JAMB UTME - Commerce - 2004

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Factors of production are the resources required for the provision of goods and services. They are the inputs used in the production process to create output. The factors of production are commonly classified into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources like minerals, water, and forests. Labor is the work done by people. Capital includes physical capital like buildings, machinery, and equipment, and financial capital like money used to invest in production. Entrepreneurship is the skill involved in deciding what to produce, how to produce it, and how to distribute it. Together, these factors of production are used to create goods and services for consumption by individuals and businesses.

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A written partnership contract is known as a "deed". A deed is a legal document that is signed and delivered, often used to transfer the ownership of property or legal rights from one person to another. In the case of a partnership, a deed serves as a formal agreement that outlines the terms and conditions of the partnership, including the roles and responsibilities of each partner, the duration of the partnership, and the profit-sharing arrangements. The deed is a legally binding agreement and provides protection to all parties involved in the partnership.

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The business environment includes everything that is outside of an organization, but still has an impact on how the organization operates. This includes factors such as the economy, technology, competition, politics, and social trends. These elements can affect an organization's success or failure, even though they are not directly controlled by the organization itself. In summary, the business environment encompasses all external factors that have an influence on an organization's operations.

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Goods are of merchantable quality if they conform to the description given by the seller and are suitable for their intended purpose. This means that the goods must be free from any defects that would affect their normal use or value. For example, if a buyer purchases a new car, it is reasonable to expect that the car will function properly and be free from defects. If the car has a defect that affects its performance, it may not be considered of merchantable quality.

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The shares of a company listed on the stock exchange for sale are referred to as "quoted shares". This means that these shares have been made available for purchase by members of the public through the stock exchange. The term "quoted" refers to the fact that the current market value of these shares can be found by looking them up on the stock exchange. Registered shares, on the other hand, refer to shares that are registered in the name of a specific person or organization, while deferred shares are shares that do not entitle the holder to receive dividends until a certain date or until certain conditions are met. Issued shares simply refer to the total number of shares that a company has issued, including both those that are publicly traded and those that are not.

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Loan schemes by thrift societies are mutual schemes. Thrift societies, also known as savings and credit cooperatives, are financial institutions that are owned and operated by their members. The main purpose of these societies is to provide affordable financial services, including loan schemes, to their members. In mutual schemes, members contribute money into a common pool, from which loans are then made available to members who need them. The interest paid on the loans is used to pay dividends to the members. Therefore, it is a mutual scheme because the members are both the owners and beneficiaries of the scheme.

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In international trade, documentary credit is also known as "letters of credit." It is a financial instrument issued by a bank on behalf of the importer (buyer) to guarantee payment to the exporter (seller) for goods or services rendered. The bank acts as an intermediary between the two parties and ensures that the terms and conditions of the sale are met before releasing the payment. This provides security for both parties and reduces the risk of non-payment or fraud in international trade transactions.

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A transporter who sells perishable goods without the owner's permission becomes an agent by necessity. This means that the transporter was faced with a situation where it was necessary to act on behalf of the owner in order to prevent further loss or damage to the goods. In such a case, the law recognizes the transporter as an agent and allows them to take necessary actions to protect the owner's interests. The transporter's actions may be later ratified by the owner, but the initial agency relationship is formed out of necessity.

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An order sent by an importer to an overseas supplier stating the details of goods required is known as an "indent." An indent is a formal request or order for goods that an importer sends to a supplier or manufacturer in another country. The indent contains all the details of the goods required, such as quantity, quality, price, and delivery terms. It is an important document in international trade, as it forms the basis of the contract between the importer and the supplier, and helps to ensure that both parties are clear about the terms and conditions of the transaction.

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International trade takes place as a result of inequitable distribution of natural resources. Countries have different types and amounts of resources available to them, such as minerals, timber, oil, and agricultural land. Some countries have abundant natural resources while others have limited resources. International trade allows countries to exchange goods and services with each other based on their comparative advantage. This means that each country can specialize in producing the goods and services that they are relatively better at producing, and trade them with other countries in exchange for goods and services that they need but are less efficient at producing themselves. In this way, countries can benefit from the resources and expertise of other nations, and increase their overall economic welfare.

