The most important factor that delayed the development of commerce in Nigeria was
Lack of infrastructure like roads and ports hindered the movement of goods, significantly delaying commerce in Nigeria, more than communication or markets.
Secondary production involves changing the
Secondary production transforms raw materials into finished goods (e.g., timber to furniture), altering their physical form for consumer use.
The major responsibility of an entrepreneur is
Entrepreneurs primarily plan and organize business activities, coordinating resources and strategies to ensure success, beyond just employing factors or directing.
The scope of commerce best includes
Commerce encompasses all activities facilitating exchange, including trade and supporting industries like manufacturing, not limited to construction or extraction.
Capital as a factor of production is used as
Capital (e.g., machinery) is an input used to produce goods and services, facilitating further production, distinct from money or services.
The agency overseeing privatization and commercialization in Nigeria is
The Bureau of Public Enterprises manages Nigeria’s privatization and commercialization, ensuring efficient transitions of public enterprises.
Okeze contracted to sell TV sets to Ojo, but the sets were stolen in transit. This contract may be terminated due to
The contract is frustrated as the unforeseen theft makes fulfillment impossible without fault, not due to breach or fraud.
Which country is not a member of the Lake Chad Basin Commission?
The Lake Chad Basin Commission includes Nigeria, Chad, Cameroon, and Niger, but Benin is not a member, as it’s outside the region.
A core investor in Nigeria’s privatization process is one who
A core investor has technical expertise to manage and improve privatized enterprises, beyond just financial capacity.
The agency ensuring products meet government quality standards in Nigeria is
The Standards Organisation of Nigeria enforces quality standards, ensuring products comply with government specifications.
The most important factor influencing industrial location in Nigeria is
Proximity to raw materials reduces costs and ensures supply, making it the primary factor for industrial location in Nigeria.
The aim of commercializing public enterprises is to
Commercialization improves efficiency and financial self-sufficiency by adopting commercial principles, not just advertising or selling.
An author’s exclusive right to their works is known as
Copyright protects an author’s exclusive rights to published and unpublished works, preventing unauthorized use.
In a hire-purchase agreement, ownership passes to the buyer when
Ownership transfers after the final installment in a hire-purchase agreement, completing the payment terms.
The machine used for sending telex messages is a
A teleprinter sends and receives telex messages for business communication, distinct from fax or telegram systems.
The insurance principle linking actual loss to the insured risk is
Proximate cause ensures the loss is directly caused by the insured risk, determining insurer liability.
The unit displaying processed data results is the
The output unit (e.g., monitor) displays processed data, unlike logic or control units which process or manage.
The document informing an addressee of a registered parcel for collection is a
A slip notifies the addressee of a parcel available for collection, ensuring secure delivery.
The type of computer commonly found in offices is
Desktop computers are prevalent in offices for their reliability and suitability for stationary tasks, unlike laptops or mainframes.
The mode of transporting crude oil to ports for export is by
Pipelines efficiently transport crude oil to ports, minimizing costs for large volumes, unlike tankers or rail.
A temporary insurance document issued before a policy is a
A cover note provides temporary coverage before the full insurance policy is issued.
Bulls and bears in the Stock Exchange help minimize
Bulls (buyers) and bears (sellers) enhance liquidity, stabilizing security prices by reducing extreme fluctuations.
Debentures differ from shares in that
Debentures are loans secured on assets, unlike shares, which represent unsecured ownership.
The Stock Exchange is a market for
The Stock Exchange trades long-term securities like stocks and bonds, not short or medium-term ones.
An accepted bill of exchange can be discounted by the holder at
Any bank can discount an accepted bill of exchange, providing immediate cash before maturity.
A retail cooperative society sells to non-members at
Cooperatives sell to non-members at market prices, reserving benefits like discounts for members.
An important principle of a good organizational structure is
Span of control, the number of subordinates a manager oversees, ensures effective organizational structure and management.
A company registered with the Corporate Affairs Commission but not listed on the Stock Exchange is a
A limited company is registered with the CAC but not listed, unlike public companies on the Stock Exchange.
A contract for the sale of goods involves
A sale contract transfers ownership (title) of goods for payment, defining the legal exchange between seller and buyer.
The total share capital a company is allowed to issue is known as
Nominal capital is the total authorized share capital a company can issue, per its memorandum of association.
The process of mobilizing and maintaining workers for an organization is
Staffing involves recruiting, engaging, and retaining workers to meet organizational needs, encompassing more than just selection or recruitment.
Which industry is typically located near its raw material source?
Cement factories are located near limestone quarries to minimize transport costs of heavy raw materials, unlike footwear or textiles.
A key function of marketing is
Marketing researches consumer needs to develop products that satisfy them, driving business success, beyond just market extension.
Securities without physical certificates are known as
Dematerialized securities are held electronically, easing trading without physical certificates, unlike bearer or registered securities.
Deferred shares are also called founders’ shares because holders
Deferred shares receive dividends after preference and ordinary shareholders, delaying returns for founders.
An example of a service-rendering trade association is
The National Association of Chambers of Commerce provides advocacy and networking services, unlike production-focused associations.
An obstacle to international trade is
Trade imbalances create economic tensions, hindering international trade, more than local markets or labour.
The right of ownership over goods or property is called
Title represents legal ownership of goods or property, distinct from occupancy or proxy rights.
The main motive of chambers of commerce and trade associations is to
Chambers of commerce advocate for members’ interests through favorable policies, not primarily consumer or government goals.
A pattern showing participants in production, distribution, and use of a product is called
The structure outlines the chain of participants (producers, wholesalers, retailers) in delivering a product to the end user.
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