JAMB UTME - Commerce - 2006

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An important social reason for developing tourism in Nigeria is the promotion of cultural interaction. By attracting tourists from different parts of the world, Nigeria can showcase its unique cultural heritage, traditions, and diversity. This interaction can help promote understanding, tolerance, and respect for different cultures. Additionally, tourism can create employment opportunities for people in the hospitality and service industries, which can help alleviate poverty and contribute to the country's economic growth. While tourism can also bring foreign currency and improve the balance of payments, the social and cultural benefits are just as important.

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The factor which critically determines the choice of occupation is interest. Interest refers to an individual's inclination, curiosity or liking towards a particular activity or field of work. When an individual is interested in a particular occupation, they are more likely to enjoy it, be motivated to pursue it, and eventually become successful in it. Therefore, interest is considered as a critical factor that determines an individual's choice of occupation.

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The headquarters of the Lake Chad Basin Commission is in N'Djamena. The Lake Chad Basin Commission is an intergovernmental organization responsible for the management and development of the water and other natural resources of the Lake Chad Basin. It was established in 1964 by Cameroon, Chad, Niger, and Nigeria, with the Central African Republic joining later. The headquarters of the commission is located in the capital city of Chad, N'Djamena.

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A liquidator's fee is charged to the realization account. When a company is being liquidated, a liquidator is appointed to sell off the assets of the company and distribute the proceeds to creditors and shareholders. The liquidator's fee is a cost incurred in the process of liquidation and is usually charged to the realization account. The realization account is a temporary account opened during the liquidation process to record the sale of assets and payment of liabilities.

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Ex gratia payment is payment made to the insured by the insurer outside its legal obligation. In other words, it is a payment made voluntarily by the insurer as a gesture of goodwill or sympathy, rather than as a result of a contractual obligation or legal liability. This payment is not part of the sum assured or the surrender value, but it is an additional payment made by the insurer to the insured. It is usually made in situations where the insurer wants to compensate the insured for a loss that is not covered under the insurance policy or to reward the insured for good behaviour.

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The objective of the farmers' association is to ensure that the prices of goods are fair and reasonable. This means that the association seeks to protect the interests of farmers by advocating for fair pricing of their products. This may involve negotiating with buyers, lobbying government for favorable policies, and engaging in other activities that promote fair pricing for agricultural products. By doing so, the association helps to improve the livelihoods of farmers and contributes to the overall growth of the agricultural sector.

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A current account is a type of bank account that is primarily used for making transactions such as deposits and withdrawals. It is beneficial to its holder because it allows the holder to make unlimited withdrawals and deposits, and issue cheques to anybody, making it easy to carry out business transactions. The holder also has access to a passbook, which records all transactions made on the account. Therefore, the correct option is "cheques can be issued to anybody".

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The major types of warehouse are: manufacturer, bonded, public, and departmental. - Manufacturer warehouse is used by manufacturers for storing raw materials, work-in-progress, and finished goods. - Bonded warehouse is used for storing imported goods until the import duties are paid or the goods are re-exported. - Public warehouse is available to the public for storing goods and is often used by businesses that need to store their inventory. - Departmental warehouse is used by retailers or wholesalers to store their inventory for sale.

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The documents used in the purchase and sale of goods which contain other terms of trade are "invoice and order". An invoice is a document sent by a seller to a buyer that specifies the goods or services being sold and the amount owed, while an order is a document sent by a buyer to a seller that specifies the goods or services they want to purchase. These documents contain other terms of trade, such as payment terms, delivery details, and any warranties or guarantees that apply to the transaction.

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A private limited liability company is a business entity that is owned by a small group of individuals (usually family and friends), and its ownership is restricted to a certain number of shareholders. On the other hand, a public limited liability company is a business entity that can offer its shares to the public and has no limit to the number of shareholders it can have. Therefore, the main difference between a private and public limited liability company is that the former is unable to offer shares to the public, while the latter can.

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Among the given options, the Federal Mortgage Bank is a development bank in Nigeria. The Federal Mortgage Bank of Nigeria (FMBN) is a government-owned development bank established to provide affordable credit and long-term loans to mortgage institutions in Nigeria. The bank was established in 1956 and has since been providing funds for building, purchasing, and improvement of residential houses for Nigerians.

