Details
When a company needs to be liquidated, the first step is to appoint a liquidator. A liquidator is a professional who is responsible for managing the process of closing down the company, selling its assets, and distributing the proceeds to the creditors and shareholders. The liquidator's primary goal is to ensure that the assets of the company are sold for the best possible price, and that the proceeds are distributed fairly among the company's creditors and shareholders. The liquidator is typically appointed by the court, although in some cases, the company's directors or shareholders may appoint a liquidator voluntarily. Once appointed, the liquidator takes over the management of the company and has the power to sell its assets, settle its debts, and distribute any remaining funds to the shareholders. In summary, when a company needs to be liquidated, the first step is to appoint a liquidator who will manage the process of selling its assets and distributing the proceeds to its creditors and shareholders.
Question 6 Report
A form of money that has gone out of use is ?
Answer Details
The form of money that has gone out of use is commodity money. Commodity money is a type of currency that is made of a physical commodity with intrinsic value, such as gold, silver, or salt. In the past, people would use these commodities as a medium of exchange because they were valuable in and of themselves. However, as economies grew and became more complex, commodity money became impractical and inconvenient for day-to-day transactions. In its place, bank money and paper money emerged as more convenient forms of currency that are easier to handle and transact with. Today, most countries use fiat money, which is not backed by a physical commodity but by the government's guarantee of its value.
Question 7 Report
In the law of contact, a counter offer operates as
Answer Details
A counter offer operates as a rejection. In the law of contract, a counter offer is a response to an original offer that changes the terms of the agreement. It acts as a rejection of the original offer and a new offer from the person making the counter offer. Until the new offer is accepted, there is no contract. So, if you receive a counter offer, it means that the person you made the original offer to is not accepting it as it is, but instead, they are proposing new terms for the agreement.
Question 8 Report
Warehousing is a productive function because it increases the?
Answer Details
Warehousing is a productive function because it increases the utility of goods. Utility refers to the satisfaction or usefulness that consumers derive from using a product. Warehousing increases utility in several ways. First, it allows for better timing of product delivery, ensuring that goods are available when they are needed. This improves customer satisfaction and reduces the risk of lost sales. Second, warehousing can help to improve product quality. Goods can be stored in a controlled environment that is protected from damage, theft, and other hazards. This helps to maintain the quality of the products and ensures that they remain in good condition until they are ready for sale. Third, warehousing enables businesses to take advantage of economies of scale. By purchasing and storing goods in bulk, they can often obtain better prices from suppliers. This can help to reduce costs and increase profitability. Overall, warehousing is an essential part of the supply chain and plays a crucial role in improving the utility of goods, which ultimately benefits both businesses and consumers.
Question 9 Report
The two main categories under which marine losses fall into are
Answer Details
The two main categories under which marine losses fall into are: Total loss and partial loss. A total loss occurs when a ship or cargo is completely destroyed, damaged beyond repair, or lost at sea. In this case, the insurer pays out the full insured value of the ship or cargo. A partial loss occurs when a ship or cargo is damaged but can still be repaired or salvaged. In this case, the insurer pays only for the cost of repair or the decrease in value of the damaged item.
Question 10 Report
What’s the first form an applicant must complete before taking an insurance policy?
Answer Details
The first form an applicant must complete before taking an insurance policy is the proposal form. This is a document that provides information about the applicant and the property or risk being insured. The proposal form is used by the insurer to assess the risk associated with the policy and to determine the premium that the applicant will be charged. The proposal form typically includes questions about the applicant's personal information, such as name, address, and occupation, as well as details about the property or risk being insured. For example, if the applicant is seeking a home insurance policy, the proposal form may ask about the age and condition of the home, its location, and any previous insurance claims made by the applicant. It's important for applicants to provide accurate and complete information on the proposal form, as any inaccuracies or omissions could affect the insurer's assessment of the risk and the terms of the policy. Once the proposal form is completed and submitted to the insurer, the insurer will review the information and decide whether to offer coverage and at what premium.
Question 11 Report
One of the disadvantages of rail transport is
Answer Details
One of the disadvantages of rail transport is that it is not as flexible as other modes of transportation, such as road and air transport. This means that rail transport is limited in terms of the routes it can take and the places it can go to. It is also difficult to make changes to the rail network or to adjust rail schedules, which can make it less convenient for some types of shipments. Additionally, because rail transport is limited to a specific set of tracks, it is not as easy to reach remote or less accessible areas as it is with other modes of transportation.
