JAMB UTME - Commerce - 2022

The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is

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The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is called contribution. Contribution refers to the principle in insurance law that requires insurers to share the cost of a loss when multiple insurance policies cover the same property. The idea is that an insured should not be able to profit from insuring the same property with multiple companies. The principle of contribution ensures that the total amount received from multiple insurance policies does not exceed the value of the loss. The other options - indemnity, proximate cause, and uberrimae fidei - are also related to insurance law, but they do not specifically refer to the principle of contribution. Indemnity refers to the principle that an insurance policy should restore the insured to the same financial position they were in prior to the loss. Proximate cause refers to the cause of a loss that is considered the most significant or primary cause, and is therefore covered by insurance. Uberrimae fidei is the legal principle that requires an insurance policy to be based on utmost good faith, meaning that the insured must disclose all material facts to the insurer when applying for insurance.

The right to buy or sell stock in the stock exchange within a stipulated period is

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One of the products of the construction industry is a

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One of the products of the construction industry is a bag of cement. The construction industry produces a wide range of products and materials that are used in building and construction projects. One of the key products of the construction industry is cement, which is used as a binding agent in concrete and mortar. Cement is an essential component of many construction projects, and is used in the construction of buildings, bridges, roads, and other structures. The production of cement and other construction materials is a major component of the construction industry and plays a critical role in the growth and development of the sector.

Which of the following is not a component of the marketing mix?

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"Production" is not a component of the marketing mix. The marketing mix is a set of controllable tools that a company uses to bring its product or service to market and to reach its target customers. The four components of the marketing mix are product, price, promotion, and place. "Product" refers to the goods or services that a company offers to its customers. "Price" refers to the amount that customers are charged for a product or service. "Promotion" refers to the various ways that a company communicates with its target customers and persuades them to buy its products or services. "Place" refers to the distribution channels and strategies that a company uses to get its products or services to its target customers. In contrast, "production" refers to the process of creating or manufacturing a product, and is not a part of the marketing mix. While production is certainly an important aspect of bringing a product to market, it is not one of the controllable tools that a company can use to influence the success of its marketing efforts.

A business unit in which savings of members are lent to others is a

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A business unit in which savings of members are lent to others is called a "credit and thrift society". A credit and thrift society is a type of financial institution where individuals pool their savings to provide loans to other members of the society. Members of the society may include individuals, small businesses, or even large corporations. The primary objective of a credit and thrift society is to provide its members with access to credit at a reasonable cost. Members can borrow funds from the society to finance their businesses or personal expenses, and the loans are typically repaid with interest over a predetermined period of time. Credit and thrift societies are often formed by individuals or small groups who are unable to obtain loans from traditional banks due to a lack of collateral or a poor credit history. By pooling their resources and lending to one another, members of a credit and thrift society can obtain the funds they need to start or expand their businesses, or to meet their personal financial needs. In summary, a "credit and thrift society" is a business unit where members pool their savings to provide loans to one another, with the primary objective of providing access to credit at a reasonable cost.

A form of money which was not used in the early days of trade is

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Cowries are a form of money which were not used in the early days of trade. Cowries are the shells of sea snails and were used as a medium of exchange in some societies in Africa and Asia in the past. However, in the early days of trade, when people first started exchanging goods and services, cowries were not commonly used. Instead, other forms of currency, such as barter or the exchange of goods for goods, were used. Later on, other forms of money such as metal bars, coins and paper money were developed and used in various parts of the world.

When a share with a nominal value of #50 is quoted at #70, it is being sold

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When a share with a nominal value of #50 is quoted at #70, it is being sold at a premium. A share is quoted at a premium when its market price is higher than its nominal or face value. In the case of a share with a nominal value of #50 that is quoted at #70, the share is being sold for a higher price than its face value, meaning that it is being sold at a premium. This can indicate that the company is performing well, and that investors are willing to pay a higher price for the share due to its perceived future potential. On the other hand, a share that is quoted below its nominal value is said to be sold at a discount.

