JAMB UTME - Commerce - 2017

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The scope of commerce is not limited to any one specific aspect, as it encompasses a wide range of activities that involve buying and selling goods and services. However, it is often defined as the exchange of goods and services between businesses and consumers. This can include wholesale and retail trade, as well as home and foreign trade, trade and aids-to-trade, and wholesale and entrepot trade. In wholesale trade, goods are sold in large quantities to other businesses, such as retailers or distributors, who then sell the goods to consumers. Retail trade involves the sale of goods in smaller quantities directly to consumers. Home trade refers to the exchange of goods and services within the boundaries of a country, while foreign trade involves the exchange of goods and services between countries. Trade and aids-to-trade refer to the various activities and services that support the buying and selling of goods, such as transportation, banking, insurance, and advertising. Entrepot trade refers to the practice of storing goods in a foreign country for the purpose of re-exporting them to other countries, often to take advantage of lower taxes or tariffs. In conclusion, the scope of commerce is broad and encompasses a variety of different types of trade and trade-related activities.

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The production process that combines two or more raw materials into an end product is called blending. Blending involves taking two or more raw materials and combining them together to create a mixture that has a desired composition and characteristics. For example, in the food industry, blending is often used to mix different ingredients together to create a finished product such as a soup or a smoothie. In the manufacturing industry, blending may be used to mix different chemicals together to create a specific type of paint or adhesive. Blending can be done using a variety of methods, including mixing by hand, using a blender or mixer, or through automated processes such as conveyor belts and industrial mixing equipment. The process of blending is important because it allows manufacturers to create products that have consistent quality and properties, and also allows them to customize products to meet specific customer needs or market demands.

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The organized effort of consumers to protect themselves against the unfair practices of businessmen is known as consumerism. Consumerism is a social and economic movement aimed at protecting the rights of consumers by promoting fair trade practices, better product quality, and safer products. Consumerism aims to ensure that businesses are held accountable for their actions and that consumers have access to accurate information about the products and services they buy. Through consumerism, consumers can organize themselves to demand fair prices, improved product quality, and safer products. In summary, consumerism empowers consumers to protect their rights and interests against unfair business practices.

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Out of the options given, "promotion" is an item in the marketing mix. The marketing mix is a set of tools or tactics that a business uses to promote its products or services to its target market. These tools are often referred to as the 4 P's of marketing: product, price, place, and promotion. Promotion refers to the various activities that a business uses to communicate with its customers and potential customers. This includes advertising, public relations, personal selling, and sales promotion. The goal of promotion is to create awareness of the product or service, generate interest in it, and ultimately, convince people to buy it. So, out of the options given, "promotion" is the only item that is part of the marketing mix.

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Goods and services transferred from a seller to a buyer without immediate payment is referred to as "credit sale". In a credit sale, the buyer takes possession of the goods or services but agrees to pay for them at a later date, usually with interest. This type of sale is common in many industries, including retail, automotive, and real estate. The buyer is essentially borrowing money from the seller to make the purchase, and the seller is extending credit to the buyer. Credit sales are a way for buyers to make purchases even if they don't have the funds to pay for the goods or services upfront. They allow buyers to take possession of the item they want or need and pay for it over time. This can be beneficial for buyers who need a product or service immediately, but don't have the full amount to pay for it upfront. However, credit sales can also be risky for both the buyer and seller. The buyer must make sure they can pay back the loan as agreed, and the seller must ensure that they will receive payment for the goods or services they have provided.

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The letters "E" and "OE" are often used in written communication to indicate that there may be mistakes or omissions in the text, but that they should be overlooked or disregarded. "E" stands for "errors," which means that there may be mistakes or inaccuracies in the text. When "E" is used in a document or communication, it means that the author is aware that there may be errors and is asking the reader to overlook them. "OE" stands for "errors and omissions excepted." This phrase is often used in legal documents or contracts to indicate that while the author has taken care to ensure that the document is accurate, there may still be mistakes or omissions. However, the author is not liable for any errors or omissions in the document. In summary, "E" means that errors may exist in the text and "OE" means that errors and omissions may exist, but the author is not responsible for them.