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A common element in all contracts is an agreement. In order for a contract to be formed, there must be an agreement between the parties involved. This agreement includes an offer made by one party, an acceptance of that offer by the other party, and consideration, which is something of value exchanged between the parties. All of these elements are necessary for a contract to be legally binding.

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Ships that sail across the ocean and operate on scheduled time tables are called "ocean liners". These ships are designed to transport passengers and cargo on regular, predetermined routes between different ports around the world. Unlike tramp steamers, which operate on a more flexible and irregular schedule, ocean liners typically have set departure and arrival times, allowing travelers to plan their journeys in advance. They are generally larger and more luxurious than other types of ships, and often offer a wide range of amenities and entertainment options to passengers during their voyage.

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Fluctuations in the supply of goods can be reduced if the distribution system is efficient and well-managed. This can be achieved through the use of modern technology to track inventory levels, anticipate demand, and optimize delivery routes. Warehouse services can also help ensure that goods are stored properly and easily accessible for timely distribution. A team of retailers can help to establish connections with customers and increase demand for products. Finally, having sufficient middlemen can facilitate the flow of goods from manufacturers to retailers, ensuring that products are delivered quickly and efficiently. Overall, a combination of these factors can help to create a reliable and efficient distribution system that minimizes fluctuations in the supply of goods.

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The Manufacturers' Association of Nigeria (MAN) contributes to the development of the country by advising the government on industrial policy and harmony. This means that MAN provides suggestions and recommendations to the government on how to create and implement policies that promote the growth and development of industries in Nigeria, and ensure that different sectors of the economy work together in a coordinated and harmonious manner. By doing so, MAN helps to create a conducive environment for businesses to thrive, which ultimately contributes to the economic development of Nigeria.

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Discounts offered by firms to middlemen for bulk purchases are called "trade discounts." These discounts are typically given to intermediaries such as wholesalers or retailers who purchase large quantities of goods from manufacturers or producers. The purpose of trade discounts is to encourage bulk purchasing and to help intermediaries increase their profit margins by reselling the goods at a markup. Trade discounts are often expressed as a percentage off the list price of the goods being purchased.

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The charges for loans paid by commercial banks to the Central Bank of Nigeria are called "bank rates". These are the rates at which the Central Bank of Nigeria lends money to commercial banks in the country. When the commercial banks borrow money from the Central Bank, they are required to pay interest on the loan at a rate set by the Central Bank, which is known as the bank rate. The purpose of these charges is to regulate the flow of money in the economy and ensure that the commercial banks have enough funds to meet the demands of their customers.

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Poor sewage disposal, oil spill and indiscriminate refuse dumping all contribute to pollution of the environment, particularly the water bodies such as rivers, lakes, and oceans. These activities can cause water pollution, which can affect both human and aquatic life, as well as other organisms that depend on these water bodies. Polluted water can also contribute to land pollution when the contaminated water is used for irrigation, leading to soil contamination. Therefore, the correct option is "land and water pollution."

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An action taken by a company outside its object clause is regarded as "ultra vires". This means that the company has acted beyond the legal authority granted to it by its Memorandum of Association. In other words, the company has done something that is not allowed or authorized by its stated objectives or purpose. This can have legal consequences and may be challenged by shareholders or other stakeholders. Therefore, it is important for companies to ensure that their actions are always within the scope of their object clause.

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Coverage against unexpected events is called insurance. Insurance is a contract between an individual or an entity and an insurance company in which the individual or entity pays a premium to the insurance company in exchange for the promise of financial protection in the event of a covered loss or damage. In other words, insurance is a means of protection against unforeseen financial losses.

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Instruments of credit refer to the various financial documents that facilitate the exchange of goods and services without the use of cash. These documents usually contain a promise to pay a certain amount at a later date. Two examples of instruments of credit are bills of exchange and promissory notes. A bill of exchange is a written order by one party to another party to pay a certain amount on a specified date. A promissory note is a written promise by one party to pay a certain amount to another party at a specified time in the future. Payment vouchers and statements of account are not instruments of credit, and billboards and postal stamps are not financial documents at all.

