JAMB UTME - Commerce - 2019

Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

Trading Expenses

From the figures given, calculate

Percentage of net profit to turnover

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A two-way process which involves sending and receiving of messages is referred to as__________

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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.

The most important resources of business is_______

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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 risks that can be forecast and measured is termed___________

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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.

A commission charged on postal order is__________

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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.

A number of shipping lines operating on a certain route, which agree on a common policy regarding the conditions under which goods are to be carried

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The correct term for a group of shipping lines that agree on a common policy regarding the conditions under which goods are to be carried is a "conference." A conference is a group of shipping lines that come together to set standards and establish guidelines for the transportation of goods on a particular route. By working together, the conference members can ensure that they are providing a consistent level of service to their customers, as well as agreeing on pricing and other important terms. While some people might use terms like "cartel," "syndicate," or "trust" to describe this kind of arrangement, those terms are generally associated with illegal or unethical practices like price-fixing, market manipulation, or collusion. In contrast, a conference is a legitimate and legal arrangement that allows shipping lines to work together to provide better service to their customers while maintaining healthy competition within the industry.

A cheque that is payable to whoever presents it is known as______

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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.

All but one is not a barriers to foreign trade

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Trade Fair is not a barrier to foreign trade. Trade barriers are obstacles that can make it difficult for companies to trade goods and services internationally. There are different types of trade barriers, including natural barriers, economic barriers, and social and language barriers. Natural barriers refer to geographic features such as mountains or oceans that can make it difficult to transport goods. Economic barriers include tariffs, quotas, and other regulations that make it more expensive or difficult to import or export goods. Social and language barriers are cultural and linguistic differences that can make it challenging for companies to do business in other countries. Trade fairs, on the other hand, are events that bring together companies and individuals from different countries to showcase their products and services. Trade fairs can actually facilitate foreign trade by providing a platform for companies to meet and network with potential partners and customers from around the world. Trade fairs can also help to promote international understanding and cooperation, which can be beneficial for foreign trade. In summary, while natural, economic, and social and language barriers can impede foreign trade, trade fairs are not a barrier to foreign trade. In fact, they can actually help to promote and facilitate it.

A business environment that take into consideration the beliefs, attitudes, needs, values and attitudes of the people is_________

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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.

A self-contained chunk of code with principal aim to replies preferably undetected and to copy itself into the computer's memory and the computer's hard-disk is_________

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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.

The difference between the buying price and the selling price of a share is referred to as

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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.

The provision of qualified managerial and other skilled personnel for an enterprise is called

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The provision of qualified managerial and other skilled personnel for an enterprise is called "staffing". Staffing is the process of recruiting, selecting, training, and developing employees for an organization. It involves identifying the right people with the required skills and knowledge to fill various positions within the company, from entry-level roles to managerial positions. Staffing is an essential function of management that helps ensure that the organization has the right people in the right roles to achieve its goals effectively and efficiently. In short, staffing is about finding and nurturing talent to build a strong and capable team that can drive the organization forward.

In Nigeria, it is mandatory for all business enterprises to be registered with the________

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In Nigeria, all business enterprises are required to be registered with the Corporate Affairs Commission (CAC). The CAC is a government agency that is responsible for registering and regulating all business activities and organizations in Nigeria. By registering with the CAC, a business can legally operate in Nigeria and receive protection under the law. The CAC also helps to ensure that businesses are operating in a fair and transparent manner, and provides a database of all registered businesses for the public to access.

The Sole aim of government owned business is to

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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.

The communication aspect of the marketing mix is

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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.

The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be________

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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.

In the formation of a united liability company, the following documents are prepared except_______

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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.

Thee major aim of consumer orientation is_________

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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.

You have just bought a new car. What Insurance policy will you take to cover it?

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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.

The difference between Articles of association and memorandum of Association is that the latter deals

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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.

