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Commerce-Obj
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Completed!!!
(1a)
(PICK ANY FIVE)
(i) Accepting Deposits
(ii) Providing Loans
(iii) Credit Creation
(iv) Remitting Funds
(v) Agency Functions
(vi) Foreign Exchange Services
(vii) Creation of Money
(1b)
(PICK ANY FIVE)
(i) Accepting Deposits: Commercial banks accept various types of deposits from the public, including savings accounts, current accounts, and fixed deposits.
(ii) Providing Loans: Banks extend credit to individuals, businesses, and government entities through various loan products, fostering economic activities.
(iii) Credit Creation: Commercial banks can create credit by lending out a portion of the deposits they hold, contributing to the expansion of the money supply.
(iv) Remitting Funds: Commercial banks offer remittance services, facilitating the transfer of money within the country and internationally. This is the cheapest way of sending money. It is also quite safe.
(v) Agency Functions: Banks act as financial intermediaries, performing agency functions such as collecting and paying cheques, and facilitating the purchase and sale of securities.
(vi) Foreign Exchange Services: Commercial banks facilitate currency exchange, enabling businesses and individuals to engage in international trade and travel. They provide services such as currency conversion and forex trading.
(vii) Creation of Money: By providing loans and creating credit, commercial banks contribute to the creation of money in the economy. This process is crucial for maintaining liquidity and supporting economic activities.
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(2a)
The Nigerian Ports Authority (NPA) is a government agency responsible for the management, operation, and regulation of ports in Nigeria.The primary objective of the NPA is to provide and regulate maritime services at the various seaports in Nigeria, facilitating the smooth and efficient movement of goods and passengers through these ports.
(2b)
(PICK ANY SIX)
(i) Port Management and Administration: The NPA is responsible for the overall management and administration of ports in Nigeria. This includes overseeing the day-to-day operations, ensuring compliance with regulations, and maintaining a safe and secure environment within the ports.
(ii) Safety and Security: Ensuring the safety and security of the ports is a crucial function of the NPA. This involves implementing measures to prevent accidents, responding to emergencies, and collaborating with relevant security agencies to safeguard the ports against threats such as piracy, smuggling, and terrorism.
(iii) Environmental Management: The NPA is involved in environmental management, particularly concerning the impact of port activities on the surrounding ecosystems. This includes measures to control pollution, manage waste, and implement environmentally sustainable practices within the port areas.
(iv) Revenue Collection and Management: The NPA is responsible for collecting and managing revenue generated from various activities within the ports. This includes tariffs, fees, and charges for services provided to shipping companies, terminal operators, and other stakeholders.
(v) Harbor Master Functions: The NPA performs harbor master functions, which involve managing and controlling the movement of vessels within the port area. This includes navigation control, berthing arrangements, and ensuring the safe anchorage of ships.
(vi) Dredging and Channel Management: The NPA is involved in dredging activities to maintain and improve navigational channels leading to the ports. Dredging ensures that the waterways remain deep enough for ships to navigate safely, especially in areas where sedimentation may occur.
(vii) Cargo Handling and Terminal Operations: The NPA oversees the handling of cargo at the ports, ensuring efficient loading and unloading of goods. It regulates terminal operations, including the licensing and supervision of private terminal operators responsible for specific types of cargo.
(viii) Port Infrastructure Development: The NPA is tasked with the development and maintenance of port infrastructure. This includes the construction and rehabilitation of berths, quays, warehouses, and other facilities to enhance the overall capacity and efficiency of the ports.
(ix) Regulation and Tariff Setting: The NPA establishes and enforces regulations governing port operations. It also plays a role in setting tariffs and charges for various services provided at the ports. This regulatory function helps maintain fairness and transparency in the maritime industry.
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(3a)
Price Control Boards: Price Control Boards are regulatory bodies that set and regulate the prices of essential goods and services to prevent exploitative practices and ensure affordability. By controlling prices, these boards protect consumers from arbitrary price increases and ensure that essential commodities remain reasonably priced.
