JAMB UTME - Commerce - 2019

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

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The sole aim of a government-owned business depends on the specific goals and objectives of the government that owns it. In general, government-owned businesses are established to achieve specific policy goals, such as providing essential services to the public, promoting economic development, and generating revenue for the government. Unlike privately-owned businesses whose primary aim is to maximize profits for their owners and shareholders, government-owned businesses may prioritize other objectives such as providing affordable services to the public, promoting social welfare, and ensuring environmental sustainability. For example, a government-owned utility company may aim to provide affordable and reliable electricity to households and businesses, while a government-owned transportation company may aim to provide safe and efficient transport services to commuters. However, it's important to note that government-owned businesses can also face challenges such as bureaucratic inefficiencies and political interference that can affect their ability to achieve their intended objectives.

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Services are made up of direct services and indirect services.

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The document which entitles its holder to the goods named on it, which is stored in a specific warehouse is called a Warrant. A warrant is a legal document that gives the holder the right to take possession of a specific commodity or asset. In this case, the warrant entitles its holder to the goods named on it, which are stored in a specific warehouse. The holder of the warrant can present it to the warehouse and take possession of the goods specified on the warrant. Warrants are commonly used in commodity trading, where they serve as a form of guarantee that the holder has the right to take possession of the commodity specified on the warrant. Warrants are also used in other industries, such as finance and logistics, to facilitate the transfer of assets and goods.

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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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A cheque that is payable to whoever presents it is known as a "bearer cheque". A bearer cheque is a type of cheque where the person who presents the cheque to the bank for payment is considered the rightful owner, regardless of who actually wrote the cheque. In other words, if you have a bearer cheque, you can cash it at the bank without having to prove that you are the person to whom the cheque was written. This type of cheque is becoming less common due to security concerns, as it makes it easier for someone to fraudulently cash someone else's cheque. In contrast, other types of cheques, such as "order cheques" and "crossed cheques", have added security features to prevent fraud and ensure that the cheque is paid to the correct recipient.

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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 two-way process which involves sending and receiving of messages is referred to as communication. Communication is the exchange of information between two or more individuals or groups. It involves both sending and receiving messages and is essential for human interaction and understanding. Communication can take many forms, including verbal, nonverbal, and written. It can occur in various settings, such as personal, professional, or public. Effective communication requires active listening, clear expression, and mutual understanding. In a two-way communication process, each party involved sends and receives messages, creating an ongoing dialogue. This enables participants to exchange information, clarify misunderstandings, and build relationships. Overall, communication is a fundamental aspect of human interaction, enabling individuals and groups to connect, collaborate, and understand one another.

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The demerit of advertising that is not true is "Increase in profit." Advertising can lead to an increase in profit, but this is not a demerit, but rather a benefit of advertising. Advertising can have various demerits, such as: - It can lead to a monopoly, where large companies with huge advertising budgets can dominate the market and drive out smaller competitors. - It can encourage buyers to purchase products that they don't really need, leading to unnecessary consumption and waste. - Advertising can be expensive, which can lead to higher prices for products and services, ultimately borne by the consumers. - Advertising can be misleading, and make false claims about products or services, which can be harmful to consumers and erode trust in the marketplace. In summary, while advertising can certainly increase profits for businesses, it can also have negative consequences, such as the creation of monopolies, encouraging unnecessary consumption, and misleading consumers, which are all considered demerits of advertising.

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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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Analog computers are those computers that are similar to use for measuring instruments such as Thermometer, Voltmeter i.e measured in value and scale.

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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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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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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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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 above represents a letter of inquiry. It is a formal letter written by the manager of Oladosu Bookshop to Olu Stationery Ltd requesting quotes for specific items and information about their terms of trade. The letter is not an order form, as it does not contain a commitment to purchase the requested items. Rather, it is a request for information to help the bookshop make an informed decision about whether to place an order with the stationery company.

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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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The option that has not been a development of money is "Abacus". An abacus is a counting tool used for arithmetic calculations, and it was used before the invention of money. It was used to keep track of quantities of goods, but it was not used as a form of currency or exchange. Coins, inconvertible paper money, and commodities, on the other hand, have been used as forms of money. Coins are pieces of metal with a specific value stamped on them, which were used as a medium of exchange. Inconvertible paper money is paper currency that is not backed by a commodity such as gold or silver, but is used as a medium of exchange based on trust in the issuing government. Commodities, such as gold, silver, or cattle, have also been used as money because they have value and can be traded for goods and services.

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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 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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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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A document that embodies the conditions and exceptions attached to the contract is the "policy." A policy is a legal contract between the insurer and the insured that outlines the terms and conditions of the insurance coverage. It specifies what is covered, how much is covered, and under what circumstances the coverage will be provided. The policy also lists any exceptions or exclusions that are not covered under the policy. In simple terms, the policy is the document that outlines the agreement between the two parties and lays out all the details of the insurance coverage.