When the cost of sales is divided by the average stock, the result is

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The result of dividing the cost of sales by the average stock is the rate of turnover. This calculation measures how efficiently a company is using its inventory to generate sales. The cost of sales is the direct cost of producing or purchasing the goods that are sold by the company, while the average stock is the average value of inventory held by the company over a given period of time. By dividing the cost of sales by the average stock, we can determine how many times the company's inventory was sold and replaced during that time period. This is the rate of turnover. A high rate of turnover indicates that the company is efficiently selling and replenishing its inventory, which can lead to higher profits and better cash flow. On the other hand, a low rate of turnover may indicate that the company is struggling to sell its inventory or is holding onto it for too long, which can lead to higher costs and lower profits. Therefore, it's important for companies to monitor their rate of turnover and aim for an optimal level based on their industry and business model.

A retail store that sells a single product from a particular manufacturer is a

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A retail store that sells only one product from a particular manufacturer is called a tied shop. This means that the store has an exclusive agreement with the manufacturer to sell only that specific product. Tied shops are commonly found in industries such as electronics, where manufacturers may have flagship products that they want to showcase in dedicated stores. By having a tied shop, the manufacturer can have more control over the presentation of the product and ensure that customers have a consistent experience. Customers who are interested in purchasing that particular product can visit the tied shop with the assurance that they will find the product they are looking for. Therefore, the correct option is tied shop.

An agreement that is enforceable in law is

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An agreement that is enforceable in law is called a "contract." A contract is a legally binding agreement between two or more parties. It is created when one party makes an offer, and the other party accepts that offer, which leads to an agreement. The parties to a contract are legally bound to fulfill the terms of the contract, and failure to do so may result in legal action. For a contract to be legally enforceable, it must meet certain requirements. First, there must be an offer made by one party to another. The offer must be clear and unambiguous, and it must be communicated to the other party. Second, there must be an acceptance of the offer by the other party. The acceptance must be clear and unambiguous, and it must be communicated to the party making the offer. Third, there must be consideration, which is something of value that is exchanged between the parties. Consideration can take the form of money, goods, services, or a promise to do something. Finally, the parties must have the legal capacity to enter into the contract. This means that they must be of legal age, sound mind, and not under duress or undue influence. In summary, a contract is an agreement that is enforceable in law. It is created when one party makes an offer, the other party accepts that offer, there is consideration, and the parties have the legal capacity to enter into the contract.

Which of the following organizations provide essential goods and services at low cost to citizens?

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Public enterprises are the organizations that provide essential goods and services at low cost to citizens. These are government-owned and operated entities that are established to serve the public interest and meet the needs of the community. Public enterprises are typically created to provide goods and services that are considered essential to the public, such as electricity, water, transportation, healthcare, and education. By providing these goods and services at a lower cost, public enterprises can help to ensure that all citizens have access to the resources they need to live and thrive. Thrift societies, cooperative societies, and private companies may also provide essential goods and services, but they are not typically required to do so at a low cost to citizens, as they are not necessarily established to serve the public interest.

The quality of money which makes it possible to buy goods in small quantities is

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The quality of money that makes it possible to buy goods in small quantities is divisibility. Divisibility means the ability of money to be divided into smaller units. This is important because it allows people to buy goods that cost less than one unit of money. For example, if a candy bar costs 50 cents and you only have a one dollar bill, you can divide that dollar into smaller units (quarters, in this case) to pay for the candy bar. If money was not divisible, you would have to pay for the candy bar with a one dollar bill, even if you only wanted to buy 50 cents worth of goods.

Dealers in stock exchange such as bulls, bears and stags are categorized as

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Dealers in the stock exchange such as bulls, bears, and stags are categorized as "speculators." Speculators are individuals or entities who buy or sell financial assets, such as stocks, bonds, or commodities, in the hope of making a profit from price fluctuations. They are often motivated by the potential for high returns, but they also face significant risk due to the volatility of financial markets. In the context of the stock exchange, bulls are speculators who believe that stock prices will rise, and therefore buy stocks in the hope of selling them later at a higher price. Bears, on the other hand, are speculators who believe that stock prices will fall, and therefore sell stocks in the hope of buying them back at a lower price. Stags are speculators who buy stocks at the time of the initial public offering (IPO), hoping to sell them later at a profit when the price goes up due to high demand. In contrast, an actuary is a professional who uses mathematical and statistical methods to analyze and assess financial risk, usually in the context of insurance or pension plans. Promoters are individuals or companies who promote and market a particular product, service, or idea to the public. An underwriter is a financial institution or individual who assumes the risk of buying new securities from a company and reselling them to the public. They are not typically involved in the buying and selling of securities on the stock exchange.

