JAMB UTME - Commerce - 1999 | Green Bridge CBT

Question 1 Report

Staff position in an organization borders on

authority

advice

responsibility Correct answer

control

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Occupation (JAMB)

Purchase And Sale Of Goods

Occupation

View Answer

Question 2 Report

The three major function unit which the modern computer has are

the input the processor and the output units Correct answer

the black box, output and input units

BASIC, COBOL and output uits

BASIC, the processor and PASCAL

Answer Details

The three major functional units of a modern computer are the input unit, the processor unit, and the output unit. - Input Unit: The input unit is responsible for receiving data and instructions from external sources such as the keyboard, mouse, scanner, and microphone. - Processor Unit: The processor unit (also called the central processing unit or CPU) is the brain of the computer. It is responsible for processing data and instructions, performing arithmetic and logical operations, and making decisions. - Output Unit: The output unit is responsible for presenting information to the user or sending it to external devices such as the monitor, printer, or speakers.

Read lesson note on Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

View Answer

Question 3 Report

The main role of advertising is to

convince prospective buyers to buy Correct answer

show the actual shape, form and colour of the products

inform people where to obtain goods and services

captured the attention of people

Answer Details

The main role of advertising is to convince prospective buyers to buy a product or service. Advertising aims to persuade potential customers to choose a particular product over others by highlighting its benefits and unique features. It is intended to create awareness, generate interest, and ultimately drive sales. Advertising may also inform people about where to obtain goods and services, but its primary objective is to persuade people to make a purchase. Additionally, advertising may capture the attention of people through creative and engaging advertisements, but this is usually done in service of convincing them to buy the product being advertised.

Read lesson note on Advertising (WAEC)

Read lesson note on Purchase And Sale Of Goods (JAMB)

Advertising

Purchase And Sale Of Goods

View Answer

Question 4 Report

Musa obtains wool from his sheep, spins and transforms it into cloth which he sells to consumers. This is a form of

vertical integration Correct answer

horizontal integration

forward intergration

backward integration

Answer Details

Musa's business model involves taking raw materials, such as wool from his sheep, and processing them into a finished product, such as cloth, which he then sells to consumers. This type of business model is known as vertical integration, which involves controlling different stages of the supply chain, from raw materials to finished goods. In this case, Musa is integrating backward, as he is bringing production of raw materials in-house by raising his own sheep and obtaining wool from them.

View Answer

Question 5 Report

An abridged version of a company's income statement for 11993 contains the following information:

Turnover N286.5

Cost of goods sold N147.5

Overhead and other expenses N85.5

Taxes due for the year N26.9

What was the company's profit before tax for 1993?

26.9 million

53.5 million Correct answer

139.2 million

286.5 million

Answer Details

To calculate the company's profit before tax for 1993, we need to subtract the cost of goods sold and overhead and other expenses from the turnover. Turnover - (Cost of goods sold + Overhead and other expenses) = Profit before tax Substituting the values from the question: N286.5 - (N147.5 + N85.5) = N53.5 million Therefore, the company's profit before tax for 1993 was N53.5 million.

Read lesson note on Commerce (JAMB)

Commerce

View Answer

Question 6 Report

The forum for the selling and of buying of securities of small and medium companies is called

Second Tier Foreign Exchange Market Correct answer

Foreign Exchange Market

Securities and Exchange Commission

Second Tier Securities

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Occupation (JAMB)

Read lesson note on Stock Exchange (JAMB)

Purchase And Sale Of Goods

Occupation

Stock Exchange

View Answer

Question 7 Report

The focal point of the marketing efforts is the`

seller

profit

product

buyer Correct answer

Answer Details

The focal point of the marketing efforts is the buyer. This means that the marketing efforts are centered around understanding the needs and wants of the buyer, creating products or services that meet those needs, and promoting them effectively to the target market. The goal is to build a strong relationship with the buyer, which will lead to increased sales, brand loyalty, and ultimately, greater profits for the seller.

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

View Answer

Question 8 Report

Tolu purchase goods from Yemisi and is to pay custom duties before collection. The goods are likely to be collected from.

a manufacturer's warehouse

a bonded warehouse Correct answer

an importer's warehouse

a wholesaler's warehouse

Answer Details

If Tolu has to pay customs duties before collecting the goods, it means that the goods have been imported into the country and have not yet been cleared by the customs authorities. Therefore, the goods are likely to be stored in a bonded warehouse. A bonded warehouse is a secure warehouse approved by customs authorities for storage of imported goods until the necessary customs duties and taxes have been paid, and the goods have been cleared for delivery to the importer or his agent.

