Commerce 2015 Jamb Examination

Total listed assets (₦13,200) are less than the balance sheet total (₦14,100), indicating a missing asset of ₦900. Assuming this missing item is a quick asset, revised quick assets become ₦2,600, and the acid-test ratio is 2,600 ÷ 2,300 ≈ 1.13 : 1.

Passenger Liners and Cargo Liners operate on fixed routes, unlike Tramp Liners which operate on irregular routes.

Building social amenities demonstrates the company’s social responsibility to the host community.

The World Tourism Organization (UNWTO) is headquartered in Madrid, Spain.

A bank draft is essentially a check guaranteed by the issuing bank, meaning it is considered a secure payment as the funds are directly drawn from the bank's reserves, unlike a regular personal check. 

The growth of commerce in West Africa historically faced many challenges, such as limited capital, poor transportation networks, and low levels of savings among traders. Insurance, however, provided security for goods in transit and helped mitigate financial risks. Hence, insurance did not hamper commerce; rather, it facilitated safer and more confident trading practices.

Immaterial wants are those that do not require tangible goods to satisfy the need. Protection (like security or insurance coverage) is considered immaterial because it provides satisfaction and peace of mind without being a physical product, unlike raw materials or machines which are material wants directly used in production.

While several factors affect product pricing, the cost of production is often the most critical because it sets the minimum price at which a product can be sold without incurring a loss. Other factors such as market conditions, buyer demographics, and demand influence the strategy, but ensuring that costs are covered is fundamental to sustainability of the business.

Fire insurance premiums are mainly determined by the type and structure of the property being insured. Factors like the building material, construction quality, and risk exposure directly affect the likelihood of fire damage and therefore the cost of insurance, rather than the identity of the owner or subjective usefulness of the property.

The Standard Organization of Nigeria (SON) is the official regulatory agency responsible for setting and enforcing quality standards for products and services in Nigeria. It ensures that goods meet safety, health, and technical standards to protect consumers, unlike the other bodies which focus on advocacy, trade promotion, or industry representation.