A discount deducted from the invoice price of goods to enable the retailer to make profit

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A discount deducted from the invoice price of goods to enable the retailer to make a profit is called a "trade discount." Trade discounts are given to retailers or wholesalers to encourage them to buy large quantities of goods at a lower price. The discount is usually a percentage of the list price, which is the price that the manufacturer sets for the goods. The retailer or wholesaler can then sell the goods at a higher price to their customers, and the difference between the list price and the discounted price is their profit margin. Trade discounts are different from cash discounts, which are offered to customers who pay for their purchases in cash or within a certain period of time. Trade discounts are also different from seasonal discounts, which are offered to customers during certain times of the year, and functional discounts, which are offered for various reasons such as early payment or volume purchases. In summary, a trade discount is a discount given to retailers or wholesalers to encourage them to buy large quantities of goods at a lower price, enabling them to sell the goods at a higher price and make a profit.

The provision of services is classified under

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The provision of services is classified under "tertiary production." In economics, production refers to the creation of goods and services. While goods are physical products that we can touch and see, services are intangible products that are offered by businesses to meet the needs of consumers. Tertiary production is also known as the service sector and includes businesses that provide services to consumers and other businesses. This includes services such as healthcare, education, transportation, hospitality, financial services, and consulting. The provision of services, therefore, falls under tertiary production because it involves the delivery of intangible products to customers. Unlike goods, services cannot be stored or transported, and they are produced and consumed at the same time. In contrast, batch production and flow production are terms used to describe the production of goods in a manufacturing context. Batch production involves the production of a specific quantity of a product at one time, while flow production involves continuous production of goods on an assembly line. Secondary production refers to the manufacturing of goods from raw materials, which is typically associated with the primary production sector of the economy.

An undertaking to repair a customer's vehicle for a certain period after it has been sold is

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An undertaking to repair a customer's vehicle for a certain period after it has been sold is called after-sales service. After-sales service refers to the support and assistance provided to customers after they have purchased a product, such as a vehicle. This can include repair and maintenance services, as well as customer support and troubleshooting. The goal of after-sales service is to ensure customer satisfaction and to retain customer loyalty by providing ongoing support and assistance. The other options - marketing mix, market segmentation, and sales promotion - are all related to marketing and sales, but they do not specifically refer to after-sales service. The marketing mix refers to the various elements of a marketing plan, such as product, price, place, and promotion. Market segmentation refers to the process of dividing a market into smaller groups of consumers with similar needs or characteristics. Sales promotion refers to short-term incentives to encourage the purchase of a product or service.

Sea vessels that do not operate on regular times and routes are

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Sea vessels that do not operate on regular times and routes are called tramps. Tramp ships are essentially freighters that do not have a fixed schedule or specific ports of call. Instead, they are hired by cargo owners or shipping companies to transport goods to various destinations around the world. Tramp ships are often used to transport bulk cargo, such as coal, grain, or ore, and are known for their flexibility and cost-effectiveness. Because they do not have fixed schedules, tramp ships can be hired at short notice and can be rerouted to different destinations as needed. In contrast, ocean liners, container ships, and ferries all operate on regular routes and schedules. Ocean liners are large passenger ships that transport passengers and cargo on fixed routes, while container ships are used to transport standardized shipping containers on specific routes. Ferries, on the other hand, are typically used to transport passengers and vehicles across shorter distances, such as between nearby ports or islands. Overall, tramp ships provide a valuable service for companies that need to transport goods around the world, but do not require the regular schedules or specific routes of other types of ships.

