Question 1
Question 2
All of the other occupations have one thing in common- Tangible goods are traded
Extraction: Mineral resources (Tangible)
Manufacturing: Commodities (Tangible)
Construction: Buildings(Tangible)
Broker: Service (Inangible)
N.B Securities exchanges only accept orders from individuals or firms who are members of that exchange, individual traders and investors need the services of exchange members.
Brokers provide that service and are compensated in various ways, either through commissions, fees or through being paid by the exchange itself.
Question 3
Question 4
Given: Qd = 30 — 3P and Qs = 9P — 15, determine the equilibrium price
- ₦12.00
- ₦3.75
- ₦2.80
- ₦3.00
Equilibrium price is the point where Qd = Qs so therefore:
30 - 3p = 9p - 15
30 + 15 = 9p + 3p
45 = 12p
12p = 45
p = 45/12
p = ₦ 3.75
30 - 3p = 9p - 15
30 + 15 = 9p + 3p
45 = 12p
12p = 45
p = 45/12
p = ₦ 3.75
The types of occupation that a broker belongs to is?
- Commercial
- Construction
- Extraction
- Manufacturing
Who is a Broker?
A broker is an INDIVIDUAL or FIRM that acts as an intermediary between an investor and a securities exchange.All of the other occupations have one thing in common- Tangible goods are traded
Extraction: Mineral resources (Tangible)
Manufacturing: Commodities (Tangible)
Construction: Buildings(Tangible)
Broker: Service (Inangible)
What is Commercial Occupation?
Commercial Occupation entails all activities that embraces distribution and exchange of goods producedN.B Securities exchanges only accept orders from individuals or firms who are members of that exchange, individual traders and investors need the services of exchange members.
Brokers provide that service and are compensated in various ways, either through commissions, fees or through being paid by the exchange itself.
A form of money which was not used in the early days of trade is _______
- Tobacco
- Metal bars
- cowries
- Coins
This is the Historical development of money
.Barter: The Dawn of Trading
.9,000-6,000 BC: The era of Commodity money: Salt, tea, tobacco, cattle, and seeds
.1,200 BC: The Widespread Use of Cowrie Shells
.1,000 BC: The First Metal Money and Coins
.500 BC: The Birth of Modern Silver Coins in Sardis, Ancient Lydia
.118 BC: Leather Money from China
.A.D. 800 - 900: The Nose
.Year 806: Paper Currency
.1500: Potlach
.1535: Wampum
.The Gold Standard
.End of the Gold Standard
.Present day Money
.Future money
.Barter: The Dawn of Trading
.9,000-6,000 BC: The era of Commodity money: Salt, tea, tobacco, cattle, and seeds
.1,200 BC: The Widespread Use of Cowrie Shells
.1,000 BC: The First Metal Money and Coins
.500 BC: The Birth of Modern Silver Coins in Sardis, Ancient Lydia
.118 BC: Leather Money from China
.A.D. 800 - 900: The Nose
.Year 806: Paper Currency
.1500: Potlach
.1535: Wampum
.The Gold Standard
.End of the Gold Standard
.Present day Money
.Future money
Which of the following activities is not an example of extractive industry?
- Weaving
- Quarrying
- Hunting
- Fishing
Explanation
Question 5
Extractive industries are the businesses that take raw materials, including oil, coal, gold, iron, copper and other minerals, from the earth. The industrial processes for extracting minerals include drilling and pumping, quarrying, and mining.
The factor of production which bears all of the risks of the business is
- Capital
- Entrepreneurship
- Labour
- Land
Explanation
Question 6
Who is an Entrepreneur?
The entrpreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.
What is Entrepreneurship?
Entrepreneurship is an act of being an entrepreneur, or the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits.
The entrpreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.
What is Entrepreneurship?
Entrepreneurship is an act of being an entrepreneur, or the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits.