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

View Answer

Question 9 Report

Under what management function would the motivation employees fall?

Staffing Correct answer

Controlling

Organizing

Directing

Answer Details

Read lesson note on Elements Of Business Management (JAMB)

Read lesson note on Purchase And Sale Of Goods (JAMB)

Elements Of Business Management

Purchase And Sale Of Goods

View Answer

Question 10 Report

Which of the following group of countries are members of the Niger Basin Commission?

The republic of Guinea, Burkina Faso and Nigeria Correct answer

Ghana, liberia, and the republic of Benin

Mali, Liberia and Nigeria

Ghana , Burkina Faso and Chad

Answer Details

The correct answer is "The republic of Guinea, Burkina Faso and Nigeria." The Niger Basin Commission is an intergovernmental organization that was created to promote cooperation among member countries in the management of shared water resources in the Niger River Basin. The member countries of the commission include countries that share the Niger River Basin. Therefore, the correct option is the one that lists countries that share the Niger River Basin and are members of the commission. Among the options provided, only the Republic of Guinea, Burkina Faso, and Nigeria are countries that share the Niger River Basin and are members of the Niger Basin Commission.

Read lesson note on Economic Groupings (WAEC)

Economic Groupings

View Answer

Question 11 Report

The proposed monetary integration within ECOWAS sub-region has the overriding benefit of a

improved exchange

enhanced trade Correct answer

enhance development

improved relations

Answer Details

The proposed monetary integration within ECOWAS sub-region has the overriding benefit of enhanced trade. Monetary integration involves the adoption of a common currency among countries in a region. This would remove exchange rate uncertainties and reduce transaction costs, making it easier and cheaper for businesses to trade within the region. This, in turn, would lead to increased trade, investment, and economic growth within the region. Therefore, the proposed monetary integration within the ECOWAS sub-region would lead to an improvement in trade between member countries, and ultimately contribute to the development of the sub-region.

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (WAEC)

Trade

Commerce

Occupation

View Answer

Question 12 Report

The conversion of raw material into finished products creates

Marginal utility

Place utility

form utility Correct answer

time utility

Answer Details

The conversion of raw material into finished products creates form utility. Form utility is the process of adding value to a product by changing its form or shape to make it more useful to consumers. In other words, form utility is the creation of a finished product from raw materials or components that have no use or value until they are transformed. This process involves design, manufacturing, and assembly, and is intended to create a product that is more valuable and useful to customers than the individual components used to create it.

Read lesson note on Production (WAEC)

Read lesson note on Occupation (JAMB)

Production

Occupation

View Answer

Question 13 Report

A company which issues a promissory note in lieu of payment for goods purchased

can refuse to pay ondue date since it is only a promise

is bound to redeem the note for cash on due date Correct answer

is not bound to renew the note before payment

can return the goods purchase and refuse to pay

Answer Details

A company which issues a promissory note in lieu of payment for goods purchased is bound to redeem the note for cash on due date. A promissory note is a written promise by one party to pay a sum of money to another party on demand or at a specified future date. When a company issues a promissory note as a means of payment for goods purchased, it is essentially promising to pay the amount owed by the due date. Therefore, the company is obligated to redeem the note and pay the amount owed in cash on the due date specified on the promissory note.

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

View Answer

Question 14 Report

Modern business philosophy emphasizes

quality products

customer satisfaction Correct answer

sales volume

public relations

Answer Details

Modern business philosophy emphasizes customer satisfaction. This means that businesses focus on creating products and services that meet the needs and wants of their customers. By doing so, they can build loyal customers who are more likely to continue buying from them and recommend them to others. Customer satisfaction can lead to increased sales and revenue for the business, as well as a positive reputation and brand image. Ultimately, the goal of modern businesses is to create long-term relationships with their customers by prioritizing their needs and providing them with high-quality products and services.

