JAMB UTME - Commerce - 2022

The management function which involves measuring outcomes and taking corrective action to reduce error is

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The management function which involves measuring outcomes and taking corrective action to reduce error is controlling. Controlling is a management function that involves monitoring and evaluating a company's performance against its goals and objectives. It involves measuring outcomes, comparing them to desired results, and taking corrective action to reduce error and improve performance. This function is an important part of the management process, as it helps ensure that the company is on track and making progress towards its goals. By regularly monitoring performance and taking corrective action as needed, a company can stay focused and achieve its objectives more effectively.

When a share with a nominal value of #50 is quoted at #70, it is being sold

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When a share with a nominal value of #50 is quoted at #70, it is being sold at a premium. A share is quoted at a premium when its market price is higher than its nominal or face value. In the case of a share with a nominal value of #50 that is quoted at #70, the share is being sold for a higher price than its face value, meaning that it is being sold at a premium. This can indicate that the company is performing well, and that investors are willing to pay a higher price for the share due to its perceived future potential. On the other hand, a share that is quoted below its nominal value is said to be sold at a discount.

An undertaking to repair a customer's vehicle for a certain period after it has been sold is

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An undertaking to repair a customer's vehicle for a certain period after it has been sold is called after-sales service. After-sales service refers to the support and assistance provided to customers after they have purchased a product, such as a vehicle. This can include repair and maintenance services, as well as customer support and troubleshooting. The goal of after-sales service is to ensure customer satisfaction and to retain customer loyalty by providing ongoing support and assistance. The other options - marketing mix, market segmentation, and sales promotion - are all related to marketing and sales, but they do not specifically refer to after-sales service. The marketing mix refers to the various elements of a marketing plan, such as product, price, place, and promotion. Market segmentation refers to the process of dividing a market into smaller groups of consumers with similar needs or characteristics. Sales promotion refers to short-term incentives to encourage the purchase of a product or service.

The service of a retailer is part of production because it

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The service of a retailer is part of production because it "enables finished goods to reach consumers." Retailers are businesses that sell finished goods directly to consumers, usually in small quantities. They purchase goods from manufacturers or wholesalers and then sell them in their stores or online. The service of a retailer is important because it provides a way for finished goods to reach the end consumer, which is the ultimate goal of production. Without retailers, manufacturers would not be able to sell their finished goods directly to consumers, and consumers would have limited access to the goods they need and want. Retailers serve as a crucial link between producers and consumers, by making finished goods available to consumers in convenient locations. Therefore, the service of a retailer is an integral part of the production process because it enables manufacturers to sell their finished goods and allows consumers to access and purchase those goods. While retailers may not directly create the finished goods, they play a vital role in bringing them to market and making them available to consumers. In contrast, a commercial occupation refers to any occupation or business activity that is engaged in for the purpose of making a profit. While retailing is a commercial occupation, it is also an important part of the production process because it enables finished goods to reach consumers.

The marketing term which regards the consumer as king that must be satisfied is

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The marketing term which regards the consumer as king that must be satisfied is the "marketing concept." The marketing concept is a philosophy that emphasizes the importance of understanding and meeting the needs and wants of customers, with the goal of maximizing profits and achieving long-term success. It is based on the idea that by putting the customer first and providing them with products and services that meet their needs, a business will naturally attract and retain a large and loyal customer base. In essence, the marketing concept treats the consumer as king, recognizing that they are at the center of all marketing efforts and decisions.

One of the products of the construction industry is a

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One of the products of the construction industry is a bag of cement. The construction industry produces a wide range of products and materials that are used in building and construction projects. One of the key products of the construction industry is cement, which is used as a binding agent in concrete and mortar. Cement is an essential component of many construction projects, and is used in the construction of buildings, bridges, roads, and other structures. The production of cement and other construction materials is a major component of the construction industry and plays a critical role in the growth and development of the sector.

Goods bought into the country for sale are the country's

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Goods that are brought into a country for sale are the country's visible imports. This is because visible imports refer to physical goods that are brought into a country from another country for consumption or resale. Examples of visible imports include raw materials, finished goods, and capital goods. These imports are visible because they can be physically seen and are recorded in the country's balance of payments, which is a record of all the economic transactions between that country and the rest of the world. In contrast, invisible imports refer to non-physical services that are provided by foreign entities, such as tourism or foreign investment. Similarly, visible exports are physical goods that are produced domestically and sold to foreign countries, while invisible exports are non-physical services that are provided domestically to foreign entities. Therefore, the correct option is visible imports.