Average stock is derived by adding

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The average stock is derived by adding the opening stock to the closing stock and then dividing the sum by two. The opening stock is the value of inventory at the beginning of an accounting period, while the closing stock is the value of inventory at the end of the accounting period. The average stock is the value of inventory that a business holds on average during the accounting period. By adding the opening and closing stock and then dividing by two, a business can calculate the average stock value. This calculation is used in various accounting and financial ratios, such as inventory turnover ratio and gross profit ratio. These ratios help a business to analyze its inventory management and profitability. The other options provided in the question are not correct methods to calculate the average stock value. The first option is the average of closing stock and purchases, which does not include the opening stock. The second option is the ratio of closing stock to opening stock, which does not provide an average value. The fourth option is the difference between opening stock and purchases, which also does not include the closing stock value.

The difference between a country's imports and exports of goods in a particular year is

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The difference between a country's imports and exports of goods in a particular year is known as the "balance of trade." It represents the net value of a country's international trade in goods, which includes tangible products like cars, machinery, and food. If a country exports more than it imports, it has a positive balance of trade, also known as a trade surplus. On the other hand, if a country imports more than it exports, it has a negative balance of trade, also known as a trade deficit. It's important to note that the balance of trade is just one part of a country's overall balance of payments, which includes not just goods but also services, capital, and other financial transactions. The balance of payments is a more comprehensive measure of a country's international economic activity and can give a more accurate picture of its overall economic health.

A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a

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A group of sellers who pool their resources to buy goods in large quantities and sell to its members is called a "wholesaler cooperative society". A wholesaler cooperative society is a type of organization formed by a group of sellers to purchase goods in large quantities and sell them to their members. Members of a wholesaler cooperative society are usually retailers or other small business owners who need to purchase goods in large quantities to sell in their own businesses. By pooling their resources, members of a wholesaler cooperative society can negotiate better prices and purchase goods that might not be available to them individually. The cooperative then sells the goods to its members at a markup, but still at a lower price than they would pay if they bought the goods individually. In summary, a "wholesaler cooperative society" is a group of sellers who work together to buy goods in bulk and sell them to their members, usually retailers or small business owners, at a lower price than they would be able to obtain individually.

An article used as a means of exchange in the early days of trade in West Africa was

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An article used as a means of exchange in the early days of trade in West Africa was the cowrie. A cowrie is a small, shiny, freshwater snail shell that was widely used as a form of currency in many parts of Africa, Asia, and the Pacific. It was especially popular in West Africa, where it was used for trade and as a means of exchange for goods and services. The cowrie was valued for its rarity and beauty, as well as for its durability, making it an ideal form of currency for long-distance trade. The other options - cedis, dalasi, and naira - are all the names of modern-day currencies used in West Africa, but they were not used as a means of exchange in the early days of trade in the region.

Commerce is defined as

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Commerce is defined as "all activities involved in the distribution and exchange of goods and services." Commerce encompasses a wide range of activities that relate to the buying and selling of goods and services. These activities include production, marketing, distribution, and exchange. Commerce can take place at both the local and international level, and it involves a variety of participants, such as businesses, governments, consumers, and intermediaries. Commerce includes all the activities involved in getting goods and services from the producers to the consumers. This includes activities such as sourcing, production, transportation, warehousing, marketing, sales, and customer service. Commerce is essential to the functioning of modern economies. It allows businesses to produce goods and services efficiently and to distribute them to a wide range of consumers. It also provides consumers with a range of options for goods and services, and it creates employment opportunities and generates income for businesses and individuals. In summary, commerce is defined as all the activities involved in the distribution and exchange of goods and services. It includes a wide range of activities related to sourcing, production, marketing, distribution, and sales, and it is essential to the functioning of modern economies.

The share value stated on a share certificate is

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The share value stated on a share certificate is called the nominal value. Nominal value, also known as face value or par value, is the minimum amount at which a company's shares can be issued and is typically stated on the share certificate. The nominal value is a fixed value assigned to the shares when they are first issued and it serves as the legal capital of the company. It is used to calculate the company's share capital and to determine the amount of dividends to be paid to shareholders. The market value of a share, on the other hand, is the current value of the share in the stock market, which can be higher or lower than the nominal value. The market value is determined by the forces of supply and demand, and can change frequently based on a variety of factors such as the company's financial performance, economic conditions, and investor sentiment.