(3b) Professional Associations: Professional associations establish and enforce ethical standards within specific industries or professions. They often have codes of conduct that members must adhere to, promoting fair business practices and ensuring the delivery of quality products or services. This helps protect consumers by maintaining high standards of professionalism and preventing unethical behavior within the industry.
(3c) Manufacturers Associations: Manufacturers associations play a role in setting and maintaining industry standards for the production of goods. By establishing quality control measures, these associations ensure that products meet certain standards of safety and performance. This protects consumers by reducing the likelihood of substandard or unsafe products entering the market.
(3d) Rent Tribunals: Rent Tribunals are entities that resolve disputes between landlords and tenants, ensuring that both parties adhere to fair housing practices. They protect consumers (tenants) by preventing unfair eviction, regulating rent increases, and addressing other issues related to the landlord-tenant relationship. This helps create a balanced and equitable housing market.
(3e) NAFDAC: National Agency for Food and Drug Administration and Control, NAFDAC is a regulatory agency that ensures the safety, quality, and efficacy of food, drugs, cosmetics, and medical devices in Nigeria. By conducting rigorous inspections, testing, and regulatory oversight, NAFDAC protects consumers from the sale and consumption of substandard or harmful products. The agency’s activities contribute to maintaining public health and building consumer confidence in the safety of products in the market.
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(4a)
(PICK ANY FIVE)
(i) Names and addresses of partners
(ii) Ratio for sharing profits and losses
(iii) Investment of each partner
(iv) Nature of the Business
(v) Duration of the Partnership
(vi) Profit and Loss Sharing
(vii) Management and Responsibilities
(viii) The date on which business commenced
(ix) Name of the firm as determined by all the partners
(4b)
(PICK ANY FIVE)
(i) Mutual Agreement: If all partners agree, they may choose to dissolve the partnership.
(ii) Expiration of the Partnership Term: If the partnership was established for a fixed term, it may automatically dissolve upon reaching the end of that term.
(iii) Death or Incapacity of a Partner: The death or incapacitation of a partner may lead to the dissolution of the partnership, unless the partnership agreement specifies otherwise.
(iv) Bankruptcy of a Partner: If a partner becomes bankrupt, it may trigger the dissolution of the partnership, depending on the terms outlined in the partnership agreement.
(v) Breach of Partnership Agreement: If a partner violates the terms of the partnership agreement, it may be grounds for dissolution.
(vi) Unanimous Agreement for Dissolution: In some cases, even without a specific event occurring, partners may unanimously decide to dissolve the partnership.
(vii) Impracticability of the Business: If the business becomes impracticable to carry on, the partnership may be dissolved.
(viii) Court Order: Legal proceedings or court orders may lead to the dissolution of a partnership in certain circumstances.
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(5a)
(PICK ANY FIVE)
(i) Welfare and Equity: Government ownership allows for a focus on social welfare objectives, ensuring that essential services are provided to all citizens, even in remote or economically disadvantaged areas. This can contribute to greater equity in the distribution of services.
(ii) Strategic Objectives: The government can use public enterprises to pursue strategic objectives, such as promoting industrial development, ensuring national security, or achieving specific economic goals that may not be prioritized by private entities.
(iii) Price Regulation and Affordability: Government-owned enterprises can be regulated to maintain affordable prices for essential goods and services. This helps prevent price gouging and ensures that critical services remain accessible to a broad segment of the population.
(iv) Market Stabilization: Public enterprises can act as stabilizing factors in markets where private entities might prioritize short-term profits. The government can use these enterprises to stabilize prices and prevent extreme fluctuations in sectors crucial to the economy.
(v) Infrastructural Development: Governments can invest in and develop infrastructure through public enterprises, such as transportation networks, utilities, and communication systems. This infrastructure development can contribute to overall economic growth.
(vi) Employment Generation: Public enterprises can be significant employers, providing job opportunities directly and indirectly through associated industries. This can be particularly crucial in regions where private investment may be limited.
(vii) Monopoly Control: Government ownership can prevent the abuse of monopoly power by private entities. Public enterprises can compete with or regulate private monopolies, ensuring fair competition and protecting consumers from exploitation.