Which of the following is not a characteristic of a commercial bank?

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The characteristic of a commercial bank that is not correct is "Established to issue bank notes." A commercial bank is a financial institution that is established as a limited liability company, which means that the owners or shareholders are not personally responsible for the bank's debts or losses. It is usually established by individuals or organizations to provide a range of financial services such as accepting deposits, granting loans, and offering various investment products. One of the primary objectives of a commercial bank is to make a profit through the various services it provides. However, commercial banks do not have the authority to issue bank notes. The authority to issue bank notes is given to the central bank of a country, which is responsible for regulating the country's money supply and ensuring the stability of the financial system. Therefore, the correct option is "Established to issue bank notes."

The activity which improves the appearance of a product and also aimed at protecting it is

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The activity that improves the appearance of a product and aims to protect it is "packaging." Packaging refers to the process of enclosing a product in a container, wrapper, or other material for the purposes of protection, storage, distribution, and display. Packaging can take many forms, from simple plastic bags to elaborate boxes and displays. One of the primary functions of packaging is to protect the product from damage or contamination during storage and transportation. This can include protection from moisture, dust, and other environmental factors that could damage the product. Additionally, packaging can also protect the product from tampering or theft. Another important function of packaging is to improve the appearance of the product. Packaging can be designed to attract attention, communicate information about the product, and create a favorable impression on the customer. This can include the use of graphics, colors, and other design elements to create a distinctive and appealing visual identity for the product. The other options listed - advertising, grading, and labelling - are all important activities in the marketing and distribution of products, but they do not specifically relate to the physical protection and appearance of the product, which is the main focus of packaging.

A contract will not be discharge through

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A contract will not be discharged through performance if one or both parties do not fully fulfill their obligations as specified in the agreement. In this case, the contract may still be considered valid and enforceable, and the non-performing party may be held liable for damages or breach of contract. However, if both parties agree to modify the terms of the contract or to release each other from their obligations, the contract may be discharged through agreement. Additionally, a contract may be discharged through acceptance, which occurs when both parties agree to terminate the contract by mutual consent. Finally, a contract may be discharged through breach if one party fails to fulfill their obligations and the other party chooses to terminate the contract as a result.

A partner who contributes only his name to the formation of a partnership is

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A partner who only contributes their name to the formation of a partnership is known as a nominal partner or a sleeping partner. They don't actively participate in the management or operations of the partnership, but they are still considered a full partner and have equal ownership in the business. This means they share in the profits and losses of the partnership and are liable for its debts. However, because they don't have an active role, they also don't have much control over the day-to-day decision making of the business.

The marketing concept emphasizes

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The marketing concept emphasizes that a business should focus on meeting the needs and wants of its customers while also achieving its own business goals. This means that a business should strive to create products or services that are desired by its target customers and then promote and sell those products in a way that meets the customers' needs and also generates a profit for the business. In other words, the marketing concept is based on the idea that the customer is the most important part of the business, and that the business should be oriented around creating value for the customer in order to build long-term relationships and loyalty. This may involve researching customer needs and preferences, developing innovative products, creating effective marketing campaigns, and providing high-quality customer service and support. By focusing on customer satisfaction, a business can build a strong reputation, increase customer loyalty and repeat business, and ultimately achieve long-term success and profitability. This is in contrast to other approaches that may prioritize sales, production, or promotion, but may not necessarily lead to the same level of customer satisfaction and loyalty.

A specially-designed mode of transport for conveying liquid and gas is a

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A specially-designed mode of transport for conveying liquid and gas is a "tanker". A tanker is a type of ship or vehicle designed to carry large quantities of liquid or gas cargo, such as oil, natural gas, or chemicals. Tankers are designed to safely transport their cargo, which is often hazardous or flammable, over long distances across the sea or land. Tankers are designed with special features to prevent leakage or spillage of their cargo. For example, oil tankers have double hulls to prevent oil spills in the event of an accident or collision. Tankers also have special pumps and pipelines for loading and unloading their cargo. In summary, a "tanker" is a type of specialized transport designed to safely transport large quantities of liquid and gas cargo, such as oil and natural gas, over long distances.