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The main requirement for admission to the second-tier securities markets is the disclosure of all trading activities. This means that companies seeking to be listed on the second-tier securities markets are required to provide detailed information about their financial status, trading activities, and other relevant information that investors would need to make informed decisions. This information is made public and available to potential investors, which helps to promote transparency and build confidence in the company. By meeting this requirement, companies can gain access to additional sources of funding and potentially increase their visibility and prestige.

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Consumerism is a social and economic movement that seeks to protect and inform consumers by promoting consumer rights, such as the right to safety, the right to choose, the right to be heard, and the right to redress. Therefore, the main aim of consumerism is to protect the consumer from harmful products, misleading advertising, and unfair business practices that could harm their health, safety, or economic interests. So, the answer is harmful products.

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The answer is option C: gas flaring. Gas flaring is the burning off of natural gas that is released as a byproduct of oil extraction. This process releases harmful gases and chemicals into the atmosphere, contributing significantly to air pollution in Nigeria. Domestic and organic waste as well as industrial waste are also sources of pollution in Nigeria, but gas flaring is the main source.

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A feature common to privatization and commercialization is profit-making. Both privatization and commercialization are strategies aimed at making government-owned businesses more efficient and profitable. Privatization involves the transfer of ownership and control of state-owned enterprises to the private sector, while commercialization involves restructuring state-owned enterprises to operate more like profit-oriented businesses. In both cases, the objective is to increase efficiency, reduce government interference, and ultimately make the enterprise more profitable. Therefore, profit-making is a feature that is common to both privatization and commercialization.

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The issued capital of a company refers to the total amount of share capital that has been issued and allotted to shareholders. In this case, the company has 2,000,000 ordinary shares with a face value of 50k each. If 50% of these shares are offered for subscription at N2 per share, it means that 1,000,000 shares are being offered at that price. So, if all the shares are fully subscribed, the company would receive N2 per share for 1,000,000 shares, which would amount to: N2 x 1,000,000 = N2,000,000 Therefore, the issued capital of the company would be N2,000,000 if all the shares were fully subscribed. So, the answer to the question is N2,000,000.

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Trading on the stock exchange in anticipation of price change in the market value of shares is called speculation. In other words, it involves buying or selling shares with the hope of making a profit from price movements in the future. Traders who engage in speculation rely on market information, economic indicators, and technical analysis to make informed decisions about buying and selling shares. The goal of speculation is to make a profit from the fluctuations in share prices, rather than holding on to the shares for long-term investment.

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The conversion of raw materials into finished products creates form utility. Form utility refers to the value added to a product or service by transforming raw materials into a finished product that is useful to consumers. This transformation can involve adding features, improving quality, or simply changing the form of the product to make it more desirable to consumers. For example, turning cotton into a shirt creates form utility, as the raw material (cotton) is transformed into a finished product (a shirt) that is useful and desirable to consumers.

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Tourism can be classified as an invisible export. This is because it involves the provision of services to foreign visitors, such as accommodation, transportation, and entertainment, rather than the export of physical goods. The income generated from tourism activities is therefore considered as an export of services and is included in the balance of payments as an invisible export.

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Sales promotion is an aspect of marketing that stimulates buying by providing free gifts. Sales promotion involves the use of various techniques to boost sales, including offering discounts, coupons, contests, and free samples. The goal of sales promotion is to create a sense of urgency and excitement around a product or service, encouraging customers to make a purchase. Providing free gifts is a common sales promotion strategy, as it gives customers an additional incentive to buy a product or service.

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The business environment that takes into consideration the age distribution, ethnic mix and educational level of the consumer is called the "demographic environment". In other words, it refers to the characteristics of the population that are relevant to marketing decision making. This environment is important because it helps businesses to identify the target market and make appropriate marketing strategies. For instance, a company may decide to target young people for a new fashion product or target the elderly for healthcare products. By understanding the demographic environment, businesses can tailor their products and services to meet the needs of their customers, which can lead to increased sales and profits.

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The development of commerce resulted from trading. Commerce refers to the exchange of goods and services between people, businesses, and countries. Trading is the foundation of commerce as it involves the exchange of goods for other goods or money. As people and countries began to trade more frequently, commerce developed into a complex system of buying and selling. Competition, importation, and specialization are all factors that can affect commerce but are not the primary cause of its development.

