JAMB UTME - Commerce - 2019

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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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Devaluation is the lowering of the exchange value of a country's currency against other currencies. This makes import to be expensive and import to be more attractive.

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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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Commerce brings about international cooperation, improvement in the standard of living, and infrastructural development, but it does not bring about monotony of work. Commerce involves buying and selling goods and services between countries and between individuals, and this can lead to international cooperation as countries work together to exchange goods and services and build relationships. This can also lead to an improvement in the standard of living, as people have access to a wider range of goods and services and can trade with others to get what they need. Infrastructural development, such as the construction of ports, airports, and roads, can also be a result of commerce, as these facilities are needed to support the transportation of goods and services. However, commerce does not bring about monotony of work, as work in commerce can be diverse and dynamic, involving a range of activities such as marketing, sales, and logistics. While some tasks within commerce may become repetitive, the nature of commerce itself is not monotonous.

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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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A chamber of commerce and a trade association are both types of business organizations, but they differ in their focus and membership. A chamber of commerce is a business organization that represents a specific geographical region and is open to businesses from all industries. Its primary purpose is to promote economic development and provide resources to its members, such as networking events, business education, and advocacy on behalf of the business community. On the other hand, a trade association is an organization that represents businesses in a particular industry or sector. Its members are typically companies or individuals who are engaged in the same trade, such as the National Restaurant Association, which represents the restaurant industry, or the National Association of Realtors, which represents real estate professionals. In summary, the key difference between a chamber of commerce and a trade association is that the former is not restricted to a particular industry and represents a geographic region, while the latter represents businesses within a specific industry or trade.

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

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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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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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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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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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All the options listed are output devices, except for the "Joystick." An output device is a piece of computer hardware that is used to produce information in a form that can be seen or heard by the user. A monitor, plotter, and printer are all examples of output devices. A monitor displays images and text on a screen. A plotter is a type of printer that is used to produce high-quality graphics, such as technical drawings and architectural plans. A printer is used to produce a hard copy of a document, such as a printed page. A joystick, on the other hand, is an input device. An input device is a piece of computer hardware that is used to enter data into a computer. A joystick is used to control the movement of objects in computer games and other applications. So, of the options listed, the "Joystick" is not an output device.

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Commerce scop embraces trade and aids to trade.

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Services are made up of direct services and indirect services.

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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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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.

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The headquarters of the Niger Basin Commission is located in Niamey, which is the capital city of Niger. The Niger Basin Commission is an intergovernmental organization that was established in 1964 to promote cooperation and sustainable development in the Niger Basin region, which encompasses nine West African countries, including Benin, Burkina Faso, Cameroon, Chad, Côte d'Ivoire, Guinea, Mali, Niger, and Nigeria. The Niger Basin Commission's mission is to ensure the integrated development of the Niger Basin in a sustainable and equitable manner, while promoting regional cooperation and reducing poverty. The organization focuses on a variety of activities, including water resource management, environmental protection, and sustainable agriculture and rural development. The headquarters of the Niger Basin Commission in Niamey serves as a central hub for the organization's operations, including policy development, planning, and coordination of regional programs and projects.

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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 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.

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An invitation to treat is extended to several people at once. It is different from an offer e.g Goods displayed in a shelve.

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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 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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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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Construction occupation is the assembling of manufactured products into forms e.g The building of houses is done by assembling bricks, tiles, door frames, window, frames, ceiling boards e.t.c

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The international organization that influences and sets the price of oil in the international markets is the Organization of the Petroleum Exporting Countries (OPEC). OPEC is an intergovernmental organization made up of 14 oil-producing countries. These countries work together to control the supply of oil in the international markets, with the aim of stabilizing prices and generating income for their member countries. By controlling the supply of oil, OPEC can influence the price of oil in the international markets, making it a powerful player in the global energy market. IMF, ECOWAS, and OAU are not organizations that are involved in setting the price of oil. IMF (International Monetary Fund) is a global organization that provides financial assistance and support to countries with economic difficulties. ECOWAS (Economic Community of West African States) is a regional organization made up of 15 West African countries, aimed at promoting economic integration and development in the region. OAU (Organization of African Unity) is a defunct organization that was formed to promote unity and cooperation among African countries.

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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.

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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.

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Slump is associated with the bears. A bear market is said to be in the period of stump with an uncertain economic trend.

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A prospectus is an invitation to the public to purchase shares or debentures. It is most often issued by public limited companies.

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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 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.

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

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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.

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In a law of contract, what is given in exchange for a promise to perform is consideration. Consideration is the benefit or value that is exchanged between parties in a contract. It is what each party gives or promises to give in exchange for the other party's promise to perform. Consideration can take various forms, such as money, goods, services, or even a promise to do something in the future. For example, when you buy a product from a store, the money you pay for the product is your consideration, while the product itself is the consideration provided by the store. Both the buyer and the seller have given or promised something of value to each other, making the transaction a legally binding contract. Consideration is an essential element of a contract, and without it, a contract is not considered legally enforceable. This is because consideration shows that both parties have made a bargained-for exchange, and it helps to prevent situations where one party may promise something without intending to follow through with it.

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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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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 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.

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The process of winding up or bringing a company to an end is Liquidation. Liquidation refers to the process of selling off a company's assets, paying off its debts and distributing any remaining funds to shareholders. This is typically done when a company is no longer able to continue its operations, or when the owners or shareholders have decided to close the business. During liquidation, the company's assets are sold, and the proceeds are used to pay off creditors, including suppliers, lenders, and employees. Any remaining funds are then distributed to the shareholders, if there are any.

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Net profit = Gross profit - Expenses
3000 - 1400 = 1600

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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.