JAMB UTME - Commerce - 2019

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The major aim of consumer orientation is to ensure consumer satisfaction. Consumer orientation is a business approach that prioritizes meeting the needs and wants of consumers. It involves designing products, services, and marketing strategies that are tailored to the preferences of consumers, as well as seeking feedback from consumers to continuously improve and refine offerings. By placing the needs and wants of consumers at the forefront of decision-making, businesses that adopt a consumer orientation can improve customer satisfaction and build long-term loyalty. This can ultimately lead to increased sales, profits, and market share. Consumer orientation also supports the principle of consumer sovereignty, which means that consumers have the power to determine what is produced in the market through their buying decisions. By understanding and responding to consumer preferences, businesses can better meet the needs of their target markets and improve their competitiveness. Market research is an important component of a consumer orientation strategy, as it provides valuable insights into consumer preferences, behaviors, and attitudes. This can help businesses identify trends, opportunities, and potential areas for improvement, as well as develop more effective marketing campaigns. Overall, the major aim of consumer orientation is to ensure that businesses meet the needs and wants of consumers in order to achieve customer satisfaction, loyalty, and long-term success.

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A spot price is the price that is the current price and at which the instant delivery takes place. Spot payment or price is the same as the market price.

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Someone traveling abroad for at least "twenty-four hours" and a maximum stay of six months is known as a "tourist." Tourism is the industry and activity of traveling for pleasure, which includes visiting places of interest, experiencing different cultures, and engaging in various leisure activities. A tourist is a person who travels to a different location outside of their usual environment for leisure, business, or other purposes. In this case, the requirement of a minimum stay of "twenty-four hours" and a maximum stay of six months is a common definition used by many countries to distinguish between a tourist and someone who is merely passing through. This definition is used by customs and immigration authorities to determine whether a traveler requires a tourist visa, which permits them to stay in the country for a specific period, typically up to six months. Transportation refers to the movement of goods and people from one place to another. It may or may not involve travel for leisure or other purposes. International trade refers to the exchange of goods and services between countries, which can involve the movement of people and goods, but does not necessarily involve travel for leisure. Domestic tourism refers to the activity of traveling within one's own country for leisure or other purposes, which is distinct from international tourism, where a person travels to a different country.

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The business environment that takes into consideration the beliefs, attitudes, needs, values, and customs of the people is called the cultural environment. This environment includes various factors such as social norms, religious beliefs, language, lifestyle, and cultural practices that influence the way people behave and interact with each other. Understanding the cultural environment is essential for businesses to develop products and services that meet the needs of their customers and are acceptable to the society. It helps businesses to identify the cultural differences among different regions and countries and develop strategies to overcome any cultural barriers. By taking cultural factors into account, businesses can improve their relationships with customers, employees, and partners, and create a more inclusive and diverse workplace.

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The basic characteristics of a cooperative society include being managed democratically, following the principle of "one member, one vote," and typically having amateur management. Cooperative societies are member-owned organizations that operate for the mutual benefit of their members. They are typically formed to address a specific need or challenge faced by a group of individuals, such as farmers, consumers, or workers. One of the key characteristics of a cooperative society is that it is managed democratically, with decisions made through a vote by the members. This ensures that everyone has a say in the operation of the society and that decisions are made in the best interest of the members as a whole. Another important principle of cooperative societies is that they follow the "one member, one vote" principle, which means that each member has an equal say in the decision-making process regardless of how much capital they have invested in the society. Amateur management is another characteristic of cooperative societies, with members typically volunteering their time and expertise to manage the society's operations. This helps keep costs low and ensures that decisions are made in the best interest of the members, rather than for the benefit of professional managers. The characteristic that does not apply to cooperative societies is raising extra capital through loans. Cooperative societies typically raise capital from their members through the sale of shares, rather than through loans. This helps ensure that the society remains member-owned and that decisions are made in the best interest of the members rather than for the benefit of outside lenders.

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The financial statements of a company are not a factor that directly affects the prices of securities. Financial statements provide information about a company's financial performance, which can influence investors' perceptions of the company and its prospects. However, it is ultimately the forces of demand and supply in the market, along with the activities of speculators and the political situation of a country, that determine the price of securities. The forces of demand and supply are the most fundamental factors affecting securities prices. If there is a high demand for a security and a limited supply, the price of the security will increase. Conversely, if there is low demand and a surplus supply, the price of the security will decrease. Activities of speculators can also affect securities prices. Speculators buy and sell securities with the intention of making a profit from short-term price fluctuations. Their actions can amplify or dampen the effects of supply and demand, leading to increased volatility in securities prices. The political situation of a country can also have an impact on securities prices. Political events such as elections, wars, and changes in government policy can affect the economy and investor sentiment, leading to fluctuations in securities prices. Overall, the prices of securities are influenced by a combination of factors, with the forces of demand and supply being the most important.

