JAMB UTME - Commerce - 2000

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This is a case of "agency by necessity". The bus driver, as an agent, was faced with an urgent and necessary situation that required him to take action on behalf of the owner. The engine needed to be repaired to continue the journey, but the owner was not present to authorize the repair or provide payment. Therefore, the driver had to pledge the owner's credit to have the engine repaired and avoid further delay. This action was taken in the best interest of the owner, and the owner is bound by the driver's actions since they were necessary to carry out the business.

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Circulating capital refers to the current assets that a company uses in its day-to-day operations, such as raw materials, finished goods, debtors, and cash. To determine the circulating capital, we need to add up all the current assets of the company. From the given balance sheet, the current assets are: - Raw materials = N100,000 - Finished goods = N50,000 - Debtors = N20,000 - Bills receivable = N15,000 - Cash at bank = N45,000 - Cash at hand = N5,000 Total current assets = N235,000 Therefore, the circulating capital for Amina Enterprises is N235,000. This is option (C) in the given choices.

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A printer that burns the print image onto the photosensitive drum is called a laser printer. The laser printer uses a laser beam to draw the text or image onto the drum, which has a coating of photosensitive material. The laser beam selectively removes the charge on the drum surface, creating an electrostatic image of the printout. Then, toner particles are attracted to the charged areas on the drum, which are then transferred onto paper and fused by heat to create the final printout. This process is called electrophotography, and it allows for high-quality, fast, and efficient printing. Laser printers are commonly used in offices, schools, and homes for printing documents, reports, and images.

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A form of money that has gone out of use is "commodity money". This type of money was based on the value of a commodity, such as gold, silver, or salt, and was widely used in the past. The actual commodity was used as currency and had value in and of itself. For example, gold coins were used as a form of payment and the value of the coins was determined by the amount of gold they contained. However, as economies evolved and grew, commodity money became impractical due to issues such as security and portability. As a result, paper money and bank money, which are more convenient and easier to use, gradually replaced commodity money as the primary forms of currency.

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When tourists are traveling and have no fixed address or permanent residence in a town, they can receive their letters or packages by using the service of poste restante. Poste restante is a service provided by the post office, which holds the mail until the recipient collects it. The recipient needs to show identification when collecting the mail, and they can collect it during the post office's working hours. This service is particularly useful for tourists who are on the move and do not have a permanent address in a particular town.

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When a public limited liability company is liquidated, the residual owners are the ordinary shareholders. Ordinary shareholders are the owners of the company who have purchased shares in the company, which represents a part ownership of the business. They are also known as equity shareholders because they have equity in the company. In the event of a liquidation, ordinary shareholders are the last in line to be paid, after all of the company's debts and obligations have been settled. This means that if there is any money left over after all the debts have been paid, it will be distributed to the ordinary shareholders. However, if there are no funds left over, the shareholders will not receive any payment. In summary, the residual owners of a public limited liability company on liquidation are the ordinary shareholders, who are the owners of the company and have equity in it. They are the last to be paid after all debts and obligations have been settled.

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The term Plc (Public Limited Company) implies that the company's shares are available for the public to buy and sell on the stock exchange. This means that the ownership of the company is not restricted to a small group of people but can be shared among many investors. As a result, the company can raise capital easily by selling shares to the public, and the shareholders can buy and sell the shares as they please. This provides a source of liquidity for the shareholders and enables the company to access funds from the public.

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The most important advantage of personal selling is that it allows sellers to perceive buyers' needs. Personal selling involves face-to-face communication between the seller and the buyer, which enables the seller to understand the buyer's needs, preferences, and concerns. By having direct contact with the buyer, the seller can tailor their sales pitch to the buyer's specific needs, leading to a higher chance of making a sale. Personal selling is especially effective for complex or expensive products where the buyer may have many questions or concerns. This allows the seller to address those concerns and build trust with the buyer, which can lead to a long-term relationship and repeat business.

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The practice of giving away caps, bags, and other items when consumers buy soft drinks is a form of sales promotion. Sales promotion is a marketing strategy that uses short-term incentives to encourage consumers to buy a product or service. It is a technique used by companies to stimulate demand, increase sales, and gain a competitive advantage. Giving away free items such as caps, bags, or other promotional items is a popular form of sales promotion used by soft drink manufacturers. By offering free items, manufacturers create a sense of value for the customer, which can encourage them to buy more of their product. Sales promotion activities like these are usually time-limited and designed to create an immediate response from consumers. They can include a range of activities such as discounts, coupons, contests, and free gifts. In summary, the practice of giving away caps, bags, and other items by soft drink manufacturers when consumers buy their product is a form of sales promotion, which is a marketing strategy used to stimulate demand and increase sales.

