2019 - JAMB Commerce Past Questions and Answers - page 2

Commercial Occupation refers to all the people involved in the distribution and exchange of goods produced by the industrial sector. Examples of commercial workers are: transporters, bankers, insurers, traders, etc.

An output device is any piece of computer hardware equipment which converts information into human-readable form

A computer virus is a type of computer program that, when executed, replicates itself by modifying other computer programs and inserting its own code. When this replication succeeds, the affected areas are then said to be "infected" with a computer virus. Wikipedia

Insurable risks is a risk that conforms to the norms and specifications of the insurance policy in such a way that the criterion for insurance is fulfilled

Marine Insurance covers losses (or liabilities) relating to ship and their cargoes or liabilities relating to shipping and against the dangers or perils of the sea.

The consumer orientation is modern marketing philosophy that guides the practicing managers to carry out marketing efforts in a manner that result into maximum consumer satisfaction. It is the concept of marketing which begins and ends with the needs and wants of the consumers rather than that of the organisation.

The bid pricing is used mostly in government contracts. If the object is to obtain the contract, the cost will be considered mainly to determine the level of Minimum Price. A bid price is the highest price that a buyer is willing to pay for goods. It is usually referred to simply as the "bid". In bid and ask, the bid price stands in contrast to the asking price or "offer", and the difference between the two is called the bid-ask spread. Wikipedia

A final good or consumer good is a commodity that is used by the consumer to satisfy current wants or needs, rather than to produce another good. A microwave oven or a bicycle is a final good, whereas the parts purchased to manufacture it are intermediate goods. Wikipedia

The human resources plans, controls, organises and co-ordinates all other resources to achieve maximum efficiency.