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The correct answer is "a contract." A contract is a legally binding agreement between two or more parties that sets out the rights and obligations of each party. For a contract to be enforceable in law, it must meet certain requirements, such as: 1. Offer and acceptance: There must be a clear offer made by one party, and that offer must be accepted by the other party. 2. Consideration: There must be something of value exchanged between the parties, such as money or services. 3. Intention to create legal relations: The parties must intend for their agreement to be legally binding. 4. Capacity to contract: Each party must be of legal age and have the mental capacity to understand the terms of the contract. If all of these requirements are met, then the agreement is considered a contract and can be enforced in a court of law if one party fails to fulfill their obligations under the contract.

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A bill of exchange already accepted can be discounted by the holder in any bank. A bill of exchange is a financial instrument that allows the holder to receive a certain amount of money on a specified date. When the holder needs money before the due date, they can discount the bill at a bank. This means that the holder will receive a lesser amount of money upfront in exchange for the right to receive the full amount on the due date. The holder can discount the bill in any bank, not necessarily his own bank, as long as the bank is willing to accept the bill as collateral for a loan.

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The business unit that applies the principle of one man, one vote is a cooperative society. A cooperative society is a type of business organization that is owned and operated by a group of individuals who come together to achieve a common goal. In a cooperative society, each member has one vote, regardless of the amount of capital they have invested in the business. This means that every member has an equal say in the decision-making process of the business, and no one member can dominate the decision-making process. This principle of one man, one vote is one of the defining features of a cooperative society, and it helps to promote democracy, fairness, and equality in the business. It ensures that every member has an equal voice in the affairs of the business, and that decisions are made in the best interest of the entire group, rather than just a select few. Therefore, a cooperative society can be a great option for people who want to work together to achieve a common goal, while still maintaining a democratic and fair business structure.

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The main difference between central banks and commercial banks is that central banks serve as the "lender of last resort" while commercial banks do not. Central banks are the primary monetary authority in a country and are responsible for managing the money supply, maintaining financial stability, and regulating banks and other financial institutions. One of the key roles of a central bank is to act as a lender of last resort, which means they provide loans to commercial banks and other financial institutions that are experiencing financial difficulties and cannot obtain loans from other sources. On the other hand, commercial banks are financial institutions that accept deposits from the public and provide loans and other financial services to individuals, businesses, and governments. While commercial banks can also lend money to other banks, they do not have the ability to act as a lender of last resort. Discounting treasury bills is one of the tools that central banks can use to manage the money supply and control inflation, but it is not the main difference between central banks and commercial banks. Similarly, while commercial banks do provide loans to the public, this is not the main difference between them and central banks. Finally, while banks do help individuals save their money, this is not a distinguishing feature of central banks, which focus more on regulating the overall financial system rather than individual savings accounts.

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The government policy that encourages the transfer of ownership from foreigners to indigenes of the country is known as "indigenisation". Indigenisation policies are intended to empower local citizens and promote their participation in the economy. They typically involve measures to increase the participation of local businesses and individuals in key sectors of the economy, such as mining, agriculture, and manufacturing, by requiring that foreign-owned businesses transfer a certain percentage of their ownership to local citizens or sell it to them outright. The purpose of indigenisation policies is to increase the economic power of local citizens and promote the development of local industries, while reducing dependence on foreign investors.

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The type of activity which turns processed raw materials into consumer and industrial goods is known as manufacturing. Manufacturing is the process of transforming raw materials or components into finished products that are ready for use or sale. This process involves a series of steps, including processing, assembling, and packaging, to create a final product that meets specific quality standards and customer requirements. Examples of manufacturing include producing cars from steel, assembling electronic devices from various components, creating textiles from raw fibers, and making packaged food items from ingredients. Manufacturing plays a crucial role in the economy of a country by creating employment opportunities, generating revenue, and driving innovation.