An agreement that is enforceable in law is

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An agreement that is enforceable in law is called a "contract." A contract is a legally binding agreement between two or more parties. It is created when one party makes an offer, and the other party accepts that offer, which leads to an agreement. The parties to a contract are legally bound to fulfill the terms of the contract, and failure to do so may result in legal action. For a contract to be legally enforceable, it must meet certain requirements. First, there must be an offer made by one party to another. The offer must be clear and unambiguous, and it must be communicated to the other party. Second, there must be an acceptance of the offer by the other party. The acceptance must be clear and unambiguous, and it must be communicated to the party making the offer. Third, there must be consideration, which is something of value that is exchanged between the parties. Consideration can take the form of money, goods, services, or a promise to do something. Finally, the parties must have the legal capacity to enter into the contract. This means that they must be of legal age, sound mind, and not under duress or undue influence. In summary, a contract is an agreement that is enforceable in law. It is created when one party makes an offer, the other party accepts that offer, there is consideration, and the parties have the legal capacity to enter into the contract.

The commission on a postal order is

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The commission on a postal order is called "poundage." A postal order is a financial instrument that is issued by postal services in many countries. It is similar to a check or money order, but is generally considered to be a safer and more secure method of payment. When purchasing a postal order, the buyer typically pays an additional fee or commission to cover the cost of issuing and processing the order. This fee is known as "poundage." Poundage is generally a percentage of the total value of the order, and can vary depending on the country and the specific postal service. The other options listed - tariff, brokerage, and fee - all refer to different types of charges or fees that may be associated with financial transactions, but they are not specifically related to postal orders. For example, a tariff is a tax or duty that is imposed on imported or exported goods, while brokerage refers to the fee charged by a broker for arranging a financial transaction.

A discount deducted from the invoice price of goods to enable the retailer to make profit

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A discount deducted from the invoice price of goods to enable the retailer to make a profit is called a "trade discount." Trade discounts are given to retailers or wholesalers to encourage them to buy large quantities of goods at a lower price. The discount is usually a percentage of the list price, which is the price that the manufacturer sets for the goods. The retailer or wholesaler can then sell the goods at a higher price to their customers, and the difference between the list price and the discounted price is their profit margin. Trade discounts are different from cash discounts, which are offered to customers who pay for their purchases in cash or within a certain period of time. Trade discounts are also different from seasonal discounts, which are offered to customers during certain times of the year, and functional discounts, which are offered for various reasons such as early payment or volume purchases. In summary, a trade discount is a discount given to retailers or wholesalers to encourage them to buy large quantities of goods at a lower price, enabling them to sell the goods at a higher price and make a profit.

Payment made to a carrier for transportation of goods is

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The payment made to a carrier for the transportation of goods is called "freight." Freight is the amount of money that is paid by a shipper or consignee to a carrier, such as a trucking company or shipping line, for the transportation of goods from one place to another. Freight charges are typically based on the weight, volume, and distance of the shipment, as well as any additional services or requirements that may be necessary. Freight charges can be calculated in a variety of ways, depending on the mode of transportation and the specific terms of the contract between the shipper and the carrier. For example, freight charges for trucking companies may be based on the weight of the shipment, while freight charges for ocean shipping may be based on the volume of the shipment or the number of shipping containers. Freight charges can also include additional fees and charges for services such as packaging, loading and unloading, customs clearance, and insurance. These charges are typically negotiated and agreed upon between the shipper and the carrier before the shipment is made. In summary, the payment made to a carrier for the transportation of goods is called "freight." Freight charges are based on the weight, volume, and distance of the shipment, as well as any additional services or requirements that may be necessary. Freight charges can also include additional fees and charges for services such as packaging, loading and unloading, customs clearance, and insurance.

Use the information below to find the working capital of the business

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Working capital = Current assets - Current liabilities
= (debtors + cash in hand + closing stock ) - ( overdraft + creditors)
= (10,000 + 5,000 + 10,000 ) - (8,000 + 12,000)
= 25,000 - 20,000
= 5,000

An internal source of finance to an enterpreneur is

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An internal source of finance to an entrepreneur is retained earnings. This refers to the profit that a business keeps and re-invests into the business, rather than distributing it as dividends to shareholders. Retained earnings can be used to finance a variety of business expenses, such as expanding operations, acquiring new assets, or developing new products. This type of financing is considered internal because it comes from within the business, rather than from external sources like loans or investments. Retained earnings are a flexible source of financing that do not have to be repaid and do not come with any interest or repayment obligations.

