JAMB UTME - Commerce - 2018
Ibeere 1 Ìròyìn
The insurance principle that requires full disclosure of information on the insured is known as ?
Awọn alaye Idahun
The insurance principle that requires full disclosure of information on the insured is known as "uberrimae Fidel".
This Latin term can be translated to "utmost good faith", and it means that both the insurance company and the insured have a duty to be honest and transparent with each other. When applying for insurance, the insured must disclose all relevant information about their situation, such as any pre-existing medical conditions or risky activities they engage in. This helps the insurance company to accurately assess the risk of insuring that individual and set the appropriate premium.
In turn, the insurance company has a duty to be honest about the coverage they provide and any exclusions or limitations in the policy. This principle of utmost good faith ensures that the relationship between the insured and the insurer is based on trust and fairness.
Ibeere 2 Ìròyìn
A debenture holder is entitled to
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A debenture holder is entitled to receive interest on the amount of money they have lent to the company by purchasing a debenture. The interest rate and payment schedule will be set out in the debenture agreement. Unlike shareholders, debenture holders do not have an ownership stake in the company, so they are not entitled to receive dividends, commissions, or a share of the profits. Their return on investment is limited to the interest payments specified in the debenture agreement, and they have no say in the management of the company.
Ibeere 3 Ìròyìn
What is the difference between current assets and current liabilities?
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Ibeere 4 Ìròyìn
communication process involves the transmission of a message over a selected channel to the?
Awọn alaye Idahun
The communication process involves several steps, including the transmission of a message from the sender to the receiver. The sender is the person who originates the message, while the receiver is the person who receives the message.
The message is transmitted over a selected channel, which can be a face-to-face conversation, a phone call, an email, a letter, or any other medium used to convey information. The sender encodes the message using language, symbols, or other forms of communication that can be understood by the receiver. The encoded message is then transmitted through the chosen channel to the receiver.
Once the message is received, the receiver decodes it, which means interpreting the message in a way that makes sense to them. The receiver may also provide feedback to the sender, which allows the sender to evaluate whether the message was understood as intended. The audience, on the other hand, is the group of people who receive the message, which may include the intended recipient as well as any others who may hear or see the message.
Overall, the communication process involves the sender encoding a message and transmitting it over a selected channel to the receiver, who decodes it and provides feedback to the sender. The audience may also receive the message, which can have an impact on how the message is perceived and understood.
Ibeere 5 Ìròyìn
In the law of contact, a counter offer operates as
Awọn alaye Idahun
A counter offer operates as a rejection.
In the law of contract, a counter offer is a response to an original offer that changes the terms of the agreement. It acts as a rejection of the original offer and a new offer from the person making the counter offer. Until the new offer is accepted, there is no contract. So, if you receive a counter offer, it means that the person you made the original offer to is not accepting it as it is, but instead, they are proposing new terms for the agreement.
Ibeere 6 Ìròyìn
Which is the fastest means of transportation?
Awọn alaye Idahun
In general, air transportation is the fastest means of transportation. This is because airplanes can travel at extremely high speeds, reaching hundreds of miles per hour. In comparison, water transportation such as boats and ships typically move at much slower speeds due to resistance from the water. Similarly, rail and road transportation are also limited by factors such as traffic, terrain, and speed limits.
Of course, there are exceptions to this rule. For example, in certain situations such as traveling short distances or in congested urban areas, road transportation may actually be the fastest option. And while air transportation may be the fastest in terms of raw speed, it can be limited by factors such as security checks, boarding procedures, and delays due to weather conditions.
Overall, while there are many factors to consider, in terms of pure speed, air transportation is typically the fastest means of getting from one place to another.
Ibeere 7 Ìròyìn
Which of the following functions is not performed by warehousing?
Awọn alaye Idahun
The function that is not performed by warehousing is "creating scarcity of goods."
Warehousing primarily serves the purpose of storing goods in a safe and organized manner until they are needed for further use or transportation. This ensures that the goods are protected from damage, theft, or any other kind of loss.
Stabilization of price is a significant function of warehousing. By storing goods when their supply is high and releasing them when the demand exceeds the supply, warehousing helps regulate the price of goods in the market. This helps prevent price fluctuations, which can be harmful to both producers and consumers.