One of the disadvantages of Sole Proprietorship is__________

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One of the disadvantages of Sole Proprietorship is that it "lacks specialization." A Sole Proprietorship is a type of business structure where an individual operates and owns the business by themselves. This type of business structure is simple to start and requires minimal paperwork, but it also has some disadvantages. One of the disadvantages of Sole Proprietorship is that it lacks specialization. This means that the owner of the business is responsible for all aspects of the business, including management, marketing, finances, and operations. This can be overwhelming for one person to handle, and can lead to burnout or reduced efficiency. Additionally, a Sole Proprietorship does not have any separate legal standing from the owner, which means that the owner is personally liable for all debts and obligations of the business. This can put the owner's personal assets, such as their home or savings, at risk. So, the disadvantage of Sole Proprietorship mentioned in the question is "lacks specialization."

A conter offer is an offer that is

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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.

Examples of consumer goods include all except________

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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.

An example of vertical integration is___________

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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.

A document which entitles its holder to the gods named on it, which is stored in a specific warehouse is called________

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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.

The policy used when contracts are awarded as a result of tender is________

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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.

All harbours, docks and waterways of Nigeria are looked after by a public corporation called the

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All harbours, docks, and waterways of Nigeria are looked after by the "Nigerian Ports Authority." The Nigerian Ports Authority (NPA) is a government-owned organization responsible for managing and regulating the ports and waterways in Nigeria. This includes overseeing the operations of all the harbours, docks, and waterways in the country, ensuring that they are safe, efficient, and well-maintained. The NPA works to improve the efficiency of the ports and waterways, promote economic development in the region, and provide employment opportunities for the local population. By ensuring the smooth and efficient operation of the ports and waterways, the NPA plays a critical role in supporting the economy of Nigeria.

Which function of money is described in the following statement?

It serves as a medium through which business transactions are carried out

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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.

All except one is not a corporation and boards at the federal level

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All the options listed are corporations, however only one of them is not a corporation at the federal level. FRCN, NNPC, and CBN are all federal corporations in Nigeria. FRCN stands for Federal Radio Corporation of Nigeria, NNPC stands for Nigerian National Petroleum Corporation, and CBN stands for Central Bank of Nigeria. MAN, on the other hand, stands for the Manufacturers Association of Nigeria, which is a private sector body representing the interests of manufacturers in Nigeria. It is not a corporation at the federal level.

Which of these is a document used in International trade?

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An invoice is a document used in international trade. It is a commercial document that lists the goods or services that have been sold, along with the price, quantity, and other relevant information. The invoice serves as a record of the transaction between the buyer and the seller, and it is often used for accounting and tax purposes. The invoice is usually sent by the seller to the buyer, and it is important for both parties to keep a copy for their records.

Which of these is not a merit of division of labour

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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.

Commerce brings about all except one

Maelezo ya Majibu

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.

One of these is not part of small-scale retailers

Maelezo ya Majibu

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.

All activities that contribute towards making goods and services available to the people are

Maelezo ya Majibu

People are always producing goods and services. Production activities go on in all parts of the world.

An abridged message sent at express speed to reach its destination faster than the airmail letters is known as

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A telegram is a message sent at express speed to reach its destination faster than airmail letters. It was a means of communication before the widespread use of telephones and email. The message was sent via a telegraph machine to a telegraph office and then delivered to its intended recipient. The telegram was often abbreviated and sent in code to save time and money. It was a popular way to send urgent messages, such as news of a birth, death, or important business information.

The factors to be considered in setting up retail trade include all except_____

Maelezo ya Majibu

The factor to be considered in setting up retail trade that does not need to be considered is "Age". Age does not have a direct impact on setting up a retail trade business. Other factors such as capital, experience, and location are more important and directly affect the success of the business. Capital refers to the financial resources required to start and run the business, including money for rent, inventory, equipment, and other expenses. Experience refers to the knowledge and skills the owner has in running a retail business, including knowledge of the industry, customer service, and marketing. Location refers to the physical location of the business, and it is crucial to choose a location that is easily accessible to customers and has a high foot traffic.

The basic characteristics of co-operative society include all except one

Maelezo ya Majibu

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

The following development of money have therefore been the use of, except______

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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.

All but one is not a demerit of advertising?

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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.