The quality of money which makes it possible to buy goods in small quantities is

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The quality of money that makes it possible to buy goods in small quantities is divisibility. Divisibility means the ability of money to be divided into smaller units. This is important because it allows people to buy goods that cost less than one unit of money. For example, if a candy bar costs 50 cents and you only have a one dollar bill, you can divide that dollar into smaller units (quarters, in this case) to pay for the candy bar. If money was not divisible, you would have to pay for the candy bar with a one dollar bill, even if you only wanted to buy 50 cents worth of goods.

An insurance policy which is not a contract of indemnity is

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A type of insurance policy which is not a contract of indemnity is "life insurance." A contract of indemnity is an insurance policy that compensates the policyholder for a loss or damage that they have suffered. The insurance company agrees to indemnify the policyholder for the actual loss or damage suffered up to the limit of the policy. In contrast, a life insurance policy is not a contract of indemnity because it provides a benefit to the policyholder or their designated beneficiary upon the occurrence of a specific event, such as the death of the policyholder or the end of a specified term. Life insurance is designed to provide financial protection to the policyholder's family or dependents in the event of their death or a specified event, such as a terminal illness. The policyholder pays a premium to the insurance company, and in return, the insurance company pays a predetermined sum of money to the policyholder's beneficiaries upon the occurrence of the specified event. There are different types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. Each type of policy has its own unique features and benefits. In summary, life insurance is not a contract of indemnity because it provides a benefit to the policyholder or their beneficiaries upon the occurrence of a specific event, such as the death of the policyholder. It is designed to provide financial protection to the policyholder's family or dependents in the event of their death or a specified event.

A feature of supermarkets which distinguishes it from other large scale retail outlets is that items sold are

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A feature of supermarkets that distinguishes it from other large scale retail outlets is that items sold are mainly household goods. Supermarkets are large retail stores that specialize in selling a wide range of consumer goods, including food, beverages, household items, personal care products, and more. Unlike other retail outlets, such as industrial supply stores or specialty shops, the primary focus of a supermarket is on selling goods for everyday household use. Supermarkets are designed to offer consumers a convenient, one-stop shopping experience, where they can purchase a variety of items in a single location. This sets them apart from other retail outlets, which may specialize in selling a narrower range of products or focus on a specific market segment.

Commerce is defined as

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Commerce is defined as "all activities involved in the distribution and exchange of goods and services." Commerce encompasses a wide range of activities that relate to the buying and selling of goods and services. These activities include production, marketing, distribution, and exchange. Commerce can take place at both the local and international level, and it involves a variety of participants, such as businesses, governments, consumers, and intermediaries. Commerce includes all the activities involved in getting goods and services from the producers to the consumers. This includes activities such as sourcing, production, transportation, warehousing, marketing, sales, and customer service. Commerce is essential to the functioning of modern economies. It allows businesses to produce goods and services efficiently and to distribute them to a wide range of consumers. It also provides consumers with a range of options for goods and services, and it creates employment opportunities and generates income for businesses and individuals. In summary, commerce is defined as all the activities involved in the distribution and exchange of goods and services. It includes a wide range of activities related to sourcing, production, marketing, distribution, and sales, and it is essential to the functioning of modern economies.

The resources put together to create goods and services are

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The resources put together to create goods and services are called "factors of production." Factors of production refer to the various inputs that are used in the production process to create goods and services. The main factors of production are land, labor, capital, and entrepreneurship. Land refers to all the natural resources used in the production process, such as water, minerals, and land itself. Labor refers to the human effort and skills that are used in the production process. Capital refers to the physical assets, such as buildings, machinery, and equipment, that are used in the production process. Entrepreneurship refers to the management and organization of the other factors of production. Together, these factors of production are used to create goods and services. Without the factors of production, it would not be possible to create the products and services that we rely on in our daily lives.

Central banks sell treasury bills to the public to

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Central banks sell treasury bills to the public to reduce cash in circulation. Treasury bills are short-term government securities that are issued by the central bank and sold to the public in exchange for cash. When individuals or institutions buy these securities, they are essentially loaning money to the government for a fixed period of time, usually ranging from a few days to a few months. By selling treasury bills to the public, the central bank is able to withdraw money from circulation and reduce the amount of cash in the banking system. This helps to control inflation and maintain the stability of the currency. When the central bank sells treasury bills, it effectively takes money out of the economy, which can help to reduce the supply of money and prevent the value of the currency from decreasing. In addition, central banks may also use the revenue generated from the sale of treasury bills to fund government operations or to pay off existing debt. However, the primary purpose of selling treasury bills is to control the money supply and ensure that the economy remains stable and healthy.