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The major objective of all business resources is profit making. In other words, businesses exist to make a profit or generate a financial return for their owners or shareholders. This means that businesses aim to generate more revenue than their costs, so that they can earn a profit. Profit is important for businesses because it allows them to reinvest in their operations, pay their employees, reward their shareholders, and grow over time. Without profits, businesses would not be able to sustain themselves in the long run. However, it is also important for businesses to balance the pursuit of profit with other goals such as providing value to customers, taking care of their employees, and being responsible members of society.

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Land as a factor of production does not vary in nature. In economics, land refers to all the natural resources that are available on or under the surface of the earth, such as forests, water, minerals, oil, and gas. These resources are considered fixed and cannot be produced or reproduced by human efforts. Unlike other factors of production like labor and capital, the quantity of land is fixed, meaning that we cannot create more land. Similarly, the quality of land, such as the soil's fertility or the availability of mineral resources, is determined by nature and cannot be changed by human efforts. However, the cost of land can vary depending on factors such as location, accessibility, and demand. Land in prime locations or with valuable resources will typically have a higher cost than land in less desirable locations or with fewer resources. To summarize, while the quantity, quality, and cost of land can vary, the nature of land as a fixed and non-reproducible natural resource remains constant.

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A major function of trade associations is to foster cooperation among members. A trade association is a group of businesses that operate in the same industry or share a common interest. The main purpose of a trade association is to promote the interests of its members and the industry as a whole. One of the ways that a trade association achieves this goal is by fostering cooperation among its members. By working together, members of a trade association can pool their resources, knowledge, and expertise to achieve common goals. For example, a trade association might help its members to lobby for favorable legislation or regulations, to negotiate better prices from suppliers, or to share best practices for running a successful business. By sharing information and resources, members of a trade association can become more effective and efficient, and the industry as a whole can benefit. In summary, the main function of a trade association is to foster cooperation among its members. This cooperation can lead to a variety of benefits for individual members and for the industry as a whole.

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The concept that refers to the sale, transfer or exchange of goods and services is called "trade". Trade involves buying and selling goods and services between individuals, companies, or countries. It can occur locally, nationally, or internationally. Trade is an essential part of the global economy and plays a vital role in the growth and development of countries. By engaging in trade, businesses and individuals can access goods and services that they might not otherwise have access to. Additionally, trade allows countries to specialize in producing the goods and services that they are best at, while importing goods and services that they are less efficient at producing. In summary, trade is the process of buying and selling goods and services, and it is a crucial component of the global economy.

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An Auctioneer is a person who conducts an auction by announcing the lots and controlling the bidding.

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Production ends when goods and services reach the final consumer. Production refers to the process of creating goods and services to meet the demands of consumers. This process involves a series of steps, starting from the sourcing of raw materials, manufacturing, packaging and labeling, and finally, the distribution of the finished products to the end consumer. So, the production process is considered complete when the goods or services reach the final consumer, who will use or consume them. This is because the ultimate goal of production is to provide products and services to meet the needs and wants of the consumer.

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When a buyer has been overcharged for goods supplied, the seller issues a credit note. A credit note is a document issued by a seller to a buyer that serves as a written record of a credit transaction. It is essentially a form of negative invoice that shows that the seller owes the buyer money rather than the other way around. In the case of an overcharge, a seller will issue a credit note to the buyer as a way of acknowledging the mistake and providing a refund for the overpayment. The credit note typically includes information about the original transaction, such as the date and amount of the original invoice, as well as the reason for the credit note. Credit notes are an important part of the sales and purchase process because they help to ensure that transactions are accurate and that any mistakes or discrepancies are promptly addressed. They are also useful for record-keeping and can be used as a reference in future transactions between the buyer and seller.