Examples of current assets are

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The correct answer is "cash and trade debtors." Current assets are resources that a company expects to convert into cash or use up within one year or a normal operating cycle. These assets are important for a company's day-to-day operations and can be easily converted into cash. Examples of current assets include cash, accounts receivable (trade debtors), inventory, and prepaid expenses. Out of the options provided, "cash and trade debtors" are current assets because they can be easily converted into cash within a year or a normal operating cycle. Cash is the most liquid current asset as it can be used to pay for immediate expenses or investments. Trade debtors, also known as accounts receivable, are the amounts owed to the company by its customers for goods or services sold on credit. The company expects to receive payment within a year or normal operating cycle, making it a current asset. On the other hand, trade creditors and trade debtors are both examples of accounts payable and accounts receivable, respectively, which are types of current liabilities and current assets, respectively, in accounting. Therefore, "trade creditors and trade debtors" cannot be considered as examples of current assets.

An advantage of rail transport is that it

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An advantage of rail transport is that it carries bulky and heavy goods. Rail transport is a mode of transportation that uses railroads to move goods and people. It is particularly advantageous for transporting heavy and bulky goods such as raw materials, coal, lumber, and heavy equipment. Rail transport has the capacity to move large volumes of goods over long distances, and it is often more cost-effective than other modes of transport, such as road or air transport. This is because trains can carry more cargo per trip, and the cost of fuel and maintenance is generally lower than other transportation modes. Moreover, rail transport can be a safer and more reliable mode of transportation for heavy and bulky goods. Trains are not affected by traffic congestion and can operate on a fixed schedule, which can reduce delays and improve delivery times. Additionally, rail transport can be integrated with other transportation modes to provide door-to-door delivery services for customers, enhancing its usefulness. While the other options provided in the question are not necessarily incorrect, they do not represent the main advantage of rail transport. Rail transport can require significant maintenance costs, and it can be subject to delays due to weather, mechanical failures, or other factors. Additionally, while rail transport can facilitate door-to-door delivery, it may not be as efficient as other modes of transport for smaller or lighter shipments.

The type of occupation that a broker belongs to is

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A broker belongs to the commercial occupation. A broker is a professional who acts as an intermediary between buyers and sellers to facilitate transactions. They may specialize in a specific type of product or service, such as real estate, insurance, or financial products. Brokers typically earn a commission for their services, which may include negotiating deals, finding buyers or sellers, and facilitating the transfer of ownership or payment. The commercial occupation involves buying, selling, and exchanging goods and services. This can encompass a wide range of activities, including retail sales, wholesale trade, and import/export businesses. A broker is considered to be part of the commercial sector because they are involved in facilitating transactions between buyers and sellers.

The marketing concept emphasizes

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The marketing concept emphasizes that a business should focus on meeting the needs and wants of its customers while also achieving its own business goals. This means that a business should strive to create products or services that are desired by its target customers and then promote and sell those products in a way that meets the customers' needs and also generates a profit for the business. In other words, the marketing concept is based on the idea that the customer is the most important part of the business, and that the business should be oriented around creating value for the customer in order to build long-term relationships and loyalty. This may involve researching customer needs and preferences, developing innovative products, creating effective marketing campaigns, and providing high-quality customer service and support. By focusing on customer satisfaction, a business can build a strong reputation, increase customer loyalty and repeat business, and ultimately achieve long-term success and profitability. This is in contrast to other approaches that may prioritize sales, production, or promotion, but may not necessarily lead to the same level of customer satisfaction and loyalty.

An internal source of finance to an enterpreneur is

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An internal source of finance to an entrepreneur is retained earnings. This refers to the profit that a business keeps and re-invests into the business, rather than distributing it as dividends to shareholders. Retained earnings can be used to finance a variety of business expenses, such as expanding operations, acquiring new assets, or developing new products. This type of financing is considered internal because it comes from within the business, rather than from external sources like loans or investments. Retained earnings are a flexible source of financing that do not have to be repaid and do not come with any interest or repayment obligations.