One of the functions of commerical banks that cannot be performed by central banks is

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One of the functions of commercial banks that cannot be performed by central banks is the collection of deposits from the public. Commercial banks are financial institutions that accept deposits from individuals and businesses and use those funds to make loans to others. Central banks, on the other hand, are responsible for implementing monetary policy and maintaining financial stability. While central banks do play a role in regulating commercial banks, they do not accept deposits from the public like commercial banks do. Therefore, the collection of deposits from the public is a function that is unique to commercial banks and cannot be performed by central banks.

Which of the following organizations provide essential goods and services at low cost to citizens?

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Public enterprises are the organizations that provide essential goods and services at low cost to citizens. These are government-owned and operated entities that are established to serve the public interest and meet the needs of the community. Public enterprises are typically created to provide goods and services that are considered essential to the public, such as electricity, water, transportation, healthcare, and education. By providing these goods and services at a lower cost, public enterprises can help to ensure that all citizens have access to the resources they need to live and thrive. Thrift societies, cooperative societies, and private companies may also provide essential goods and services, but they are not typically required to do so at a low cost to citizens, as they are not necessarily established to serve the public interest.

A retail business that sells goods by post, using catalogue is a

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The type of retail business that sells goods by post using a catalogue is called a "mail order firm." A mail order firm is a company that allows customers to purchase goods from a catalogue without visiting a physical store. Customers can browse through a catalogue or an online store, select the items they want to buy, and place an order. The goods are then delivered to the customer's address by post or courier. The catalogue typically contains pictures and descriptions of the products that the company offers for sale. Customers can choose to pay for the goods using a variety of payment options, such as credit card, debit card, or bank transfer. Mail order firms are popular because they offer convenience to customers who may not have the time or ability to visit a physical store. They also offer a wider range of products than a physical store because they can source products from all over the world. In summary, a mail order firm is a retail business that sells goods by post using a catalogue or online store, allowing customers to purchase products without visiting a physical store.

A cheque is specially crossed if

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A cheque is specially crossed if the name of the bank is written between two parallel lines drawn across it. This type of crossing is called a "special crossing" and it indicates that the cheque can only be deposited into an account at the bank whose name is written on the cheque. In other words, the cheque cannot be cashed over the counter, and it must be deposited into a specific bank account. The purpose of a special crossing is to provide an extra layer of security to the payee, as it ensures that the cheque can only be deposited into a specific account and cannot be cashed by anyone who happens to be in possession of it.

One advantage of small scale retail outlets is

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One advantage of small scale retail outlets is personal attention to customers. Small scale retail outlets are businesses that are typically locally-owned and operated, and have a smaller physical footprint than larger retailers. Because small scale retail outlets are often run by the owner or a small staff, they are able to provide more personal attention to their customers. This can include offering customized recommendations, remembering customers' preferences and purchase history, and providing a more personalized shopping experience. Personal attention can also lead to stronger relationships between the retailer and the customer, which can result in increased loyalty and repeat business. This is an advantage that larger retailers, who may have more impersonal shopping experiences, may not be able to offer.

A retail store that sells a single product from a particular manufacturer is a

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A retail store that sells only one product from a particular manufacturer is called a tied shop. This means that the store has an exclusive agreement with the manufacturer to sell only that specific product. Tied shops are commonly found in industries such as electronics, where manufacturers may have flagship products that they want to showcase in dedicated stores. By having a tied shop, the manufacturer can have more control over the presentation of the product and ensure that customers have a consistent experience. Customers who are interested in purchasing that particular product can visit the tied shop with the assurance that they will find the product they are looking for. Therefore, the correct option is tied shop.

Which of the following is not a component of the marketing mix?

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"Production" is not a component of the marketing mix. The marketing mix is a set of controllable tools that a company uses to bring its product or service to market and to reach its target customers. The four components of the marketing mix are product, price, promotion, and place. "Product" refers to the goods or services that a company offers to its customers. "Price" refers to the amount that customers are charged for a product or service. "Promotion" refers to the various ways that a company communicates with its target customers and persuades them to buy its products or services. "Place" refers to the distribution channels and strategies that a company uses to get its products or services to its target customers. In contrast, "production" refers to the process of creating or manufacturing a product, and is not a part of the marketing mix. While production is certainly an important aspect of bringing a product to market, it is not one of the controllable tools that a company can use to influence the success of its marketing efforts.