Production ahead of demand is another function of warehousing. Warehouses allow producers to manufacture goods in advance of demand and store them until they are required. This enables them to meet the demand of the market promptly and maintain a consistent supply of goods.
Creating scarcity of goods is not a function of warehousing. In fact, warehousing aims to reduce scarcity by ensuring that goods are available when needed. If goods are kept in warehouses, they are readily available to meet the demand, which can help prevent scarcity.
In summary, the primary function of warehousing is the storage of goods. Warehousing also helps stabilize prices, enables production ahead of demand, and prevents scarcity of goods.
Ibeere 10 Ìròyìn
The temporary working area of the control processing unit is called the?
Awọn alaye Idahun
The temporary working area of the control processing unit is called RAM, which stands for Random Access Memory. RAM is a type of memory that the computer uses to store data and programs that are currently in use. When the computer is turned off, the data stored in RAM is lost. This is why it is called "temporary" memory. In contrast, ROM, which stands for Read-Only Memory, is a type of memory that permanently stores data and programs even when the computer is turned off.
Ibeere 11 Ìròyìn
Which of the following has power to order withdrawal of a particular food item from circulation?
Awọn alaye Idahun
The Food and Drug Department of the Federal Ministry of Health has the power to order the withdrawal of a particular food item from circulation in Nigeria.
This is because the Food and Drug Department is responsible for ensuring the safety, efficacy, and quality of food and drug products in Nigeria. They have the authority to regulate and enforce standards for food items in order to protect public health.
If the Food and Drug Department identifies a particular food item that poses a threat to public health, they can order its withdrawal from circulation until the issue is resolved. This is done to prevent the food item from causing harm to consumers.
It is important to note that other agencies such as the Standard Organization of Nigeria and Local Government Health Inspectors also have a role to play in regulating and enforcing food safety standards, but they do not have the same level of authority as the Food and Drug Department of the Federal Ministry of Health.
Ibeere 12 Ìròyìn
One of these is a current asset
Awọn alaye Idahun
The current asset in this list is "stock".
Current assets are assets that are expected to be converted into cash within one year or one operating cycle, whichever is longer. Stock, also known as inventory, is a current asset because it represents goods that a company has on hand and expects to sell within one year.
Fittings, machineries, and motor vehicles are not current assets because they are long-term assets that a company expects to use for more than one year in its operations. Fittings refer to equipment used in a business, such as furniture and fixtures, that are not expected to be sold as part of the company's regular operations. Machineries and motor vehicles are fixed assets used in production or for transportation, respectively.
Ibeere 14 Ìròyìn
A pro forma invoice is sent to inform a buyer about the?
Awọn alaye Idahun
A pro forma invoice is sent to inform a buyer about the price of goods.
A pro forma invoice is a document that is used in international trade to provide a buyer with an estimated cost of goods and services before the actual transaction takes place. It is not a legally binding document and does not require payment. Instead, it is used as a tool to help the buyer plan and prepare for the final purchase.
The pro forma invoice typically includes information about the price of the goods, such as the unit price and the total cost. It may also include information about any taxes, duties, or other charges that may be associated with the purchase. In addition, it may include information about the payment terms, such as the due date and the method of payment.
While a pro forma invoice may include some information about the quantity, designation, and quality of the goods, its primary purpose is to provide the buyer with an estimate of the price. This information can be helpful in determining whether the buyer is interested in making the purchase, and can also be used to plan for any necessary financing or budgeting.
Ibeere 15 Ìròyìn
In a public limited liability company, planning is carried out by
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In a public limited liability company, planning is carried out by the board of directors.
A public limited liability company is a type of business structure that is owned by shareholders and managed by a board of directors. The board of directors is responsible for overseeing the company's operations and making important decisions, including planning for the future. This planning process involves setting goals, developing strategies, and making decisions about how the company will allocate its resources to achieve its goals. The board of directors is accountable to the shareholders, who elect the board members and have the power to approve or reject major decisions.
Ibeere 17 Ìròyìn
The sale of second hand securities is done in which market
Awọn alaye Idahun
The sale of second-hand securities is typically done in the stock exchange. The stock exchange is a marketplace where buyers and sellers come together to trade securities such as stocks, bonds, and other financial instruments.
When someone wants to sell a second-hand security, they can list it for sale on the stock exchange, where potential buyers can see it and make offers to purchase it. If a buyer is found and the sale is completed, the seller receives the proceeds of the sale and the buyer takes ownership of the security.
