JAMB UTME - Commerce - 2018
Swali 1 Ripoti
The agency in Nigeria which ensures that products conform with government quality specifications is the?
Maelezo ya Majibu
The agency in Nigeria that ensures that products conform with government quality specifications is the Standard Organisation of Nigeria (SON).
The Standard Organisation of Nigeria is a regulatory body that is responsible for setting standards for products, services, and systems in Nigeria. They ensure that products meet the required quality specifications and are safe for consumers to use. SON is tasked with the responsibility of inspecting goods produced both locally and imported into Nigeria to make sure that they meet the quality and safety standards set by the Nigerian government.
In summary, if you want to make sure that a product you're buying or producing meets the required quality standards in Nigeria, the agency to contact is the Standard Organisation of Nigeria (SON).
Swali 2 Ripoti
The internet is a system of telecommunication used for
Maelezo ya Majibu
The internet is a system of telecommunication that allows people and devices to communicate and exchange information over long distances through digital networks. It enables us to send and receive a wide range of media, such as text, images, and videos, through various applications like email, social media, and messaging platforms. In other words, the internet is a massive global network of computers that are connected to each other and exchange information through standard protocols, allowing us to communicate with each other in real-time, regardless of our physical locations.
Swali 3 Ripoti
The main objective of a trade association can best be described as promoting and protecting ?
Maelezo ya Majibu
The main objective of a trade association can best be described as promoting and protecting the common interest.
A trade association is a group of companies or businesses in a specific industry that come together to achieve a common goal. The main objective of a trade association is to promote and protect the interests of its members and the industry as a whole. This can include activities such as advocating for favorable regulations, promoting the industry to the public, and improving the overall business climate for its members.
By working together, the members of a trade association can have a greater impact and influence on the industry and the market. This can lead to increased profitability and success for individual companies, as well as the industry as a whole.
In simple terms, a trade association helps to bring together businesses in a specific industry to work towards common goals and promote the overall success of the industry.
Swali 4 Ripoti
Sudden technological changes can have the effect of making?
Maelezo ya Majibu
Sudden technological changes can have the effect of making a company's product obsolete because newer technologies often provide better and more efficient solutions. As a result, companies that fail to adapt to these changes risk losing their market share and becoming irrelevant.
Moreover, sudden technological changes can also make a company's management style ineffective, especially if the new technology requires a different approach to managing employees or implementing processes. Similarly, the control mechanism may become difficult to implement if the new technology requires new tools or software that are not compatible with the existing infrastructure.
Lastly, sudden technological changes may make it difficult to monitor the motivational factors in the company. For instance, employees may become demotivated if they feel that their skills are no longer relevant or that they cannot keep up with the pace of technological advancement. This can lead to a decline in productivity and morale, which can ultimately affect the company's bottom line.
Swali 5 Ripoti
The insurance principle that requires full disclosure of information on the insured is known as ?
Maelezo ya Majibu
The insurance principle that requires full disclosure of information on the insured is known as "uberrimae Fidel".
This Latin term can be translated to "utmost good faith", and it means that both the insurance company and the insured have a duty to be honest and transparent with each other. When applying for insurance, the insured must disclose all relevant information about their situation, such as any pre-existing medical conditions or risky activities they engage in. This helps the insurance company to accurately assess the risk of insuring that individual and set the appropriate premium.
In turn, the insurance company has a duty to be honest about the coverage they provide and any exclusions or limitations in the policy. This principle of utmost good faith ensures that the relationship between the insured and the insurer is based on trust and fairness.
Swali 6 Ripoti
The satisfaction of consumer is best explained by
Maelezo ya Majibu
The satisfaction of a consumer can be best explained by the marketing concept.
The marketing concept is a business philosophy that focuses on identifying and meeting the needs and wants of consumers. It involves understanding the target market and delivering superior value to them by providing high-quality products or services that meet their needs and wants.
By adopting the marketing concept, a business can tailor its products or services to the specific needs of its customers, and this can lead to higher levels of customer satisfaction. In turn, satisfied customers are more likely to become loyal customers and spread positive word-of-mouth about the business, which can ultimately lead to increased sales and profits.
While product mix, marketing mix, and market segmentation are all important components of a business's overall marketing strategy, they are all ultimately aimed at achieving the marketing concept - delivering value to customers.