A document used to ensure correct payment of duty at the importing country is

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The part of issued share capital that the company has asked the subscribers to pay for

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Among the options given, the term that refers to the part of the share capital that the company has asked its shareholders to pay for is "called-up capital." When a company wants to raise funds, it can issue shares to investors in exchange for money. The share capital represents the total amount of money that the company can raise from issuing shares. However, the company may not require all of that money upfront. It may ask its shareholders to pay for the shares they have subscribed to in installments, as and when the company needs the funds. The amount of money that the company has called upon its shareholders to pay is called the called-up capital. For example, if a company has issued 1,000 shares of $10 each, its share capital would be $10,000. However, if the company has only asked its shareholders to pay for 500 shares, then the called-up capital would be $5,000. The remaining $5,000 is the uncalled capital, which the company can ask for at a later date. So, to summarise, the called-up capital is the portion of the share capital that the company has asked its shareholders to pay for, while the uncalled capital is the amount that the company may ask for at a later date.

An insurance policy which is not a contract of indemnity is

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A type of insurance policy which is not a contract of indemnity is "life insurance." A contract of indemnity is an insurance policy that compensates the policyholder for a loss or damage that they have suffered. The insurance company agrees to indemnify the policyholder for the actual loss or damage suffered up to the limit of the policy. In contrast, a life insurance policy is not a contract of indemnity because it provides a benefit to the policyholder or their designated beneficiary upon the occurrence of a specific event, such as the death of the policyholder or the end of a specified term. Life insurance is designed to provide financial protection to the policyholder's family or dependents in the event of their death or a specified event, such as a terminal illness. The policyholder pays a premium to the insurance company, and in return, the insurance company pays a predetermined sum of money to the policyholder's beneficiaries upon the occurrence of the specified event. There are different types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. Each type of policy has its own unique features and benefits. In summary, life insurance is not a contract of indemnity because it provides a benefit to the policyholder or their beneficiaries upon the occurrence of a specific event, such as the death of the policyholder. It is designed to provide financial protection to the policyholder's family or dependents in the event of their death or a specified event.

The commission on a postal order is

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The commission on a postal order is called "poundage." A postal order is a financial instrument that is issued by postal services in many countries. It is similar to a check or money order, but is generally considered to be a safer and more secure method of payment. When purchasing a postal order, the buyer typically pays an additional fee or commission to cover the cost of issuing and processing the order. This fee is known as "poundage." Poundage is generally a percentage of the total value of the order, and can vary depending on the country and the specific postal service. The other options listed - tariff, brokerage, and fee - all refer to different types of charges or fees that may be associated with financial transactions, but they are not specifically related to postal orders. For example, a tariff is a tax or duty that is imposed on imported or exported goods, while brokerage refers to the fee charged by a broker for arranging a financial transaction.

A retail business that sells goods by post, using catalogue is a

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The type of retail business that sells goods by post using a catalogue is called a "mail order firm." A mail order firm is a company that allows customers to purchase goods from a catalogue without visiting a physical store. Customers can browse through a catalogue or an online store, select the items they want to buy, and place an order. The goods are then delivered to the customer's address by post or courier. The catalogue typically contains pictures and descriptions of the products that the company offers for sale. Customers can choose to pay for the goods using a variety of payment options, such as credit card, debit card, or bank transfer. Mail order firms are popular because they offer convenience to customers who may not have the time or ability to visit a physical store. They also offer a wider range of products than a physical store because they can source products from all over the world. In summary, a mail order firm is a retail business that sells goods by post using a catalogue or online store, allowing customers to purchase products without visiting a physical store.

Which of the following is not a right of a consumer?