Read lesson note on Elements Of Business Management (JAMB)

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Business Management

Elements Of Marketing

View Answer

Question 15 Report

The document that indicate instant payment of cash for goods whenever the are delivered is

credit note

proforma invoice

debit note

statement of account Correct answer

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Purchase And Sale Of Goods

View Answer

Question 16 Report

(i)Money and machines (ii) Materials and Money (iii)Market and Man.

Which combination of the above are basic requirement as business resource?

i and ii

ii and iii Correct answer

i and iv

ii and iv

Answer Details

Read lesson note on Money (JAMB)

Read lesson note on Occupation (WAEC)

Money

Occupation

View Answer

Question 17 Report

Kabir receives two quotations. Ade quotes N 100 less 20% trade discount and 20% cash discount while Benson N100 less 30%trade discount and 10% cash discount. If Kabir wants to take advantage and cash discount, then

the material should be supplied by Ade Correct answer

the material should be supplied by both of them

the material should be supplied by Benson

Benson should be ask to reduce his trade discount

Answer Details

To take advantage of the cash discount, Kabir should choose the supplier who offers a higher cash discount. In this case, Ade offers a 20% cash discount while Benson offers a 10% cash discount. Therefore, Kabir should choose Ade as the supplier.

Read lesson note on Trade (WAEC)

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Trade

Purchase And Sale Of Goods

Commerce

View Answer

Question 18 Report

One major disadvantage of a cartel is that it

maximizes productive efficiency

brings the merging firms under control

maximizes profit from operation

eliminate competitions and waste Correct answer

Answer Details

A cartel is a group of firms that agree to coordinate their actions in order to maximize their joint profits. One major disadvantage of a cartel is that it eliminates competition among its members. This leads to a reduction in the incentives for the member firms to improve their productive efficiency and innovate. In addition, the cartel may engage in rent-seeking behavior, such as lobbying for government protection, which can lead to inefficiencies and waste. Therefore, the main disadvantage of a cartel is that it reduces competition and innovation, which can lead to negative outcomes for consumers and the economy as a whole.

Read lesson note on Trade (WAEC)

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Trade

Purchase And Sale Of Goods

Commerce

View Answer

Question 19 Report

Which of the following is not a veritable source of funds to a public limited company?

government financial grant Correct answer

advances and loan from banks

internally generated funds

funds from the sale of shares

Answer Details

The option that is not a veritable source of funds to a public limited company is "government financial grant". Government financial grant is a non-repayable fund given to support specific activities or projects of a company, but it is not a reliable or sustainable source of funds for a public limited company. The other options listed: advances and loan from banks, internally generated funds, and funds from the sale of shares are more reliable and sustainable sources of funds for a public limited company. Advances and loans from banks are usually obtained with an agreement to repay with interest. Internally generated funds come from the company's operations and profits, and funds from the sale of shares come from selling ownership shares to investors.

Read lesson note on Financing Business (JAMB)

Financing Business

View Answer

Question 20 Report

The organizational structure above represents

line and functional structure

line and staff structure

Correct answer

functional structure

line structure

Answer Details

The organizational structure above represents a "line and staff structure". In this type of structure, there is a clear distinction between the line managers who are responsible for the core business functions, and the staff managers who provide support and advice to the line managers. The line managers have the authority to make decisions and direct the activities of their subordinates, while the staff managers have the expertise and knowledge to assist the line managers in achieving their goals. The staff managers do not have direct authority over the line employees, but they play an important role in ensuring that the organization functions effectively and efficiently.

Read lesson note on Introduction (WAEC)

Read lesson note on Introduction To Business Management (WAEC)

Introduction

Introduction To Business Management

View Answer

Question 21 Report

In a hire purchase agreement between Argungu Ltd and Maikudi, Argungu Ltd inserted provision that it can enter Maikudi’s premises at any time and remove the hired vehicle for any breach. This provision is

lawful to both Correct answer

unlawful to both

beneficial to both

detrimental to both

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (JAMB)

Commerce

Occupation

View Answer

Question 22 Report

A business whose owners enjoys loan facilities on the basis of personal goodwill is a?

commercial bank

thrift society Correct answer

co-operative society

community bank

Answer Details

Read lesson note on Financing Business (JAMB)

Read lesson note on Business Units (JAMB)

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (JAMB)

Financing Business

Business Units

Commerce

Occupation

View Answer

Question 23 Report

The elimination of fault in a computer programme is called?

console

debug Correct answer

dump

loop

Answer Details

The elimination of faults or errors in a computer programme is called debugging. This process involves identifying and correcting any errors, glitches or bugs that may prevent the program from running smoothly or producing the desired results. The goal of debugging is to ensure that the program operates correctly and efficiently, and to minimize any negative impact on system performance.