Swali 7 Ripoti
The business organisation in which shareholders have equal votes is?
Maelezo ya Majibu
The business organization in which shareholders have equal votes is a cooperative. In a cooperative, each shareholder is typically given one vote, regardless of the number of shares they own. This means that each shareholder has an equal say in the decision-making process of the organization, which is different from other types of businesses where the number of votes is often proportional to the number of shares owned.
Cooperatives are businesses that are owned and run by their members, who may be customers, employees, or other stakeholders. They are typically formed to meet the common needs and aspirations of their members, and they operate according to principles of democratic control and participation. In addition to giving each member an equal say in the organization, cooperatives often distribute profits among their members in proportion to their participation in the business.
Swali 8 Ripoti
Balance of payment consist of _________ and __________ items
Maelezo ya Majibu
Balance of payment consists of visible and non-visible items.
Visible items are related to the physical movement of goods and services across international borders, such as exports and imports. These are also known as trade balances or merchandise balances.
Non-visible items, on the other hand, are related to the financial transactions between countries, such as investments, loans, and transfer payments. These are also known as invisibles or services balances.
In simple terms, the balance of payment is a record of all the economic transactions between a country and the rest of the world. It provides a picture of the country's financial position in the global economy and helps in understanding the flow of goods, services, and money in and out of the country.
Swali 9 Ripoti
Distribution of goods belongs to
Maelezo ya Majibu
The distribution of goods generally belongs to the commercial industry.
The commercial industry involves businesses that buy and sell goods to make a profit. These businesses can be wholesalers, retailers, or online stores. When goods are produced by the manufacturing, extractive, or construction industries, they are then sold to commercial businesses who distribute them to the end-users or customers.
For example, when a car is manufactured in a factory, it is sold to a dealership or a distributor, who then sells it to the end-user or customer. Similarly, when a farmer grows vegetables, they sell their produce to a grocery store or a food distributor, who then sells the vegetables to the end-users or customers.
Therefore, the commercial industry is responsible for the distribution of goods to the end-users or customers.
Swali 10 Ripoti
From which of the following sources can partnership increase their capital?
Maelezo ya Majibu
Partnership can increase their capital through the admission of new partners and the sales of shares.
When a new partner joins the partnership, they bring in additional capital, which increases the overall capital of the partnership.
Similarly, when shares in the partnership are sold, it generates additional capital which also increases the total capital of the partnership.
Discharging a mortgage or receiving grants from relatives may not directly increase the capital of the partnership, but they can improve the financial position of the partnership and make it easier for the partnership to raise capital in other ways.
Swali 11 Ripoti
The main objective of corporate mergers is to?
Maelezo ya Majibu
The main objective of corporate mergers is to enhance economies of scale. When companies merge, they can combine their resources, reduce duplication of efforts, and operate more efficiently. This can lead to cost savings, improved productivity, and increased profitability. By merging, companies can also expand their market share, increase their bargaining power, and access new technologies or products. While mergers can also provide financial advantages, such as increased revenue or reduced costs, the primary goal is to create a stronger, more competitive business entity through economies of scale.
Swali 13 Ripoti
The duties paid on goods produced locally is
Maelezo ya Majibu
The duty paid on goods produced locally is called "excise duty". Excise duty is a tax on goods that are produced, sold or consumed within a country, and is typically imposed at the point of production or sale. In other words, if you produce goods in a country and sell them within that same country, you will likely have to pay an excise duty.
Excise duty can be levied on a wide range of products, including alcohol, tobacco, fuel, and luxury goods. The rate of excise duty varies depending on the type of product and the country in which it is produced. The purpose of excise duty is to generate revenue for the government and to discourage the consumption of certain products.
Unlike ad-valorem duty, which is calculated as a percentage of the value of the goods, excise duty is usually calculated on a per-unit basis. For example, a certain amount of excise duty might be charged for each liter of alcohol produced or for each pack of cigarettes sold.
Export duty, on the other hand, is a tax on goods that are exported out of a country. Quota is a restriction on the quantity of goods that can be imported or exported.
Swali 14 Ripoti
The three components of staffing are?
Maelezo ya Majibu
The three components of staffing are recruitment, selection, and placement.
