2024 - JAMB Commerce Past Questions and Answers - page 6

The difference between the highest and lowest prices quoted for shares and stocks is called the jobber's turn. Jobbers are market makers in the stock exchange who profit from the spread between the buying (bid) and selling (offer) prices.

A seller responds to a letter of inquiry by sending a quotation. A quotation provides details about the prices of goods or services, which is the primary purpose of the inquiry. The other options are not directly related to responding to an inquiry about prices or availability.

The breaking down of work into different processes is known as the division of labor. This involves assigning specific tasks to different workers or groups of workers to increase efficiency and productivity.

The rights of consumers generally include:

• The right to a healthy environment: Consumers have the right to live in an environment that is not harmful to their health.
• The right to be informed: Consumers have the right to be provided with accurate information about products and services.
• The right to choose: Consumers have the right to select from a variety of products and services.

The right to fix prices is not a consumer right. Price fixing is typically an illegal practice engaged in by businesses.

A holding company is a company that owns enough shares in another company (a subsidiary) to control its policies and management. The general threshold for control is owning more than 50% of the voting stock. Therefore, owning 51% or more is the most appropriate answer.

The correct answer is "tramps". Tramp ships are cargo ships that do not have a fixed schedule or published ports of call. They travel to any port to pick up cargo, and their routes and schedules are determined by the availability of cargo.

The bill of lading is a document issued by a carrier to acknowledge receipt of cargo for shipment. It serves as a title to the goods, meaning the holder of the bill of lading owns the goods.

Neon signs use electric current to illuminate gas-filled tubes, creating a bright and visually appealing display.

The principle of indemnity in insurance aims to restore the insured to the financial position they were in before the loss. This means the insurance company will compensate the insured for their actual loss, but not allow them to profit from the claim.

A public limited liability company is owned by the general public. Shares are sold to the public, making them the owners.