Production is completed when product reach the _____
- Warehouse
- Users
- Retailers
- Shops
Explanation
Question 7
Production is only complete when the commodity produced is consumed by the final consumer
A partner whose name is used to boost the image of the business and does not contribute capital capital is a
- Dormant partner
- General partner
- Limited partner
- nominal partner
Explanation
This parter only contributes his/her name to the business and does not money or time.
Question 8
Who are the partners in partnership business?
Sleeping partner / Dormant
This partner contributes money but does not take active part in running the businessNominal Partner
This partner is usually a very influential person- very popular.This parter only contributes his/her name to the business and does not money or time.
Active partner
This partner contributes money and also takes active part in running the business. This partner is usually paid a salary.One advantage of sole proprietorship is that
- access to large capital is easy
- decisions are made promptly
- business risk are spread
- continuity of business is assured
Explanation
>The business risk is not spread, it is borne by one man alone
>The continuity of the business is not assured because the death of a sole proprietor may mean the end or death of the business
Question 9
Advantages of Sole proprietorship Business
> Prompt decision is made beecause the sole proprietor is the only director of the businessDisadvantages of Sole proprietorship Business
> Sole proprietorship business can not have access to large capital because it is not a legal entity>The business risk is not spread, it is borne by one man alone
>The continuity of the business is not assured because the death of a sole proprietor may mean the end or death of the business
A business unit in which savings of members are lent to others is a _____
- Consumer cooperative society
- Producer cooperative society
- Credit and thrift society
- Wholesale cooperative society
Explanation
Also known as Co-operative thrift and loan society, provides it's members with convenient loans and secured means of interest.
The essence of a credit society is to create a pull of fund. It has from it’s beginning, been charge with designing and building members owned and controlled cooperative finance system the greatest gandicap to goal attainment is fund.
This society encourages the extension of micro and other credit facilities to rural and urban to galvanize their economic activities, which will create employment and raise the statement of human existence.
Question 10
What is Credit and thrift society
Credit and thrift society are self-help organisations. They encompass a group of persons who pool their resources together on mutual basis to solve specific financial problems of membersAlso known as Co-operative thrift and loan society, provides it's members with convenient loans and secured means of interest.
The essence of a credit society is to create a pull of fund. It has from it’s beginning, been charge with designing and building members owned and controlled cooperative finance system the greatest gandicap to goal attainment is fund.
This society encourages the extension of micro and other credit facilities to rural and urban to galvanize their economic activities, which will create employment and raise the statement of human existence.
The document issued to a public company allowing it to commence business is the
- Article of association
- Certificate of incorporation
- Memorandum of association
- Certificate of trading
Explanation
If the public company does trade before the certificate has been issued, the company and their officers may be liable to criminal penalties.
Before trading, all public companies will need to apply for trading certificate. Private companies donot need to apply for trading certificate and are therefore able to trade as soon as a Certificate of Incorporation.
Question 11
What is a Certificate of Trading?
A certificate that is issued to public limited companies (PLCs). All PLC’s are required to obtain a certificate of trading before they are able to trade.If the public company does trade before the certificate has been issued, the company and their officers may be liable to criminal penalties.
Before trading, all public companies will need to apply for trading certificate. Private companies donot need to apply for trading certificate and are therefore able to trade as soon as a Certificate of Incorporation.
Which of the following is not a function of consumer association?
- Ensuring that consumer buys quality goods
- Educating consumers on their rights
- Penalizing importers of fake goods
- Ensuring that fair prices are charged
Explanation
Question 12
What is Consumer Association?
A consumer organisation/association is a membership-based non-governmental non-profit body created to promote the interests of consumers of goods and services, by disseminating information and lobbying for laws to protect consumers against producers or sellers, who may usually be better organised or have more resourcesAn association formed by computer distributors to safeguard and promote their interest is a _____
- Chamber of commerce
- Cooperative society
- Trade association
- Trade Union
Explanation
Today, the NLC has 29 affiliated unions. In total, it boasts of around four million members, according to its own figures, making the association one of the largest trade unions in Africa.
2. NUPENG: National Union of Petroleum and Natural Gas Workers It was also one of the former 42 industrial unions that emerged during the restructuring exercise between 1976 –1977.