Read lesson note on Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

View Answer

Question 24 Report

Aliyu bought 100 shares at the stock market through a stockbroker. He was told the price each share was N3 cum. div. This means that Aliyu

is entitled always to a cumulative dividends accruing from the shares

is entitled to the next dividends due to the shares Correct answer

will not be entitled to the next dividends due to the shares

still owes N3 on the shares which will be subtracted from the dividends

Answer Details

"Cum. Div." is an abbreviation used in the stock market to indicate that the buyer of the shares will be entitled to receive any dividends declared and paid for that financial year. In this case, Aliyu bought 100 shares at the stock market for N3 per share cum. div., meaning that he purchased the shares with the right to receive any dividends declared and paid for that financial year. Therefore, the correct option is: Aliyu is entitled to the next dividends due to the shares.

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

View Answer

Question 25 Report

Commerce makes it possible for man to live in a

complex and organized society

society characterized by subsistency

society characterized by dependency Correct answer

simple and organized society

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (JAMB)

Commerce

Occupation

View Answer

Question 26 Report

The process of bringing a company under exclusive state ownership and control is know as

nationalization Correct answer

commercialization

indigenization

privatization

Answer Details

Nationalization is the process of bringing a company or industry under exclusive state ownership and control. This means that the government takes ownership of the company or industry, and it is run by government officials instead of private individuals or organizations. Nationalization can occur for a variety of reasons, such as to increase government revenue, to provide essential services to the public, or to protect national interests.

Read lesson note on Occupation (JAMB)

Occupation

View Answer

Question 27 Report

The principle of subrogation states that

an insured person should be indemnifed to the tune of the amount insured

an insurance company can stand in place of the insured in dealing with third party Correct answer

oly a person who is likely to sufferrd loss should take take out an insurance cover

ther must be a close connection between the actual loss suffered and risk insured

Answer Details

The principle of subrogation in insurance means that an insurance company has the right to take over the rights and claims of the insured person after paying the claim. This means that the insurance company can stand in place of the insured person to deal with the third party, who may have caused the loss or damage, in order to recover the amount paid as claim. In other words, the insurance company can sue the third party for the amount of the claim paid to the insured person. This principle helps the insurance company to reduce their losses and also ensures that the insured person is not paid more than the actual loss suffered.

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

View Answer

Question 28 Report

The overriding advantage of home trade over foreign trade is

accessibility of seller to buyer Correct answer

absence of many documents

ease in language of transaction

ease in form of payment

Answer Details

The overriding advantage of home trade over foreign trade is the accessibility of the seller to the buyer. This means that both the seller and buyer are located within the same country, thus making it easier for them to communicate and conduct business transactions. This proximity also makes it possible for them to quickly resolve issues that may arise during the course of the transaction. In contrast, foreign trade involves buying and selling goods and services between countries, which can be more complicated due to differences in language, currency, culture, laws, and regulations. This can lead to the need for more documentation, longer transaction times, and increased costs.

Read lesson note on Trade (WAEC)

Read lesson note on Purchase And Sale Of Goods In Home And Foreign Trade (WAEC)

Trade

Purchase And Sale Of Goods In Home And Foreign Trade

View Answer

Question 29 Report

A wholesaler dealer in securities is known as a

stockborker

speculator

jobber Correct answer

stag

Answer Details

A wholesaler dealer in securities is known as a jobber. A jobber is a middleman who buys securities in large quantities from the issuing company or stock exchange, and then sells them to stockbrokers, other traders or individuals in smaller quantities. They typically deal in large blocks of securities and make their profit by buying at a lower price and selling at a higher price. Unlike a stockbroker who acts as an agent on behalf of their clients, a jobber is a principal in the transaction and takes the risk of holding the securities until they can be sold.

Read lesson note on Trade (WAEC)

Read lesson note on Business Capital And Profits (WAEC)

Read lesson note on Stock Exchange (JAMB)

Read lesson note on Occupation (WAEC)

Trade

Business Capital And Profits

Stock Exchange

Occupation

View Answer

Question 30 Report

Use the information below to answer questions 3 and 4.

