Commerce 2007 Jamb Examination
Question 11
The entrepreneur takes risks, organizes resources, and performs decision-making as a primary function.
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Question 12
A Memorandum of Association is a legal document required during the incorporation of a company (joint-stock company).
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Question 13
The sustainable growth of commerce is largely due to?
Commerce which involves commercial activities such as selling and buying is sustained through advertising. With advertising, the public is made aware of the existence of a particular product and service.
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Question 14
The main advantage of a cooperative society is that it encourages thrift and mutual financial assistance among members.
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Question 15
Transforming raw materials (timber) into finished goods (doors) is secondary production, which involves processing and manufacturing.
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Question 16
Law-making is a direct service because it is rendered directly to the public without producing physical goods.
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Question 17
A prospectus is a legal document issued by a company to invite the public to subscribe to its shares.
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Question 18
Production is the creation of utilities or the process of making goods and services to satisfy human wants.
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Question 19
The most common weakness of cooperative societies is limited capital due to dependence on members’ contributions.
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Question 20
Activities involving natural resources like mining, fishing, and forestry are classified as extraction.
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