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Land is a valuable asset and can provide various forms of reward. Some of the ways that rewards can accrue to land include: - Rent: Landowners can earn money by renting out their land to tenants for use such as agriculture, commercial purposes, or as a residence. - Profits: Land can be used for commercial or industrial purposes and can generate profits for the owner through the sale of goods or services. - Wages: Land used for agriculture or farming can provide employment and wages for workers. - Interest: Land can also be used as collateral for loans, and the owner can earn interest on the loan. It's important to note that the type of reward that accrues to land depends on how it's used and the specific circumstances of the owner and their property.

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This can lead to the dissolution of partners.

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Money is a type of asset in an economy that is used to buy goods and services from other people. A commodity is a physical item that is interchangeable with another item of the same type or value.

This is the use of specific commodity as a form of money. Its value as a piece of metal is the same with its value as a piece of money.

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The advantage of division of labour is that it increases productivity and total output. Division of labour is a system where a complex task is divided into smaller, simpler tasks that can be performed by different workers who specialize in those tasks. Each worker becomes an expert in their specific task, which leads to a higher level of efficiency and productivity. By dividing a task into smaller parts and assigning them to different workers, each worker can focus on their specific task and become more skilled at it. This allows them to complete their work more quickly and with a higher level of accuracy, leading to an overall increase in productivity and total output. The other options listed, such as the elimination of monotony of tasks, minimization of loss of individual craftsmanship, and increased interdependence of workers leading to increased remuneration, may also be potential advantages of division of labour, but they are not the main advantage. The main advantage is the increase in productivity and total output.

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An example of an extractive occupation is mining. Mining is an extractive occupation because it involves extracting valuable resources from the earth, such as coal, gold, and diamonds. This process often involves drilling, blasting, and digging in order to extract the resources, which are then sold and used for various purposes. In contrast, teaching, banking, and driving are not extractive occupations. Teaching involves imparting knowledge and skills to others, while banking involves managing financial transactions and driving involves transporting people or goods from one place to another. These occupations do not involve extracting resources from the earth, but instead focus on providing services or facilitating transactions.

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Water corporation is an example of a public enterprise. A public enterprise is an organization that is owned and operated by the government to provide services to the public. The purpose of a public enterprise is to provide essential goods and services that may not be profitable for private companies to provide, but are necessary for the welfare and development of the country. In the case of a water corporation, its primary function is to supply safe and clean drinking water to the public, which is a basic human need. As a public enterprise, the water corporation is owned and funded by the government, and its operations are overseen by a board of directors who are appointed by the government. The main objective of the water corporation is to provide a reliable and affordable water supply to the public, rather than to generate profits for private investors.

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The production of goods and services in anticipation of demand is made possible by warehousing. Warehousing is the process of storing goods and materials until they are needed for production or for sale to consumers. By storing goods in a warehouse, manufacturers and suppliers can produce goods in advance of demand, allowing them to be ready for sale when consumers are ready to buy. Warehousing also enables manufacturers and suppliers to buy and store raw materials in advance, which can help to reduce the cost of production. By having a stock of goods and materials on hand, manufacturers and suppliers can respond quickly to changes in demand and avoid delays in production or delivery. In summary, warehousing plays a critical role in allowing businesses to produce goods and services in anticipation of demand, which helps to ensure that products are available when consumers are ready to buy.

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A demonstration of social responsibility by a business is the payment of taxes to the government. Taxes are a crucial way for businesses to contribute to society and fulfill their social responsibilities. When businesses pay taxes, they contribute to the government's ability to provide essential services such as education, healthcare, and infrastructure. These services benefit the entire community, including the business itself and its employees. Paying taxes also demonstrates a commitment to the rule of law and ethical business practices. By paying their fair share of taxes, businesses help to ensure a level playing field for all companies, regardless of their size or industry. In contrast, failing to pay taxes or engaging in tax evasion can harm the community by depriving it of essential resources and creating an unfair advantage for the non-compliant business. Therefore, paying taxes is an essential aspect of social responsibility for businesses, and it helps to create a stable and prosperous society for everyone.

