2018 - JAMB Commerce Past Questions and Answers - page 4

Two main types of marine loss are total and partial loss

2 Types of Marine Losses are Total Loss and Partial Loss

A Dishonored Cheque is a cheque that is returned unpaid by the bank on which it was drawn due to lack of sufficient funds. To knowingly issue a check that will be dishonored is a criminal offense in many jurisdictions.

The balance of payments is the record of all international trade and financial transactions made by a country's residents. The balance of payments has three components. They are the current account, the financial account, and the capital account.

The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.

The marketing concept is the strategy that firms implement to satisfy customer’s needs, increase sales, maximize profit and beat the competition.

The internet is a globally connected network system that uses TCP/IP to transmit data via various types of media, a global computer network providing a variety of information and communication facilities, consisting of interconnected networks using standardized communication protocols.

Channel of distribution is a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. It can include wholesalers, retailers, distributors, and even the internet

A distribution channel is the path through which products pass to get from the producer to the consumer

A proposal form is the form completed by the proposer when applying for insurance, proposal forms are completed online or over the phone.

this is the first form to be filled by intending insured

Working capital is the capital of a business which is used in its day-to-day trading operations, calculated as the current assets minus the current liabilities.

Working capital, also known as net working capital, is the difference between a company's current assets, like cash, accounts receivable (customers' unpaid bills) and inventories of raw materials and finished goods, and its current liabilities, like accounts payable