Aboki Plc, became the insolvent and decided to wind up to meet the legitimate claims of its creditors.

Babalawee was called in to manage the dissolution.

After paying the debts of aboki Plc, the balance goes to?

Aboki Plc

Babalawee

shareholders Correct answer

creditors

Answer Details

After paying the debts of Aboki Plc, the balance goes to the shareholders. This is because shareholders are the owners of the company, and they have a residual claim on the company's assets after all debts and other obligations have been settled. Babalawee, as the manager of the dissolution process, is responsible for ensuring that the company's assets are liquidated and the proceeds are used to settle the claims of creditors. Once this has been done, any remaining balance will be distributed among the shareholders according to their shareholding in the company.

Read lesson note on Legal Aspects Of Business (JAMB)

Read lesson note on Occupation (JAMB)

Legal Aspects Of Business

Occupation

View Answer

Question 31 Report

Adigun displays goods of different makes on shelves in his supermarket. This is an example of

invitation to treat Correct answer

offer to sell

offer to purchase

invitation to sell

Answer Details

Adigun displaying goods of different makes on shelves in his supermarket is an example of an invitation to treat. An invitation to treat is a preliminary step in a contract negotiation where one party invites the other party to make an offer. In this case, Adigun is not making an offer to sell the goods, but rather inviting customers to consider buying the goods by displaying them in the supermarket. The customer is free to choose whether or not to make an offer to buy the goods at a certain price.

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

View Answer

Question 32 Report

The right of the public to protection against questionable products and marketing practices is

an economic aspect of the business

a social responsibility of business

a legal aspect of the business Correct answer

a political aspect of the business

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

View Answer

Question 33 Report

In every simple contract, the price which is paid to purchase a promise is called

offeree

acceptance

consideration Correct answer

representation

Answer Details

In every simple contract, the price which is paid to purchase a promise is called consideration. Consideration is a legal term used to describe something of value (often money) that is given in exchange for a promise or performance. It is an essential element of a contract because it represents the bargained-for exchange between the parties. In other words, it is the benefit that each party receives or expects to receive from the contract.

Read lesson note on Legal Aspects Of Business (JAMB)

Read lesson note on Business Environment And Social Responsibility (JAMB)

Legal Aspects Of Business

Business Environment And Social Responsibility

View Answer

Question 34 Report

The document represents a

Bill of exchange Correct answer

Cheque

Money order

A. Promissory note

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

View Answer

Question 35 Report

Which of these sets of external environmental factors affects a business operation?

Competition, industry operation

Competition, labour and political

Political, cultural and labour

Economic, social and legal Correct answer

Answer Details

External environmental factors can have a significant impact on the success or failure of a business operation. The set of external environmental factors that affects a business operation are Economic, social and legal factors. Economic factors such as inflation, interest rates, and exchange rates can affect the cost of goods, customer spending power, and overall economic growth. Social factors like demographics, consumer preferences, and cultural trends can influence the demand for products and services. Legal factors such as regulations, taxes, and government policies can affect the operations and profitability of businesses. All of these factors need to be considered and managed effectively by a business to ensure its success.

Read lesson note on Economic Groupings (WAEC)

Economic Groupings

View Answer

Question 36 Report

Which of the following document permit an importer to inspect his goods before the arrival of the bill of lading?

Bill of sight

Import invoice

Consular invoice Correct answer

Bill of exchange

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

View Answer

Question 37 Report

Use this information to answer the question below.

Aboki Plc became insolvent and decided to wind up to meet the legitimate claims of its creditors. Babalawee was called in to manage the dissolution.

Babalawee is ___________?

a claimant

a manager

an assessor

a reciever Correct answer

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

View Answer

Question 38 Report

A company has an authorized capital of 40 million shares at N1 per share, out of which 32 million shares have been issued and fully paid-up. The remaining 8 million shares have

been issued but have not been paid-up

been applied for but not issued

not been paid-up

not yet been issued Correct answer

Answer Details

The remaining 8 million shares have not yet been issued. This means that they have not been made available for sale to potential buyers, and therefore, no money has been raised from the sale of these shares. The company still has the option to issue these shares in the future, either to raise more capital or to use them as part of employee compensation packages or for other purposes. However, until these shares are officially issued and sold, they do not have any value or ownership rights attached to them.