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The theory of international trade is based on the principle of comparative cost. This principle suggests that countries should specialize in producing goods and services that they can produce at a lower opportunity cost (in terms of other goods and services foregone) compared to other countries, and trade with each other to obtain the goods and services they cannot produce efficiently. For example, suppose Country A can produce 10 cars or 20 computers in a given time period, while Country B can produce 15 cars or 30 computers in the same time period. Country A has a lower opportunity cost for producing cars (1 car for every 2 computers foregone) compared to Country B (1 car for every 2 computers foregone). In contrast, Country B has a lower opportunity cost for producing computers (1 computer for every 0.5 cars foregone) compared to Country A (1 computer for every 1 car foregone). According to the principle of comparative cost, Country A should specialize in producing cars and Country B should specialize in producing computers. They can then trade with each other to obtain the goods they cannot produce efficiently. By doing so, both countries can enjoy a higher level of consumption than if they tried to produce all goods and services domestically. In summary, the theory of international trade is based on the principle of comparative cost, which emphasizes that countries can benefit from trade by specializing in the production of goods and services in which they have a comparative advantage, and trading with other countries to obtain goods and services they cannot produce efficiently.

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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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All the options listed - bankers, traders, insurers, and goldsmiths - are examples of commercial occupations, so the correct answer is "none of the above" or "all of the options are examples of commercial occupations". Commercial occupations are those that are primarily involved in buying, selling, or trading goods or services for a profit. Bankers are involved in the business of banking, which includes accepting deposits, making loans, and other financial services. Traders are involved in buying and selling financial instruments such as stocks, bonds, and commodities. Insurers provide insurance policies to individuals and businesses in exchange for premiums. Goldsmiths are involved in the business of making and selling jewelry and other precious metal items. All of these professions involve commercial activities aimed at making a profit, so they are all examples of commercial occupations.

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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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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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Trust is an amalgation of different competing firms in different lines of business under a single management. It is vertically integrated in nature.

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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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A partnership may be automatically dissolved due to any of the following factors: court verdict, joint decision, or bankruptcy of a partner. However, the admission of new partners does not automatically dissolve a partnership. When a partnership is dissolved, it means that the business relationship between the partners has ended, and the partners are no longer bound to work together. The dissolution can occur for various reasons, including those listed above. A court verdict may dissolve a partnership when a lawsuit is brought against the partners, and the court orders the dissolution of the partnership. A joint decision to dissolve the partnership occurs when all the partners agree to end their business relationship. The bankruptcy of a partner may also lead to the automatic dissolution of a partnership. In this case, the bankrupt partner's assets may be used to pay off the partnership's debts, and the remaining partners may not be willing or able to continue the business. On the other hand, the admission of new partners does not necessarily dissolve a partnership. It is possible for a partnership to bring in new partners without ending the existing partnership. However, the addition of new partners may require a re-negotiation of the partnership agreement, which can lead to changes in the terms and conditions of the partnership.

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A self-contained chunk of code with the principal aim to copy itself into a computer's memory and hard-disk, and reply preferably undetected, is a virus. A computer virus is a type of malicious software (malware) that can infect a computer system by copying itself and spreading from one computer to another. It can be disguised as a legitimate program or file, and once it infects a computer, it can modify, delete, or steal data, and even control the computer remotely. The main characteristic of a virus is its ability to replicate and spread itself without the user's knowledge or consent. It can attach itself to files or programs, and when the user opens or runs them, the virus is executed and can start infecting other files or programs on the computer. Some viruses can even modify the computer's operating system to make it more difficult to detect and remove the virus. Computer viruses are a serious threat to computer security, and can cause significant damage to personal or business data, financial information, and reputation. To protect against viruses, it is important to have up-to-date antivirus software installed on your computer, and to be cautious when opening files or programs from unknown or suspicious sources.

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The policy used when contracts are awarded as a result of tender is Bid Pricing. Bid pricing is a strategy used by companies to win contracts by offering the lowest price among all the bidders while still ensuring profitability. When a company or organization puts out a tender for a project, other companies can submit their bids, which include the proposed price, along with other information like project timeline, quality standards, and experience. The company or organization will then review the bids and award the contract to the bidder with the most suitable proposal, often taking into consideration the price quoted. In summary, bid pricing is a competitive strategy used by companies to secure contracts by offering the lowest price possible while still ensuring that the project remains profitable for the company.

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Accident Insurance provides for compensation against injuries or hazards which may be due to a person or group of persons. It covers motor vehicle insurance as well.

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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 NPA was established in 1955 to provides facilities for water traffic movement and controls pollution in rivers and ports.

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The headquarters of the Niger Basin Commission is located in Niamey, which is the capital city of Niger. The Niger Basin Commission is an intergovernmental organization that was established in 1964 to promote cooperation and sustainable development in the Niger Basin region, which encompasses nine West African countries, including Benin, Burkina Faso, Cameroon, Chad, Côte d'Ivoire, Guinea, Mali, Niger, and Nigeria. The Niger Basin Commission's mission is to ensure the integrated development of the Niger Basin in a sustainable and equitable manner, while promoting regional cooperation and reducing poverty. The organization focuses on a variety of activities, including water resource management, environmental protection, and sustainable agriculture and rural development. The headquarters of the Niger Basin Commission in Niamey serves as a central hub for the organization's operations, including policy development, planning, and coordination of regional programs and projects.

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The process of winding up or bringing a company to an end is Liquidation. Liquidation refers to the process of selling off a company's assets, paying off its debts and distributing any remaining funds to shareholders. This is typically done when a company is no longer able to continue its operations, or when the owners or shareholders have decided to close the business. During liquidation, the company's assets are sold, and the proceeds are used to pay off creditors, including suppliers, lenders, and employees. Any remaining funds are then distributed to the shareholders, if there are any.