Ships that sail across the ocean and operate on scheduled timetables are
Ocean liners operate on fixed schedules across oceans, transporting passengers. Ferries cover short routes, tramp steamers lack fixed schedules, and coastal liners stay near coastlines.
Non-insurable risks include
Gambling is a non-insurable risk due to its speculative nature. Property damage, death, and marine issues are insurable as they can be actuarially assessed.
The program that makes up the operating system in a computer is
The operating system consists of software, managing hardware and resources. Microprograms are low-level, flowcharts are diagrams, and syntax relates to coding rules.
When an organization studies a market that is underserved by others and creates a product or service for the segment, it is engaged in
Market segmentation targets underserved market segments with tailored products. Integration combines markets, positioning shapes brand image, and differentiation focuses on unique features.
Coverage against unexpected events is called
Insurance covers unexpected events like accidents. Assurance is for certain events, warranties cover product defects, and reinsurance is for insurers.
An insured risk which occurs accidentally as a result of a defect in a ship is
A particular average is a partial loss from an accidental ship defect, covered by insurance. Voyage policy is a type, total loss is complete loss, and emergency is not a term here.
Communication enhances business activities by
Communication enables producer-consumer interactions, supporting marketing and feedback. Other options are unrelated to communication’s business role.
In business, the computer is very important especially in
Computers are vital for information management, handling data storage and processing. They support financial, marketing, and educational tasks, but information management is primary.
What is the most important use of promotion in marketing?
Promotion’s primary role is to inform customers about products, creating awareness. Persuasion, conviction, and education are secondary effects.
The current highest decision-making body on privatization and commercialization of public enterprises in Nigeria is the
The National Council on Privatization oversees privatization and commercialization in Nigeria. Other bodies have related but secondary roles.
The members of the Niger Basin Commission include
The Niger Basin Commission includes Burkina Faso, Guinea, and Nigeria, among others in the Niger River Basin. Other options include non-members.
Business environment refers to all elements that are
The business environment comprises external factors (economic, political) impacting operations, outside the organization’s control.
Consumer rights include the right to
Consumers have the right to redress, seeking remedies for faulty products. Credit, samples, and profits are not standard rights.
One important requirement for the membership of the ECOWAS is
ECOWAS membership requires sovereign independence in West Africa. Population, integrity, and landmass are not specific criteria.
In Nigeria, the body that ensures that its members operate according to their professional ethics is the
The Nigerian Medical Association (NMA) enforces ethical standards for medical professionals. SON, MAN, and NAFDAC have different roles.
A transporter who had to sell some perishable goods without the prior authority of the owner becomes an agent by
An agent by necessity acts without prior authority in emergencies, like selling perishable goods to prevent loss.
Poor sewage disposal, oil spillage and indiscriminate refuse dumping all lead to
Sewage, oil spillage, and refuse dumping contaminate land and water, causing land and water pollution.
One of the advantages of commercialization is that it
Commercialization fosters entrepreneurship by making businesses profit-driven and competitive.
A common element in all contracts is
An agreement, encompassing offer and acceptance, is essential for all contracts. Consideration is also key but part of the agreement.
Sources of finance available to a business include personal savings, loans from banks, and
Overdrafts are a common business finance source, allowing overdrawing. Central bank loans and political funds are not typical sources.
Charges for loans paid by commercial banks to the Central Bank of Nigeria are called
Bank rates are the interest rates commercial banks pay to the Central Bank for loans.
In the primary market, new shares are issued through
New shares in the primary market are issued via a prospectus, inviting public investment.
The instruments of credit include
Bills of exchange and promissory notes are credit instruments facilitating transactions.
The shares of a company listed on the stock exchange for sale are referred to as
Shares listed on the stock exchange are quoted shares, publicly traded.
What is the role of the capital market in the privatization exercise in Nigeria?
The capital market sells shares of companies being privatized, enabling public investment.
The most important function of commerce is
Commerce’s primary function is providing aids to trade (e.g., banking, transport) to facilitate exchange.
In international trade, documentary credit is also known as
Documentary credit, or a letter of credit, ensures payment in international trade.
A specialized institution in Nigeria that deals in capital investments in the form of stocks, shares, bonds and debentures is the
The Nigerian Stock Exchange handles capital investments like stocks and bonds.
A group of assets which a business acquires with the intention of reselling them are referred to as
Current assets, like inventory, are acquired for resale within a short period.
Authorized share capital is also known as
Authorized share capital, or registered share capital, is the maximum a company can issue.
An action taken by a company outside its object clause is regarded as
Ultra vires actions exceed a company’s legal object clause.
The strategy adopted by a firm that ceases to operate at one or more locations because of inactivity is
Consolidation involves closing unprofitable locations to focus on viable ones.
A written partnership contract is known as
A partnership deed is the written contract outlining partnership terms.
The merger of a textile mill, a cement company and a tannery is referred to as
A conglomerate merger involves unrelated industries like textiles, cement, and tannery.
The occupational structure of a country typically includes sectors like extraction, trade, services, and public administration, which are collectively referred to as
Commerce includes trade, services, and administration, facilitating economic exchange.
Activities such as banking, transportation, and warehousing that support trade are known as
Aids to trade, like banking and transport, support the exchange of goods.
The primary objective of a cooperative society is to
Cooperatives aim to promote members’ welfare through mutual support and shared benefits.
A document issued to a buyer showing the quantity, description, and price of goods bought is called
An invoice details the quantity, description, and price of goods sold to a buyer.
The difference between the cost price and the selling price of an article is
Gross profit is the difference between selling price and cost price before expenses.
The process of buying and selling within a country is referred to as
Domestic trade involves buying and selling goods within a country’s borders.
Now practice in exam mode
You've studied the answers — now test yourself under real exam conditions with the timer running.
Start JAMB Commerce 2025 Quiz