The stock exchange provides a convenient and efficient way for buyers and sellers to trade securities, as it allows for a large number of transactions to take place quickly and easily. Additionally, the stock exchange provides transparency and fairness in pricing, as all buyers and sellers have access to the same information about the securities being traded.
Ibeere 18 Ìròyìn
Warehousing is a productive function because it increases the?
Awọn alaye Idahun
Warehousing is a productive function because it increases the utility of goods.
Utility refers to the satisfaction or usefulness that consumers derive from using a product. Warehousing increases utility in several ways. First, it allows for better timing of product delivery, ensuring that goods are available when they are needed. This improves customer satisfaction and reduces the risk of lost sales.
Second, warehousing can help to improve product quality. Goods can be stored in a controlled environment that is protected from damage, theft, and other hazards. This helps to maintain the quality of the products and ensures that they remain in good condition until they are ready for sale.
Third, warehousing enables businesses to take advantage of economies of scale. By purchasing and storing goods in bulk, they can often obtain better prices from suppliers. This can help to reduce costs and increase profitability.
Overall, warehousing is an essential part of the supply chain and plays a crucial role in improving the utility of goods, which ultimately benefits both businesses and consumers.
Ibeere 19 Ìròyìn
One of the factors which critically determines the choice of occupation is?
Awọn alaye Idahun
Ibeere 20 Ìròyìn
When it becomes necessary to liquidate a company, the first step to be taken is the appointment of a?
Awọn alaye Idahun
When a company needs to be liquidated, the first step is to appoint a liquidator. A liquidator is a professional who is responsible for managing the process of closing down the company, selling its assets, and distributing the proceeds to the creditors and shareholders. The liquidator's primary goal is to ensure that the assets of the company are sold for the best possible price, and that the proceeds are distributed fairly among the company's creditors and shareholders.
The liquidator is typically appointed by the court, although in some cases, the company's directors or shareholders may appoint a liquidator voluntarily. Once appointed, the liquidator takes over the management of the company and has the power to sell its assets, settle its debts, and distribute any remaining funds to the shareholders.
In summary, when a company needs to be liquidated, the first step is to appoint a liquidator who will manage the process of selling its assets and distributing the proceeds to its creditors and shareholders.
Ibeere 21 Ìròyìn
A form of money that has gone out of use is ?
Awọn alaye Idahun
The form of money that has gone out of use is commodity money. Commodity money is a type of currency that is made of a physical commodity with intrinsic value, such as gold, silver, or salt. In the past, people would use these commodities as a medium of exchange because they were valuable in and of themselves. However, as economies grew and became more complex, commodity money became impractical and inconvenient for day-to-day transactions. In its place, bank money and paper money emerged as more convenient forms of currency that are easier to handle and transact with. Today, most countries use fiat money, which is not backed by a physical commodity but by the government's guarantee of its value.
Ibeere 22 Ìròyìn
The three components of staffing are?
Awọn alaye Idahun
The three components of staffing are recruitment, selection, and placement.
Recruitment involves the process of identifying and attracting qualified individuals to apply for a job vacancy. This can be done through advertising, job fairs, and networking. The goal is to create a pool of potential candidates.
Selection involves the process of evaluating the pool of candidates and determining which ones have the necessary qualifications, skills, and experience to perform the job. This can involve various methods such as interviews, tests, and reference checks.
Placement involves the process of assigning the selected candidate to the job for which they were hired. This can involve orientation and training to ensure that the candidate is equipped to perform the job successfully. The goal is to ensure that the candidate is a good fit for the organization and can contribute to its success.
Overall, these three components are critical for ensuring that an organization has the right people in the right positions to achieve its goals.
Ibeere 23 Ìròyìn
A company which issues a promissory note in lieu of payment for goods purchased
Awọn alaye Idahun
Ibeere 24 Ìròyìn
__________ is a source of short term capital?
Awọn alaye Idahun
An overdraft is a source of short term capital. An overdraft allows you to withdraw more money from your bank account than you have available in your account balance. The bank essentially lends you the difference, and you can use the extra funds for a short period of time, usually until your next deposit. This is a convenient way to get access to quick cash when you need it, but it typically comes with high interest rates and fees, so it's important to use it wisely and pay it back as soon as possible.