(viii) Long-Term Planning: Public enterprises can engage in long-term planning and investment, focusing on projects that may have extended payback periods. This is because government-owned entities are not solely driven by short-term profit considerations.
(5b)
(PICK ANY FIVE)
(i) Inefficiency and Bureaucracy
(ii) Lack of Profit Incentive
(iii) Political Interference
(iv) Financial Burden on the Government
(v) Lack of Competition
(vi) Slow Decision-Making
(vii) Resource Misallocation
(viii) Lack of Accountability
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(6)
(i) Proposal Form:
A proposal form is a document that an individual or entity seeking insurance fills out to provide essential information to the insurance company. It includes details about the applicant’s personal or business situation, the type of insurance coverage desired, and other relevant information. The proposal form serves as the basis for the insurance company to assess the risk and determine the terms and conditions of coverage.
(ii) Cover Note:
A cover note is a temporary document issued by an insurance company to provide immediate coverage while the formal insurance policy is being prepared. It serves as evidence that the insurance coverage is in effect, typically for a short period. The cover note includes essential details such as the insured’s name, coverage period, and a brief summary of the terms and conditions. Once the policy is issued, it replaces the cover note.
(iii) The Policy:
The policy is the formal contract between the insurer (insurance company) and the insured (policyholder). It outlines the terms, conditions, and details of the insurance coverage, including the types of risks covered, exclusions, premium payments, and the duration of the policy. The policy serves as a legal document that specifies the rights and obligations of both parties and provides a comprehensive understanding of the insurance agreement.
(iv) Insurer:
The insurer is the insurance company or entity that provides insurance coverage. The insurer assumes the financial risk of potential losses in exchange for the payment of premiums by the insured. Insurers use various risk assessment methods to determine the appropriate premiums and terms for coverage. They are responsible for honoring claims and fulfilling the contractual obligations outlined in the insurance policy.
(v) Insured:
The insured is the individual, business, or entity that purchases an insurance policy to obtain financial protection against specified risks. The insured pays premiums to the insurer in exchange for coverage. In the event of a covered loss, the insured can file a claim with the insurer to receive compensation or benefits as outlined in the insurance policy. The insured is also referred to as the policyholder.
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(7a)
A contract is a legally binding agreement between two or more parties that creates mutual obligations. It can be written or verbal and involves the exchange of promises or commitments that the law recognizes and enforces. Contracts are essential in various aspects of business and personal transactions, providing a framework for parties to define their rights, duties, and the terms of their relationship.
(7b)
(PICK ANY SIX)
(i) Offer and Acceptance: There must be a clear and unequivocal offer by one party and an unconditional acceptance of that offer by the other party. Both parties must agree to the same terms without ambiguity.
(ii) Intention to Create Legal Relations: The parties involved must have the intention that their agreement will have legal consequences. Social agreements or agreements made in a casual setting without an intention to create legal relations may not be considered contracts.
(iii) Consideration: Consideration refers to something of value exchanged between the parties as part of the agreement. Each party must provide something of value, whether it be money, goods, services, or a promise to do or refrain from doing something.
(iv) Legal Capacity: The parties entering into the contract must have the legal capacity to do so. This means they must be of sound mind and, in some cases, of a certain age. Contracts entered into by minors or individuals lacking mental capacity may be voidable.
(v) Legality of Purpose: The purpose of the contract must be legal. A contract with an illegal or unlawful objective, such as committing a crime or engaging in fraudulent activities, is not valid or enforceable.
(vi) Certainty and Possibility of Performance: The terms of the contract must be clear and certain. Parties should be able to understand their rights and obligations. Additionally, the performance of the contract must be possible and not based on speculative or uncertain events.
(vii) Not Violative of Public Policy: The terms of the contract should not violate public policy. Contracts that are against public interest, morality, or established laws may be deemed unenforceable.
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(8a)
Sole Proprietorship is a business structure in which a single individual owns and operates the entire business. The owner, known as the sole proprietor, is personally responsible for all aspects of the business, including its management, finances, and any legal obligations. This form of business is the simplest and most common, especially among small enterprises.