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The function of management that establishes goals and objectives for the organization and determines the most effective ways to achieve them is planning. Planning involves setting goals, defining strategies to achieve those goals, and creating action plans to implement those strategies. This function helps managers to anticipate and prepare for the future, make decisions about resource allocation, and ensure that the organization is moving in the right direction.

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A chamber of commerce and a trade association are both types of business organizations, but they differ in their focus and membership. A chamber of commerce is a business organization that represents a specific geographical region and is open to businesses from all industries. Its primary purpose is to promote economic development and provide resources to its members, such as networking events, business education, and advocacy on behalf of the business community. On the other hand, a trade association is an organization that represents businesses in a particular industry or sector. Its members are typically companies or individuals who are engaged in the same trade, such as the National Restaurant Association, which represents the restaurant industry, or the National Association of Realtors, which represents real estate professionals. In summary, the key difference between a chamber of commerce and a trade association is that the former is not restricted to a particular industry and represents a geographic region, while the latter represents businesses within a specific industry or trade.

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A prospectus is an invitation to the public to purchase shares or debentures. It is most often issued by public limited companies.

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The communication aspect of the marketing mix is promotion. Promotion refers to all the activities that a company undertakes to communicate with its target audience and inform, persuade, or remind them about its products or services. This can include advertising, sales promotion, public relations, personal selling, and direct marketing. The goal of promotion is to create awareness and interest in the company's offerings, build brand loyalty, and ultimately drive sales. By using a combination of different promotional tactics, companies can reach their target audience in the most effective and efficient way possible. Promotion is an important part of the marketing mix, as it helps to differentiate the company's offerings from those of its competitors and can have a significant impact on a company's bottom line. Effective promotion can drive customer engagement and increase brand recognition, leading to increased sales and profitability.

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The booklets containing a range of products, their uses, and prices are called catalogues. Catalogues are comprehensive printed or digital documents that contain a list of products or services, their descriptions, features, and prices. They are usually organized in a clear and easy-to-understand format, making it easy for potential customers to compare different products and make informed buying decisions. Catalogues can be used by various businesses, including retail stores, online shops, and manufacturers, to showcase their products to potential customers. Unlike posters, which typically only feature a single product or service, catalogues provide a broader overview of the range of products or services available from a particular business.

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The type of limited liability company that has a limit of fifty members and does not issue their shares to the public is a private limited liability company. A private limited liability company is a type of business structure where the company's shares are owned by a small group of individuals (usually family, friends or business partners). This type of company is restricted to a maximum of fifty shareholders and cannot sell its shares to the public through a stock exchange. The liability of each shareholder is limited to the amount of money they have invested in the company, so they are not personally responsible for the company's debts. In addition, the company's legal identity is separate from that of its owners, which means the company can own property, enter into contracts and take legal action in its own name. Overall, a private limited liability company is a popular option for small businesses and startups as it provides limited liability protection to its owners while also allowing for flexible management and ownership structures.

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Gross profit = Sales - Cost of goods sold
Cost of goods sold = Opening + Purchases - Closing stock = 1000 + 7000 - 3000
⇒ 6000
Therefore, Gp = 8000 - 6000 = 3000

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Tourism involving residents of a given country traveling only within that country is called "Domestic Tourism." Domestic Tourism refers to the travel of people within their own country for leisure, business, or other purposes. This type of tourism involves residents of a country traveling to different parts of their own country for vacation, sightseeing, or to visit friends and family. Domestic Tourism is an important part of the tourism industry, as it generates revenue for local businesses and supports local economies. It is important to note that Domestic Tourism is different from Inbound Tourism, which refers to the travel of foreign visitors to a country, and Outbound Tourism, which refers to the travel of residents of a country to other countries.

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The statement is asking for the option that is not an advantage of pipeline transport. The answer is "Prone to leakages". Pipeline transport is a means of transporting liquids or gases over long distances using pipelines. It has several advantages over other forms of transportation such as: 1. Low maintenance cost: Pipeline transport requires minimal maintenance, as once the pipeline is laid, it can operate for several years with minimal maintenance required. 2. It is safe: Pipeline transport is considered one of the safest modes of transportation, as it reduces the risk of accidents associated with other modes of transportation such as road and rail. 3. Continuous flow of goods: Pipeline transport allows for a continuous flow of goods, without any interruptions or delays, as there is no need for loading and unloading at different points. However, pipeline transport is prone to leakages, which can lead to environmental damage, loss of goods, and even accidents. To prevent this, pipelines need to be regularly maintained and inspected to ensure that they are in good condition and any leaks are quickly detected and repaired. In summary, pipeline transport is a reliable and efficient means of transporting goods over long distances, but it requires proper maintenance and monitoring to ensure that it operates safely and without any leakages.