Ibeere 25 Ìròyìn
A title, symbol, or design that distinguishes a company is called
Awọn alaye Idahun
The title, symbol, or design that distinguishes a company and its products or services from others is called a "trademark." It is a recognizable symbol or sign that represents a company's identity and helps consumers identify and differentiate the company's offerings from its competitors.
A trademark can be a word, phrase, symbol, design, or a combination of these elements. It can be registered with the government to provide legal protection against unauthorized use by others. This means that other companies cannot use the same or similar mark to sell their products or services, which could cause confusion among consumers.
In summary, a trademark is a valuable asset that companies use to protect their brand identity and to ensure that their customers can easily recognize and trust their products or services.
Ibeere 26 Ìròyìn
When a vendor supplies news papers from house to house and across the streets, the element of marketing mix involved is?
Awọn alaye Idahun
The element of marketing mix involved in the scenario you described is "place." This is because the vendor is focused on the distribution and delivery of the newspapers to the intended audience, which involves choosing the right locations and routes to reach the maximum number of customers.
In marketing, "place" refers to the distribution channels and methods used to get a product or service to the customers who need it. In this case, the vendor is delivering newspapers directly to people's homes and across the streets, which is a specific distribution strategy designed to make the product easily accessible to potential buyers. The vendor may choose certain locations based on factors such as population density, customer demand, and accessibility.
While other elements of the marketing mix, such as the product (newspapers), price, and promotion, may also play a role in this scenario, the primary focus is on getting the product to the customer's doorstep, which falls under the "place" element of the marketing mix.
Ibeere 27 Ìròyìn
The direct authority of a superior over his subordinate is known as?
Awọn alaye Idahun
The direct authority of a superior over his subordinate is known as "line authority". In an organizational hierarchy, line authority refers to the chain of command that flows downward from the top level of management to the lowest levels of the organization. This means that every employee in the organization reports to a superior who is responsible for directing their work and ensuring that it is aligned with the organization's goals.
Line authority is important because it helps to establish a clear structure of responsibility and accountability within the organization. It ensures that everyone understands their role and the roles of those above and below them in the organizational hierarchy. This, in turn, helps to improve communication, decision-making, and overall organizational efficiency.
By contrast, staff authority refers to a type of authority that supports and advises those with line authority but does not have direct control over subordinates. Lateral authority refers to authority that is held by individuals who are at the same level in the organizational hierarchy and is used to coordinate efforts and resolve conflicts between different departments or teams. Finally, line and staff authority is a combination of both line and staff authority, where staff members advise line managers on important decisions.
Ibeere 28 Ìròyìn
One of the major problems of a sole proprietor is sourcing for
Awọn alaye Idahun
As a sole proprietor, one of the major problems you may face is sourcing for funds. This is because you are the sole owner of your business and responsible for all its financial obligations. You have to provide the initial capital to start the business and also fund all its operations and expenses. This can be a challenge if you don't have enough personal savings or can't access external sources of funding like loans, grants or investors.
Sourcing for labour, raw materials, and machineries can also be challenging, but these problems can be managed through effective planning and organization. For example, you can hire employees on a contract basis or outsource some tasks to freelancers or specialized service providers to reduce labour costs. You can also negotiate with suppliers for better prices, establish good relationships with them, and explore alternative sources of raw materials and machineries to ensure a steady supply at a reasonable cost.
However, sourcing for funds can be a more difficult challenge as it determines the viability and growth of your business. Without enough funds, you may not be able to cover your expenses, pay your bills, or invest in new opportunities that can help your business expand. Therefore, it's important to have a solid financial plan and explore all available funding options to ensure the sustainability and success of your business as a sole proprietor.
Ibeere 29 Ìròyìn
The progragramme that makes up the operating system in a computer system is called?
Awọn alaye Idahun
The programme that makes up the operating system in a computer system is called system software.
The operating system is a critical part of a computer system, as it manages the computer's hardware and software resources, and provides a user interface for interacting with the computer. The system software is a collection of programmes that make up the operating system, including the kernel, device drivers, system utilities, and other components.
The kernel is the core of the operating system, responsible for managing memory, processing tasks, and handling input/output operations. Device drivers are programmes that allow the operating system to communicate with hardware devices such as printers, scanners, and network adapters. System utilities are programmes that help users manage and configure the computer system, such as file managers, system settings, and security tools.
