2024 - JAMB Commerce Past Questions and Answers - page 7

The question asks which of the options does NOT fit into the group. The options provided are all primary industries except for one. Agriculture, fishing, and mining are all primary industries. Carpentry is a secondary industry because it involves the processing of raw materials into finished products.

The Nigeria Enterprises Promotion Decree, also known as the "Indigenization Decree", was enacted to increase the participation of Nigerians in the ownership and management of businesses operating in Nigeria. This policy aimed to transfer the ownership and control of certain businesses from foreign entities to Nigerian citizens.

• Indigenization: The process of giving more control and ownership of businesses to local citizens.
• Nationalization: Government taking control of industries.
• Industrialization: Development of industries.
• Privatization: Transferring ownership from the public sector to the private sector.

The deliberate throwing of goods overboard to save a ship from sinking is a general average act. General average loss refers to a loss that arises when a sacrifice is made, or an extraordinary expenditure is incurred for the common safety of a maritime venture. In this case, the sacrifice of the goods benefits all parties involved in the voyage, and the loss is shared proportionately among the ship owner, cargo owners, and other parties with an interest in the voyage.

The components of the balance of payments account are:

• Current Account: Records transactions related to the import and export of goods and services, as well as unilateral transfers (gifts, grants, etc.).
• Capital Account: Records transactions involving the purchase and sale of assets, such as foreign direct investment, portfolio investment, and changes in foreign assets held by domestic residents.
• Monetary Movement (or Financial Account): Shows changes in a country's holdings of gold and foreign currency and the impact of these changes on the balance of payments.

The correct answer is D. a premium.

• Premium: This is the payment made by the insured to the insurance company for coverage.
• Commission: Fee paid to an agent for selling the insurance policy.
• Indemnity: Compensation the insurance company provides to the insured in case of a loss.
• Policy: Document outlining the terms of the insurance contract.

A bonded warehouse is a secure facility used for storing dutiable goods. These goods are stored until the duties are paid. The customs authority is responsible for controlling and supervising these warehouses to ensure compliance with customs regulations and the proper collection of duties.

The policy designed to accelerate the greater participation of Nigerians in the ownership and management of business enterprises is indigenization. Indigenization policies aim to increase the participation of local citizens in the economy by transferring ownership and control of businesses to them.

An assurance policy provides financial protection against events that are certain to happen, such as death or the policyholder reaching a certain age. The other options (accident, burglary, and fire) are events that may or may not happen.

The first Nigerian Enterprises Promotion Decree was promulgated in 1972 but amended in 1973. However, since the question is asking for the year the decree was promulgated, the answer is 1972. Therefore, the closest answer is 1973, since it was amended in this year.

A credit and thrift co-operative society is specifically designed to encourage savings among its members. It pools the savings of its members and then provides them with loans.