Recruitment involves the process of identifying and attracting qualified individuals to apply for a job vacancy. This can be done through advertising, job fairs, and networking. The goal is to create a pool of potential candidates.
Selection involves the process of evaluating the pool of candidates and determining which ones have the necessary qualifications, skills, and experience to perform the job. This can involve various methods such as interviews, tests, and reference checks.
Placement involves the process of assigning the selected candidate to the job for which they were hired. This can involve orientation and training to ensure that the candidate is equipped to perform the job successfully. The goal is to ensure that the candidate is a good fit for the organization and can contribute to its success.
Overall, these three components are critical for ensuring that an organization has the right people in the right positions to achieve its goals.
Swali 15 Ripoti
A form of ownership which exploits the strenght of one partner to remedy the weakness of the other is the?
Maelezo ya Majibu
Swali 16 Ripoti
When a vendor supplies news papers from house to house and across the streets, the element of marketing mix involved is?
Maelezo ya Majibu
The element of marketing mix involved in the scenario you described is "place." This is because the vendor is focused on the distribution and delivery of the newspapers to the intended audience, which involves choosing the right locations and routes to reach the maximum number of customers.
In marketing, "place" refers to the distribution channels and methods used to get a product or service to the customers who need it. In this case, the vendor is delivering newspapers directly to people's homes and across the streets, which is a specific distribution strategy designed to make the product easily accessible to potential buyers. The vendor may choose certain locations based on factors such as population density, customer demand, and accessibility.
While other elements of the marketing mix, such as the product (newspapers), price, and promotion, may also play a role in this scenario, the primary focus is on getting the product to the customer's doorstep, which falls under the "place" element of the marketing mix.
Swali 17 Ripoti
A printer that burns the print image into the photosensitive drum is called?
Maelezo ya Majibu
The printer that burns the print image into the photosensitive drum is called a laser printer.
A laser printer works by using a laser beam to create an electrostatic image on a photosensitive drum. The drum is then coated with toner, which is attracted to the areas that were exposed to the laser. The toner is then transferred onto paper and fused to the paper using heat.
In contrast, dot matrix printers use a set of pins to strike an inked ribbon and form characters on paper, while daisy wheel printers use a rotating wheel with raised characters that strike an inked ribbon. Thermal printers use heat to transfer ink onto paper.
Swali 19 Ripoti
One of the obstacles to achieving the objectives of ECOWAS is?
Maelezo ya Majibu
One of the obstacles to achieving the objectives of ECOWAS is the issue of language differences.
ECOWAS, which stands for the Economic Community of West African States, is a regional economic organization made up of fifteen West African countries. Its primary goal is to promote economic cooperation and integration among member states, with the aim of creating a unified economic market in the region.
However, one major obstacle to achieving this goal is the language differences among member states. West Africa is a linguistically diverse region, with over 2,000 different languages spoken. English, French, and Portuguese are the three official languages of ECOWAS, but many other languages are also spoken in the region.
This diversity in languages creates communication challenges for member states, which can make it difficult to coordinate and implement policies and initiatives. It also makes it harder to build a shared regional identity and culture, which is a key component of creating a unified economic market.
In conclusion, language differences are an obstacle to achieving the objectives of ECOWAS, as they can hinder communication, coordination, and the development of a shared regional identity.
Swali 20 Ripoti
One of these is a current asset
Maelezo ya Majibu
The current asset in this list is "stock".
Current assets are assets that are expected to be converted into cash within one year or one operating cycle, whichever is longer. Stock, also known as inventory, is a current asset because it represents goods that a company has on hand and expects to sell within one year.
Fittings, machineries, and motor vehicles are not current assets because they are long-term assets that a company expects to use for more than one year in its operations. Fittings refer to equipment used in a business, such as furniture and fixtures, that are not expected to be sold as part of the company's regular operations. Machineries and motor vehicles are fixed assets used in production or for transportation, respectively.
Swali 21 Ripoti
The act of selling in a foreign market at a price lower than the cost price is called
Maelezo ya Majibu
The act of selling in a foreign market at a price lower than the cost price is called "dumping". This means that a company is selling its products in another country at a price that is below the cost of production, or below the price that it charges in its home market.