Question 12 Report
A disadvantage of personal selling is that it
Answer Details
A disadvantage of personal selling is that it increases a company's operating costs. Personal selling involves hiring salespeople to interact directly with potential customers, which requires the company to pay for their salaries, commissions, training, travel expenses, and other related costs. Compared to other forms of marketing such as advertising or digital marketing, personal selling can be more expensive and time-consuming. Additionally, personal selling may not always guarantee a sale, which can lead to lower returns on investment for the company.
Question 13 Report
Transportation, retailing and wholesaling industries rely heavily on?
Question 14 Report
What is a Quota?
Answer Details
A quota is a physical restriction that a government or an organization imposes on the quantity of goods that can be imported or exported from a country or a region. It is a limit on the number of goods that can be traded, usually to protect domestic industries from foreign competition or to regulate the flow of goods. For example, a country might impose a quota on the number of cars that can be imported in a year, or limit the amount of sugar that can be exported. This means that once the quota limit is reached, no more goods of that type can be imported or exported until the next period. Quotas can be used to manipulate the supply and demand of goods in a market, affecting their prices and availability.
Question 15 Report
Which of the following has power to order withdrawal of a particular food item from circulation?
Answer Details
The Food and Drug Department of the Federal Ministry of Health has the power to order the withdrawal of a particular food item from circulation in Nigeria. This is because the Food and Drug Department is responsible for ensuring the safety, efficacy, and quality of food and drug products in Nigeria. They have the authority to regulate and enforce standards for food items in order to protect public health. If the Food and Drug Department identifies a particular food item that poses a threat to public health, they can order its withdrawal from circulation until the issue is resolved. This is done to prevent the food item from causing harm to consumers. It is important to note that other agencies such as the Standard Organization of Nigeria and Local Government Health Inspectors also have a role to play in regulating and enforcing food safety standards, but they do not have the same level of authority as the Food and Drug Department of the Federal Ministry of Health.
Question 16 Report
Erroneous real arrangement of financial figure such as writing N624 as N264 is called?
Answer Details
The erroneous real arrangement of financial figures, where the digits are mistakenly swapped or reversed, is called transposition. For example, if the correct figure is N624 but it is mistakenly written as N264, this is a transposition error because the digits '2' and '6' have been switched or transposed. Transposition errors are a common type of mistake in financial calculations and accounting, and they can lead to significant errors in financial reports and transactions. To avoid transposition errors, it is important to double-check all financial figures and calculations, and to use tools such as calculators and spreadsheets to help minimize the risk of errors. Additionally, it can be helpful to have a second person review financial reports and transactions to catch any mistakes that may have been missed.
Question 17 Report
Which is the fastest means of transportation?
Answer Details
In general, air transportation is the fastest means of transportation. This is because airplanes can travel at extremely high speeds, reaching hundreds of miles per hour. In comparison, water transportation such as boats and ships typically move at much slower speeds due to resistance from the water. Similarly, rail and road transportation are also limited by factors such as traffic, terrain, and speed limits. Of course, there are exceptions to this rule. For example, in certain situations such as traveling short distances or in congested urban areas, road transportation may actually be the fastest option. And while air transportation may be the fastest in terms of raw speed, it can be limited by factors such as security checks, boarding procedures, and delays due to weather conditions. Overall, while there are many factors to consider, in terms of pure speed, air transportation is typically the fastest means of getting from one place to another.
Question 18 Report
One of the factors which critically determines the choice of occupation is?
Question 19 Report
The share capital value that forms part of the balance sheet total is the
Answer Details
Question 20 Report
A pro forma invoice is sent to inform a buyer about the?
Answer Details
A pro forma invoice is sent to inform a buyer about the price of goods. A pro forma invoice is a document that is used in international trade to provide a buyer with an estimated cost of goods and services before the actual transaction takes place. It is not a legally binding document and does not require payment. Instead, it is used as a tool to help the buyer plan and prepare for the final purchase. The pro forma invoice typically includes information about the price of the goods, such as the unit price and the total cost. It may also include information about any taxes, duties, or other charges that may be associated with the purchase. In addition, it may include information about the payment terms, such as the due date and the method of payment. While a pro forma invoice may include some information about the quantity, designation, and quality of the goods, its primary purpose is to provide the buyer with an estimate of the price. This information can be helpful in determining whether the buyer is interested in making the purchase, and can also be used to plan for any necessary financing or budgeting.
Question 21 Report
communication process involves the transmission of a message over a selected channel to the?