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Commerce brings about international cooperation, improvement in the standard of living, and infrastructural development, but it does not bring about monotony of work. Commerce involves buying and selling goods and services between countries and between individuals, and this can lead to international cooperation as countries work together to exchange goods and services and build relationships. This can also lead to an improvement in the standard of living, as people have access to a wider range of goods and services and can trade with others to get what they need. Infrastructural development, such as the construction of ports, airports, and roads, can also be a result of commerce, as these facilities are needed to support the transportation of goods and services. However, commerce does not bring about monotony of work, as work in commerce can be diverse and dynamic, involving a range of activities such as marketing, sales, and logistics. While some tasks within commerce may become repetitive, the nature of commerce itself is not monotonous.

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From accounting equation;
Assets = Capital + liabilities
Therefore, liabilities = Assets - Capital
Liabilities = (4900 + 1600) - (500 + 1000) = 6500 - 6000
⇒ ₦600

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A market is said to be bullish if there is a rise in the prices of securities. This means that the investors are optimistic about the market conditions and are buying stocks and other securities, which leads to an increase in their prices. A bullish market is generally seen as a sign of a strong and healthy economy, as investors are confident about the future prospects of the companies whose stocks they are buying. When the market is bullish, people are more likely to invest and take risks, as they believe that the prices of securities will continue to rise, resulting in profits for them.

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The most important resource of a business is its human resources, which refers to the people who work for the company. This includes everyone from the CEO to entry-level employees. Human resources are crucial because they are the ones who create, produce, and sell the products or services that the company offers. Money, material resources, and opportunities are also important, but without human resources, a business cannot function. Money is important to invest in the company and keep it running, but without people to manage the finances and create revenue, the money is useless. Material resources such as equipment, technology, and supplies are necessary to produce goods or provide services, but again, it is the human resources who operate the machinery and use the supplies. Opportunities such as partnerships or expanding into new markets can be lucrative, but it is the human resources who develop and execute the strategies to take advantage of these opportunities. In summary, while all resources are important, human resources are the most critical because they are the ones who make the business function and succeed.

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Commerce scop embraces trade and aids to trade.

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Consumer goods are goods and services that can satisfy the consumer's immediate needs. These goods do not require further process of production for their use by the consumers.

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Members in the management committees of Co-operative societies often lack business experience and expertise.

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The term you are looking for is "Insurable risks". Insurable risks are those risks that can be quantified and predicted with a certain level of accuracy. They are typically events that are outside of the control of the individual or organization and can result in financial loss or damage. Examples of insurable risks include natural disasters, accidents, theft, and fire. Insurable risks can be mitigated through insurance, which involves paying a premium to transfer the risk to an insurance company. The insurance company then assumes the financial responsibility of the risk and compensates the policyholder in the event of a covered loss. It's important to note that not all risks are insurable. Non-insurable risks are those that are difficult to predict or quantify, such as market fluctuations, changes in regulations, and acts of war. These risks are typically not covered by insurance policies.

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A counter offer is a new offer that is made in response to a previous offer. It's different from the original offer because it includes different terms or conditions. For example, if someone makes an offer to buy your car for $10,000, and you counter with an offer to sell it for $12,000, the counter offer is a new and different offer than the original one. The original offer is no longer valid, and the parties must either accept the counter offer or make a new offer.

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Supermarkets are not typically considered as small-scale retailers because they are usually large, well-established businesses that often have multiple locations and a wide range of products. In contrast, small-scale retailers tend to be smaller businesses that operate in a more limited geographic area and offer a more limited range of products or services. Urban stores, roadside traders, and itinerant traders are all examples of small-scale retailers because they typically operate in a smaller area and have a more limited selection of products compared to supermarkets.

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All the options listed are output devices, except for the "Joystick." An output device is a piece of computer hardware that is used to produce information in a form that can be seen or heard by the user. A monitor, plotter, and printer are all examples of output devices. A monitor displays images and text on a screen. A plotter is a type of printer that is used to produce high-quality graphics, such as technical drawings and architectural plans. A printer is used to produce a hard copy of a document, such as a printed page. A joystick, on the other hand, is an input device. An input device is a piece of computer hardware that is used to enter data into a computer. A joystick is used to control the movement of objects in computer games and other applications. So, of the options listed, the "Joystick" is not an output device.

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Publicity is the information about a manufacturer or his product that appears in any medium on a non-paid basis. This means that the information is not paid for and is instead shared for free through various channels, such as news articles, social media, and other forms of media. The goal of publicity is to generate positive buzz and awareness about a product or brand, and it is often seen as more credible and trustworthy than paid advertising because it is not influenced by financial incentives. Publicity can be a valuable tool for companies looking to build their reputation and reach new audiences.