Dumping is often used as a strategy by companies to gain a foothold in a new market or to increase their market share. However, it can be harmful to the local businesses in the foreign market because they may not be able to compete with the low prices of the dumped products. In some cases, dumping can also be illegal under international trade laws.
To summarize, dumping is the act of selling products in a foreign market at a price that is lower than the cost of production, which can harm local businesses and may be illegal under international trade laws.
Swali 22 Ripoti
Extractive industries may also be denominated as?
Maelezo ya Majibu
Extractive industries, also known as primary industries, are industries that are involved in the extraction and production of raw materials, such as oil, gas, minerals, and other natural resources. These industries are called "primary" because they are involved in the first step of the production process and provide the raw materials that are used to create other products. The products produced by extractive industries are often called "commodities" because they are typically sold on global markets and their prices are determined by supply and demand.
In contrast, indirect industries are involved in the production of goods and services that are not directly related to the extraction of raw materials. For example, the manufacturing of consumer goods, such as cars or electronics, is an indirect industry because it relies on raw materials that have been extracted and processed by primary industries. Service industries, such as finance, education, or healthcare, are also considered indirect industries because they provide services rather than physical products.
Swali 23 Ripoti
On liquidation of a public limited liability company, the residual owners are the?
Maelezo ya Majibu
When a public limited liability company is liquidated, its assets are sold to pay off its debts and obligations. Any money remaining after all the debts have been paid is called the residual value or the residual assets. The residual owners of a company are the owners who are entitled to this residual value.
In a liquidation scenario, the residual owners of a company are the ordinary shareholders. They are the last in line to receive any payment, after the creditors, debenture shareholders, and preference shareholders have been paid. Ordinary shareholders are considered residual owners because they are the owners who have invested in the company's equity, and they only receive payment after all other obligations have been fulfilled.
To put it simply, when a public limited liability company is liquidated, the residual owners who are entitled to any money left over after all debts and obligations have been paid are the ordinary shareholders.
Swali 24 Ripoti
An arrangement by independent firms to share the market of their products on quota basics Is referred to as
Maelezo ya Majibu
The arrangement by independent firms to share the market of their products on a quota basis is called a cartel. In a cartel, companies come together and agree to limit the amount of their product that they sell, in order to reduce competition and maintain higher prices.
For example, imagine there are three companies that make the same product. Normally, they would compete with each other by trying to offer the best price or quality. But if they form a cartel, they would agree to limit the amount of their product that they sell, and each company would be assigned a specific quota. This would reduce competition and allow them to charge higher prices because there would be less supply in the market.
Cartels are usually illegal because they violate antitrust laws that prohibit companies from colluding to artificially control prices or limit competition. However, some cartels may operate legally in certain countries or industries with government approval.
Swali 26 Ripoti
One of the major problems of a sole proprietor is sourcing for
Maelezo ya Majibu
As a sole proprietor, one of the major problems you may face is sourcing for funds. This is because you are the sole owner of your business and responsible for all its financial obligations. You have to provide the initial capital to start the business and also fund all its operations and expenses. This can be a challenge if you don't have enough personal savings or can't access external sources of funding like loans, grants or investors.
Sourcing for labour, raw materials, and machineries can also be challenging, but these problems can be managed through effective planning and organization. For example, you can hire employees on a contract basis or outsource some tasks to freelancers or specialized service providers to reduce labour costs. You can also negotiate with suppliers for better prices, establish good relationships with them, and explore alternative sources of raw materials and machineries to ensure a steady supply at a reasonable cost.
However, sourcing for funds can be a more difficult challenge as it determines the viability and growth of your business. Without enough funds, you may not be able to cover your expenses, pay your bills, or invest in new opportunities that can help your business expand. Therefore, it's important to have a solid financial plan and explore all available funding options to ensure the sustainability and success of your business as a sole proprietor.
Swali 27 Ripoti
Warehousing is a productive function because it increases the?
Maelezo ya Majibu
Warehousing is a productive function because it increases the utility of goods.
Utility refers to the satisfaction or usefulness that consumers derive from using a product. Warehousing increases utility in several ways. First, it allows for better timing of product delivery, ensuring that goods are available when they are needed. This improves customer satisfaction and reduces the risk of lost sales.
