JAMB UTME - Commerce - 2019

Awọn alaye Idahun

A spot price is the price that is the current price and at which the instant delivery takes place. Spot payment or price is the same as the market price.

Awọn alaye Idahun

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.

Awọn alaye Idahun

The financial statements of a company are not a factor that directly affects the prices of securities. Financial statements provide information about a company's financial performance, which can influence investors' perceptions of the company and its prospects. However, it is ultimately the forces of demand and supply in the market, along with the activities of speculators and the political situation of a country, that determine the price of securities. The forces of demand and supply are the most fundamental factors affecting securities prices. If there is a high demand for a security and a limited supply, the price of the security will increase. Conversely, if there is low demand and a surplus supply, the price of the security will decrease. Activities of speculators can also affect securities prices. Speculators buy and sell securities with the intention of making a profit from short-term price fluctuations. Their actions can amplify or dampen the effects of supply and demand, leading to increased volatility in securities prices. The political situation of a country can also have an impact on securities prices. Political events such as elections, wars, and changes in government policy can affect the economy and investor sentiment, leading to fluctuations in securities prices. Overall, the prices of securities are influenced by a combination of factors, with the forces of demand and supply being the most important.

Awọn alaye Idahun

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

Awọn alaye Idahun

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.

Awọn alaye Idahun

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.

Awọn alaye Idahun

The booklets containing a range of products, their uses, and prices are called catalogues. Catalogues are comprehensive printed or digital documents that contain a list of products or services, their descriptions, features, and prices. They are usually organized in a clear and easy-to-understand format, making it easy for potential customers to compare different products and make informed buying decisions. Catalogues can be used by various businesses, including retail stores, online shops, and manufacturers, to showcase their products to potential customers. Unlike posters, which typically only feature a single product or service, catalogues provide a broader overview of the range of products or services available from a particular business.

Awọn alaye Idahun

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

Awọn alaye Idahun

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.

Awọn alaye Idahun

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.

Awọn alaye Idahun

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.

Awọn alaye Idahun

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.

Awọn alaye Idahun

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

Awọn alaye Idahun

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

Awọn alaye Idahun

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.

Awọn alaye Idahun

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

Awọn alaye Idahun

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.

Awọn alaye Idahun

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.

Awọn alaye Idahun

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.

Awọn alaye Idahun

Awọn alaye Idahun

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.

Awọn alaye Idahun

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.

Awọn alaye Idahun

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.

Awọn alaye Idahun

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

Awọn alaye Idahun

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.

Awọn alaye Idahun

Commerce scop embraces trade and aids to trade.

Awọn alaye Idahun

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.

Awọn alaye Idahun

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

Awọn alaye Idahun

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

Awọn alaye Idahun

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.

Awọn alaye Idahun

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

Awọn alaye Idahun

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

Awọn alaye Idahun

Gross profit = Sales - Cost of goods sold
Cost of goods sold = Opening + Purchases - Closing stock = 1000 + 7000 - 3000
⇒ 6000
Therefore, Gp = 8000 - 6000 = 3000

Awọn alaye Idahun

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.

Awọn alaye Idahun

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

Awọn alaye Idahun

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.

Awọn alaye Idahun

The option that is not a merit of division of labour is "Creates monotony in the workforce." Division of labour is a process where a complex task is broken down into smaller tasks and each task is assigned to different individuals who specialize in that task. This process has several benefits, such as specialization, increased efficiency, and the facilitation of training in new jobs. However, one downside of division of labour is that it can create monotony in the workforce. When workers are assigned to perform the same task repeatedly, it can lead to boredom and a lack of engagement, which can ultimately lead to decreased productivity. Overall, division of labour has its benefits, but it's important to recognize that it also has its limitations, such as the potential for creating monotony in the workforce.

Awọn alaye Idahun

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

Awọn alaye Idahun

The option that is not a merit of division of labour is "creates monotony in the work task." Division of labor is a process whereby tasks are broken down into smaller and more specialized tasks, with each worker performing one or a few of these tasks. This process has several benefits, including increased efficiency, higher productivity, and improved quality of output. However, one potential downside of division of labor is that it can create monotony in the work task. When workers are assigned to perform the same task repeatedly, they may become bored or disengaged from their work, which can reduce their motivation and productivity. In conclusion, while division of labor has many benefits, it is important to consider the potential negative effects, such as monotony in the work task, and take steps to mitigate these effects.

Awọn alaye Idahun

Since money can be stored, it can accumulated to pay debts and can serve as a medium by which business transactions on credit can be settled.