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Civic consideration in an organization arises from its operations within the environment and its social impacts on the community. Civic consideration refers to the ethical responsibility of an organization towards the welfare of the community in which it operates. It involves taking into account the social and environmental impacts of the organization's operations and making decisions that benefit both the organization and the community. Therefore, while being registered in a locality is important for the legal status of the organization, it does not necessarily dictate its civic consideration. Additionally, profit derived from the environment is not enough to guarantee civic consideration as it does not necessarily take into account the social impacts of the organization's operations.

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The major condition for obtaining a loan in thrift, credit, and loan cooperative societies is "provision of collateral security". Collateral security is an asset or property that is pledged by the borrower to secure the loan. This provides the lender with some assurance that they will be able to recover the loan amount in case the borrower is unable to repay the loan. Collateral can include things like property, stocks, or other assets that have value. When a borrower applies for a loan from a cooperative society, they are required to provide collateral security that is worth at least the amount of the loan. The collateral is evaluated by the society to determine its value and the borrower's ability to repay the loan. Therefore, collateral security is a major condition for obtaining a loan in cooperative societies, and it provides assurance to the lender that the loan will be repaid even if the borrower defaults.

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The instrument that established the Economic Community of West African States (ECOWAS) in 1975 is a treaty. A treaty is an agreement or contract between two or more countries or organizations that outlines the terms and conditions for their relationship or cooperation. In the case of ECOWAS, the treaty established the regional organization to promote economic cooperation and integration among its member states in West Africa. The treaty outlined the goals, objectives, and institutional framework for the organization, and provided a legal basis for its operations and activities.

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The insurance principle that requires full disclosure of information on the insured is known as "uberrimae fidei". This means that the insured is required to disclose all material facts about the risk they want to insure to the insurer. This principle is also known as the principle of utmost good faith. It ensures that the insurer has all the necessary information to make an informed decision on the level of risk involved in insuring the policy, which can help determine the premium paid by the insured. If the insured fails to disclose any material facts, the insurer may void the policy, which means that they will not pay any claims.

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The organizational structure above represents a line and staff structure. In this type of organizational structure, there are two types of employees: line and staff. Line employees are directly involved in the day-to-day operations of the organization, while staff employees provide support and advice to the line employees. In the given structure, the solid lines connecting the employees represent the chain of command, and the dotted lines represent the flow of advice and support from the staff employees to the line employees. Therefore, the organizational structure above represents a line and staff structure.

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The legal aspect of business is designed to protect both the business organizations and consumers. It ensures that businesses operate in a fair and ethical manner and don't engage in fraudulent or deceptive practices that could harm consumers. The laws also provide mechanisms for consumers to seek recourse and compensation if they are harmed by a business. Additionally, the legal framework aims to safeguard consumers from undue business practices such as monopoly, price fixing, and other anti-competitive behaviors. Overall, the legal aspect of business is essential for creating a level playing field and promoting fair and honest business practices that benefit both businesses and consumers.

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An invoice is a document that specifies the details of a transaction between a seller and a buyer. It includes the quantity, description, prices, and total value of the goods or services that have been sold, as well as any applicable taxes or discounts. It serves as a formal request for payment from the buyer to the seller and is used as evidence of the transaction.

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Government policies relating to the establishment and operation of business are targeted at promoting the general improvement of the economy. The policies are designed to create an environment that is conducive for businesses to thrive and contribute to the growth of the economy. The policies aim to achieve several objectives, including ensuring an even spread of facilities and employment across different regions and promoting the diversification and expansion of businesses. This is done by providing incentives such as tax breaks, grants, and other forms of financial support to encourage investment and business growth. Additionally, the policies are designed to promote fair competition among businesses, protect the rights of consumers, and ensure that businesses operate in an ethical and sustainable manner. By promoting a healthy business environment, the government can create jobs, increase tax revenue, and stimulate economic growth, leading to a better standard of living for the citizens. Overall, the government policies relating to the establishment and operation of business are targeted at achieving a strong and sustainable economy that benefits all stakeholders.

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The composite functions of management are the fundamental tasks that managers perform in order to achieve organizational goals. These functions include planning, organizing, directing, and controlling. Planning involves setting goals and objectives, and determining the resources and strategies needed to achieve them. Organizing involves arranging resources and personnel in a coordinated manner to achieve these goals. Directing involves guiding and supervising employees to carry out the planned activities. Finally, controlling involves monitoring progress and taking corrective action as necessary to ensure that the goals are being achieved.

