JAMB Past Questions and Answers - Page 10

A cartel is a group of apparently independent producers whose goal is to increase their collective profits by means of price fixing, limiting supply, or other restrictive practices

The difference between current asset and current liability is known as working capital which represents operating liquidity available to business. Working capital is the capital of a business which is used in its day-to-day trading operations, calculated as the current assets - 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.

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

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

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.