Commerce 2015 Jamb Examination

An invoice is a commercial document issued by a seller to a buyer that specifies the items sold, quantity, price per unit, total amount due, and other relevant details. It serves as a record for both parties and may also be used for accounting and taxation purposes.

Direct services involve personal attention and immediate benefit to the recipient. Among the options, a family doctor provides medical services directly to patients, representing a direct service, while others perform indirect or administrative roles.

A joint venture is a business arrangement where two or more parties collaborate to carry out a particular project or assignment for a defined period. Unlike partnerships or companies, it is usually temporary and focused on achieving a specific goal.

The second-tier securities market, also called the Over-The-Counter (OTC) market, is less restricted than the first-tier securities market and accommodates smaller or less liquid securities. First-tier markets have stricter requirements and are highly regulated by SEC.

Inbound tourism refers to visitors from other countries traveling into a given country. It is different from domestic tourism (residents traveling within their country) or outbound tourism (residents traveling to other countries).

A vending machine is a self-service machine that allows customers to purchase goods such as snacks, drinks, or tickets without the presence of a sales attendant. This system operates automatically and accepts money or electronic payment.

Line functions are directly related to the core objectives of the business, such as production and sales. In a manufacturing enterprise, the marketing department is responsible for selling the products and generating revenue, hence performing a primary line function.

The Securities and Exchange Commission (SEC) is the regulatory body that oversees and controls the activities of the Nigerian capital market. It ensures transparency, protects investors, and regulates the issuance and trading of securities.

A memorandum of association is a legal document required for the formation of a joint stock company. It outlines the objectives, powers, capital structure, and the rules governing the company's operations, ensuring compliance with corporate law.

A factor is an agent who takes possession of goods and has the authority to buy and sell on behalf of the principal. Unlike brokers, factors take title to the goods and can sell them in their own name while providing a lien for security against advances.