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The right of a consumer that is not listed among the options is the "right to buy on credit." Consumer rights are the legal protections and entitlements afforded to individuals who purchase goods and services. These rights vary depending on the country or region, but they generally include protections against fraud, misrepresentation, and defective products. The other three options listed - the right to a fair hearing, the right to obtain a replacement, and the right to a safe product - are all recognized as fundamental consumer rights in many countries around the world. The right to a fair hearing means that consumers have the right to be heard and have their complaints addressed in a fair and impartial manner. The right to obtain a replacement means that consumers have the right to seek a replacement or refund for a product that is defective or does not meet their expectations. The right to a safe product means that consumers have the right to expect that the products they purchase will not pose a risk to their health or safety. The right to buy on credit, on the other hand, is not generally considered a fundamental consumer right. While many consumers have access to credit as a means of financing their purchases, there is no legal entitlement to buy on credit. Consumers may be required to meet certain criteria, such as a good credit score or a steady income, in order to qualify for credit.

When a company insures the lives of all its employees collectively, the policy is

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The answer is group insurance. Group insurance is a type of insurance policy where a company insures the lives of all its employees collectively. In a group insurance policy, the company pays the premiums and the coverage applies to all eligible employees. This type of insurance provides a cost-effective way for companies to offer life insurance protection to their employees and can be a valuable employee benefit. Group insurance policies can be customized to meet the specific needs of the company and its employees, making it a flexible and convenient option for companies looking to offer life insurance benefits.

One of the functions of a trade association is to

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One of the functions of a trade association is to promote members' welfare. A trade association is a group of companies in a specific industry who come together to address common issues and goals. One of the main functions of a trade association is to promote the welfare of its members. This can include advocating for favorable laws and regulations, providing networking opportunities, offering educational resources and training, and working to improve the overall reputation of the industry. By working together, members of a trade association can have a greater impact on the industry and improve their own businesses.

The activity which improves the appearance of a product and also aimed at protecting it is

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The activity that improves the appearance of a product and aims to protect it is "packaging." Packaging refers to the process of enclosing a product in a container, wrapper, or other material for the purposes of protection, storage, distribution, and display. Packaging can take many forms, from simple plastic bags to elaborate boxes and displays. One of the primary functions of packaging is to protect the product from damage or contamination during storage and transportation. This can include protection from moisture, dust, and other environmental factors that could damage the product. Additionally, packaging can also protect the product from tampering or theft. Another important function of packaging is to improve the appearance of the product. Packaging can be designed to attract attention, communicate information about the product, and create a favorable impression on the customer. This can include the use of graphics, colors, and other design elements to create a distinctive and appealing visual identity for the product. The other options listed - advertising, grading, and labelling - are all important activities in the marketing and distribution of products, but they do not specifically relate to the physical protection and appearance of the product, which is the main focus of packaging.

The resources put together to create goods and services are

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The resources put together to create goods and services are called "factors of production." Factors of production refer to the various inputs that are used in the production process to create goods and services. The main factors of production are land, labor, capital, and entrepreneurship. Land refers to all the natural resources used in the production process, such as water, minerals, and land itself. Labor refers to the human effort and skills that are used in the production process. Capital refers to the physical assets, such as buildings, machinery, and equipment, that are used in the production process. Entrepreneurship refers to the management and organization of the other factors of production. Together, these factors of production are used to create goods and services. Without the factors of production, it would not be possible to create the products and services that we rely on in our daily lives.

The marketing term which regards the consumer as king that must be satisfied is

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The marketing term which regards the consumer as king that must be satisfied is the "marketing concept." The marketing concept is a philosophy that emphasizes the importance of understanding and meeting the needs and wants of customers, with the goal of maximizing profits and achieving long-term success. It is based on the idea that by putting the customer first and providing them with products and services that meet their needs, a business will naturally attract and retain a large and loyal customer base. In essence, the marketing concept treats the consumer as king, recognizing that they are at the center of all marketing efforts and decisions.

A country's visible balance of payment is made up of

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A country's visible balance of payment is made up of earnings from goods exported. The visible balance of payment is the part of a country's balance of payments that records all of the transactions involving tangible goods, such as exports and imports of goods. It is called the "visible" balance of payment because these transactions are visible and can be easily measured. The earnings from goods exported refer to the money earned by a country from the sale of goods to other countries. This includes both raw materials and finished goods, and can include agricultural products, manufactured goods, and natural resources. The visible balance of payment is an important measure of a country's economic health, as it provides information about a country's competitiveness in global markets and its ability to generate income from its exports.