Read lesson note on Business Capital And Profits (WAEC)

Business Capital And Profits

View Answer

Question 39 Report

Q,act as an agent of P, lawfully and reasonably incur the amount of N350 as expenses.If Q comes to P, for payment , this is an instance of P'S duty to

remunerate Q

reply Q

indemnify Q Correct answer

settle Q

Answer Details

In this scenario, Q has acted as an agent for P and has incurred expenses of N350 that are lawful and reasonable. If Q comes to P for payment, it becomes P's duty to indemnify Q. This means that P is obligated to compensate Q for any losses, damages or expenses that were incurred while acting on P's behalf. Therefore, in this scenario, P must compensate or reimburse Q for the expenses incurred.

Read lesson note on Legal Aspect Of Business (WAEC)

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Occupation (JAMB)

Legal Aspect Of Business

Purchase And Sale Of Goods

Occupation

View Answer

Question 40 Report

The line function in a typical manufacturing enterprise is normally performed by the

public relations department

estate or properties department

marketing department Correct answer

legal department

Answer Details

The line function in a typical manufacturing enterprise is normally performed by the marketing department. The marketing department is responsible for promoting and selling the products of the company. They conduct market research to identify customer needs, create marketing strategies to reach the target market, and develop advertising campaigns to promote the company's products. The marketing department plays a critical role in generating revenue for the company and ensuring that the products are in demand in the market.

Read lesson note on Legal Aspects Of Business (JAMB)

Read lesson note on Occupation (JAMB)

Legal Aspects Of Business

Occupation

View Answer

Question 41 Report

The main document sent to an importer of goods by the exporter are?

invoice, consular invoice, certificate of orign, fright note, indent and insurance policy

indent, bill of lading, certificate of orign, invoice and bill of exchange

certificate of orign, bill of exchange, insurance policy, indent and bill of lading

bill of lading, invoice insurance policy, consular invoice, certificate of orign and bill of exchange Correct answer

Answer Details

The main document sent to an importer of goods by the exporter include: - Invoice: This document shows the details of the goods being shipped, such as quantity, unit price, total value, payment terms, etc. - Bill of Lading: This is a document issued by the carrier or its agent acknowledging the receipt of goods for shipment. It serves as a contract of carriage, a receipt of goods, and a document of title. - Certificate of Origin: This document indicates the country in which the goods were produced or manufactured. It may be required for customs clearance, quota control, or other trade purposes. - Insurance Policy: This document provides coverage for loss or damage to the goods during transit. - Bill of Exchange: This is a document that orders the importer to pay the exporter a certain amount of money at a certain time. Therefore, the correct option is "bill of lading, invoice, insurance policy, consular invoice, certificate of origin, and bill of exchange."

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

View Answer

Question 42 Report

The concept of limiting types, sizes and other characteristics of a product line without sacrificing utility or durability is called

simplification

standardization Correct answer

specialization

satisficing

Answer Details

The concept being described is called standardization. Standardization involves setting a limit on the number of types, sizes, and other features of a product line in order to streamline production and reduce costs without sacrificing the usefulness or durability of the product. This allows for more efficient manufacturing, as well as making it easier for customers to understand and compare products within the line.

Read lesson note on Production (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Business Units (WAEC)

Read lesson note on Occupation (WAEC)

Production

Commerce

Business Units

Occupation

View Answer

Question 43 Report

The main thrust of government policy of evolving good business environment in Nigeria is the need

to attract local and foreign investors Correct answer

for more export commodities

for consumer oriented products

to have viable local markets

Answer Details

The main thrust of the Nigerian government's policy to create a good business environment is to attract both local and foreign investors. This is because investors play a crucial role in boosting the economy and creating employment opportunities. By providing a good business environment, the government hopes to encourage investors to invest in Nigeria, which will in turn contribute to economic growth and development. Additionally, with more investment comes the potential for more export commodities, viable local markets, and consumer-oriented products.