Answer Details
The communication process involves several steps, including the transmission of a message from the sender to the receiver. The sender is the person who originates the message, while the receiver is the person who receives the message. The message is transmitted over a selected channel, which can be a face-to-face conversation, a phone call, an email, a letter, or any other medium used to convey information. The sender encodes the message using language, symbols, or other forms of communication that can be understood by the receiver. The encoded message is then transmitted through the chosen channel to the receiver. Once the message is received, the receiver decodes it, which means interpreting the message in a way that makes sense to them. The receiver may also provide feedback to the sender, which allows the sender to evaluate whether the message was understood as intended. The audience, on the other hand, is the group of people who receive the message, which may include the intended recipient as well as any others who may hear or see the message. Overall, the communication process involves the sender encoding a message and transmitting it over a selected channel to the receiver, who decodes it and provides feedback to the sender. The audience may also receive the message, which can have an impact on how the message is perceived and understood.
Question 22 Report
The maximum number of shareholders in a public liability company is
Answer Details
The maximum number of shareholders in a public liability company is unlimited. This means that there is no specific limit to the number of shareholders that can own shares in the company. A public liability company, also known as a public limited company (PLC), is a type of business organization that is publicly traded on a stock exchange. This means that shares of the company can be bought and sold by the general public. Since a public liability company has the ability to sell shares to the public, it is not practical to limit the number of shareholders to a specific number. By allowing an unlimited number of shareholders, a public liability company can raise a significant amount of capital through the sale of shares, which can then be used to finance the growth and expansion of the business. However, it is important to note that there may be specific rules and regulations in each country regarding the formation and operation of a public liability company, and it is advisable to seek professional advice before starting such a company.
Question 23 Report
The main objective of corporate mergers is to?
Answer Details
The main objective of corporate mergers is to enhance economies of scale. When companies merge, they can combine their resources, reduce duplication of efforts, and operate more efficiently. This can lead to cost savings, improved productivity, and increased profitability. By merging, companies can also expand their market share, increase their bargaining power, and access new technologies or products. While mergers can also provide financial advantages, such as increased revenue or reduced costs, the primary goal is to create a stronger, more competitive business entity through economies of scale.
Question 24 Report
A form of ownership which exploits the strenght of one partner to remedy the weakness of the other is the?
Answer Details
Question 26 Report
Services which are of absolute monopoly can best be provided by?
Answer Details
Services which are of absolute monopoly can best be provided by public enterprises. When a service is an absolute monopoly, it means that only one entity can provide that service due to various factors such as high barriers to entry, legal regulations, or exclusive ownership of resources. In such cases, private companies may not be able to enter the market and compete effectively, as they may lack the necessary resources or expertise to provide the service. On the other hand, public enterprises are owned and operated by the government, which can help ensure that the service is provided fairly and efficiently. Public enterprises can also prioritize the needs of the public over profit maximization, which can be especially important for services that are essential to the well-being of citizens. However, it's important to note that the effectiveness of public enterprises can vary depending on the specific context and the quality of governance. In some cases, private companies or other forms of ownership may be better suited to provide certain services, especially if there is competition and proper regulation in place to prevent abuses of power.
Question 27 Report
A title, symbol, or design that distinguishes a company is called
Answer Details
The title, symbol, or design that distinguishes a company and its products or services from others is called a "trademark." It is a recognizable symbol or sign that represents a company's identity and helps consumers identify and differentiate the company's offerings from its competitors. A trademark can be a word, phrase, symbol, design, or a combination of these elements. It can be registered with the government to provide legal protection against unauthorized use by others. This means that other companies cannot use the same or similar mark to sell their products or services, which could cause confusion among consumers. In summary, a trademark is a valuable asset that companies use to protect their brand identity and to ensure that their customers can easily recognize and trust their products or services.
Question 28 Report
One of the principles of insurance is
Answer Details
The principle of insurance that I would like to explain is "proximate cause." Proximate cause is a fundamental principle of insurance that states that for a loss to be covered by insurance, it must be caused by an event that is covered by the insurance policy. In other words, the cause of the loss must be directly related to a specific peril or risk that is covered by the insurance policy. For example, if you have a car insurance policy that covers damage caused by collisions, and your car is damaged in a collision with another vehicle, the proximate cause of the damage is the collision, and the loss should be covered by your insurance policy. On the other hand, if your car is damaged by a hailstorm, which is not covered by your collision insurance, the proximate cause of the damage is the hailstorm, and the loss may not be covered by your insurance policy. In summary, the principle of proximate cause is essential to ensure that insurance policies cover only the specific risks and perils that they are designed to cover, and not unrelated losses.
Question 29 Report
The first known legislation to protect consumer rights in Nigeria is the?