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One disadvantage of advertising is that it could be misleading. Advertising is a way for companies to promote their products or services, and sometimes the way they advertise may not be completely honest or accurate. This can lead to consumers being misinformed or deceived about what they are buying. For example, an advertisement may make a product seem more effective than it really is or claim that a product can do things that it cannot. This can be harmful to consumers as they may end up wasting money on something that does not work as advertised or even be dangerous in some cases. Therefore, it is important for companies to be honest and transparent in their advertising to avoid misleading consumers.

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The fee charged on postal orders by the post office is called "poundage." Poundage is a small commission or fee that is charged as a percentage of the total value of the postal order. For example, if you purchase a postal order for $100, the post office may charge a poundage fee of 50 cents or 1% of the total value. The exact amount of poundage charged can vary depending on the value of the postal order and the policies of the specific post office. Poundage is a way for the post office to cover the costs of processing and handling the postal order, as well as to generate revenue for the post office. It is a common practice for financial institutions to charge small fees for services like money orders, cashier's checks, and other forms of payment.

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This is wealth reserved for the production of more wealth. It includes physical cash, building, semi-finished goods.

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The Trade Description Act aims primarily at the protection of consumers. This act requires businesses to provide accurate and truthful information about the products and services they offer for sale. This helps to ensure that consumers are not misled or deceived when making purchasing decisions, and that they receive what they have paid for. In simple terms, the Trade Description Act is in place to protect consumers from false or misleading advertising, and to promote fair and honest trade practices.

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The term you are referring to is "capital, type of goods, and source of supply." When setting up a retail business, these three factors are some of the most important considerations. Capital refers to the financial resources or funds available to start and run the business. It is important to have enough capital to cover the costs of setting up the business, purchasing inventory, and operating expenses until the business becomes profitable. The type of goods the business will sell is also important to consider. This includes deciding on the product line, target market, and competition. Finally, the source of supply is an important factor to consider. A retail business needs a steady and reliable source of products to sell, and it is important to establish relationships with suppliers who can provide the right products at the right price and quality. By carefully considering these factors, a retail business can increase its chances of success and sustainability.

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The stock exchange is a market where companies can sell shares of ownership in their business to investors. These shares are a type of security called stocks or equities. Investors buy and sell stocks on the stock exchange, hoping to make a profit by buying low and selling high. The stock exchange is open to all types of securities, not just long-term or short-term ones. So, "all types of securities are sold" is the correct answer.

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This is a document that gives details of goods being sent from one place to another.

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Options A, B and C are placed under the types of production. When extraction has been made and a desired result attained, without getting the yielded results to the final consumer and without satisfying human wants, the function of commerce has not been actualized. Hence, production is said to be complete when the transferred raw materials have met its aim of satisfying human wants

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The activity directed at conveying commodities to buyers is an aspect of marketing. Marketing involves a set of activities that businesses use to promote and sell their products or services to consumers. It encompasses a wide range of activities, including researching and identifying target audiences, creating and promoting products and services, setting prices, developing advertising campaigns, and delivering products to customers. Selling is just one component of marketing, which involves the actual process of exchanging goods or services for money. Delivering is the act of physically transporting products to customers. Advertising is a form of communication used to promote products or services. However, all of these activities are part of a broader marketing strategy that aims to attract, engage, and retain customers.

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Another name or term for a dishonoured cheque is "a bounced cheque". A cheque is considered bounced when the bank that received the cheque returns it to the depositor (the person who wrote the cheque) because the account the cheque is drawn on does not have enough funds to cover the amount of the cheque. This means that the cheque cannot be paid or honoured by the bank and is returned as "bounced".

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Export licence is the control document issued by a government agency to monitor the export of sensitive products, prohibited materials (drugs, genetically modified plants) or goods in short supply in the home market.
Is the body responsible for issuing export licences for agricultural and manufactured goods.