Commerce 2004 Jamb Examination
Question 41
Loan schemes by thrift societies are
Correct option: C. mutual schemes
Loan schemes by thrift societies are considered mutual schemes because they involve members contributing to a common pool and borrowing from it based on agreed terms. The system is built on mutual benefit and cooperation among members
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Question 42
An internal demand for goods to be purchased or drawn from stock is
Correct option: B. a requisition
A requisition is an internal request within an organization to purchase goods or draw them from stock. It is typically used by departments to inform the purchasing or stores unit of their needs.
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Question 43
The term 4 net 7 on an invoice means that
Correct option: D. 4% discount will be allowed on the price charged if payment is made within seven days.
The term "4 net 7" on an invoice means the buyer is entitled to a 4% discount if payment is made within 7 days. If payment is not made within that period, the full (net) amount is due.
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Question 44
An order sent by an importer to an overseas supplier stating the details of goods reqired is known as
Correct option: C. an indent
An indent is a formal order placed by an importer to an overseas supplier, specifying the type, quantity, and details of goods required. It is commonly used in international trade.
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Question 45
Organising trade fairs in Nigeria is the responsibility of
Correct option: D. Chambers of Commerce
Chambers of Commerce in Nigeria are responsible for organizing trade fairs, exhibitions, and promoting commercial activities. They provide a platform for businesses to showcase products, network, and attract investment.
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Question 46
International trade takes place as a result of
Correct option: B. inequitable distribution of natural resources
International trade arises mainly because natural resources are not evenly distributed among countries. This leads nations to specialize in producing certain goods and trade with others to obtain what they lack.
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Question 47
The use of vending machines in retailing is hindered in a developing economy owing to
Correct option: D. lack of steady power supply
In developing economies, the use of vending machines is limited mainly due to irregular electricity supply, which these machines depend on to operate efficiently.
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Question 48
Manufcturers’Association of Nigeria contributes to development by advising the government on
Correct option: A. industrial policy and harmony
The Manufacturers’ Association of Nigeria (MAN) supports national development by advising the government on industrial policies and promoting industrial harmony between employers, workers, and government.
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Question 49
Discounts offered by firms to midlemen for bulk purchases are
Correct option: A. trade discounts
Trade discounts are price reductions given by firms to middlemen (like wholesalers or retailers) for buying in large quantities or bulk purchases. They are not based on early payment but on the volume of goods purchased.
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Question 50
Goods are ofmerchantable quality if they
Correct option: A. conform to description
Goods are said to be of merchantable quality if they are fit for sale and match the description under which they are sold. This ensures the buyer receives what was advertised or agreed upon.