Read lesson note on Government Policies Relating To Business (WAEC)

Government Policies Relating To Business

View Answer

Question 44 Report

The rate at which a central bank discount first class bills is called the

fixed rate

bill rate

bank rate Correct answer

interest rate

Answer Details

The rate at which a central bank discounts first class bills is called the bank rate. The bank rate is the interest rate at which a central bank lends money to commercial banks within the country. It is often considered a benchmark rate as it influences other interest rates in the economy. The bank rate is an important monetary policy tool used by central banks to regulate the money supply in the economy.

Read lesson note on Trade (WAEC)

Trade

View Answer

Question 45 Report

The term ‘5 Net 7’ on an invoice means that?

5% discount will be allowed on the price charged if payment is made within seven days Correct answer

5% discount will be allowed on the price charged if payment is made after seven days

5% surcharge will be made unless payment is made within seven days

5% dicount will be allowed on the charged if the goods are bought within seven days

Answer Details

The term '5 Net 7' on an invoice means that a 5% discount will be allowed on the price charged if payment is made within seven days. This is a common payment term used in business transactions. The number before the word 'Net' refers to the percentage of discount while the number after the word 'Net' indicates the number of days within which payment should be made to qualify for the discount. So, in this case, the buyer will receive a 5% discount if payment is made within 7 days from the invoice date.

Read lesson note on Purchase And Sale Of Goods (JAMB)

Purchase And Sale Of Goods

View Answer

Question 46 Report

Kamaldeen is a seller in a hire-purchase agreement with Emeka. By law, Kamaldeen cannot recover the hire purchased goods. This is an instance of a restriction on

Emeka's right to terminate the agreement

Kamaldeen's right to re-hire the Goods Correct answer

Emeka's right to breach the agreement

Kamaldeen's right to terminate the agreement

Answer Details

The restriction on Kamaldeen's right to recover the hire-purchased goods implies that he cannot take back the goods from Emeka, even if Emeka has defaulted in payment. This restriction is an instance of a limitation on Kamaldeen's right to terminate the agreement. In a hire-purchase agreement, until the hirer has paid the full price of the goods, the ownership remains with the owner, and the hirer has only a right to use the goods. Therefore, Kamaldeen cannot recover the goods unless Emeka has paid the full price, as the goods are still his property. This restriction is in place to protect the rights of the hirer, who may have paid a substantial amount towards the purchase of the goods, and also to prevent unscrupulous owners from repossessing goods at will.

Read lesson note on Occupation (JAMB)

Occupation

View Answer

Question 47 Report

Use the document below to answer the question.

Okon Etim Esin is the

debtor

creditor Correct answer

exporter

importer

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

View Answer

Question 48 Report

A distinction between Comprehensive insurance and Thrid party Insurance is that the latter covers damages

caused by the insured vehicle Correct answer

to the insured vehicle

cause by the other vehicle

to the driver of insured vehicle

Answer Details

Comprehensive insurance and Third-party insurance are two types of insurance policies for vehicles. Comprehensive insurance provides coverage for both the insured vehicle and the third party involved in an accident, while Third-party insurance provides coverage only for damages caused by the insured vehicle to the third party involved in an accident. Therefore, the distinction between Comprehensive insurance and Third-party insurance is that Third-party insurance covers damages caused by the insured vehicle to the third party involved in the accident, whereas Comprehensive insurance covers damages to both the insured vehicle and the third party involved in the accident.

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

View Answer

Question 49 Report

The primary motive behind an individual engaging in production is to?

fully engaged all the factors of production

make available goods and services

meets projected profit Correct answer

meet basic human needs

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Occupation (WAEC)

Production

Occupation

View Answer

Question 50 Report

A common requirement for public and private limited companies in Nigeria is that

a shareholder cannot transfer his shares to someone else without permission from other shareholders

their annual account are made available to the Corporate Affairs Commision Correct answer

shares can be offered for sale on the stock exchange

shares can be offered for sale through an issuing house

Answer Details

The common requirement for public and private limited companies in Nigeria is that their annual accounts are made available to the Corporate Affairs Commission (CAC). This means that the companies are required to submit their financial statements to the CAC for regulatory and legal purposes. The financial statements must provide a comprehensive report on the financial performance of the company, including its income, expenses, assets, and liabilities, among others. This requirement ensures transparency and accountability in the operations of the companies, and helps to protect the interests of stakeholders, including shareholders, creditors, and the public.

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

View Answer






Press & Hold to Drag Around
Click Here to Close