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Ocean liners are subdivided into passenger liners and cargo liners. Passenger liners are ships designed to carry people across the ocean, typically for commercial purposes. These ships are equipped with various amenities to make the journey comfortable for passengers, such as restaurants, bars, and entertainment facilities. Cargo liners, on the other hand, are ships designed to transport cargo across the ocean. These ships have large cargo holds and are equipped with cranes and other equipment for loading and unloading cargo. While some ships may carry both passengers and cargo, the primary purpose of the ship determines its classification as a passenger liner or cargo liner. Therefore, ocean liners are mainly subdivided into passenger liners and cargo liners.

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The three components of staffing are "recruitment, selection, and placement". - Recruitment is the process of identifying and attracting qualified candidates for job openings within an organization. This can be done through various methods such as job postings, career fairs, and employee referrals. - Selection involves evaluating the candidates that have been recruited and deciding which ones are the best fit for the job. This process typically involves screening resumes, conducting interviews, and administering tests to assess the candidates' skills and abilities. - Placement is the final step in the staffing process and involves assigning the selected candidate to the appropriate position within the organization. This includes providing job offers, negotiating terms of employment, and onboarding the new employee. By following these three components, organizations can ensure that they are hiring the most qualified candidates for their job openings and placing them in positions where they can be successful.

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The primary objectives of a trade association are to exchange information, negotiate on behalf of members, and establish a link with the government. A trade association is a group of businesses or organizations that operate in the same industry or sector. The main purpose of a trade association is to represent the interests of its members by promoting their common goals and addressing common issues. Trade associations provide a platform for members to exchange information and collaborate on research, which helps them stay up-to-date on industry trends and best practices. Additionally, trade associations negotiate with government bodies on behalf of their members to promote favorable policies and regulations. While trade associations may operate as a pressure group, their primary focus is on promoting the interests of their members, rather than working against other groups.

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The type of advertising that seeks to persuade consumers to buy a particular product is called persuasive advertising. This type of advertising aims to create a desire for the product or service and convince the consumer that it is the best choice. It often uses emotional appeals and focuses on the benefits and unique selling points of the product to persuade consumers to make a purchase.

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The Central Bank differs from commercial banks because it issues currencies. While commercial banks provide services to customers, carry out foreign exchange transactions, and discount bills, the Central Bank is the only institution that has the authority to issue legal tender currencies. Additionally, the Central Bank is responsible for regulating and overseeing the banking system, implementing monetary policy, and managing the country's reserves.

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The major factors that facilitate merchandising are banking, insurance, and transportation. Banking provides financial services like loans, overdrafts, and account management, which are necessary for businesses to operate and grow. Insurance protects businesses against unforeseen risks, like fire, theft, or damage to goods during transit. Transportation is crucial in moving goods from one place to another, and it includes modes like road, rail, air, and sea transport. Together, these factors make it easier for businesses to produce, store, and sell their goods, which facilitates the process of merchandising.

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The stock exchange helps to provide capital for industrial projects because it assists companies to exchange their securities into cash. A company can issue stocks, bonds or other securities and offer them for sale on the stock exchange, thus making it possible for the public to purchase them. This generates capital for the company which can be used to fund its industrial projects. Additionally, the stock exchange provides a secondary market for these securities, enabling investors to sell their shares and recover their investments, which can further attract new investors to buy into the company and support its growth. Therefore, the stock exchange serves as a vital platform for raising capital and promoting industrial development.

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One of the most important external sources of short-term finance, particularly for smaller businesses, is the overdraft. An overdraft facility allows the business to spend more money than is deposited in the bank account. The amount of the overdraft will rise and fall as funds are deposited and spent from the account.

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A group of specialized functions of marketing includes buying, selling, labeling, and promotion. Marketing is a broad business function that involves identifying, satisfying, and retaining customers by creating, communicating, delivering, and exchanging value. Buying and selling are the core functions of marketing. They involve identifying customer needs and wants, acquiring products or services to meet those needs, and then selling them to the customer. Labeling is the process of creating and attaching product labels or tags that provide information about the product to the customer, such as its ingredients, nutritional information, and usage instructions. Promotion includes all the activities that are designed to promote a product, service, or brand, such as advertising, sales promotion, public relations, and personal selling. The goal of promotion is to create awareness, interest, desire, and action among the target audience. In summary, a group of specialized functions of marketing includes buying, selling, labeling, and promotion, which are essential to identify, satisfy, and retain customers by creating, communicating, delivering, and exchanging value.

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The aspect of law which allows an exclusive right for a limited number of years is called a patent. A patent is a legal right granted to an inventor that gives them the exclusive right to make, use, and sell their invention for a limited period of time. The purpose of a patent is to encourage innovation by providing inventors with the ability to profit from their creations and protect their intellectual property. Copyright, on the other hand, is a form of intellectual property protection that applies to creative works such as books, music, and films. Trademarks protect words, phrases, symbols, or designs that distinguish the goods or services of one company from those of another. Raffication is not a recognized term in law.