Second, warehousing can help to improve product quality. Goods can be stored in a controlled environment that is protected from damage, theft, and other hazards. This helps to maintain the quality of the products and ensures that they remain in good condition until they are ready for sale.
Third, warehousing enables businesses to take advantage of economies of scale. By purchasing and storing goods in bulk, they can often obtain better prices from suppliers. This can help to reduce costs and increase profitability.
Overall, warehousing is an essential part of the supply chain and plays a crucial role in improving the utility of goods, which ultimately benefits both businesses and consumers.
Swali 28 Ripoti
Which of the following functions is not performed by warehousing?
Maelezo ya Majibu
The function that is not performed by warehousing is "creating scarcity of goods."
Warehousing primarily serves the purpose of storing goods in a safe and organized manner until they are needed for further use or transportation. This ensures that the goods are protected from damage, theft, or any other kind of loss.
Stabilization of price is a significant function of warehousing. By storing goods when their supply is high and releasing them when the demand exceeds the supply, warehousing helps regulate the price of goods in the market. This helps prevent price fluctuations, which can be harmful to both producers and consumers.
Production ahead of demand is another function of warehousing. Warehouses allow producers to manufacture goods in advance of demand and store them until they are required. This enables them to meet the demand of the market promptly and maintain a consistent supply of goods.
Creating scarcity of goods is not a function of warehousing. In fact, warehousing aims to reduce scarcity by ensuring that goods are available when needed. If goods are kept in warehouses, they are readily available to meet the demand, which can help prevent scarcity.
In summary, the primary function of warehousing is the storage of goods. Warehousing also helps stabilize prices, enables production ahead of demand, and prevents scarcity of goods.
Swali 29 Ripoti
A form of money that has gone out of use is ?
Maelezo ya Majibu
The form of money that has gone out of use is commodity money. Commodity money is a type of currency that is made of a physical commodity with intrinsic value, such as gold, silver, or salt. In the past, people would use these commodities as a medium of exchange because they were valuable in and of themselves. However, as economies grew and became more complex, commodity money became impractical and inconvenient for day-to-day transactions. In its place, bank money and paper money emerged as more convenient forms of currency that are easier to handle and transact with. Today, most countries use fiat money, which is not backed by a physical commodity but by the government's guarantee of its value.
Swali 30 Ripoti
What’s the first form an applicant must complete before taking an insurance policy?
Maelezo ya Majibu
The first form an applicant must complete before taking an insurance policy is the proposal form. This is a document that provides information about the applicant and the property or risk being insured. The proposal form is used by the insurer to assess the risk associated with the policy and to determine the premium that the applicant will be charged.
The proposal form typically includes questions about the applicant's personal information, such as name, address, and occupation, as well as details about the property or risk being insured. For example, if the applicant is seeking a home insurance policy, the proposal form may ask about the age and condition of the home, its location, and any previous insurance claims made by the applicant.
It's important for applicants to provide accurate and complete information on the proposal form, as any inaccuracies or omissions could affect the insurer's assessment of the risk and the terms of the policy. Once the proposal form is completed and submitted to the insurer, the insurer will review the information and decide whether to offer coverage and at what premium.
Swali 31 Ripoti
What is a Quota?
Maelezo ya Majibu
A quota is a physical restriction that a government or an organization imposes on the quantity of goods that can be imported or exported from a country or a region. It is a limit on the number of goods that can be traded, usually to protect domestic industries from foreign competition or to regulate the flow of goods.
For example, a country might impose a quota on the number of cars that can be imported in a year, or limit the amount of sugar that can be exported. This means that once the quota limit is reached, no more goods of that type can be imported or exported until the next period. Quotas can be used to manipulate the supply and demand of goods in a market, affecting their prices and availability.
Swali 33 Ripoti
Which of the following has power to order withdrawal of a particular food item from circulation?
Maelezo ya Majibu
The Food and Drug Department of the Federal Ministry of Health has the power to order the withdrawal of a particular food item from circulation in Nigeria.
This is because the Food and Drug Department is responsible for ensuring the safety, efficacy, and quality of food and drug products in Nigeria. They have the authority to regulate and enforce standards for food items in order to protect public health.
If the Food and Drug Department identifies a particular food item that poses a threat to public health, they can order its withdrawal from circulation until the issue is resolved. This is done to prevent the food item from causing harm to consumers.