Answer Details
Question 30 Report
Which of the following is a verbal means of communication
Answer Details
The verbal means of communication is a type of communication that involves the use of words, either spoken or written, to convey a message from the sender to the receiver. Out of the options provided, the verbal means of communication is the telephone. The telephone allows people to communicate verbally with each other in real-time, which means that they can have a conversation back and forth immediately. This type of communication is useful when people need to discuss complex or sensitive issues, or when they need to get immediate feedback or clarification. In addition, the telephone can help to build relationships between people and can create a more personal connection than other forms of communication, such as email or text messaging. By contrast, express mail, business reply services, and telex are all written means of communication. Express mail and business reply services are both used to send physical documents and packages, while telex is an older technology that used a network of teleprinters to send written messages over long distances. Overall, while all of these means of communication can be useful in different situations, the telephone is the best option for verbal communication.
Question 31 Report
What is the difference between current assets and current liabilities?
Question 33 Report
An arrangement by independent firms to share the market of their products on quota basics Is referred to as
Answer Details
The arrangement by independent firms to share the market of their products on a quota basis is called a cartel. In a cartel, companies come together and agree to limit the amount of their product that they sell, in order to reduce competition and maintain higher prices. For example, imagine there are three companies that make the same product. Normally, they would compete with each other by trying to offer the best price or quality. But if they form a cartel, they would agree to limit the amount of their product that they sell, and each company would be assigned a specific quota. This would reduce competition and allow them to charge higher prices because there would be less supply in the market. Cartels are usually illegal because they violate antitrust laws that prohibit companies from colluding to artificially control prices or limit competition. However, some cartels may operate legally in certain countries or industries with government approval.
Question 34 Report
The business organisation in which shareholders have equal votes is?
Answer Details
The business organization in which shareholders have equal votes is a cooperative. In a cooperative, each shareholder is typically given one vote, regardless of the number of shares they own. This means that each shareholder has an equal say in the decision-making process of the organization, which is different from other types of businesses where the number of votes is often proportional to the number of shares owned. Cooperatives are businesses that are owned and run by their members, who may be customers, employees, or other stakeholders. They are typically formed to meet the common needs and aspirations of their members, and they operate according to principles of democratic control and participation. In addition to giving each member an equal say in the organization, cooperatives often distribute profits among their members in proportion to their participation in the business.
Question 35 Report
One of the obstacles to achieving the objectives of ECOWAS is?
Answer Details
One of the obstacles to achieving the objectives of ECOWAS is the issue of language differences. ECOWAS, which stands for the Economic Community of West African States, is a regional economic organization made up of fifteen West African countries. Its primary goal is to promote economic cooperation and integration among member states, with the aim of creating a unified economic market in the region. However, one major obstacle to achieving this goal is the language differences among member states. West Africa is a linguistically diverse region, with over 2,000 different languages spoken. English, French, and Portuguese are the three official languages of ECOWAS, but many other languages are also spoken in the region. This diversity in languages creates communication challenges for member states, which can make it difficult to coordinate and implement policies and initiatives. It also makes it harder to build a shared regional identity and culture, which is a key component of creating a unified economic market. In conclusion, language differences are an obstacle to achieving the objectives of ECOWAS, as they can hinder communication, coordination, and the development of a shared regional identity.
Question 37 Report
i. personal savings. ii. retained earnings iii. accrued taxes.
Which of the items constitute internal sources of financing for companies?
Answer Details
Question 39 Report
A merchant wholesaler is referred to as?
Answer Details
A merchant wholesaler is a person or a company that buys goods in large quantities from manufacturers and sells them in smaller quantities to retailers or other businesses. They act as intermediaries between the manufacturers and retailers, helping to bridge the gap between the two. Out of the options given, a merchant wholesaler is not a del-credere agent, a broker, or a factor. A del-credere agent is a type of agent who guarantees payment to the seller in case the buyer defaults. A broker is a person or a firm that arranges transactions between buyers and sellers, but they do not take ownership of the goods themselves. A factor is a person or a company that buys accounts receivable from businesses at a discount and then collects the full amount owed by the customers. A rack jobber, on the other hand, is a type of merchant wholesaler who specializes in managing and merchandising inventory for retailers. They typically provide display racks, restock merchandise, and maintain inventory levels at retail locations. Rack jobbers usually earn a commission on the sales made by the retailer, and they are responsible for managing the inventory risk. In summary, a merchant wholesaler is a type of intermediary who buys goods in large quantities from manufacturers and sells them in smaller quantities to retailers or other businesses, while a rack jobber is a specific type of merchant wholesaler who specializes in managing and merchandising inventory for retailers.
Question 40 Report
A company which issues a promissory note in lieu of payment for goods purchased
Answer Details
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