Commerce 2023 Jamb Examination

Sole proprietors often face difficulty sourcing sufficient funds to start or expand their business as they rely mainly on personal savings or loans.

The entrepreneur bears the risk of business as they invest capital and take responsibility for potential losses and profits.

Warehousing allows businesses to store goods in anticipation of future demand, ensuring continuous supply to meet customer needs.

Co-operative societies operate on the principle of one member, one vote, regardless of the amount of capital contributed.

A partnership can be dissolved if a partner becomes insane, as they are no longer able to perform their duties, which legally affects the partnership.

Devaluation makes exports cheaper and encourages local industries, but it generally does not increase the standard of living; often imports become more expensive.

Trade associations exist to promote cooperation among members, share information, and protect common interests.

Telephone communication is verbal, allowing spoken messages to be conveyed directly.

The Nigerian Stock Exchange has a primary market where new securities are issued and a secondary market for trading existing securities.

Middlemen help manufacturers by stocking and distributing goods produced by different manufacturers, ensuring goods reach the market efficiently.