(8b)
(PICK ANY THREE)
(i) Personal Savings
(ii) Personal Loans
(iii) Family and Friends
(iv) Grants
(v) Retained earnings
(8c)
(PICK ANY THREE)
(i) Limited Capital and Credit: Sole proprietors may face challenges in raising significant capital compared to larger business structures. Additionally, obtaining credit may be more difficult without a formal business structure.
(ii) Unlimited Liability: The owner has unlimited personal liability for business debts and obligations. If the business faces financial difficulties, the proprietor’s personal assets may be at risk to cover business liabilities.
(iii) Expertise and Management Resources: A sole proprietor may lack the expertise and diverse skills needed to handle all aspects of the business effectively. Limited management resources can impact decision-making and overall business performance.
(iv) Limited Growth Potential: Sole proprietorships may have limited growth potential due to constraints on capital, resources, and the owner’s ability to manage increasing complexities as the business expands.
(v) Dependency on the Owner: The success of a sole proprietorship is often closely tied to the owner’s skills, health, and availability. If the owner is incapacitated or unable to manage the business, it can lead to operational challenges.
(vi) Difficulty in Employee Recruitment: Smaller businesses may face challenges attracting skilled employees, as they may offer fewer benefits and opportunities for career advancement compared to larger organizations.
(vii) Limited Continuity: The business’s continuity may be jeopardized if the owner decides to retire, sell the business, or face unforeseen circumstances. Unlike some other business structures, a sole proprietorship lacks continuity beyond the life of the owner.
(viii) Limited Access to Resources: Sole proprietors may have limited access to resources such as economies of scale, research and development capabilities, and specialized personnel that larger organizations can leverage.
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(10a)
An unfavorable balance of payments, also known as a trade deficit, occurs when a country’s imports exceed its exports during a specific period. In other words, it indicates that the country is spending more on foreign goods, services, and investments than it is earning from its own exports and foreign investments. The balance of payments includes the trade balance (exports minus imports), the balance on services, and the balance on financial transfers.
(10b)
(PICK ANY SIX)
(i) Currency Devaluation: Devaluing the national currency can make exports more competitive and imports more expensive. This can stimulate export-led growth, reduce imports, and ultimately help correct a trade deficit.
(ii) Export Promotion: Governments can implement policies to promote exports, such as offering subsidies to exporters, providing export credits, and facilitating trade agreements. These measures can help increase the volume of exports and improve the trade balance.
(iii) Substitution: Encouraging domestic production of goods that were previously imported can help reduce dependence on foreign products. This strategy aims to substitute imports with domestically produced goods, improving the trade balance.
(iv) Tariffs and Import Restrictions: Imposing tariffs or quotas on certain imports can make foreign goods more expensive and less competitive, leading to a decrease in imports. However, this approach should be used judiciously to avoid trade conflicts.
(v) Improving Productivity: Enhancing domestic productivity can make goods and services more competitive in international markets. Increased efficiency can lead to cost reductions, making exports more attractive to foreign buyers.
(vi) Fiscal and Monetary Policies: Governments can use fiscal and monetary policies to influence the balance of payments. For example, tightening monetary policy may help control inflation and reduce imports. Fiscal policies, such as controlling government spending, can also impact the overall economic environment.
(vii) Encouraging Foreign Direct Investment: Attracting foreign direct investment can bring in capital and technology, create jobs, and contribute to economic growth. FDI can help improve the overall balance of payments by providing a source of foreign exchange.
(viii) Enhancing Education and Skills: Investing in education and skills development can enhance the quality of the labor force. A skilled workforce is more likely to contribute to productivity gains, innovation, and the development of industries that can compete globally.
(ix) Strengthening Infrastructure: Improving infrastructure, such as transportation, communication, and energy facilities, can reduce production costs and enhance the competitiveness of domestic industries in the international market.
(x) Negotiating Trade Agreements: Engaging in trade negotiations and forming favorable trade agreements can open up new markets for exports and reduce trade barriers. Bilateral and multilateral agreements can help create a more conducive environment for international trade.
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