Micro programs and syntax are not typically used to refer to the programmes that make up the operating system. Micro programs are low-level instructions that are stored in the computer's firmware and used to control the processor's operation, while syntax refers to the rules and structure of a programming language. Similarly, a system flow-chart is a visual representation of the flow of operations in a computer system, but it is not a programme that makes up the operating system.
Ibeere 30 Ìròyìn
One of the disadvantages of rail transport is
Awọn alaye Idahun
One of the disadvantages of rail transport is that it is not as flexible as other modes of transportation, such as road and air transport. This means that rail transport is limited in terms of the routes it can take and the places it can go to. It is also difficult to make changes to the rail network or to adjust rail schedules, which can make it less convenient for some types of shipments. Additionally, because rail transport is limited to a specific set of tracks, it is not as easy to reach remote or less accessible areas as it is with other modes of transportation.
Ibeere 31 Ìròyìn
Services which are of absolute monopoly can best be provided by?
Awọn alaye Idahun
Services which are of absolute monopoly can best be provided by public enterprises.
When a service is an absolute monopoly, it means that only one entity can provide that service due to various factors such as high barriers to entry, legal regulations, or exclusive ownership of resources. In such cases, private companies may not be able to enter the market and compete effectively, as they may lack the necessary resources or expertise to provide the service.
On the other hand, public enterprises are owned and operated by the government, which can help ensure that the service is provided fairly and efficiently. Public enterprises can also prioritize the needs of the public over profit maximization, which can be especially important for services that are essential to the well-being of citizens.
However, it's important to note that the effectiveness of public enterprises can vary depending on the specific context and the quality of governance. In some cases, private companies or other forms of ownership may be better suited to provide certain services, especially if there is competition and proper regulation in place to prevent abuses of power.
Ibeere 32 Ìròyìn
One of the criteria for differenciating consumer markets from industrial ones is the?
Awọn alaye Idahun
Ibeere 33 Ìròyìn
From which of the following sources can partnership increase their capital?
Awọn alaye Idahun
Partnership can increase their capital through the admission of new partners and the sales of shares.
When a new partner joins the partnership, they bring in additional capital, which increases the overall capital of the partnership.
Similarly, when shares in the partnership are sold, it generates additional capital which also increases the total capital of the partnership.
Discharging a mortgage or receiving grants from relatives may not directly increase the capital of the partnership, but they can improve the financial position of the partnership and make it easier for the partnership to raise capital in other ways.
Ibeere 34 Ìròyìn
Transportation, retailing and wholesaling industries rely heavily on?
Ibeere 35 Ìròyìn
Taking a new product to a particular part of the country to test the reaction of consumers to the product is referred to as?
Awọn alaye Idahun
The term used to describe taking a new product to a particular part of the country to test the reaction of consumers to the product is Sampling.
Sampling involves offering a limited number of products to potential customers for free or at a reduced price, in order to gauge their interest and get feedback on the product. This allows companies to test their products in a particular market before committing to a full-scale launch.
Sales promotion refers to short-term incentives that encourage customers to make a purchase, such as discounts or special offers.
Merchandising refers to the process of displaying and promoting products in a retail store or other sales environment.
Advertising refers to the use of various media, such as television, radio, print, and online, to promote a product or service to a large audience.
Ibeere 36 Ìròyìn
i. personal savings. ii. retained earnings iii. accrued taxes.
Which of the items constitute internal sources of financing for companies?
Awọn alaye Idahun
Ibeere 40 Ìròyìn
Erroneous real arrangement of financial figure such as writing N624 as N264 is called?
Awọn alaye Idahun
The erroneous real arrangement of financial figures, where the digits are mistakenly swapped or reversed, is called transposition.
For example, if the correct figure is N624 but it is mistakenly written as N264, this is a transposition error because the digits '2' and '6' have been switched or transposed. Transposition errors are a common type of mistake in financial calculations and accounting, and they can lead to significant errors in financial reports and transactions.
To avoid transposition errors, it is important to double-check all financial figures and calculations, and to use tools such as calculators and spreadsheets to help minimize the risk of errors. Additionally, it can be helpful to have a second person review financial reports and transactions to catch any mistakes that may have been missed.