3. PENGASSAN – Petroleum and Natural Gas Senior Staff Association of Nigeria (August 15, 1978.)
4. NMA: Nigeria Medical Association(1951)
5. ASUU: Academic Staff Union of Universities(1978)
6. NUT: Nigeria Union of Teachers(July 1931)
7. NASU: Non-Academic Staff Union of Universities(1977)
8. ASUP: Academic Staff Union of Polytechnics(CAP 437 of 1990)
9. NARD: National Association of Medical Doctors
10. TUC: Trade Union Congress(2005)
Question 13
What is trade Union
Trade union, also called labor union. It is an association of workers in a particular trade, industry, or company and it is created for the purpose of securing improvements of conditions of employment of members.10 influential trade unions in Nigeria
1. NLC: Nigeria Labour Congress(1978) It was founded in 1978 following a merger of four different organisations: Nigeria Trade Union Congress, NTUC; Labour Unity Front, LUF; United Labour Congress, ULC; and Nigeria Workers Council, NWC.Today, the NLC has 29 affiliated unions. In total, it boasts of around four million members, according to its own figures, making the association one of the largest trade unions in Africa.
2. NUPENG: National Union of Petroleum and Natural Gas Workers It was also one of the former 42 industrial unions that emerged during the restructuring exercise between 1976 –1977.
3. PENGASSAN – Petroleum and Natural Gas Senior Staff Association of Nigeria (August 15, 1978.)
4. NMA: Nigeria Medical Association(1951)
5. ASUU: Academic Staff Union of Universities(1978)
6. NUT: Nigeria Union of Teachers(July 1931)
7. NASU: Non-Academic Staff Union of Universities(1977)
8. ASUP: Academic Staff Union of Polytechnics(CAP 437 of 1990)
9. NARD: National Association of Medical Doctors
10. TUC: Trade Union Congress(2005)
The issue of prospectus by a company is an invitation to members of the public to
- Subscribe to the company share
- buy the company product
- attend the company board meeting
- receive dividends
Explanation
A public company can issue the prospectus to offer its shares and debentures, whereas a private company cannot issue prospectus.
A prospectus is a formal document that is required by and filed with the Securities and Exchange Commission (SEC) that provides details about an investment offering to the public. A prospectus is filed for offerings of stocks, bonds, and mutual funds.
The prospectus can help investors make more informed investment decisions because it contains a host of relevant information about the investment or security.
Question 14
What Is a Prospectus?
A document issued by a company to invite the public and the investors for subscribing the securities is called a prospectus. The prospectus contains detailed information on the securities.A public company can issue the prospectus to offer its shares and debentures, whereas a private company cannot issue prospectus.
A prospectus is a formal document that is required by and filed with the Securities and Exchange Commission (SEC) that provides details about an investment offering to the public. A prospectus is filed for offerings of stocks, bonds, and mutual funds.
The prospectus can help investors make more informed investment decisions because it contains a host of relevant information about the investment or security.
Examples of current assets are ?
- cash and trade debtors
- cash and trade creditors
- trade debtors, trade creditors and cash
- trade creditors and trade debtors
Explanation
2. Inventory
3. Prepaid Expenses
4. Closing stocks
5. cash in hand
6. cash in bank
7. Trade debtors
8. Accured income
As a result, short-term assets are liquid, meaning they can be readily converted into cash and used to pay for bills and obligations due in the short-term
What are current assets ?
In accounting, a current asset is any asset which can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year or operating cycle or financial year.Examples of Current Assets
1. Accounts Receivable2. Inventory
3. Prepaid Expenses
4. Closing stocks
5. cash in hand
6. cash in bank
7. Trade debtors
8. Accured income
Why are Current Assets -Current?
Current assets are assets that can be converted into cash within one fiscal year or one operating cycle. Current assets are used to facilitate day-to-day operational expenses and investments.As a result, short-term assets are liquid, meaning they can be readily converted into cash and used to pay for bills and obligations due in the short-term
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