It is important to note that other agencies such as the Standard Organization of Nigeria and Local Government Health Inspectors also have a role to play in regulating and enforcing food safety standards, but they do not have the same level of authority as the Food and Drug Department of the Federal Ministry of Health.
Swali 35 Ripoti
The elements in marketing mix that ensures goods are available when and where needed is
Maelezo ya Majibu
The element in the marketing mix that ensures goods are available when and where needed is "place". In marketing, "place" refers to the distribution of a product to its customers. It involves making the product available in the right location, at the right time and in the right quantity to meet customer demand.
For example, if a customer wants to buy a specific product, they expect to find it easily in a store near them, and not have to go out of their way to find it. This means that the product needs to be available in multiple retail locations, and be restocked regularly to ensure it is always in stock when a customer wants to purchase it.
In summary, the "place" element of the marketing mix involves ensuring that the product is distributed effectively to meet customer demand, and making it available at the right place, at the right time, and in the right quantity.
Swali 36 Ripoti
__________ is a source of short term capital?
Maelezo ya Majibu
An overdraft is a source of short term capital. An overdraft allows you to withdraw more money from your bank account than you have available in your account balance. The bank essentially lends you the difference, and you can use the extra funds for a short period of time, usually until your next deposit. This is a convenient way to get access to quick cash when you need it, but it typically comes with high interest rates and fees, so it's important to use it wisely and pay it back as soon as possible.
Swali 37 Ripoti
When it becomes necessary to liquidate a company, the first step to be taken is the appointment of a?
Maelezo ya Majibu
When a company needs to be liquidated, the first step is to appoint a liquidator. A liquidator is a professional who is responsible for managing the process of closing down the company, selling its assets, and distributing the proceeds to the creditors and shareholders. The liquidator's primary goal is to ensure that the assets of the company are sold for the best possible price, and that the proceeds are distributed fairly among the company's creditors and shareholders.
The liquidator is typically appointed by the court, although in some cases, the company's directors or shareholders may appoint a liquidator voluntarily. Once appointed, the liquidator takes over the management of the company and has the power to sell its assets, settle its debts, and distribute any remaining funds to the shareholders.
In summary, when a company needs to be liquidated, the first step is to appoint a liquidator who will manage the process of selling its assets and distributing the proceeds to its creditors and shareholders.
Swali 38 Ripoti
Services which are of absolute monopoly can best be provided by?
Maelezo ya Majibu
Services which are of absolute monopoly can best be provided by public enterprises.
When a service is an absolute monopoly, it means that only one entity can provide that service due to various factors such as high barriers to entry, legal regulations, or exclusive ownership of resources. In such cases, private companies may not be able to enter the market and compete effectively, as they may lack the necessary resources or expertise to provide the service.
On the other hand, public enterprises are owned and operated by the government, which can help ensure that the service is provided fairly and efficiently. Public enterprises can also prioritize the needs of the public over profit maximization, which can be especially important for services that are essential to the well-being of citizens.
However, it's important to note that the effectiveness of public enterprises can vary depending on the specific context and the quality of governance. In some cases, private companies or other forms of ownership may be better suited to provide certain services, especially if there is competition and proper regulation in place to prevent abuses of power.
Swali 40 Ripoti
The direct authority of a superior over his subordinate is known as?
Maelezo ya Majibu
The direct authority of a superior over his subordinate is known as "line authority". In an organizational hierarchy, line authority refers to the chain of command that flows downward from the top level of management to the lowest levels of the organization. This means that every employee in the organization reports to a superior who is responsible for directing their work and ensuring that it is aligned with the organization's goals.
Line authority is important because it helps to establish a clear structure of responsibility and accountability within the organization. It ensures that everyone understands their role and the roles of those above and below them in the organizational hierarchy. This, in turn, helps to improve communication, decision-making, and overall organizational efficiency.
By contrast, staff authority refers to a type of authority that supports and advises those with line authority but does not have direct control over subordinates. Lateral authority refers to authority that is held by individuals who are at the same level in the organizational hierarchy and is used to coordinate efforts and resolve conflicts between different departments or teams. Finally, line and staff authority is a combination of both line and staff authority, where staff members advise line managers on important decisions.