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The buying price of a share is the lower price and the selling price is the higher price. The difference between the two gives what is called Jobber's turn.

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Marine Insurance is the type of insurance policy that is compulsory in international trade so that all goods passing through the sea must be covered. This type of insurance is necessary to protect goods in transit against loss or damage that may occur during shipping. For example, if goods are damaged or lost during a voyage, marine insurance can provide compensation to the owner of the goods. This helps ensure that international trade can take place smoothly and that businesses are not negatively impacted by unexpected losses. Marine insurance is therefore an essential part of international trade and is required to ensure that goods are protected during transit.

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Construction occupation is the assembling of manufactured products into forms e.g The building of houses is done by assembling bricks, tiles, door frames, window, frames, ceiling boards e.t.c

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The option that is not a merit of division of labour is "Creates monotony in the workforce." Division of labour is a process where a complex task is broken down into smaller tasks and each task is assigned to different individuals who specialize in that task. This process has several benefits, such as specialization, increased efficiency, and the facilitation of training in new jobs. However, one downside of division of labour is that it can create monotony in the workforce. When workers are assigned to perform the same task repeatedly, it can lead to boredom and a lack of engagement, which can ultimately lead to decreased productivity. Overall, division of labour has its benefits, but it's important to recognize that it also has its limitations, such as the potential for creating monotony in the workforce.

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The difference between Articles of Association and Memorandum of Association is that the Memorandum of Association deals with the powers and relationships of the company with outsiders, while the Articles of Association deal with the internal working relationship of the company and its members. To put it simply, the Memorandum of Association outlines the fundamental characteristics of the company, such as its name, objectives, and the extent of its liability. It establishes the relationship between the company and external parties, such as customers, suppliers, and creditors. On the other hand, the Articles of Association are concerned with the internal management and governance of the company. They provide details on the procedures for holding meetings, appointing directors, and issuing and transferring shares. They also specify the rights and responsibilities of the company's shareholders. In essence, the Memorandum of Association sets out the company's external relationships, while the Articles of Association lay down the rules for its internal affairs.

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Devaluation is the lowering of the exchange value of a country's currency against other currencies. This makes import to be expensive and import to be more attractive.

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In a law of contract, what is given in exchange for a promise to perform is consideration. Consideration is the benefit or value that is exchanged between parties in a contract. It is what each party gives or promises to give in exchange for the other party's promise to perform. Consideration can take various forms, such as money, goods, services, or even a promise to do something in the future. For example, when you buy a product from a store, the money you pay for the product is your consideration, while the product itself is the consideration provided by the store. Both the buyer and the seller have given or promised something of value to each other, making the transaction a legally binding contract. Consideration is an essential element of a contract, and without it, a contract is not considered legally enforceable. This is because consideration shows that both parties have made a bargained-for exchange, and it helps to prevent situations where one party may promise something without intending to follow through with it.

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A commission charged on postal order is called "poundage." Poundage is a small fee that is charged by the postal service for processing and handling a postal order. This fee is a percentage of the total amount of the postal order and is designed to cover the costs of processing, handling, and delivering the order. Poundage is usually a small amount, but it can add up over time, especially if you use postal orders frequently. It is important to take poundage into consideration when calculating the total cost of a postal order, to make sure you have enough funds to cover both the cost of the order and the poundage fee.

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Among the four options, only "Custom Officers" do not provide an indirect service. An indirect service is a service that is provided to the public through intermediaries or intermediaries, such as government agencies, non-profit organizations, or private companies. Family doctors provide an indirect service because they are intermediaries between patients and the healthcare system. They diagnose and treat patients, prescribe medications, and refer patients to specialists or hospitals if necessary. Civil servants also provide an indirect service by managing and implementing government policies and programs that directly impact the public, such as education, healthcare, and public safety. Lawmakers provide an indirect service by creating laws and policies that shape the way society functions. Their actions affect the public directly or indirectly. On the other hand, custom officers do not provide an indirect service. They work directly for the government and are responsible for enforcing laws and regulations related to imports and exports. Their job is to inspect goods, collect duties and taxes, and prevent illegal activities, such as smuggling, at the borders. Custom officers do not provide a service that intermediaries distribute to the public.

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A subsidiary is a company that is controlled by another company, often referred to as the parent company. The parent company holds more than half of the subsidiary's equity or controls the board of directors, giving it significant influence over the subsidiary's operations and decisions. The subsidiary operates as an independent company, but it is ultimately controlled by the parent company. This relationship allows the parent company to expand its operations and diversify its business interests, while still maintaining control over the subsidiary.

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Since money can be stored, it can accumulated to pay debts and can serve as a medium by which business transactions on credit can be settled.

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Net profit = Gross profit - Expenses
3000 - 1400 = 1600