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A transporter who sells some perishable goods without the prior authority of the owner becomes an agent by necessity. This means that the transporter was compelled by circumstances to act on behalf of the owner without their prior consent, in order to prevent loss or damage to the goods. The law recognizes such situations and allows the transporter to act as an agent by necessity, with the expectation that the owner will ratify (i.e., approve) the sale and compensate the transporter accordingly.

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Non-insurable risks refer to those risks which cannot be insured against. These risks include gambling because the outcome of gambling is uncertain and cannot be predicted. Damage to property can be insured against, but certain types of damage such as damage caused by natural disasters like floods, earthquakes, and hurricanes may not be insurable. Death is also a non-insurable risk because it is inevitable and cannot be prevented. Finally, marine problems may also fall under non-insurable risks because the sea is unpredictable and certain types of damages, such as those caused by pirates, may not be insurable.

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The program that makes up the operating system in a computer is system software. System software is a type of computer software that provides a platform for other software to run on. It manages computer hardware and resources such as memory, disk space, and input/output devices. Examples of system software include operating systems (such as Windows or MacOS), device drivers, and utility programs that help maintain and optimize the computer system.

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Authorized share capital is also known as registered share capital. This refers to the maximum amount of shares that a company is legally authorized to issue to its shareholders. The authorized share capital is typically stated in the company's memorandum of association and can only be changed through a special resolution passed by the shareholders. The registered share capital is an important part of a company's capital structure and influences its ability to raise funds for expansion and growth.

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One important requirement for the membership of the Economic Community of West African States (ECOWAS) is **independence**. This means that only sovereign states recognized by the international community can become members of ECOWAS. In other words, the country must have control over its own affairs and be free from external control or influence. This requirement ensures that the member countries are able to make independent decisions and work together towards the economic and social development of the West African region.

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The correct answer is "product differentiation." Product differentiation is the process of creating a product or service that is unique and distinct from what is currently available in the market. In this case, the organization is studying an underserved market segment and creating a product or service tailored specifically to their needs. The goal is to make the product stand out from competitors and appeal to the target market. This strategy allows the organization to capture market share in a specific niche and differentiate themselves from competitors.

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An insured risk which occurs accidentally as a result of defects in a ship is called a "particular average". This term is used in marine insurance to describe a partial loss that is not a result of a total loss of the insured property, such as a ship or cargo. In this case, the loss is caused by accidental damage to the ship resulting from defects, such as leaks or structural failures, rather than from a specific cause such as a storm or collision. The policyholder is entitled to compensation from the insurer for the loss suffered, subject to the terms and conditions of the policy.

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The most important function of commerce is to facilitate exchanges among individuals and firms. In other words, commerce helps to bring together buyers and sellers and enable them to exchange goods and services. This function is important because it allows individuals and firms to access the goods and services they need to meet their wants and needs, and it also creates opportunities for producers to sell their products and expand their businesses. Additionally, commerce helps to promote economic growth and development by enabling the efficient allocation of resources, which in turn leads to increased productivity and higher standards of living.

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In Nigeria, the responsibility of organizing trade fairs is not that of the National Directorate of Employment, neither is it that of the trade association. Chambers of commerce play a significant role in organizing trade fairs, but the main responsibility lies with the Federal Ministry of Commerce. Therefore, the correct answer is the Federal Ministry of Commerce.

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An internal demand for goods to be purchased or drawn from stock is called a requisition. It's a formal request made by someone within an organization to the relevant department, such as the purchasing or inventory department, to provide specific goods or items needed to carry out their job or task. A requisition typically includes details about the items required, the quantity needed, and the purpose or project they will be used for. Once the requisition is approved, the goods can be sourced or drawn from stock and made available to the requester.

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PLC is an acronym for "public company limited by shares". This is a type of business organization that is publicly traded on a stock exchange and has limited liability, meaning that the shareholders' personal assets are protected in the event of company debts or bankruptcy.

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