JAMB UTME - Commerce - 2019

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A business has a responsibility to control environmental pollution e.g water, land, sound and air pollution arising from their operations.

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

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A 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 The original offer is no longer valid, and the parties must either accept the counter offer or make a new offer.

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

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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.

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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.

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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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First Bank of Nigeria is an example of a commercial bank. A commercial bank is a financial institution that offers a range of services to individuals, businesses, and government entities. These services include deposit accounts, loans, credit cards, wire transfers, foreign currency exchange, and other financial products. Commercial banks earn revenue by charging fees on services, collecting interest on loans, and investing in financial markets. They also play a crucial role in the economy by providing access to credit, managing payments and deposits, and facilitating financial transactions. First Bank of Nigeria is one of the largest and oldest commercial banks in Nigeria, with a long history of serving the banking needs of individuals, businesses, and government entities. The bank offers a wide range of financial products and services, including savings and checking accounts, loans, mortgages, debit and credit cards, and online banking. Overall, First Bank of Nigeria is an example of a commercial bank, which is a key component of the financial system and plays an important role in the economy by providing essential financial services and facilitating economic growth.

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

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

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

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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.

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

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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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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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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 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.

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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.

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

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The 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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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.

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

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

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

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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."

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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.

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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 document the firm or organization will send to the buyer is a Quotation. A quotation is a document that provides details about the cost of goods or services requested by a customer. In this case, the Oladosu Bookshop is requesting a quote from Olu Stationery Ltd for 200 pieces of 0.8mm fountain pens and 1000 pieces of plain single line 21cm × 18cm exercise books. The quotation will provide the prices for the requested items and also include the terms of trade, which specify the conditions for payment, delivery, and other important information. The purpose of the quotation is to give the buyer an estimate of the cost of the items requested so that they can make an informed decision about whether or not to proceed with the purchase.

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

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To calculate the current assets of Ojo Trading Company, we need to add up all the assets that are expected to be converted into cash within one year. These include: - Debtors: The amount of money that the company is owed by its customers within one year. - Stock: The value of the goods that the company currently holds in inventory that are expected to be sold within one year. - Bank: The amount of cash that the company has in its bank accounts. Adding these up, we get: Current assets = Debtors + Stock + Bank = 100 + 1000 + 500 = 1600 Therefore, the current assets of Ojo Trading Company as at 31st December, 2018 is 1600. In summary, current assets are those assets that are expected to be converted into cash within one year. For Ojo Trading Company, the current assets include debtors, stock and bank, which when added together, give a total of 1600.

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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.

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A memory that is volatile, meaning that it loses its contents when the power is turned off, and can be read and written to is called Random Access Memory (RAM). RAM is a type of computer memory that is used to store data and programs that are actively being used. The contents of RAM can be easily changed, and it is a fast type of memory that allows the computer to access data quickly. However, because it is volatile, any data stored in RAM is lost when the power is turned off. In contrast, Read-Only Memory (ROM) is a type of memory that is non-volatile, meaning that its contents are permanent and cannot be changed. EPROM (Erasable Programmable Read-Only Memory) and EEPROM (Electrically Erasable Programmable Read-Only Memory) are types of non-volatile memory that can be reprogrammed, but they are not as fast as RAM and are not used for actively storing data and programs.

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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 scop embraces trade and aids to trade.