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The protection right which can be reviewed or renewed after seven years is known as a patent. A patent gives the inventor exclusive rights to prevent others from making, using, or selling an invention for a certain period of time, which is usually 20 years from the date of filing. After seven years, the patent can be reviewed or renewed if the owner wishes to extend their exclusive rights. This allows inventors to have time to profit from their inventions and encourages innovation.

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The correct answer is a "departmental store". A departmental store is a retail establishment that comprises of many stores trading under a single roof. Each unit or department has its own head and stocks different varieties of goods, such as clothing, electronics, home appliances, etc. Departmental stores are usually larger than supermarkets and are designed to offer a wide range of products and services to customers. They are also known for their extensive marketing strategies and often employ a large number of staff to manage different departments.

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A computer that can be used in weather forecast is a digital computer. Digital computers are electronic devices that can process data and perform calculations using a binary system (0s and 1s). They can be programmed to perform complex mathematical calculations and simulations, making them useful in weather forecasting. These computers use mathematical models and algorithms to analyze weather data, such as temperature, pressure, and wind speed, and make predictions about future weather patterns. They are essential tools for meteorologists and weather forecasters in accurately predicting weather conditions.

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A chamber of commerce is an organization made up of businesses and industries within a specific geographic region. The members of a chamber of commerce are not restricted to a particular industry, but rather include a diverse range of businesses such as retailers, manufacturers, service providers, and more. The primary purpose of a chamber of commerce is to promote and protect the commercial interests of its members, as well as to facilitate economic development and growth in the local community. A trade association, on the other hand, is an organization made up of members who are all engaged in the same trade or industry. The primary purpose of a trade association is to promote the interests of its members in that particular industry or trade.

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Capital to a business is technically an asset. It refers to the resources (in the form of money, equipment, property, etc.) that a business uses to produce goods or services. It is the wealth or funds that a business has available to invest in its operations, expand its services, or pay off its debts. In accounting terms, capital is also used to represent the total value of a company's assets minus its liabilities, which is known as the company's "net worth" or "equity."

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A financial institution which uses its capital strength to acquire controlling interests in other firms can be regarded as a "holding company". A holding company is a company that owns enough voting shares in another company to control its operations and management. It does not usually produce goods or services of its own but instead exists to hold shares of other companies. Holding companies may also provide management and administrative services to their subsidiaries.

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Hire purchase is beneficial to the seller because it increases his turnover. With hire purchase, the seller can sell more goods to customers who may not be able to afford to pay the full price upfront. The customers can pay for the goods in instalments over a period of time, which increases the likelihood of them making a purchase. This, in turn, boosts the seller's turnover and helps to increase his profits. The other options listed are not accurate, as hire purchase does not directly enhance the seller's living standard, and while people do pay instalmentally, this is not necessarily a benefit to the seller beyond increased turnover. The seller may also enjoy patronage, but this is not directly related to the benefits of hire purchase.

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Privatization refers to the process of transferring ownership and control of public assets or services to the private sector. The most important advantage of privatization is the enhancement of efficiency. This is because private firms are usually profit-oriented and have incentives to reduce costs, improve productivity, and increase profitability. As a result, privatization can lead to better management practices, increased innovation, and improved service delivery, which can benefit consumers and contribute to economic growth. However, it is important to note that privatization also has its drawbacks and should be carefully managed to ensure that it achieves its intended goals.

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The Customs and Excise Department is responsible for the collection of tariffs. Tariffs are taxes imposed on imported goods and services, which are paid to the government by the importer or the buyer of the goods. The Customs and Excise Department is responsible for enforcing the rules and regulations governing the importation of goods and ensuring that tariffs are collected in a fair and consistent manner.

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The input, output, and central processing units (CPU) are the basic components of a computer's hardware. Input devices are used to input data into a computer, such as a keyboard or a mouse. Output devices are used to display or output data from the computer, such as a monitor or a printer. The CPU, also known as the processor, is responsible for processing and executing instructions and commands given by the user. Together, these components make up the hardware of a computer, which is the physical components that can be seen and touched.