A business unit in which savings of members are lent to others is a

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A business unit in which savings of members are lent to others is called a "credit and thrift society". A credit and thrift society is a type of financial institution where individuals pool their savings to provide loans to other members of the society. Members of the society may include individuals, small businesses, or even large corporations. The primary objective of a credit and thrift society is to provide its members with access to credit at a reasonable cost. Members can borrow funds from the society to finance their businesses or personal expenses, and the loans are typically repaid with interest over a predetermined period of time. Credit and thrift societies are often formed by individuals or small groups who are unable to obtain loans from traditional banks due to a lack of collateral or a poor credit history. By pooling their resources and lending to one another, members of a credit and thrift society can obtain the funds they need to start or expand their businesses, or to meet their personal financial needs. In summary, a "credit and thrift society" is a business unit where members pool their savings to provide loans to one another, with the primary objective of providing access to credit at a reasonable cost.

One of the objectives of the Niger Basin Commission is to

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The objective of the Niger Basin Commission is to regulate and promote the sustainable development of the Niger River and its basin. This includes managing and protecting the natural resources within the basin, such as water, soil, and biodiversity, and promoting economic and social development in the region through projects and initiatives that are environmentally friendly and socially equitable. The Commission also aims to facilitate cooperation and coordination among the countries that share the Niger River and its basin, with the goal of ensuring peaceful and sustainable use of the resources within the basin for the benefit of all. Therefore, the correct option is regulating the sustainable use of natural resources and promoting economic and social development in the Niger River Basin.

An article used as a means of exchange in the early days of trade in West Africa was

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An article used as a means of exchange in the early days of trade in West Africa was the cowrie. A cowrie is a small, shiny, freshwater snail shell that was widely used as a form of currency in many parts of Africa, Asia, and the Pacific. It was especially popular in West Africa, where it was used for trade and as a means of exchange for goods and services. The cowrie was valued for its rarity and beauty, as well as for its durability, making it an ideal form of currency for long-distance trade. The other options - cedis, dalasi, and naira - are all the names of modern-day currencies used in West Africa, but they were not used as a means of exchange in the early days of trade in the region.

Use the information below to find the company's gross profit

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Gross profit = Sales - Cost of goods sold

Note that cost of goods sold = Opening stock + purchase - closing stock
= 30,000 + 16,000 - 10,000
= 36,000

GP = 50,000 - 36,000
= 14,000

The share value stated on a share certificate is

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The share value stated on a share certificate is called the nominal value. Nominal value, also known as face value or par value, is the minimum amount at which a company's shares can be issued and is typically stated on the share certificate. The nominal value is a fixed value assigned to the shares when they are first issued and it serves as the legal capital of the company. It is used to calculate the company's share capital and to determine the amount of dividends to be paid to shareholders. The market value of a share, on the other hand, is the current value of the share in the stock market, which can be higher or lower than the nominal value. The market value is determined by the forces of supply and demand, and can change frequently based on a variety of factors such as the company's financial performance, economic conditions, and investor sentiment.

A cheque that could be cashed over the counter by the payee is

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An open cheque is a type of cheque that can be cashed over the counter by the payee. This means that the payee can take the cheque to the bank that it is drawn on and receive the funds in cash, without having to deposit the cheque into their own account. Open cheques are also sometimes referred to as bearer cheques because they can be transferred to someone else simply by endorsing the back of the cheque. However, this also means that if an open cheque is lost or stolen, anyone who has possession of it can cash it, which can be a security risk. In contrast, crossed cheques are marked with two parallel lines, which means that they can only be deposited into a bank account, not cashed over the counter. Certified cheques and bank drafts are also types of cheques, but they are issued by a bank and are generally considered to be more secure forms of payment.

The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is

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The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is called contribution. Contribution refers to the principle in insurance law that requires insurers to share the cost of a loss when multiple insurance policies cover the same property. The idea is that an insured should not be able to profit from insuring the same property with multiple companies. The principle of contribution ensures that the total amount received from multiple insurance policies does not exceed the value of the loss. The other options - indemnity, proximate cause, and uberrimae fidei - are also related to insurance law, but they do not specifically refer to the principle of contribution. Indemnity refers to the principle that an insurance policy should restore the insured to the same financial position they were in prior to the loss. Proximate cause refers to the cause of a loss that is considered the most significant or primary cause, and is therefore covered by insurance. Uberrimae fidei is the legal principle that requires an insurance policy to be based on utmost good faith, meaning that the insured must disclose all material facts to the insurer when applying for insurance.

A document that instructs an agent to buy goods from a named firm is

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